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Worth noting

Posted February 22, 2023

COLA letters and 1099-R forms have been mailed

Each year, the Fund mails retirees a letter providing an update on the status of their Cost of Living Adjustment, commonly known as COLA. These letters were mailed out in December.

In addition, retirees and others who received distributions from the Fund receive a tax form known as a 1099-R. This form reports how much money you have received in benefit payments during the year. If you took an Actuarial Lump Sum when you retired and/or if you elected to receive a DROP distribution upon or after retirement, you may receive more than one 1099-R.

The IRS requires individuals to submit the 1099-R form with their tax return. All forms were mailed out by January 31. 

If you have not received your COLA letter or 1099-R, please notify us at your first convenience. Email Ask@fwretirement.org or call 817-632-8900. For help understanding the 1099-R form, please see Page 2 of our Winter 2021 newsletter. 

Second round of increased contributions has begun for City and City employees

Beginning with January 6, 2023, paychecks, City of Fort Worth employees and the City are making increased contributions to the pension fund. Employees will contribute an additional 0.8 percent of their paycheck, and the City will contribute 1.2 percent more. 

This agreement includes two “risk-sharing” actions. In other words, if the unfunded liability was not adequately reduced, the City and its employees each would increase their contributions. The first of the risk-sharing increases occurred in 2022. More information about the increased contributions is available in this article in the City's Fort Worth Roundup. Additional information about the City's pension plan is available here. You also may contact the City’s Human Resources department, 817-392-7750.