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Retirement
City Manager Letter to Retirees and Beneficiaries (April 12, 2018)
City Manager Letter


Important Information Regarding 2018 Federal Tax Tables and Resulting Benefit Check Adjustments

On January 11, 2018, the Internal Revenue Service (IRS) updated the income tax withholding tables to reflect changes made by the Tax Cuts and Jobs Act of 2017. The new law makes a number of changes for 2018 that affect individual taxpayers. The new tables reflect the changes in tax rates and tax brackets, as well as the increase in the standard deduction and the removal of personal exemptions, that were included in the new tax reform law signed in December. As a result, retirees/beneficiaries may see adjustments to their federal tax withholding beginning with their February 28, 2018, benefits check.

The new withholding tables are designed to work with the existing W-4P Form retirees/beneficiaries already have on file with the retirement system to claim withholding allowances to minimize the burden on taxpayers. Although retirees/beneficiaries can elect to change their withholdings at any time in response to the new law or to changes in your personal circumstances, there is no need to complete a new Form W-4P, Withholding Certificate for Pension Annuity Payments (W-4P) as a result of the new tax reform law. The IRS is working on a revised W-4P Form that will better reflect the new legislation, though a release date is not yet available. To help determine your withholding, the IRS is revising the withholding tax calculator on IRS.gov. The IRS anticipates this calculator should be available by the end of February. If desired, taxpayers are encouraged to use the calculator to adjust their withholding once it is released.

Federal payroll withholding varies based on your personal financial and tax situation. For more information and questions about these changes and how you may be affected, please refer to the Frequently Asked Questions (FAQ) guide provided by the IRS.

https://www.irs.gov/newsroom/irs-withholding-tables-frequently-asked-questions


Pre-Retirement Frequently Asked Questions
Pre-Retirement FAQs


Norfolk City Code Chapter 37 - Retirement Plan Information
The City of Norfolk Employee's Retirement System Plan is set out in
Norfolk City Code Chapter 37 - Retirement Plan Information


The Annual Financial Information regarding the Retirement System Plan is contained in the Retirement System Comprehensive Annual Financial Report (CAFR)


Retirement Bureau
The bureau maintains information necessary to administer benefit payments to members, performs accounting and payroll tasks according to federal and state regulations pertaining to qualified pension funds, and provides retirement and death benefits to the system membership in accordance with Chapter 37 of the Norfolk City Code.

The February meeting of the Board of Trustees has been rescheduled to February 14, 2018.

Retirement Board Monthly Meeting Schedule


Procedures for Presenting Claims for Benefits and Seeking Remedies for Denied Claims
Persons who desire to appear before the Board of Trustees regarding any retirement matter must submit their requests to the Executive Director specifying the matter about which they wish to speak.

Matters may include but are not limited to the presentation of claims for benefits or requests to remedies for the redress of claims which have been denied in whole or in part. The Executive Director, in consultation with the Board Chair, will determine when the matter will be heard and will advise the person requesting to appear before the Board. The Board Chair may place time limits on any presentation.

The Board Chair may decline to hear any matter determined by the Executive Director and Chair to be outside the Board’s jurisdiction or authority.


News and Announcements
The 2017 Retirement System Comprehensive Annual Financial Report for the Fiscal Year ended June 30, 2017 is now available.


1099-R Tax Form

The 1099-R tax forms for calendar year 2017 have been mailed. Please contact the retirement office if you questions.


Retiree Self-Service

Forms & Notices

Administrative Policies and Procedures


Contact Us
Galen Gresalfi
Executive Director of Retirement
Email

810 Union Street
Room 309 
Norfolk, VA 23510 

PH: 757-664-4738
FX: 757-664-4098

Hours: 8:30am-5:00pm