Retired Member's Association of the NYC Fire Dept.

AN IMPORTANT MESSAGE FROM SOCIAL SECURITY:

Putting you in control

“I want to provide an update to people who receive benefits from the Social Security Administration-

The Department of the Treasury (Treasury) announced on April 1 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an economic impact payment. The IRS will use the information on the Form SSA-1099 to generate $1,200 economic impact payments to Social Security beneficiaries who did not file tax returns in 2018 or 2019."

For more information, please visit https://www.ssa.gov/news/press/releases/.

Find out more

You Can Now Wait Until 72 To Take Required Minimum Distributions. But Should You?

The Secure Act increased the required minimum distribution (RMD) age from 70 1/2 to 72, marking the first change to the RMD age since first becoming law in 1986. The age increase will only apply to anyone born on or after July 1, 1949. Now that some taxpayers will be able to defer distributions from retirement accounts until age 72, should they? It turns out, tax-deferred growth isn’t always a no-brainer.

First, as a practical matter, many retirees can’t actually afford to hold off on using their retirement savings until they’re 72. Even for those who can wait until they reach RMD age, it might not make sense to. The ‘right’ withdrawal strategy will depend on multiple factors, which change over time along with the laws, tax code, and the individual’s personal financial situation.

Here are some of the important considerations to discuss with your financial and tax advisor as you draft a retirement income strategy.

Taking advantage of low tax brackets

Especially for investors who have already retired, tax planning can really pay off. If you’ve already retired and don’t need income from retirement accounts before age 72, you could be living off funds from a taxable brokerage account and perhaps Social Security, too. Depending on your finances, this could land you in some of the lowest tax brackets.

In 2020, married couples filing jointly are in the 12% marginal tax bracket until $80,250 of taxable income before progressing into the 22% rate on the next dollar of income. For couples with less than $80,000 in taxable income, they may pay no tax at all on long-term capital gains!

In this type of situation, it could be advantageous for taxpayers to consider accelerating the realization of income to ensure they’re able to take full advantage of a favorable tax bracket. With some planning, you could calculate how much to take from tax-deferred accounts to stay under the next marginal tax bracket increase (or whatever metric makes sense for your tax and financial situation).

MEDICARE PART B REIMBURSEMENT INFO

TO WATCH A VIDEO ABOUT THE REIMBURSEMENT,

CLICK> https://www1.nyc.gov/site/olr/health/retiree/health-retiree-medb-irmaa.page

2020 UPDATE:

PLEASE READ THEN SCROLL DOWN TO FILL OUT THE FORM BELOW

THE UPDATE

To all Retirees,

The following notice is to inform retirees on Medicare that your 2019 Standard Part B reimbursement from OLR (Office of Labor Relations) may not have been for the full amount you and/or spouse paid. This applies ONLY to those who were enrolled in Medicare PRIOR TO 2016. If you enrolled in Medicare in 2016 or later, the reimbursement amount

should have been accurate.

If affected, you will be required to fill out a Medicare Differential Form found in a link with this e mail. The reimbursement is scheduled for some time in the 1st quarter of 2021. Follow the instructions and return with the supporting paperwork stated in Section III of the form.

2019 Part B Differential Form

ALSO those recipients and/or spouse who are subject to IRMAA and were enrolled in Medicare prior to 2016 may not have received the full reimbursement for their standard Part B. IRMAA recipients do not need to file for the differential as long as they have submitted the IRMAA reimbursement form. When the IRMAA reimbursement is paid, (October 2020) the differential for the Standard Part B will be included. The form for IRMAA reimbursement is in the link below.

Note that if you had not filed for IRMAA reimbursement in the past but had paid IRMAA you can submit for 2018 and 2017 using the form below.

2019 IRMAA Reimbursement Application

An explanation has been provided by OLR regarding this issue: As Part B premiums have increased, the amount of the increase has, at times, been more than what the social security COLA increase provided to some recipients. Had the full increase of the Part B premium been applied to all, a social security recipient could have had a net reduction in their monthly benefit.

Because of Medicare's "hold harmless” provision, the monthly increase to an individual's Part B premium could vary in order to avoid a reduction in that person's monthly Social Security benefit. This results in variable amounts being paid for Part B premiums that are specifically unique to each individual. The increase in Part B premiums could vary from $1 to $318 per person. Since, the City has no way of verifying what each person pays for their Medicare Part B premium, documentation of what an individual actually paid in Part B premiums is needed.

Further information:

Questions about Medicare Part B Reimbursements

The UFOA offices are currently unstaffed and employees are working from home. Mailing a form to those who may request it will be delayed until the “stay at home” orders are modified.

In the interim, do you know a retiree in your area that may not have access to print these forms? Check in on them and bring copies of the form to them while keeping yourself socially distanced and protected as best as possible.

If you have questions please e mail Patrick Reynolds, Retiree Liaison at the address below.

E MAIL questions to the UFOA Retiree Liaison

Medicare Part B reimbursements were issued for the calendar year 2018 for Medicare-eligible retirees and

Medicare-eligible dependents in April 2019.

Any retirees who were Medicare eligible on or after calendar year 2016 are eligible for $134.00 per month

(12 months= $1,608 per each eligible person).

They receive this amount automatically.

Any retirees who were Medicare eligible prior to the calendar year 2016 must complete the Medicare Part B differential Form (see below link) and provide SSA-1099 for the calendar year 2018. Those retirees who submit this form may receive an additional amount up to $300 under the Medicare Part B differential.

This payment will be issued in Spring 2020

CLICK HERE TO DOWNLOAD FORM AND WHERE TO SEND IT

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VCF NEWS:

On July 29, 2019, the President signed into law The Never Forget the Heroes: James Zadroga, Ray Pfeifer, and Luis Alvarez Permanent Authorization of the September 11th Victim Compensation Fund. The VCF Permanent Authorization Act extends the VCF’s claim filing deadline from December 18, 2020, to October 1, 2090, and appropriates such funds as may be necessary to pay all approved claims. The VCF recognizes that claimants will have many questions about the impact of the legislation on their claims. The VCF is committed to processing claims without interruption and issuing full payments to those who received a reduced award. Additional details about the VCF Permanent Authorization Act can be found here.

Please check this website frequently for updates.

-FOR MORE ABOUT THE VCF GO TO OUR HEALTH CARE PAGE-

About Us

Who We Are

Get Involved

We are Retired NYC Firefighters of all ranks. We meet five times per year at two locations; 901 Lakeville Road in New Hyde Park and 3051 Nostrand Ave in Brooklyn, NY. Through our Newsletter and this website we hope to keep you informed about your pensions.

Get Involved

Are you passionate about what we're doing? Let us know! We are always looking for volunteers to help us make our organization better for our members. We'll help you find a way to volunteer that best suits you. We're excited to have you join the team!

Thank You

Get Involved

Thank You

Whether you help through monetary donations, volunteering your time, or spreading our mission through word-of-mouth, thank you. We couldn't accomplish our goals without the help

of supporters like you.

JOIN US THE OLD FASHION WAY :

HERE'S HOW TO JOIN:

RETIRED MEMBER'S ASSOCIATION, INC
Fire Department City of New York
ORGANIZED JANUARY 1ST, 1946

APPLICATION FOR MEMBERSHIP
We offer three types of Membership.

Life Membership- one time payment of $150.00 gives you a gold RMA Membership Card and our periodic newsletters. This is for new members.

Life Membership-for existing members with a minimum total of
10 consecutive paid dues years. One time payment of $75.00 gives you a Gold RMA Membership Card and our periodic newsletters.

Annual Membership-Annual dues of $15.00 gives you 1 year of membership with associated Card, and one year of issued Newsletters.
Once you have decided on
the type of Membership you desire, download the PDF Application above, fill out and send with your check
made payable to the RMA
and send via US Mail to:
The RMA
PO Box 1332 Baldwin, NY 11510
Attn: Jim Hayhurst
(Membership Chairman)

Retired Member's Association,
Fire Dept.City of NY

Retired Member's Association,
Fire Dept.City of NY

Welcome to The Retired Member's Assoc. of the NYC Fire Dept.

THE SEPTEMBER MEETING HAS BEEN CANCELLED (9/29/20)

NYC FIREFIGHTERS SALUTE NYC NURSES

53 BATTALION SALUTE-

MANHATTAN COMPANIES SALUTE-

ENGINE 305 & LADDER 151 SALUTE-

BRONX COMPANIES SALUTE-

FIRST BATTALION SALUTE-

BATTALION 6 & 8 SALUTE-

AN IMPORTANT MESSAGE FROM SOCIAL SECURITY:

You Can Now Wait Until 72 To Take Required Minimum Distributions. But Should You?

Taking advantage of low tax brackets

NEW LOCATION AND PHONE NUMBER FOR FIRE PENSIONS

MEDICARE PART B REIMBURSEMENT INFO

About Us

Who We Are

Get Involved

Get Involved

Get Involved

Get Involved

Get Involved

Thank You

Get Involved

Thank You

Download The PDF Application

JOIN US THE OLD FASHION WAY :

HERE'S HOW TO JOIN: