At this time, only the following classes of ERS annuitants can participate in the program:. Other retirement types, and survivors, are not eligible to participate in this program at this time.
Under this program, effective January 1, , the ERS will now allow additional insurance premium deductions to be taken for vision and dental insurance purposes directly from the pension payments for certain Fire and Police Service and Disability retirees. Source1 is the third party administrator for the insurance carrier, MetLife.
Thanks Bill. Several years ago Air Traffic Controllers were added to the definition of Public Safety Officer for the purpose of deducting their health care premiums. For taxation purposes, a Public Safety Officer PSO is defined as: "an individual serving a public agency in an official capacity, with or without compensation, as a law enforcement officer, as a firefighter, as a chaplain, or as a member of a rescue squad or ambulance crew.
Please see New law expands tax exemption to defined contribution government plans for additional information on Public Safty Employees :. My spouse and I are both retired Public Safety Officers. We each have an individual health insurance plan. So should I ignore TurboTaxes warning on this matter and file anyway?
The Public Safety Officer retirement income exclusion varies from state to state. TurboTax will ask if the income is public safety officer income. Do this while in your return to determine if the exclusion applies for your state:. B such contract does not pay or reimburse expenses incurred for services or items to the extent that such expenses are reimbursable under title XVIII of the Social Security Act or would be so reimbursable but for the application of a deductible or coinsurance amount,.
D such contract does not provide for a cash surrender value or other money that can be—. E all refunds of premiums, and all policyholder dividends or similar amounts, under such contract are to be applied as a reduction in future premiums or to increase future benefits, and.
A contract shall not fail to be described in subparagraph A or B of paragraph 1 by reason of payments being made on a per diem or other periodic basis without regard to the expenses incurred during the period to which the payments relate. Paragraph 1 E shall not apply to any refund on the death of the insured, or on a complete surrender or cancellation of the contract, which cannot exceed the aggregate premiums paid under the contract.
Any refund on a complete surrender or cancellation of the contract shall be includible in gross income to the extent that any deduction or exclusion was allowable with respect to the premiums.
Performed the following changes as requested by Jess Simonds and Casey Hartwig. The insurance premiums designated on form RS will be paid directly to the insurance company by PERSI and the cost will be deducted from the retiree's monthly benefit. PERSI cannot accept pre-dated enrollment forms. The date the enrollment form is received is the date the member is enrolled for participation in the PPA program.
Retirees can use income from more than one retirement plan to pay insurance premiums, but the maximum income exclusion the I. The retiree is responsible for complying with this federal limit and for the consequences if designated insurance premiums exceed the limit. Incomplete and unsigned forms will not be processed and the retiree will be notified to resubmit the form. PERSI will send notices to participants at the end of the year which will show the amount of insurance paid for the year under the Public Safety Officer program.
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