Wednesday, March 13, 2013
POFF II update courtesy of CCPOA Fire
FYI-update if unchanged
POFF-Peace Officers & Firefighters Supplemental Plan. Negotiated by CCPOA effective in 1998 for rank & file-1999 for supervisors & mangers. State-contribute 2% of unit 6 employes base salary. 4/1/2011 R&F & 5/1/2011 supervisors, managers & exempt positions state contributions stopped.
On 2/14/2013 Senate Bill 277 was introduced. (Supported by CCPOA). If Bill passes & upon approval by the IRS (end of June approx.) effective 1/1/2014 "Poff plan officially terminated.
Funds distributed in accordance of Federal Law- otherwise shall be rolled over-(401Supplemental Contribution Program. If unchanged! Penalties on distribution-Treated as income for year-plus IRS tax law 20% at age 59 1/2. Prior to 59 1/2 age IRS 20% plus 10% Federal excise tax & 2.5% state excise tax (32.5%) + Counted as income for the year.
For more information visit POFF website or Call 1-888-600-7633.