Federal tax withholding could change your annuity payment in 2024.
Federal tax withholding tables can change every calendar year, depending on action taken by Congress and/or the Internal Revenue Service (IRS). AFRF is required to implement changes made by the IRS and has updated the tax withholding tables for 2024 pursuant to IRS Publication 15-T. Annuitants with tax table withholdings will see changes to their annuities in 2024. If your annuity amount has changed, please check the tax withholding amount on your bank advice.
If you would like to make any changes to your tax withholding, you will need to submit a Form W-4P, which can be found on the Retiree Forms page. AFRF cannot provide tax advice to members. Please consult a qualified tax advisor for help with decisions regarding your tax withholding.
Your annuity amount could also be impacted by insurance premium changes.
Some retirees will also see a change in their annuity payment if they made a new benefit election during Open Enrollment. Even if you didn’t make any changes or participate in Open Enrollment, you may have a different net annuity amount beginning in January if either of the following apply to you:
- You pay a premium for your or a dependent’s coverage in the new Medicare Advantage PPO Plan.
- You are enrolled in the BlueCare Dental PPO. Premiums in that plan increased for some participants depending on their level of coverage.
If you have any questions regarding your health benefits, please contact the City of Austin Benefits Division at (512) 974-3284.