News
1099-R Box 5 Guidance
Every year in January MFPRSI sends 1099-R forms to its members receiving taxable benefits. This form is used to report distributions from MFPRSI, a retirement plan, to its members. The form will display several pieces of information that are useful (e.g., gross amount paid by the retirement plan, taxable amount distributed by the retirement plan, federal and state taxes withheld, etc.) for reporting personal annual taxes to the IRS and state government.
Each individual receiving a taxable benefit from ...
1099-R Mailing
MFPRSI will issue and mail 1099-R statements by January 31, 2023. If you are expecting a 1099-R from the retirement system, please be sure to check your mailbox at that time.
January Flash Report
A flash report for the January 5, 2023, Board of Trustee Meeting is now available. The flash report provides a brief summary of both the topics discussed and motions passed at the May board meeting.
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November Board Minutes
Minutes for the November 17, 2022 Board of Trustee meeting have been ratified by the Board and are now available. Please select the link below to view minutes for meetings that have occurred over the past twelve months.
Board of Trustee meeting minutes
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2023 Iowa Tax Withholding Update
Effective beginning with the January 2023 benefit payments, MFPRSI will stop withholding Iowa income tax for beneficiaries exempt from withholding under the Iowa income exclusion law.
On December 5, 2022, the Iowa Department of Revenue released updated Iowa income tax withholding guidance for House File (HF) 2317. The Iowa General Assembly ratified, and Governor Kim Reynolds signed, HF 2317 on March 1, 2022. HF 2317 excludes most retirement income from state taxable income for eligible taxpayers for tax years beginning ...