You’ll may see a change to your net DERP Pension Benefit starting January 2023.
Why is my net DERP Pension Benefit changing?
We’ve implemented several updates taking effect January 1, 2023. One or more of these updates may have impacted your net DERP Pension Benefit.
The updates taking effect are:
- Internal Revenue Service federal and Colorado tax withholding rates for 2023
- Insurance premium rates for 2023
- Health insurance elections for 2023
There is no action needed by you, unless you want to change your current federal and/or Colorado tax withholdings.
How will these updates impact my net DERP Pension Benefit?
You can see your modified net DERP Pension Benefit in your MyDERP.org account.
Do you want to change your federal or Colorado tax withholdings?
You can adjust your federal and Colorado tax withholding preferences in your MyDERP.org account. Changes completed by the 20th calendar day of the month will take effect on your next payment.
Follow these steps to elect a new federal or Colorado tax withholding:
- Log in to your MyDERP.org account.
- Select the Tax Withholding button or hyperlink.
A window will open showing your current federal and state withholding elections.
- Click the Create Tax Withholding button.
- Expand the Tax Type dropdown and select the tax option you want to modify.
- Click the checkbox next to the tax option that meets your needs OR expand the Filing Status dropdown and select your filing status and DERP will calculate and withhold taxes based on the IRS tax tables.
- Do not withhold tax – Check this box if you do not want taxes withheld from your DERP Pension Benefit payment. You may be responsible for paying estimated taxes.
- Withhold Flat Tax –Check this box and enter the dollar or the percentage amount you want withheld from your DERP Pension Benefit payment.
- Click the Submit button.
Click the Back button to see your updated tax withholding elections and effective dates.
Send an email to Help@DERP.org or call (303) 839-5419, Monday-Friday from 8:00 a.m. – 5:00 p.m.
DERP cannot provide tax counseling. Questions about your taxes should be directed to your personal tax advisor, the IRS, and/or the Colorado Department of Revenue.