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To: Pension Recipients
From: Bill Stefka, Administrator
Date: December 16, 2011
Re: COLA/HELPS Tax Reduction/Benevolent Fund Update
At the December 6th pension board meeting the actuary could not authorize any type of COLA for our retirees since the market value of the Fund would not allow it. Please remember the overall plan is actuarially sound and pension benefits are intact. However due to the difficult market conditions, the Fund is basically flat for this year, and not where it needs to be to approve any COLAís.
Donít forget the HELPS (Healthcare Enhancement for Local Public Safety) deduction of up to $3,000 annually. The IRS allows retired firefighters (public safety) to exclude up to a maximum of $3,000.00 in medical and/or dental insurance premiums which are deducted directly from your retirement checks. This includes any insurance amounts paid for beneficiaries as well. Please remember your 1099Rís will not automatically reflect this exclusion. The instructions for taking this exclusion will probably be noted in Publication 575 or directly in the Form 1040 instructions. It is strongly advised that you consult with your tax advisor before completing your tax return with any questions you have.
During this calendar year we have lost the following retired firefighters and widows:
|Name||Date Deceased ||Benevolent Fund?||Spouse / Or Survivor?|
|Earl Watson (59)||1/25/11||Yes||No|
|William L. Gray (67)||3/22/11 ||Yes||Rebecca|
|Steve R. Titsworth (60)||6/27/11||No||Susan|
|Florence Verda Adams|
(Widow of Cy Adams)
|Dorothy M. Banner|
(Widow of Woodrow Banner)
|Royce E. Brune (87) ||9/9/11||Yes ||Hettie Jo|
|Vernon Sanders (83)||10/21/11||No||Pearl|
|John W. Byrne (78)||12/6/11||Yes||N/A|
Please contact Eric Pederson with the benevolent fund at (512) 922-4332 with any questions you have regarding payments to the benevolent fund.
The 2010 annual report has been distributed. Anyone interested in receiving their copy via e-mail may do so by notifying the pension staff at: firstname.lastname@example.org.
On behalf of the pension board and staff, we hope you have a Safe and Happy Holiday Season!
If you have any questions, please contact our office.
William E. Stefka