Professional Firefighters Association
of
New Jersey
Alumni Association
|
Professional Firefighters Association |
|
1/12/08
Welcome to the new home for the PFANJ Alumni Association.
The Association was recently created in the interest of keeping our retirees informed.
Alumni Association Director:
Robert Mahan
rmahan@pfanj.org
Retired
Jersey City - Fire Officers
Local 1064
**Note: all documents are in .pdf format - Acrobat Reader required
Click here for an important letter for your Alumni Association Director.
IAFF Launches New Online Resource that HELPS IAFF Members
IAFF - January 2008 - The IAFF has developed a new online resource to assist retirees in benefiting from the Health Care Enhancement for Local Public Safety Officers (HELPS), which gives retirees a tax-free distribution of up to $3,000 from retirement plans to help pay for health insurance or long-term care insurance premiums.
The IAFF won an unprecedented congressional victory in 2006 in passing HELPS, and encourages all affiliates to remind retirees about this benefit and the new online resource.
The web site provides a brief FAQ written for IAFF members and offers links to other helpful information on HELPS, including the National Conference on Public Employees Retirement Systems (NCPERS).
Under the benefit, the IRS will allow retired fire fighters to exclude from income distributions made from eligible retirement plans up to $3,000 annually to pay the costs for accident or health insurance or long-term care insurance. The funds can cover the retiree, spouse or dependents. The distribution must be made directly from the retirement plan to the insurance provider. Eligible retirement plans include qualified trusts, pension plans, section 403(a) plans, section 403(b) annuities and section 457(b) plans.
For more information, contact the IAFF Department of Education at (202) 824-1550. For assistance with taking advantage of HELPS benefits, contact your retirement plan administrator or your tax accountant.
Important information for all Retirees covered by the State Health Benefits Program - click here.
IRS PUBLISHES INSTRUCTIONS ON HELPS BENEFIT
IAFF - November 27, 2007 - The IRS has published new instructions on how retired fire fighters can take advantage of the Healthcare Enhancement for Local Public Safety (HELPS) benefit on their 2007 tax returns.
Last year, the IAFF won an unprecedented congressional victory in the passage of the HELPS retiree health care benefit, a tax-free distribution of up to $3,000 from retirement plans to help retirees pay for health insurance or long-term care insurance premiums.
The IRS instructions for filing 2007 tax returns explains how to take advantage of this valuable benefit. The IRS will allow retired fire fighters to exclude from income distributions made from eligible retirement plans up to $3,000 annually to pay the premiums for accident or health insurance or long-term care insurance. The premiums can be for coverage for the retiree, spouse or dependents. The distribution must be made directly from the retirement plan to the insurance provider. Eligible retirement plans include qualified trusts, section 403(a) plans, section 403(b) annuities and section 457(b) plans.
The IRS requires retirees to report total distributions on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. The taxable amount should be reported on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Also, retirees should write “PSO” next to the appropriate line where the taxable amount is reported.
Click here for relevant instructions.
