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New Rules for Retirement
The IRS has issued new guidelines for retired firefighters that used a portion of their retirement to pay health insurance premiums in 2007.
If you are an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew) you can elect to exclude from income distributions made from your eligible retirement plan that are used to pay to premiums for accident or health insurance or long term-care insurance. The premiums can be for coverage for you, your spouse, or dependents. The distribution must be made directly from the plan to the insurance provider. You can exclude from income the smaller of the amount of the insurance premiums or $3,000.
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STATE HOUSE BILL1017
HB 1017, sponsored by Rep. Dan Reitz, is our amendment to the Fire Department Promotion Act. The bill was drafted following a positive arbitration decision involving Hoffman Estates Firefighters Local 2061. The bill amends the Fire Department Promotion Act, with respect to the subjective evaluation of candidates for promotion, and sets up a procedure for the parties to select impartial, qualified professionals as promotional assessors from a roster established by the Office of the State Fire Marshall. Discussions are taking place with the Illinois Fire Chiefs, including a recent meeting on March 16th, and another meeting that will take place on April 16th. The bill is on Second Reading in the House.
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