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Updated March 15, 2020

Are Retirement benefits taxable?

All Plan benefits are reported to the Internal Revenue Service. Generally speaking, benefits are taxable subject to certain exclusions. The taxable amount of your benefits for each calendar year will be reported to you annually.

Plan benefits are not subject to state income tax in Illinois but may be subject to state income tax in other states. You should contact a personal tax advisor if you have questions on tax matters.