IRS Compliance for SERS/PSERS
June 5, 2015 09:43 AM to All House Members
Circulated By
Representative Robert Godshall
R House District 53
Along With
Rep. Dan Frankel
D House District 23
Rep. Stephen Bloom
R House District 199
Rep. Joseph Markosek
D House District 25
Memo
In order to maintain our compliance with the Internal Revenue Service (IRS) rules, we are introducing legislation to make necessary updates to the Public Pension Program administered by the State Employees Retirement System (SERS) and the Public School Employees Retirement System (PSERS).
This has to be done in order for our current state and school district employees to retain tax deferred status while working on their future retirement benefits. It is SERS/PSERS duty to ensure that our pension plans are in compliance with federal and state laws, including the IRS. After the IRS reviewed our plans they provided SERS/PSERS with strictly technical changes that need to be in put in place prior to January 2016. If a pension plan is found to not be in compliance, employees would have to pay income tax every year on the additional investment income their retirement accounts accumulated.
Please join us in co-sponsoring this important legislation.
This has to be done in order for our current state and school district employees to retain tax deferred status while working on their future retirement benefits. It is SERS/PSERS duty to ensure that our pension plans are in compliance with federal and state laws, including the IRS. After the IRS reviewed our plans they provided SERS/PSERS with strictly technical changes that need to be in put in place prior to January 2016. If a pension plan is found to not be in compliance, employees would have to pay income tax every year on the additional investment income their retirement accounts accumulated.
Please join us in co-sponsoring this important legislation.
Legislation
Document - Introduced as HB 1332
Last updated on June 5, 2015 11:41 AM
IRS Compliance for SERS/PSERS
June 5, 2015 09:43 AM to All House Members
Circulated By
GODSHALL and FRANKEL, BLOOM, MARKOSEK
Memo
In order to maintain our compliance with the Internal Revenue Service (IRS) rules, we are introducing legislation to make necessary updates to the Public Pension Program administered by the State Employees Retirement System (SERS) and the Public School Employees Retirement System (PSERS).
This has to be done in order for our current state and school district employees to retain tax deferred status while working on their future retirement benefits. It is SERS/PSERS duty to ensure that our pension plans are in compliance with federal and state laws, including the IRS. After the IRS reviewed our plans they provided SERS/PSERS with strictly technical changes that need to be in put in place prior to January 2016. If a pension plan is found to not be in compliance, employees would have to pay income tax every year on the additional investment income their retirement accounts accumulated.
Please join us in co-sponsoring this important legislation.
This has to be done in order for our current state and school district employees to retain tax deferred status while working on their future retirement benefits. It is SERS/PSERS duty to ensure that our pension plans are in compliance with federal and state laws, including the IRS. After the IRS reviewed our plans they provided SERS/PSERS with strictly technical changes that need to be in put in place prior to January 2016. If a pension plan is found to not be in compliance, employees would have to pay income tax every year on the additional investment income their retirement accounts accumulated.
Please join us in co-sponsoring this important legislation.
Document
Introduced as HB 1332
Last Updated
June 5, 2015 11:41 AM
Generated 05/17/2025 10:13 PM