PENSION PLAN TAX OVERVIEW
On July 1, 2022, Fidelity became the service provider for all of Boeing’s pension plans including the pension plans for companies that Boeing merged with or acquired.
This transition to a new service provider did not change the pension plan, or the pension benefits you’ve accrued, if you are eligible for pension benefits.
Click on the example below that best fits your situation to learn more about how our transition to Fidelity may impact you. Additional details may also be found in the Pension Frequently Asked Questions (FAQs).
Why did I receive two different tax forms for my Boeing pension income in 2022?
Effective July 1, 2022, Fidelity Investments® became the new service provider for the Boeing sponsored Pension Plan(s). As a result, you may receive multiple tax forms for 2022.
If you were already receiving pension benefits but from only one Pension Plan prior to July 1, 2022, then you will receive two tax forms:
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One form will be from State Street Bank showing the income you received from your Boeing pension(s) payments from January through June 2022.
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One form will be from Fidelity Investments® showing the income you received from your Boeing pension(s) payments from July through December 2022.
If you began receiving pension benefits on July 1 or later in 2022 from only one Pension Plan, then you will only receive one tax form from Fidelity Investments® showing your income from your Boeing pension payments in 2022.
If you receive pension benefits from more than one Pension Plan, than depending on the start day of those pension benefits (as explained above) you may receive a tax form from State Street Bank and/or Fidelity Investments for the benefits paid from each those Pension Plans.
If I lost or did not receive my tax form(s), how do I obtain a duplicate copy (or copies)?
For 1099R, 1099MISC, 1042S:
January to June 2022 Payments
Online (available early February 2023): NetBenefits.com/Boeing
Boeing Financial Benefits Service Center: 866-422-3539
July to December 2022 Payments
Online: NetBenefits.com/Boeing
Boeing Financial Benefits Service Center: 866-422-3539
For W2 Pension Payments:
January to June 2022 Payments
July to December 2022 Payments
Online: NetBenefits.com/Boeing
Boeing Financial Benefits Service Center: 866-422-3539
I received two tax forms for 2022, but they look different. Why are the distribution codes different?
If you began receiving pension payments prior to age 59.5, then distribution code of 2 was assigned by State Street Bank based on the details of your distribution at the time. Even though you continued to collect pension payments after age 59.5, the prior service provider did not update the distribution code because the tax treatment was the same.
When Fidelity became our new service provider, they updated the distribution code for retirees who are older than age 59.5 to show the distribution code 7. Distribution codes 2 and 7 are generally treated the same.
If you have additional questions regarding distribution codes, please consult a tax advisor.
How can I access my historical tax forms from 2014 to 2021?
If you require access to your historical tax forms for pension benefit payments, then they are available on NetBenefits.com/Boeing. They are located under your Boeing sponsored Pension Plan(s), under “Tax Information.” You will see a “Click here to access your historical 1099R Tax forms”.
Beginning in early February 2023, you will be able to locate your 2022 Tax Forms from State Street Bank in the same location.
I’m retired and receive my pension every month. What do I need to know?
You should know that your monthly pension payments are secure and will continue without interruption. Other things that will remain the same include:
- Your deductions, including health insurance if applicable, will continue to be deducted from your pension as they have been in the past with out previous service provider.
- In most cases*, your Boeing pension payment will be issued each month and sent to you via the same method you previously received it under our previous service provider.
- If you received an electronic funds transfer or direct deposit at your bank, this will continue.
- If you received a paper check to your home address, this will continue.
What changed as of July 1, 2022:
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Electronic Fund Transfers or direct deposits are being made by Fidelity Investments (not State Street).
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If you still receive a paper check, then it will be from Fidelity Investments (not State Street).
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Participants may notice very small differences in their deposits due to rounding (less than $1).
Actions to consider:
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If you still receive a paper check, then you may want to consider switching to an EFT or direct deposit to ensure immediate access to your funds at the start of each month. To set up or change direct deposit elections:
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Beginning July 1, 2022: You have the option to elect or change direct deposit with the Boeing Financial Benefits Service Center (Fidelity).
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Your election may not take effect immediately with your next pension payment. Until your electronic payment is effective, you will continue to receive a pension check in the mail.
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As of July 1, 2022 you are encouraged to visit NetBenefits.com/Boeing to verify all your information. You will need to set up login credentials if it is your first visit to NetBenefits.com/Boeing.
* If you are a retiree who has a unique payment method (including but not limited to checks being mailed to banks, wire transfers, or deposits in foreign banks), then you will be contacted by a letter with the actions you need to take.
I’m retired and receive separate pension checks from different plans at Boeing. Did that change?
You will continue receiving separate pension checks. Additionally, the following remains the same:
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Your monthly pension payments are secure and are expected to continue without interruption.
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Your deductions, including health insurance if applicable, will continue to be deducted from your pension as they are today.
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In most cases*, your Boeing pension payment will be issued each month and sent to you via the same method you receive it now.
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If you receive a direct deposit at your bank, this will continue.
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If you receive paper checks to your home address, this will continue.
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What changed as of July 1, 2022:
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Electronic Fund Transfers or Direct Deposits will be made by Fidelity Investments (not State Street).
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If you still receive a paper check, then it will be from Fidelity Investments (not State Street).
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Participants may notice very small differences in their deposits due to rounding (less than $1).
Actions to consider:
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You do not need to take any action for the administration of your pension payments to transfer to Fidelity.
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If you still receive paper checks, then you may want to consider switching to EFT or direct deposit to ensure immediate access to your funds at the start of each month. To set up or change direct deposit elections:
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As of July 1, 2022: You will have the option to elect or change direct deposit with the Boeing Financial Benefits Service Center (Fidelity).
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You are encouraged to visit NetBenefits.com/Boeing to verify all your information. You will need to set up login credentials on your first visit to NetBenefits.com/Boeing.
* If you are a retiree who has a unique payment method (including but not limited to checks being mailed to banks, wire transfers, or deposits in foreign banks), then you will be contacted by a letter with the actions you need to take.
I’m currently employed by Boeing, but not ready to retire yet. What does this mean for me?
This transition was designed to help make it easier for you to see all of your retirement benefits in one place when you log into NetBenefits.com/Boeing. You will be able to see your accrued pension benefits, your 401(k) account and any other Boeing retirement plan you may participate in.
Most importantly, the transition to Fidelity did not change the pension plan or the pension benefits you’ve accrued, if eligible.
What changed:
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Fidelity became the service provider for Boeing pension plans effective July 1, 2022.
Where to learn more about your pension benefit:
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You are encouraged to visit NetBenefits.com/Boeing to verify all your information. You will need to set up login credentials on your first visit to NetBenefits.com/Boeing.
I am vested in the pension plan, but no longer work for Boeing. What does this mean for me?
Most importantly, the transition to Fidelity will not change the pension plan or the pension benefits you accrued as Boeing employee or as an employee of a company that Boeing merged with or acquired.
What changed:
Fidelity became the service provider for Boeing pension plans effective July 1, 2022.
Actions to consider:
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Requests for retirement estimates will go through the Boeing Financial Benefits Service Center.
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As of July 1, 2022, you are encouraged to visit NetBenefits.com/Boeing to verify all your information. You will need to set up login credentials on your first visit to NetBenefits.com/Boeing.
I receive Medicare Part B payments. Will this affect my payments?
Your payments will not change:
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Your payments are secure and are expected to continue without interruption.
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No action was required for the administration of your Medicare Part B payments to transition to Fidelity.
What changed:
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Electronic fund transfers (EFT) or direct deposits will be made by Fidelity Investments (not State Street).
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If you still receive a paper check, then it will be from Fidelity Investments (not State Street).
If you receive a check via the U.S. Postal Service, you may wish to establish direct deposit to have your payment deposited directly into your bank account each month.