Chair Talk
November 2022
I received the below email from ORS about Federal Tax Withholding:
Dear ROBERT KOPASZ:
Our records indicate you currently have a flat dollar amount being withheld from your pension payment for your federal tax deduction. Effective Jan. 1, 2023, this will no longer be an option due to changes the IRS is making to the Form W-4P for federal tax withholding. For the Michigan Office of Retirement Services (ORS) to accurately calculate your federal tax withholding based on the new IRS regulations, you need to update your federal tax withholding.
To update your federal tax withholding:
- Log in to miAccount at Michigan.gov/ORSmiAccount. (If you haven’t registered yet, click Sign Up.)
- Once you’re logged in, click Pension Payments.
- Click Tax Withholding.
- Click Edit in the Federal Tax Withholding section. You will have the option to calculate your federal tax withholding in miAccount before saving your new federal tax withholding.
If you don’t update your federal tax withholding by Dec. 9, 2022, ORS will automatically update your federal tax withholding to the IRS default withholding of single or married, filing separately. Federal tax withholding changes made after Dec. 9, 2022, will be accepted but it will likely be in the new 2023 W-4P format.
For questions about completing the federal tax withholding form, please contact your tax preparer, or visit IRS.gov.
Retirement is a journey; we are here to help you along yours. If you have any questions or need to update your contact information, visit Michigan.gov/ORSmiAccount and use our online Message Board for secure, direct access to our representatives. You can also contact our office by phone: Toll free: 800-381-5111, Local: 517-284-4400.
Sincerely,
Customer Service
Michigan Office of Retirement Services
Editor’s note: Bob Kopasz is Chair of the Michigan SERA Council. He may be reached at P.O. Box 692, Mt. Morris, MI 48458; phone 810/240-8380.