IRS warns some retirees at risk of tax penalty: What to know
MEDICARE ENTITLEMENT AND ELIGIBILITY
(Click on the following link) Medicare entitlement and elig-2018-w SSA updates kl
HOW TO EARN SOCIAL SECURITY CREDITS
(Click on the following link) SSA How You Earn Credits ICN 467510 Rev 01.2018 (1)
TAX DEDUCTION FOR RETIRED PUBLIC SAFETY OFFICERS
By President Wray Young
The Pension Protection Act, which was signed into law in August of 2006, allows retired public safety officers to exclude from income distributions made from their eligible retirement plan that are used to pay the premiums for health insurance. This also includes the MetLife Dental & Vision plans negotiated for Milwaukee retiree firefighters and police. The distribution must be made directly from the pension plan to the insurance provider. You can exclude from income the smaller of the amount of the insurance premiums up to a maximum of $3,000 but the amount excluded cannot be used to claim a medical expense deduction. The MRPA is not qualified to give you tax advice so please direct any questions you might have regarding this benefit to your tax preparer or the IRS which, in turn, might refer you to IRS Publication 575.
Government Pension Offset & Windfall Elimination Provisions Will Reduce your Social Security Benefits – Wray Young
- Government Pension Offset & Windfall Elimination Provisions Will Reduce your Social Security Benefit
- Government Pension Offset
Kerry Leist, VP/Operations for NATIONAL BENEFIT CONSULTANTS, INC. passes along the following important information regarding Medicare eligibility. There are populations of protective services and a few others that lack 40 quarters. Some of those think they do not ‘qualify ‘ for Medicare. If entitlement is not at 40 credits it will costs those folks more for Medicare unless they qualify on a spouse’s record. Credits can be obtained through qualified employment or on a self-employment basis. Click on the following link to see more information on Medicare costs and benefits
If you have any questions concerning the attached Medicare information, please contact Kerry Leist at 262-327-4370
Police Relief Association (PRA) – By: Shannon M. Seymer-Tabaska
The Police Relief Association is a non-profit organization (501c3) whose PRA Board is elected by the membership, to include the Milwaukee Police Department Retirees Association (MPRA), the Milwaukee Police Association (MPA), and the Milwaukee Police Supervisor’s Organization (MPSO). The current PRA Board members include: President: Branko Stojsavljevic, Vice President: Vacant, Treasurer: Shannon M. Seymer-Tabaska, Secretary: Dena Klemstein, Directors: Patrick Doyle (retired member), David Feldmeier, and Eric Pfeiffer. In addition, the PRA Board has City Attorney Office representation under City Attorney Patrick McClain.
To be an active member of the PRA, one must be a sworn active law enforcement officer and/or a retiree who pays monthly dues of $2.08 into the PRA fund, which includes those members approved for a duty and/or ordinary disability. If a MPD member did not leave in good standing (i.e. termination and/or resigned) his/her PRA benefit ceases.
At retirement, active law enforcement members have the option to “opt out” of the PRA, but the PRA Board discourages this option as the majority of members lose a $9000.00 benefit that their beneficiary is entitled to at time of death. Once the latter “opt out” election is made, a member can’t re-enroll in the PRA. In addition, in 1998, there was a member election regarding the $9000.00 benefit amount wherein members elected to increase their dues to receive the $9000.00 benefit, but if a member did not make the election, their entitlement is $8000.00. There are also a few older retirees who only pay $1.25 per month into the PRA fund, so their benefit is reduced as well.
As an active member of the PRA, it is pertinent that any life change (i.e. marriage, birth/death, re-location, etc…) that result in beneficiary, address and/or phone changes, the PRA is provided the updated information. Updated information can be provided on a beneficiary form that can be found on the PRA website: http://www.pra-milwaukee.com/
and/or the member can contact us at (414) 649-8373 to request a form be emailed and/or mailed.
To claim a death benefit for a PRA member, the designee at death (i.e. spouse, surviving children) must contact the PRA at phone number (414)649-8373 to verify the member was active and in good standing and must provide a death certificate for the decedent. Members should be aware that the PRA Board members time is voluntary, thus, we do not have a full-time staffed office and will make a good faith effort to respond as soon as possible.
Currently, the PRA Fund is at 8.5 million dollars and it is the PRA Board’s fiduciary responsibility to ensure money collected from members and through donations (i.e. Combined Giving and/or private donors) is invested for fund growth and we all thank you for allowing us to serve the membership as your PRA Board.
Branko, Shannon, Dena, Pat, David, and Eric
From Greg Thiele
As many of you know, I have had hearing aids for about 15 years. I had to pay out of pocket each time I needed new ones. Today I was at the Avada office in Wisconsin Rapids for my annual test, which is always free. While talking to my audiologist was I was informed that United Health Insurance is now covering portions of hearing aids. He thought that Humana also might be covering some of the cost. While at the office his receptionist contacted United Health and Avada’s corporate offices. I need new hearing aids. The cost is around $5000. United Health informed the receptionist that my out of pocket cost is around $800. They pay the rest. The portion they cover also has to do with how much is left on your deductible. I for one never knew that United health was covering any of this. From what they told me, United Health will cover up to around $5000. I was also informed that Avada was bought out by a large company that now owns almost 95% of all hearing aid companies in the world. This company put pressure on many of the insurance companies to start to cover the cost. This company also lowered the cost of hearing aids to make them more affordable. The hearing aids that I am getting for $5000 were almost $9000 last year. I hope this information helps some of you in the future. Greg