Pension

The new "Pension Protection Act" ... what does it mean for us?

The new "Pension Protection Act" ... what does it mean for us?


Nothing that act refers to private pension plans not public.

"The new "Pension Protection Act" ... what does it mean for us?"


http://www.iaff.org/across/news/Archive2006/080406HELPS.htm

Beginning in 2007, all current and future public safety retirees will receive a $3,000 tax credit towards the cost of health insurance or long-term care insurance premiums. Depending on the retiree’s tax bracket, this equals tax savings of between $540 and $870 per year.

Also included in H.R 4 is language eliminating the 10 percent penalty for withdrawals from DROP accounts prior to age 59 1/2. Beginning January 1, 2007, retirees can access DROP money at age 50.

Provides benefits to both Police and Fire service personnel...


FD Bro'

Thanks for the solid info, FD Bro', and good work IAFF!