Form Cp03881 PDF Details

Understanding the complexities of retirement and its associated financial decisions is imperative for retirees aiming to manage their pensions effectively. The CP03881 form serves an important role in this process, as it enables retirees to make crucial withholding elections for their pension benefits in accordance with federal law. This form not only outlines options for federal income tax withholding—ranging from choosing not to withhold to specifying a particular withholding rate based on marital status and allowances—but it also addresses state tax allocations. Completing this form correctly is essential for retirees wishing to ensure that their tax obligations are met, thereby avoiding possible penalties for underpayment. Moreover, the CP03881 form features sections for changes in address details, direct deposit elections, and specific instructions for those receiving survivor benefits, making it a comprehensive document for managing elements of pension distribution. It empowers retirees with the choice to adjust their tax withholdings and direct deposit details, catering to their changing needs and personal circumstances. As such, the significance of the CP03881 form in the realm of retirement planning cannot be understated; it stands as a critical tool for retirees striving to navigate the transition into this new chapter of their lives with financial prudence and peace of mind.

QuestionAnswer
Form NameForm Cp03881
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesComerica, comerica deposit slip, Retiree, SSN

Form Preview Example

Retiree Help Line 1-800-647-3674

INSTRUCTIONS: Federal law requires you to make a withholding election regarding your pension benefit. You can elect to have no withholding. If you fail to make any election, the law requires automatic withholding based on you being married and claiming three withholding allowances. Your election will remain in effect until you change it.

Even if you elect not to have federal income tax withheld, you are responsible for payment of any federal income tax due. You also may be subject to tax penalties if your payments of estimated tax and/or withholding, if any, are not adequate. Complete your election by indicating your state allocation where it applies, and initialing the one option you elect. If electing option 1,2,3 or 4, apply the information that option requires. Sign and date your completed form in the space provided below.

Federal Tax

(Check one box)

With reference to my monthly pension benefit I elect the following:

Options:

1.

Withhold at the married rate with _______ allowances

__________

 

number

Initial Here

2.

Withhold at the single rate with ________ allowances

__________

 

number

Initial Here

3.

Withhold at the rate checked above Plus an additional

__________

 

amount of $________ per month.

Initial Here

4.

No withholding.

__________

 

 

Initial Here

State Tax (Indicate State and Check one box)

With reference to my monthly pension benefit I elect the following:

I choose to have my state tax allocated to : _________

__________

 

State

Initial Here

1.

Withhold at the married rate with _______ allowances

__________

 

number

Initial Here

2.

Withhold at the single rate with _______ allowances

__________

 

number

Initial Here

3.

Withhold at the rate check above Plus an additional

__________

 

amount of $________ per month.

Initial Here

4.

Withhold ONLY a flat amount of $________ per month.

__________

 

 

Initial Here

5.

No Withholding

__________

 

 

Initial Here

_______________________________________________________

( ___________ ) _________________________________________

Signature

Daytime Phone Number

_______________________________________________________

_______________________________________________________

Print Name

Retiree/Beneficiary Social Security Number

 

 

Address Information

 

New Home Address

 

 

Cancel Direct Deposit - Home Address Verification

 

 

 

Please note: If this is a permanent address change to a different state, you MUST fill out the state tax election area listed above. Otherwise, state tax will continue under the previous state residence indicated on your monthly payment advice.

________________________________________________________________________________________________________________

Print Name

________________________________________________________________________________________________________________

Print Street Address

________________________________________________________________________________________________________________

Print City, State, Zip code

_____________________________________________________

______________________________________________________

Retiree/Beneficiary Signature

Retiree/Beneficiary Social Security Number

Please return completed form to:

Comerica Bank, Po Box 75000, Detroit, MI 48275-3434 Fax: 313-222-9008

CP03881 (5/09)

Retiree Help Line 1-800-647-3674

Electronic Funds Transfer Authorization

Section 1

Declaration - U.S. law requires that the following information be obtained for all direct deposit (ACH) transactions

Will the pension payment that is made via direct deposit pursuant to this Authorization be forwarded across the U.S. border to a foreign financial institution through the ACH network on the same day that it is deposited into your account?

NO, please proceed and complete section 2

YES, please fill out the Financial Institution information below, then proceed to section 2

Foreign Financial Institution Name: ________________________________________________________________________________

Foreign Financial Institution Identification Number: __________________________________________________________________

Address: _______________________________________________________________________________________________________

Section 2

Information on the benefit recipient

Name: ____________________________________________________________________ SSN: _______________________________

Street Address: _________________________________________________________________________________________________

City, State ZIP__________________________________________________________________________________________________

Telephone Number: ________________________________________________________

Name of Former Employer/Plan Sponsor:__________________________________________________________________________

If you are receiving a Survivor's benefit, please complete the following:

Deceased Retiree's Name: _______________________________________________________________________________________

Deceased Retiree's Social Security Number: __________________________________

Please complete if you are receiving benefit payments from Comerica under more than one plan

Please apply my direct deposit plan to all affected plans.

Please only apply my direct deposit information to the following plan:

I authorize and direct Comerica Bank to make the monthly pension payment payable to me under the

_____________________________________ plan via the Automated Clearing House (ACH) system to the financial institution and

account number named below.

US Financial Institution Name: ____________________________________________________________________________________

US Financial Institution Address: __________________________________________________________________________________

US Financial Institution's ACH Routing/Transit Number_______________________________________________________________

Checking

Savings

Account Number ___________________________________________________________

I certify that the information I have provided on this Electronic Funds Transfer Authorization form is correct and complete. I understand that this Authorization will remain in effect until I submit written authorization to cancel or change the information contained in this form.

Retiree/Beneficiary's Signature: ___________________________________________________________________________________

Please return completed form to:

Comerica Bank, Po Box 75000, Detroit, MI 48275-3434 Fax: 313-222-9008

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