MEDICARE REBATE: UPON REACHING THE AGE OF 65 YOU MUST SEND A COPY OF YOUR MEDICARE CARD AND MAIL IT BACK TO THEM. AFTER COMPLYING WITH THE ABOVE YOU WILL RECEIVE ALL OF YOUR MEDICARE PAYMENTS BACK IN THE FORM OF A CHECK DURING THE MONTH OF AUGUST. THIS CHECK IS FOR THE PAYMENTS MADE DURING THE PREVIOUS YEAR (JAN. TO DEC.)  

EXAMPLE:   IF YOU BECOME 65 DURING THE MONTH OF JUNE ,YOU WILL RECEIVE A CHECK THE FOLLOWING YEAR IN AUG. FOR 6 MONTHS.  JULY  TO DECEMBER.  THE ABOVE ALSO PERTAINS TO THE SPOUSE.  IF YOUR SPOUSE REACHES THE AGE OF 65 YOU MUST DO THE SAME AS STATED ABOVE. CHECKS ARE MAILED OUT IN AUG FOR BOTH PARTIES.  IT IS ONE CHECK IN THE NAME OF THE RETIREE.

   It appears that quite a few of the retirees upon receipt of their Medicare rebate checks are missing out on a second rebate because they re not reading the attaached instructions that come with the check.  You should compare the amount of the check with the 1099 that you received from Social Security and filed for the tax year.  That 1099 did indicate the amount you received and how much was subtracted for your Medicare Part B coverage for the year.  If the Medicare deduction was greater than the August check, you are eligible for an additional reimbursement and must apply for it. You can go to the website of the Office of Labor Relations, Health Benefits, and download the instructions and sample forms required.

TAXES ON 3/4 PENSIONS:    We can report to 3/4 disability retirees that the City and Internal Revenue have reached a tentative settlement which remains to be finalized.  The expected settlement is that anyone retired prior to Jsn. 1, 2009 will continue the same federal tax exempt treatment and anyone retired thereafter will have a partial federal taxation.

EXPLANATION OF LIFE MEMBERSHIP

If you have been a dues paying member for five consecutive  years, when you reach the age of 75 you qualify as a "Life Member" and need no longer pay dues.  Any funds sent in thereafter will be considered a donation and be reported in our newsletter.  You must bring your status to our attention so that we may update your records.  You may also at age 65 purchase a life membership for $100.00 thereby saving $50.00.

NYS Pension Taxation by State

Will Your NYS Pension be Taxed if you Move to another State?

In response to the many inquiries we have received, we have prepared the following table of important information. While our main focus was NYS pension taxation, we have also noted other types of taxation we thought might be of interest to our New York retirees. The following taxability information was obtained from each state’s web site. We hope you find it informative and use it as a starting point.

If you are reviewing this information to seriously contemplate a move to a particular state, you should be mindful of the fact that states often enact, amend, and repeal their tax laws; please contact their Revenue Agency yourself to verify that the information is up to date.

We also strongly recommend that you do some further preparation—such as discussing the matter with your tax advisor—before making important decisions that may affect the taxability of your pension and other retirement income.

The information in the table below was reviewed and found to be accurate, as of 5/14/08 .

NOTICE TO GHI SUBSCRIBERS

IT IS STRONGLY RECOMMENDED THAT WHEN YOU ARE BEING TREATED, WHERE EVER THE PROCESS IS TAKING PLACE, THAT THE DOCTOR PERFORMING THE SERVICE IS  GHI ENROLLED.  IF NOT, YOU SHOULD REQUEST ONE THAT IS.  IT WILL AVOID COMPLICATIONS WHEN IT COMES TO SETTLING THE BILLING