 December | VOLUME #136
The Internal Revenue Service recently announced cost-of-living
adjustments affecting dollar limitations for pension plans and other
retirement-related items for tax year 2017. Many of the pension
plan limitations will change for 2017 because the increase in
the cost-of-living index met the statutory thresholds that trigger their
adjustment. View highlights...
Source: IRS
The
maximum taxable Social Security earnings for calendar year 2017 have changed.
The new maximum taxable amount is $127,200. This is up $8,700 from the 2016
amount of $118,500. The maximum taxable earnings for Medicare remain the same;
there is no limit.
The
dollar amount for earning a quarter of Social Security coverage has also
increased. The new amount for calendar year 2017 is $1,300. This is up $40 from
the 2016 amount of $1,260.
For a
complete of list of all 2017 Social Security changes please review this Social Security Fact Sheet (PDF).
Please
don’t hesitate to call our State Social Security Office at (907) 465-5707 or
email us at melanie.helmick@alaska.gov if you have any questions.
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Most PERS and TRS publications are available online. You can find the latest Actuarial Valuation Reports for PERS and TRS at the following links:
PERS Publications
TRS Publications
The PERS and TRS 2016 Financial Statements and the Comprehensive Annual Financial Reports (CAFR) will be available by the end of the month or soon after.
To request a hard copy of these reports, contact the Division at (907) 465-5711.
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The Division's deposit desk receives
hundreds of employer deposits that include financial activity and the summary
of contribution page. If the summary is sent through email to doa.drb.employerpayroll@alaska.gov, please include your employer number in the subject line of the email. This makes it much more efficient for the deposit desk.
If you have questions, please contact Erika Burkhouse at (907) 465-5715 or erika.burkhouse@alaska.gov.
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This is a reminder that there has been a change to the Federal
Form W-2 and Form W-3 and Federal Form 1099-MISC federal filing dates for
calendar year 2016 wages.
The due date for filing 2016 Form W-2 with the Social Security
Administration is now January 31, 2017, whether you file using paper forms or
electronically filing.
Public Law 114-113, Division Q, section 201, requires Form
1099-MISC to be filed on or before January 31, 2017, when you are reporting
nonemployee compensation payments in box 7. Otherwise file by February 28,
2017, if you file on paper, or by March 31, 2017, if you file electronically.
2016 General Instruction for Forms W-2 and W-3
2016 General Instructions for Certain Information Returns
If you have questions, please contact Melanie Helmick at (907)
465-5707 or melanie.helmick@alaska.gov.
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