For Retirees:
The Internal Revenue Service (IRS) released a revised Form W-4P (Withholding Certificate for Periodic Pension or Annuity Payments) that must be used, effective January 2023. It includes substantial changes to the Federal tax withholding elections available, as well as changes to the calculation LACERS performs to determine the amount to be withheld. A significant change to Form W-4P is that filers will no longer be able to adjust their withholding by electing a specific number of withholding allowances. The IRS now offers new input fields for increasing or decreasing the amount to withhold, including fields for tax credits and deductions.
LACERS Members and beneficiaries who already receive ongoing payments and who do not wish to make changes to their federal tax withholding elections are not required to file a new form; however, all are encouraged to review their withholdings and determine whether an adjustment is necessary. You may visit your MyLACERS account at https://mylacers.lacers.org to view and estimate your tax withholdings. The new Form W-4P is posted on lacers.org/forms and is now available for use.
If you live in California and wish to change your State tax withholding election, you will need to submit a separate State tax withholding, Form DE-4P, also available at lacers.org/forms.
LACERS and/or the Club are not authorized to provide tax advice. If you are seeking tax guidance or advice, we recommend you speak to a tax professional.
