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.
 
 
 Lynch
 CCPOA FIRE


9 comments:

  1. What about roll over into 457 ?

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  2. YES what about ROLLOVER into 457?

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  3. 401 or 457, both are pre tax as is POFF, but it must be 100% not partial. ING manages the POFF fund.

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  4. I was on the POFF website, and getting access to the distribution forms seems impossible. After calling the phone number ING/POFF knows nothing of any changes. I suspect they are distorting the truth so everyone doesn't withdraw their money. Can you post an update to this, or information on how to get this rolled over.

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  5. Nobody said the funds are available right NOW!

    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.

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  6. Where will the money go if you get separated from the state?

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  7. its really a stupid issue...just cash us out so we can buy some 2 piece jumpsuits...bang in a couple times spend time with our family maybe go on a trip forget about all the drama inside for a quick minute, buy a round or 2 for the brothers...thats all nothing much to ask...the union better start having a backbone again or they are gonna bust em' up...imagine administration running the whole show with no union...ugghh excuse me mr. c.o. with 20 years you need to retire now you are not fit for duty...its gonna happen the union needs to stop getting worked...sorry all just saying the truth...wheres the union that novey created...

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    Replies
    1. Its been sold out by the curret ec.

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  8. POFF is extremely difficult to deal with. They seem to never update their website. I am also trying to find out what is going to happen with the POFF money in 2013.

    My interactions with POFF in the past have been horrible. I am a current CDCR employee. I was buying State service time from the State of CA. I was trying at the time to see if I you could use any, some, or all of your POFF money to pay down my balance with PERS. I called POFF and they used every line in the book about trying to accomplish this using my money towards Pers State service time. .

    Here are some of POFF's responses

    Yes you can
    No you can't
    You need to call Pers
    i think you can
    I think you can't

    After that mess I called Pers and went there in person. Not a fly by night process by the way. Pers told me I had to talk to POFF. I got the runaround. Finally I wrote a letter and faxed POFF to find out the what was going on. . It took them over six weeks to get back to me. They told me I had to wait until I retired. I got very upset them. I took their response like a man, but the fact that they were clueless, they took their time getting back to me and the fact they did not have that info on in front of them and on their website was disheartening. I wasted a lot of my valuable time to trying to find out this info. I told them that they should put this scenario on their website. They probably just threw my letters and faxes in the circular file.




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