As part of the transition to Fidelity, annual RMD payments will be processed by Fidelity. Starting in November 2023, Fidelity will begin issuing payments to PBUCC members. Please expect a notice from Fidelity regarding your RMD.
Fidelity will process the RMD as follows:
- Federal withholding: Unless you contact Fidelity, they will withhold Federal tax based on the IRS wage withholding instructions. and withhold Federal tax as if you are single with no adjustments, as a default.
- State withholding: Fidelity will withhold State tax in any states that have mandatory withholding, and Fidelity can also withhold State tax for optional states based on a request received from you to Fidelity.
- Any changes to your tax withholdings can be performed directly on NetBenefits®.
- Payments will be made via a check unless you set up an Electronic Fund Transfer (EFT) in NetBenefits®.
After the Fidelity transition period ends (late September), you can visit www.pbucc.org
, sign-in to your account, and click Access Fidelity NetBenefits®
to set up your NetBenefits® username and password for transaction security, plus more. You may also call Fidelity through PBUCC Member Services at 1.800.642.6543
for additional assistance.