The San Antonio Fire and Police Pension Fund Board of Trustees on Feb. 24 voted to approve a performance distribution of a 13th check to its 2,858 pensioners.
Checks are being prepared for issuance on or about March 12.
The 13th check will be based on retirees regular pension received in December 2020.
For those who retired in 2020, the 13th check will be prorated based on the number of full months you were retired in 2020. These checks will include a one-time 22% withholding tax deduction and will not change your current monthly withholding tax deduction. No other deductions will be taken from checks.
The SAFPPF Board was allowed to consider issuance of the performance distribution because the pension fund’s 5-year average return was 9.26 percent. State law for the pension allows the Board to consider issuing a 13th check only when the 5-year average exceeds the 5-year average target rate, also known as the actuarial assumption rate of return, by 1 percent.
The 9.26 percent average return was 2.01 percent above the pension fund’s 7.25 percent target rate. This was due to the 10 percent return generated by the Fund’s investment committee and Board in 2020.
The pension fund posted the following graphic to their Facebook page.
is the 13th check amount included in the last pay stub of the 2022 year in dec. or when the irs forms come out will there be 2 seperate forms.
John, you should call the pension fund about this. Their number is 210-534-3262 and their website is http://www.safppf.org.