Are benefit payments taxable and, if so, are paid in dues deductible?
• Benefit payments are taxable as ordinary income. Paid in dues are deductible based on a schedule provided by the IRS. After retirement, a member will receive information from the Pension Fund Office regarding the amount of dues that were paid over the course of membership. Advice regarding how the dues deduction is to be handled should be sought from the IRS or a qualified tax advisor.
