Probably – changes to the federal tax laws could affect your ERS retirement annuity payment. Your monthly payment from ERS could be more or less, based on changes to the law. How much is taken out each month depends on a number of things, including:
- the amount of your annuity,
- your overall annual income,
- how many withholding allowances and/or exemptions you claim on your Form W-4,
- any pre-tax deductions (such as health insurance premiums) and
- other possible factors.