RETIRED MEMBERS SECTION (2008)

THIS SECTION CONTAINS INFORMATION FOR
RETIRED MEMBERS!.

NEW 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.

Police Pension Fund - Tax Forms

The Police Pension Fund has asked us to remind all retired members that their 1099R tax forms were mailed.
If you do not receive this tax form by February 15, 2008, this means that the Police Pension Fund does not have your current address on file.
You should immediately contact the Police Pension Fund at (212) 693-5100 or download a Change of Address form from their website at http://www.nyc.gov/nycppf , fill it out and mail it to the Police Pension Fund.

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

FICA REFUND UPDATE (Jan 7, 2008)

This applies to those members who have had a line of duty injury during the years 1989-2005 and have submitted their consent form to the Office of Payroll Administration.

The deadline for filing expired on Jan 2, 2008 and the Office of Payroll Administration has sent this information to the Internal Revenue Service (IRS).

The IRS will begin to conduct an audit on these accounts. We have been told by the OPA that each year will be done separately because there is a different interest rate for each year. A separate check will be sent for each year.

If any involved member has a change of address, you must notify the Office of Payroll Administation. You can fax this information to 212-669-3377.

More information and telephone numbers can be found on the OPA website - Click Here -> Office of Payroll Administartion)

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