"Uncle Sam" Says To Government Employees..."Work Until You're 62"!
A major change proposed by the IRS for public pension plans could eliminate early retirement pay for government employees in less than two years.
A new regulation the agency is pursuing would prohibit most public pension plans from allowing participants to retire and collect benefits earlier than age 55, with a preferred retirement age of 62.
The IRS has the ability to implement the rule because public pensions have tax deferral status given to them by the federal agency.
Any ideas on why the IRS would consider this? The higher income from a full salary means higher income taxes you pay. Never mind the fact that if you came on the job as a "twenty something" year old you may very well have to work 30 years or more! That may not hit home with some of the newer members of the law enforcement family but think about it...doing this job is hard enough and if you want to do it for 30 years God Bless! I just don't want the government telling me or anybody else that I have to.
Labor unions across the country are looking at this and are currently fighting implementation of the rule. In fact it is in direct contrast to the agreement most agencies have with their employees. If you work under a contract (which I hope and pray you do...I have the PBA thank God) this type of ruling would be a change in your terms of employment, which is contractual, which would violate that agreement.
Stay tuned for this important issue to us all. You can read more about this by going to http://www.lris.com/, a great resource for public safety labor information.
Parts of this article were taken from the Las Vegas Review Journal Sept. 22nd.