February 2024 Paycheck Flyer

Paycheck Flyer
Withholding tax in blue table.
ANNUAL NOTICE OF RIGHT TO ELECT OR REVOKE FEDERAL INCOME TAX WITHHOLDING

LACERS is required to inform you that your periodic benefit payments from LACERS may be subject to Federal Income Tax withholding unless you elect not to withhold. If your benefit becomes effective in 2024, and a completed Form W-4P is not on file with LACERS, your withholding will be calculated as if your filing status is Single with no adjustments. For benefits that began before 2024, your current withholding remains in effect unless you submit a new Form W-4P.

Federal Law allows you to change or revoke the amount withheld from your monthly payments at any time. This notice is to comply with the annual Federal notice requirement.

A. IF YOU DO NOT WISH TO MAKE CHANGES TO YOUR CURRENT WITHHOLDING:

  •  NO ACTION IS REQUIRED; AND
  •  YOUR CURRENT WITHHOLDING REMAINS IN EFFECT.

B. If you choose to make changes or revoke your current election:

You must submit a new Federal Withholding Form W-4P. The form is available at lacers.org/forms. You may also contact LACERS at (800) 779-8328 / RTT (888) 349-3996 and request the form be mailed to you.

Your completed form can be returned to LACERS via:

  • SECURE UPLOAD:
    lacers.org/secure-document-upload
     
  • MAIL:
    Los Angeles City Employees’ Retirement System
    Attn: Membership Processing Unit
    P.O. Box 512218
    Los Angeles, CA 90051-0218
     
  • FAX:
    (213) 473-7202 – Attention: Membership Processing Unit

LACERS must receive your completed form on or before the 12th of the month to process the request within the same month; otherwise, your request will take effect the following month. If you do not pay taxes through withholdings or have too little tax withheld, you will generally owe tax when you file your tax return and may owe a penalty unless you make timely payments of estimated tax.

Withholding decisions can be complicated. LACERS cannot give tax advice. The IRS provides a Withholding Calculator for taxpayers to estimate their withholding for federal income taxes, which can be found at irs.gov/payments/tax-withholding. If your tax situation changes, or you chose not to have federal income tax withheld and now want to withhold it, you should submit a new Form W-4P. If you need assistance in estimating your tax, consult with the IRS or your tax advisor.

BECOME A LACERS CHAMPION WITH LACERS WELL

Interested in sharing a hobby, interest, or activity with others? Consider joining the LACERS Well Champion program and help LACERS retirees stay active, socially engaged, and mentally stimulated. As a Champion, you will be able to plan, coordinate, and lead wellness activities with LACERS Well participants. To learn more, email lacerswell@lacers.org.

JOIN US FOR LACERS WELL UPCOMING WEBINARS

Register for these events through your MyLACERS account or by calling LACERS. If you need assistance, email us at lacerswell@lacers.org or call us at (800) 779-8328. 

  •  Aging Well Group Discussion Webinar – Smart Money Management & Investments: Wednesday, March 6 at 2:30 p.m.
     
  •  Kaiser Webinar – Managing Your Weight: Tuesday, March 12 at 10:00 a.m.
     
  •  Mom’s Computer Technology Webinar: Wednesday, March 13 at 2:00 p.m.
     
  •  Fitness Made Simple Exercise Webinar: Wednesday, March 20 at 9:30 a.m.
     
  •  Aging Well Webinar- Aging Solo: Wednesday, March 20 at 2:30 p.m.
     
  • Anthem Webinar: Colorectal Awareness: Wednesday, March 27 at 10:00 a.m.
     
  • Brain Health Webinar – Memory Loss & Alzheimer’s: Wednesday, March 27 at 2:00 p.m. 

Have you Missed past LACERS Well events? We have event and seminar recordings on various topics – finances, emotional wellness, fitness, and more! Visit the LACERS YouTube channel at youtube.com/lacersyoutube, and be sure to hit the subscribe button to receive alerts of newly posted videos.

 As a covered entity under Title II of the Americans with Disabilities Act, the City of Los Angeles does not discriminate on the basis of disability and, upon request, will provide reasonable accommodations to ensure equal access to its programs, services, and activities. 

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