This week, the Public Employees’ Retirement System of Mississippi (PERS) mailed an Internal Revenue Service (IRS) Form 1099-R to each retiree and beneficiary who received benefits in 2015. Recipients of this form should be aware of two issues regarding the 1099-R that will need to be addressed before filing taxes.
Payer’s Federal Identification Number (above Box 3 on the 1099-R)
The number printed in this box is specific to each retirement plan PERS administers and should be nine digits in length. However, some recipeints may see an eight-digit number in the box. The complete nine-digit number for each plan is listed below and should be used when filing taxes.
PERS – 64-6001557
MRS – 64-0746030
MHSPRS – 64-6176426
SLRP – 64-6190947
Distribution Code(s) (Box 7 on the 1099-R)
The codes listed in Box 7 of the 1099-R are the applicable codes for identifying the type of benefit paid to PERS retirees. Approximately 2,950 recipients were inadvertently mailed a 1099-R with a distribution code of “1” where the code should have read “2.” PERS has identified those individuals and will mail a corrected 1099-R within the next week (no later than February 4, 2016). Rest assured, the incorrect information has not and will not be reported to the IRS.
PERS regrets the inconvenience these misprints may cause and assures all members, retirees, and beneficiaries that steps have been taken to ensure this will not happen in the future. Click the link below for more details about IRS Form 1099-R.