- Board approves 3% COLA increase for retirees on July 1, 2020
- Paul Mokrzecki reappointed as Fifth Member of the board.
- April 2020 Regular Board Meeting Minutes Uploaded
- The Agenda for the Wednesday, May 27, 2020 regular Board meeting has been uploaded.
- Seeking applicants for position of Fifth Member of the Board
INFORMATION: Working after Retirement Retirees’ Annual COLA PERAC guide for Retirees No Social Security Deductions from Retirees Returning to Work After Retirement Retirement Allowance Tax Information Retirement Allowance Tax Map FORMS: W-4P 2020 Direct Deposit request Form Authorization for Payment of Insurance Premiums Option A & B residual payment Option B Beneficiary Change form Other: FRRS does not participate in the deduction of state income taxes from retirement benefits (and submit them to the state) because FRRS retirement benefits are not subject to state income tax. We suggest those that need to pay state income tax for other income sources make quarterly estimated tax payments direct to the state. Each person’s tax situation is different, and for that reason we do not give out tax advice – we leave that to your chosen tax professional. In regards to Internal Revenue Service (“IRS”) code, we are defined as a State or political subdivision retirement plan under chapter 401(a), which can be further qualified under 414(h)(2) – ” . . . contributions not included in gross income reported for federal income tax purposes . . . “. e.g. pre-tax contributions. In some circumstances a portion of your contributions will not be “pre-tax”, when that is the case, the IRS form 1099r you receive from us will indicate the amount that is not “pre-tax”.