IMPORTANT: Report Your SERS Income to Social Security, Even If the Amount is the Same as Last Year
If you are retired and receive a Social Security benefit based on your own private sector work record, or based on a spouse, ex-spouse, or deceased spouse’s work record, you must report your monthly SERS gross pension amount to Social Security annually. The Social Security Administration will send you a letter asking for this information, and you still need to respond even though cost-of-living adjustment (COLA) increases have been suspended until 2021.
Receiving Medicare Part B?
Failure to report your monthly pension amount will result in your Social Security check being suspended for overpayment. Any deduction for Medicare Part B premiums from your Social Security check also will end, which could result in your Medicare Part B coverage being terminated.
If you are unsure about the amount of your monthly SERS gross pension income, you can find it on your quarterly SERS check stub. If you receive a monthly Medicare B reimbursement of $45.50, do not include that as part of your monthly pension income.
Receive a PLOP?
Also, if you received a partial lump-sum option payment (PLOP) when you retired, you must contact SERS because you need to provide Social Security with your unreduced pension amount.
If you are unsure about what amount to report to Social Security, please call our Member Support Team to get a Social Security verification letter from SERS that includes your monthly gross pension amount for the last three years. You can request this letter by contacting SERS toll-free at 800-878-5853.