SAFPPF Board of Trustees on January 25, 2022 approved issuance of a performance distribution 13th check to its retired members.

Distributions are being prepared for direct deposits on or about February 11, 2022.

The 13th Check will be based on your regular pension received in December 2021. For those of you who retired in 2021, the 13th Check will be prorated based on the number of full months you were retired in 2021. These Checks will include a one-time 22% withholding tax deduction; this will not change what your current monthly withholding tax deduction is. No other deductions will be taken from the Checks. Nevertheless, let us add a word of caution. We quote directly from the Pension Law, “Authorization of a 13th check for any year is subject to the discretion of the Board. Authorization for one year does not obligate the Board to authorize a 13th check for any other year.” It would be wonderful if the rates of return in every future year would allow for a 13th Check; however, this is not realistic. There will be some years when actual returns will be lower than assumed returns and there will be no 13th Check. Please consider the 13th Check a “sharing of investment gains in the good years,” but do not expect these good years to occur every year.