As you may know, the Internal Revenue Service (IRS) requires that everyone age 72 (73 if you reach age 72 after Dec. 31, 2022) take a Required Minimum Distribution (RMD) for the calendar year.

Beginning November 2024, Fidelity will begin issuing payments and sending notifications to eligible PBUCC members about their RMDs. Fidelity will process RMDs as follows:

• Federal withholding: Unless a PBUCC Member contacts Fidelity, Fidelity will withhold Federal tax based on the IRS wage withholding instructions and as if an employee files their taxes single with no adjustments.
• State withholding: Fidelity will withhold State tax in any states that have mandatory withholding, and can also withhold State tax for optional States if an employee requests.
• Withholding changes and payments: A member can change their withholdings directly on Fidelity NetBenefits®. Payments are issued via a check unless the employee sets up an Electronic Fund Transfer (EFT) in Fidelity NetBenefits®.
• Accessing Fidelity NetBenefits®: Visit www.pbucc.org > Member Login > Access Fidelity NetBenefits®. You can also call Fidelity via PBUCC Member Services at 1.800.642.6543, Mon-Fri from 8:30 a.m. to 12:00 a.m. ET.

The Pension Boards always recommends that you consult with a tax preparer if you have questions about your tax situation.