Webinar: W-4P/W-4R: An Update

Last year, the IRS released a draft of a new 2022 IRS Form W-4P, “Withholding Certificate for Periodic Pension or Annuity Payment.” This is the form retirees are to use to tell their retirement systems (public and private sector) how much Federal taxes to withhold from their pension payments. A new Form W-4R, to be used for nonperiodic payments and eligible rollover distributions, was also released.

The proposed new forms make several significant changes to the process of obtaining and determining this information that have resulted in serious implementation issues for many retirement systems. Although these new forms [which were initially to be used beginning in 2022] were made optional for this year, they are required beginning January 1, 2023, and many believe additional time and withholding guidance is necessary.

Where do public plans stand in terms of implementation? What can a plan that has completed the process tell you about what they ran into and how they dealt with it? How about a plan that is still working on implementation? Finally, what do legal experts advise?

For answers to these questions and more, join us on Thursday, August 18, at 3 PM/ET, as Leigh Snell, NCTR’s Director of Federal Relations, discusses these challenges with guest speakers:

• Tammy Rau, Deputy Executive Director, Montana Teachers’ Retirement System
• Casey Hartwig, Member Services Manager, Public Employee Retirement System of Idaho (PERSI)
• Audra Ferguson-Allen, Partner, Ice Miller

To submit questions in advance for panelists to address during the discussion, email Leigh Snell at leigh@nctr.org.

NCTR’s webinars are exclusive to NCTR members, only.