Vol. XXI, Issue 57
November 22, 2022
Tax Forms Update
On December 3, process and system changes will be made to comply with new IRS forms for federal income tax withholding for pension, annuity, and retirement income payments:
- Form W-4P is for periodic payments that span at least 10 years [annuities, pensions, LifeStage Retirement Income payments, and cash installments for 10 years or more]
- Form W-4R is for non-periodic and eligible rollover payments that span less than 10 years [partial/lump sum distributions, cash installments for less than 10 years, hardship withdrawals, and required minimum distributions (RMDs)]
Once these changes are made on December 3, participants requesting a distribution or change in tax withholding elections for existing benefits in Benefits Access will automatically be provided with the appropriate electronic form (W-4P or W-4R). Participants who already receive benefit payments will continue to have federal income taxes withheld according to their current tax elections on file, until they choose to change their elections via Benefits Access.
This information will be shared with participants in an eblast to be sent the week of November 28. More information on the applicable tax forms can be found on irs.gov.
New Blog: Reflections From a United Methodist Trip to COP27
Jake Barnett, Wespath’s director of Sustainable Investment Stewardship, attended the November COP27 climate change event in Egypt, alongside Rev. Jenny Phillips from the UMC General Board of Global Ministries, and John Hill from the General Board of Church and Society. The event presented an opportunity for global leaders to come together and engage on climate change-related issues. In his latest blog, Jake reflects on how the experience enriched his perspective and will contribute to Wespath's work in sustainable investing.
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