Northern Trust Transition
Concordia Retirement Plan pension benefits:
Improving our process by transitioning to Northern Trust
The Concordia Retirement Plan pension year-end statements and 2022 tax documents will have a new look and feel this year.
On Sept. 1, 2022, we successfully transitioned the payment processing of CRP pension payment deposits and checks to Northern Trust Company with no interruption of benefit payments to retirees or surviving spouses. Northern Trust was carefully selected due to their best-in-class practices and expertise, and long-standing relationship with CPS.
Because we made this transition midyear, it will affect CRP pension year-end statements and 2022 tax documents.
What does this mean for our retirees and their tax reporting? There are two things retirees and surviving spouses need to be aware of:
- 1099-R tax documents will be issued by both Concordia Plans and Northern Trust:
- 1099-R(s) from CPS will be for benefit payments Jan. – Aug. 2022.
- 1099-R(s) from Northern Trust for benefit payments Sept. - Dec. 2022
Tax document for the tax year 2022 will be mailed by Jan. 31, 2022.
- Year-end CRP statements will be mailed Dec. 2022 but will now look more like a check stub summary instead of a letter from CPS. Please review our Comparison Flyer to see samples of these changes.
To help explain these differences, a letter will be sent to retirees mid-December, along with FAQs about 1099-Rs. Retirees and surviving spouses should keep their letters with their 2022 tax documentation.
Below are some additional resources explaining the payment processing transition:
- A detailed letter mailed to benefit recipients.
- A Comparison Flyer that shows changes in documents, terminology and year-end statements.
- Frequently Asked Questions about the transition.
- FAQs about 1099-Rs
If you have any questions, please call us at 888-927-7526 or email info@ConcordiaPlans.org.