COST OF LIVING ADJUSTMENT - WILL BE UPDATED FOR 2018

The cost-of-living adjustment (COLA) for September 2014  through August 2015 benefit payments is 1%.  As a result, an eligible retired member with an annual benefit of $18,000 or more received a maximum monthly increase of $15.00

TO BE ELIGIBLE FOR A COLA, YOU MUST BE: at least 62 and retired at least five years: or at least 55 and retired at least 10 years: or a retiree receiving a NYSRS disability benefit for at least five years (regardless of age): or  A surviving spouse of an eligible retiree receiving a lifetime benefit. (By law, the spouse receives an increase equal to one-half the COLA the retiree would have received.

Retirees who become eligible for the COLA after September will receive their adjustment when first eligible

Important Tax Info for Retirees  

The IRS recently released on its website new tax form, instructions and publications for the 2007 tax year. Of interest to all government plans with public safety measures are the changes to line 16 on form 1040

New law has resulted in the ability of retired public safety officers to exclude from gross income taxes up to $3000 for qualified health insurance premiums.  This means that if you contribute to health benefit premiums, up to $3000 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 $3000 exclusion should be recognized in line 16b of form 1040, where the public safety officers should write the initials pso next to the taxable amount received.  

   ONLY APPLICABLE MEDICAL EXPENSES THAT CAN BE APPLIED TO THE #3000 ARE

   1. HEALTH RIDER PREMIUMS

   2. LONG TERM HEALTH CARE INSURANCE

   3. ACCID. INS (LIFE) PREMIUMS

Check your mailing label for your current dues date, it’s printed within the mailing label.

Feel free to contact us via phone or email for any information you might have need of.  Our office is staffed by all volunteers and the office is open every morning and some afternoons.  If you call by phone and no one is there, please leave a message on our answering machine with your phone number and we will get back to you as soon as possible. 

We recently realized that quite a few of our members were relocated and that we were not aware of their new addresses.  Most of our mail does not go out first class and therefore we are not given the returned undelivered mail.  

FOR YOUR OWN BENEFIT AND PROTECTION OF SERVICES, IT IS IMPORTANT THAT YOU NOTIFY THE FOLLOWING.                               

POLICE PENSION BUREAU:

233 BROADWAY, NEW YORK, N.Y. 10279

RETIRED EMPLOYEE BENEFIT SECTION 

40 RECTOR ST. 3RD FLOOR

NEW YORK, NY 10006 

YOUR HEALTH PLAN: HIP, GHI, BLUE CROSS, ETC     

YOUR LINE ORGANIZATIONS: PBA, DEA, SBA, LBA, CEA                      

VARIOUS MEMBERSHIP ORGANIZATIONS

SPECIAL ATTENTION

We have entered into an agreement with attorney Ann-Margaret Carrozza to serve as an estate planning advisor and service provider attorney.

Members, their families and widows of deceased members are entitled to a free general consultation and document review by Ms. Carrozza during which you may:

Have your existing wills, trusts, power of attorney, and health care proxies evaluated.  Discuss the options for long term care insurance. Review your existing health care coverage. Discuss asset protection opportunities in event that a parent or spouse requires extended long term care.  Discuss the pros and cons of several popular strategies involving primary residence.  Plan considerations for children and grandchildren with special needs.

You are also entitled to free preparation of new health care proxies and  25% reduction on all other legal services.

Contact Ms. Carrozza directly at 718 224-4746.  Please identify yourself as a NY 10-13 member, family member or widow of a member.   Her office is located at 213-38 40th avenue, Bayside NY 11361.  She also has an office in Port Jefferson.

ATTENTION: MEDICARE COVERED RETIREES

It appears that quite a few of the retirees upon receipt of their Medicare rebate checks are missing out on a second rebate because they are not reading the attached instructions that come with the check.  You should compare the amount of the check with the 1099 that you received from Social Security and filed for the tax year.  The 1099 did indicate the amount you received and how much was subtracted for your Medicare Part B coverage for the year.  If the Medicare deduction was greater than the August check, you are eligible for an additional reimbursement and must apply for it.  You can go to the website of the Office of Labor Relations, Health Benefits, and download the instructions and sample forms required.

NY 1013 SCHOLARSHIP PROGRAM

Ny 10-13 scholarship application for children or grandchildren of members.  Students must be a college freshman.    Five (5) $1000 awards will be given out.

Please use form found in your bulletin (all entry forms must be from the bulletin, they will be placed in a container and 5 winners will be selected at the Christmas party on December 13th 2013. In addition 5 alternate names will be selected in case any of the 5 original selections do not qualify.  All those selected (10) will be notified by phone.

Photo copies of official form will be accepted

Those selected must present a valid bursars receipt