- 1. How do I change my pension direct deposit?
Send an e-mail to HRD/[email protected] providing the name of the new bank, the ABA routing number of the bank, the account number, and the dollar amount to be deposited there each month. Be sure to indicate the deposit instructions for the rest of your pension, if the deposit is not for the whole pension.
- 2. How do I get a copy of my pension deposit advice?
You can request a replacement copy of your pension deposit advice by contacting Pamela Fernandez at 202-623-1474, or by e-mail at [email protected].
- 3. How do I get a certification letter stating the amount of my pension?
Contact the offices of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone to 202-623-3560.
- 4. How do I change my beneficiary under the Staff Retirement Plan?
The automatic beneficiary under the Plan is the qualified spouse or domestic partner. However, to protect against situations where there is no such survivor, you must complete and sign the Designation of Beneficiary form and submit this to the Staff Retirement Plan office. Contact the office of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-623-3560.
- 5. How do I notify the Staff Retirement Plan of my change of address?
Contact the offices of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-623-3560, providing your new address. This will be passed on to other offices in the Bank.
- 6. How do I change my designated beneficiary for Life Insurance from the Retirement Plan?
You must complete and sign the Designation of Beneficiary form for the life insurance program. Contact the offices of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-623-3560.
- 7. What do I do if I get married or divorced?
You should submit a certified copy of the marriage certificate, or of the decree of divorce, to the offices of the Staff Retirement Plan. Contact the the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-623-3560.
- 8. What do I do/ Who do I notify upon death of retiree/spouse?
Contact the office of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-623-3560. You will need to submit a certified copy of the death certificate.
- 9. How do I submit my certificate of eligibility each year for my pension?
You must either bring the certificate of eligibility to the offices of the Staff Retirement Plan, or to the Administrative Officer or Representative at one of the Representations of the Bank; or you may send a notarized copy of the form to the Staff Retirement Plan at Stop E-0507, 1300 New York Avenue, NW, Washington, DC 20577.
- 10. Who can help me with taxes related to my pension?
Taxes on pensions are handled by SRP/ Tax Administration. Contact [email protected], or Isabel Garzon by telephone at 202-623-2766.
- 11. Who can help me with a question about my medical insurance problem?
Medical insurance issues for retirees are handled by the Insurance Unit of HRD/COB, just as for active staff. Contact Raquel lopez by email at [email protected] or by telephone at 202-623-1637, or Carmen Sanabria by email at [email protected] or by telephone at 202-623-3137, or Marcelo Wright by e-mail [email protected] or telephone at 202-623-2635.
- 12. Who can help me with any other general question about the Staff Retirement Plan?
Contact the office of the Staff Retirement Plan by e-mail at HRD/[email protected], or by telephone at 202-6233560.
02. TAX SETTLEMENT PROCESS
1. When are tax advances paid?
Advances for Federal and state taxes are paid the month before the Quarter due date. The schedule of payment is explained in the Settlement Form 6R. In your deposit advice review the Deductions area for item TAXCRY – Pensioner Tax Advance-Current Year.
2. Why didn’t I get paid?
Review the Settlement statement for any outstanding amount to be paid to the IDB due to advance payments already received in excess of amounts actually due.
If you are a new retiree, make sure that an IDB Tax Form 1R has been completed.
3. Why is my payment different in the 3rdQ?
After a calculation is completed the advances are adjusted according to the Settlement amounts for the prior year.
4. When is the settlement ready?
Settlements are usually ready and mailed to each retiree by August 20 if returns have been submitted by the established due date.
5. Do I have to fill the Form 7R?
Yes, this form provides crucial information for those with spouse income. The calculation cannot be performed without it.
6. Where do I go to see if you received my document?
We are working together with the Retiree Association in a methodology to provide this information.
7. Where do I send my tax settlement forms and documentation?
Tax settlement form and documentation should be sent to Deloitte, by using one of the following:
1. Fax to 1-703-738-1512.
2. E-mail your password-protected documents to [email protected]. Please use the last four digits of your social security number as your password. If your document is not password-protected, please select another option to forward your information.
4. Mail hard copy documents to Deloitte Tax LLP, Room 7056, 1750 Tysons Boulevard, McLean, Virginia 22102.
8. Who do I make out my check to?
Checks should be made out to IDB. The memo of the check should have your retiree ID and the reason for the check: Tax Settlement Year…
9. Where do I send the check?
Checks should be mailed to: Cash Management Unit, Stop W1008, 1300 New York Ave. NW. Washington, DC. 20577
10. How do Taxes relate to Life insurance?
When a retiree dies, and has an outstanding Tax Settlement, the Life Insurance payment is withheld until the Settlement is performed.
If the advances exceed the settlement, the excess advance is deducted from the Life Insurance.
11. How are the foreign returns handled?
Foreign returns are calculated manually and following the same criteria as a national settlement, taking into consideration the currency and different time limitations. Advances are made according to the US schedule.
03. MEDICAL INSURANCE
- 1. Will OBAMACARE change anything to the IDB Healthplan?
- OBAMACARE will not change anything to the IDB health plan. More to this point, OBAMACARE has had no direct impact to the IDB health plan whatsoever. And as far as the benefits go, nothing is changing.
- 2. Has the IDB chosen to adopt some provisions of OBAMACARE?
- There have been some provisions of OBAMACARE that the IDB has chosen to adopt as a best practice, but not because we were forced to do so. Among them:
- 1) Waiving pre-existing conditions to dependents up to age 19
- 2) Coverage for adult dependents (children) to age 26
- 3) Currently under consideration: adding lactation consultants and coverage for breast pumps
1. For eligible participants, what is the difference between current practice and the new procedures for obtaining reimbursement from the Bank of premiums for Medicare Part B?
The Bank has contracted P&A Group, an external firm specialized on administering health insurance benefits, to handle and process the reimbursement of premiums to eligible participants.
2. How do I request a reimbursement of the Part B premiums in 2015?
You need to send a copy of the letter you receive from the Social Security Administration which indicates what your individual 2015 Medicare Part B monthly premium will be, together with the relevant claim form, directly to P&A Group, Detailed submission instructions are contained in the Nov. 14, 2014 memo from HRD.
3. How is the reimbursement of premiums processed?
Starting January 2015 the reimbursement will be deposited directly by P&A Group into the beneficiary bank account already on file with the Bank. It will not be included in the monthly pension payment as was previously done.