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Retiree Form 1099-R – UPDATE and FAQs
By January 31, 2020, over 15,600 1099-R forms were timely mailed to LAFPP pensioners. After the forms were mailed, we were informed that some tax preparers and tax software do not accept the 1099-R tax forms with blank boxes (specifically, Box 2a and Box 4).
LAFPP Fund Hits $25 Billion!
As of January 14, 2020, the Fund’s total assets reached an unaudited market value in excess of $25 billion dollars. This is an increase from the June 30, 2019 value of $23.27 billion. The market gain was fueled by the strong performance in the domestic equities, real estate and private equity investments.
TAX SEASON – 1099-R INFORMATION
As you prepare to file your taxes, here’s how to obtain your 2019 Tax Form 1099-R information
TAX WITHHOLDING TABLES FOR 2020
Federal and CA state income tax withholding tables were updated for the 2020 tax year. Starting with the January 31, 2020 pension payment, you may see a change in your taxes withheld.
LAFPP NEW OFFICE HOURS!
As of January 1, 2020, our new business hours are 7:30 a.m. to 4:30 p.m., Monday through Friday, excluding City holidays.
MEDICARE PART B PREMIUM REIMBURSEMENT FOR 2020
The Centers for Medicare and Medicaid Services (CMS) has recently announced that the standard Part B monthly premium for the 2020 calendar year will increase to $144.60 on January 1, 2020.
