the FYI newslettera spring and fall publication of the Richmond Retirement System

Fall / 2014 / Issue # 42

Your source for news and information from the RRS

page 2RAPIDSIf you have access to a computer, you can join the hundreds of retirees using RAPIDS Retiree Self Service.

page 1 The 2014 Tax IssueThe RRS mails three documents to help you prepare and file your taxes.

page 3 Your BeneficiariesLearn more about RRS death benefits, and update your beneficiaries.

page 4 Cut & SavePlease cut along the dotted line and save direct deposit information.

The 2014 Tax Issue: What You Need to Know

Each year, the RRS mails three documents to help you prepare and file your taxes: (1) this newsletter, (2) a copy of your 12/31 payslip, and (3) a copy of your IRS Form 1099-R, which most of you will attach to your IRS Form 1040 and VA-Form 760.

If you moved in 2014, we encourage you to submit a RRS Address Change Form.

“Many retirees are unaware that USPS® mail forwarding instructions expire, so all retirees should submit a RRS Address Change Form,” said Sheila Lewis, RRS Payroll Specialist.

Your 12/31 payslip will be mailed to you before Wednesday, December 31, 2014 and will also be available online by using RAPIDS Retiree Self Service.

Your IRS Form 1099-R will be mailed to you before Saturday, January 31, 2015. If you do not receive this form before Monday, February 16, 2015, you can submit a RRS Benefit Information Request Form to receive a duplicate IRS Form 1099-R. Due to the high volume of requests that the RRS receives, it takes up to 5 business days to process all RRS Benefit Information Request Forms, even if forms are submitted during RRS walk-in hours.

For more information, please go to www.richmondgov.com/retirement. You can also email retirement@richmondgov.com or dial (804) 646-5958.

Page 1

Registering to use RAPIDS is as easy as 1-2-3!

u Go to the RRS WebsiteOpen your web browser and type www.richmondgov.com/retirement. This will take you to the RRS website.

In the brown box that says New! RAPIDS Retiree Self Service, click the blue Login button.

v Click ‘Register Here’After clicking the blue Login button, you will be taken to the RAPIDS website.

On this website, click Register here.

Page 2

1099-R Miniguide for additional information, contact the IRS

Box 1: Gross DistributionWhat the RRS paid you in 2014.

Box 2a: Taxable Amount�e total taxable amount for 2014.*Box 1 - Box 5 = Box 2a.

Box 4: Federal Income Tax Withheld�e total amount of federal taxes withheld in 2014.

Box 5: Employee Contri-butions�e total amount of “nontaxable pension” payments the RRS paid you in 2014.

Box 7: Distribution Code(s)�is shows the distribution type, and more ifnormation about Box 7 is located on the back of your form.

Box 12: VirginiaIncome Tax Withheld�e total amount of Virginia taxes withheld in 2014.*�e total taxable amount is not reduced by HELPS amounts,

tax-exempt health insurance distributions for retired police o�cers and �re�ghters.

Page 3

w Enter Your InformationAfter clicking Register here, you will be taken to the Retiree Registration page.

As directed, enter information about yourself and create a password. To complete the registration process, click Submit.

Do you have questions?

Hundreds of retirees have used RAPIDS Retiree Self Service to view and print payslips.

If you have questions, go to www.richmondgov.com/retirement, and click View Video Tutorials and FAQs.

For additional information, you can call the City of Richmond Department of Information Technology by dialing (804) 646-6367.

You can also call the Richmond Retirement System by dialing (804) 646-5958.

Updating Your Beneficiaries

The RRS wants to remind you to update your beneficiaries. When you die, the following benefits may be payable:

• Survivor BenefitsIn general, monthly payments from the RRS will stop when you die. However, if you selected the Joint and Last Survivor Benefit Payment Option or Pop-Up Joint and Last Survivor Benefit Payment Option, monthly payments from the RRS will not stop when you die; payments will continue, provided that your named survivor is still living.

You cannot change the benefit payment option that you selected when you applied to retire. Additionally, if you selected the Joint and Last Survivor Benefit Payment Option or Pop-Up Joint and Last Survivor Benefit Payment Option, you cannot change your named survivor.

For additional information, please submit a RRS Benefit Information Request Form. In Part B, please check Survivor Option Inquiry.

• $1,000 Death BenefitRetirees hired before June 13, 1988 may be eligible for a death benefit up to $1,000. To update your beneficiary, please submit a RRS Beneficiary Appointment / Change Form.

• Life Insurance BenefitsWhile the RRS does not administer any life insurance benefits, many retirees remain eligible for life insurance benefits administered by the City of Richmond Department of Human Resources and VRS / Minnesota Life Insurance Company.

For additional information, please submit a RRS Benefit Information Request Form. In Part B, check Value of Life Insurance Policy. While the RRS will process all forms within 5 business days, it may take an additional 3 weeks for your request to be processed by VRS / Minnesota Life Insurance Company.

To update your beneficiary, please submit a VRS Designation of Beneficiary Form (for VRS Basic and Optional Group Life Insurance). This VRS form is available by visiting www.varetire.org/pdf/forms/vrs-2.pdf.

Richmond Retirement System900 E. Broad Street, Suite 400Richmond, Virginia 23219

visit us online at www.richmondgov.com/retirement

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Direct Deposit Schedule

Payment forthe month of:

Deposited on:

October 10/31/2014,FRIDAY

November 11/26/2014,WEDNESDAY

December 12/31/2014,WEDNESDAY

January 01/30/2015,FRIDAY

February 02/27/2015,FRIDAY

March 03/31/2015,TUESDAY

April 04/30/2015,THURSDAY

May 05/29/2015,FRIDAY

June 06/30/2015,TUESDAY

Visiting the RRS?Bring a Photo ID

To protect your personal and financial information, the RRS may ask for a valid photo ID.

RRS privacy policies clearly define public and private information. For your protection, the RRS is unable to discuss private information on the phone or by email.

Additionally - if you come to our office - we will politely ask to see a photo ID.

This system of checks-and-balances ensures that your information remains safe and secure.