OTHER DEDUCTIONS FROM YOUR RETIREMENT BENEFIT
Other than federal and State income tax, there are only few other deductions that might apply to your monthly retirement benefit. These include:
- Health Benefit Premiums - Any full or shared cost for SHBP/SEHBP medical plan, prescription drug plan, or retiree dental expense plan coverage.
- Pension Loans - If you retire with an outstanding loan balance, you can repay the outstanding loan before you retire or repay the
loan including accrued interest through deductions from your retirement benefit. Payments are at the monthly equivalent of the amount deducted
from your pay immediately before retirement.
- Tax Liens - Liens imposed by the federal Internal Revenue Service.
- Court Orders - Qualified Domestic Relation Orders (QDRO) granting alimony for divorce/civil union dissolution, child support, or equitable distribution.