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RETIRED MEMBERS SECTION (2008)
THIS SECTION CONTAINS INFORMATION FOR
RETIRED MEMBERS!.
RETIRED MEMBERS REPRESENTATIVE!
President Thomas
Drogan has appointed Mike Libretto to the
position of Retired Members Representative.
Mike is a retired LBA Board Member and
is a consultant at the LBA Office. He can
be reached at (212) 964-7500, voice mail
#103.
FICA Line of Duty Injury Reimbursement Update (September 22,2008)
We are informed by the City's Office of Labor Relations that the City of New York has received payment from the IRS in settlement of the City's FICA reimbursement lawsuit to recover FICA taxes paid for periods of authorized Line of Duty injury leave for six (6) months or less from1989 through 2005.The Office of Payroll Administration ("OPA") must now issue checks to eligible members of the service, who timely submitted consent forms during the applicable filing period. The OPA estimates that this process will take approximately 4-6 weeks.
We are informed further that the OPA's website http://www.nyc.gov/html/opa/html/home/home.shtml will be updated this weekend with additional details regarding a tentative payment schedule. Members with questions can also call the OPA at (212) 669-2333.
RETROACTIVE CHECKS FOR RETIRED MEMBERS: (September 19, 2008)
The LBA has been informed that the Retroactive checks related to the Lieutenants Re-Opener Agreement for retired lieutenants, can be picked up at the Payroll Section at One Police Plaza, Room 1018, Monday through Friday between 0800 and 1630 hours.
The Retro Checks will be retained at the Payroll Section for approximately 30-45 days, commencing from September 19th, and then they will be mailed to the members’ last address on record with the Department.
Prior to retrieving the check, members should call the Payroll Section at 646-610-6160 to ascertain or confirm that a Retro Check is at the location. To pick up the Retro Check in person you must bring your I.D. card.
If you wish to have your Retro Check mailed to you, or have someone pick it up for you, a letter must be mailed, faxed, or presented by the person retrieving the check, containing the following information: Members full name, Tax#, last command assigned to, date of retirement, current address, and name of person picking up the check if applicable. The Fax# at the Payroll Section is 646-610-5846.
NEW TAX LAW THAT BENEFITS RETIREES (Jan 7, 2008)
The IRS recently released on its web site new tax forms, instructions, and publications for the 2007 tax year. Of interest to all government plans with public safety members are the changes to line 16 on Form 1040.
This new law has resulted in the ability of retired public safety officers (Law Enforcement Oficer, Fighterfighter, Chaplin or member of a resque squad or ambulance crew) to exclude from gross income taxes up to $3,000 for qualified health insurance premiums. This means that if you contribute to health benefit premiums, up to $3,000 is deductible.
Beginning with the 2007 tax year, retired public safety officers should report their total pension distributions on line 16a of Form 1040. Assuming that an officer qualifies for the insurance premium exclusion, the $3,000 exclusion should be recognized in line 16b of Form 1040, where the public safety officer should write the initials “PSO” next to the taxable amount received.
We suggest THAT our retirees consult with their accountants or tax professional regarding this new tax law.
NOTE: Retirees should save their quarterly statements ( for those with electronic deposit ) or their monthly pay stub in order to document their premium deductions for any health insurance or long term insurance.
For further information contact Maria Elena Brusco, of the NYC Police Pension Fund at 212-693-6058!
You can also refer to IRS Publication 575:
Insurance Premiums for Retired Public Safety Officers
Are you considering moving to another state?
See how other states tax your pension !
(Courtesy of the 'Retired Public Employees Association')
Retired Members Related Websites:
Official N.Y.P.D. Website For Retired Members
N.Y.C.
POLICE PENSION FUND
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