WHAT'S NEW FOR MILITARY RETIREESBecause you retired from the military doesn't mean you're not busy!
Managing your retired pay shouldn't take hours or days to get things done. The latest myPay functions will let you take care of business and move on to the other parts of your life.
1099R HISTORY: 2 YEARS OF TAX STATEMENT ARE NOW AVAILABLE!Every December, retirees can get their tax form 1099R from myPay. Of course, this document is for the latest tax year. But there are times when you might need the tax statement for previous years.
Well, now you can. Retirees now have access to the current year tax statement and the two prior year’s tax statements.
Under the Taxes section, click on Tax Statement 1099R and select the year you wish to view or print.
And if you still get a 1099R each year in the mail AFTER you’ve already downloaded it from myPay, take the opportunity to turn off the hard copy 1099R. It saves money and keeps your information a lot safer.
DESIGNATE UP TO 5 BENEFICIARIESWhen a retiree dies, we send any unpaid retired pay to the beneficiaries on record. Updating this information had required sending forms via mail, then waiting for your account to be updated.
Now myPay offers retirees the option to designate up to five Arrears of Pay beneficiaries online! Your choices are updated without the hassle of forms, envelopes or waiting. And you can change beneficiaries whenever you want should your life and desires change.
Of course, you can still have more than five beneficiaries but will need to submit a DD Form 2894. Instructions and mailing address are included with the form.
STOP OR CHANGE NON-EFT ALLOTMENTSThere are many reasons retirees may need allotments.
The latest myPay release now allows you to view all of your allotments, including those for your mortgage payments, insurance or charitable contributions that are not paid via electronic fund transfer (EFT).
You can still manage financial accounts that have direct deposit in myPay but will have the added option to change or stop many of the non-EFT allotments as well. Finished paying your mortgage? Stop it. Did your insurance premiums change? Update the allotment with the new amount. Any allotment you can make changes to will feature Stop or Change buttons when viewing the allotment details.
myPay screens will help you make the allotment changes.
Page updated April 22, 2013