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Recent Articles
- The Agenda of the Wednesday, March 27, 2019 Regular Board Meeting has been uploaded.
- Agenda for the Monday, April 1, 2019 Special Board Meeting has been uploaded.
- Items for Sale
- Franklin Regional Retirement Board announces finalists for Mid Cap managers.
- January 2019 Regular Board Meeting Minutes Uploaded
Retirees
INFORMATION:
Retirees’ Annual COLA
PERAC guide for Retirees
Retirement Allowance Tax Information
Retirement Allowance Tax Map
FORMS:
W4-P 2018
Direct Deposit request Form
Option A & B residual payment
Option B Beneficiary Change form
FRRS does not participate in the deduction of state income taxes from retirement benefits (and submit them to the state) because FRRS retirement benefits are not subject to state income tax. We suggest those that need to pay state income tax for other income sources make quarterly estimated tax payments direct to the state.
WORKING AFTER RETIREMENT:
No Social Security Deductions from Retirees Returning to Work After Retirement
It is the responsibility of each retiree to inform their employer and the treasurer or other person responsible for the payment of the compensation for the position in which they are to be employed, the limitations on the number of days or hours which they can be employed in any such calendar year and the limitations on the amount of earnings in same calendar year. Reporting to FRRS is not required until and unless there are overearnings that are to be recovered via the return of retirement benefits. Please use the PERAC Post-retirement Calculator Spreadsheet to report to the employer – available below:
PERAC Cover Memo re: post retirement earnings
PERAC FAQs on Post Retirement Earnings
FRRS Guidelines on Post Retirement Earnings
PERAC Instructions for Post-Retirement Earnings Worksheet
Download PERAC Post Retirement Earnings Calculator spreadsheet
Each person’s tax situation is different, and for that reason we do not give out tax advice – we leave that to your chosen tax professional. In regards to Internal Revenue Service (“IRS”) code, we are defined as a State or political subdivision retirement plan under chapter 401(a), which can be further qualified under 414(h)(2) – ” . . . contributions not included in gross income reported for federal income tax purposes . . . “. e.g. pre-tax contributions. In some circumstances a portion of your contributions will not be “pre-tax”, when that is the case, the IRS form 1099r you receive from us will indicate the amount that is not “pre-tax”.