Federal Retirees To Receive Stimulus Payments - ATC - Aviation Information

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Federal Retirees To Receive Stimulus Payments

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Working with key legislators last week, the National Treasury Employees Union (NTEU) and the National Active and Retired Federal Employees Association (NARFE) secured language in the House-Senate economic stimulus measure that would result in economic relief for federal retirees under both the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS)

The benefit for CSRS retirees will come in the form of a refundable tax credit of $250 for this year; FERS retirees will be eligible for a one-time payment of $250.

"This language will ensure that federal retirees who spent their lives in public service are provided the economic relief they have earned and deserve," said NTEU President Colleen M. Kelley.


"As federal retirees worked and contributed just like other Social Security retirees, NARFE is pleased that this tax credit was created and then successfully attached to the stimulus legislation," asserted Margaret L. Baptiste, president of NARFE. "NARFE applauds Congress for extending a tax stimulus to our nation's seniors so that retirees can join other taxpayers in bolstering our economy at a critical time."

House and Senate conferees reached agreement on the stimulus package after working out differences in their respective versions of the bill. Originally, only the Senate-passed bill included the $250 payments to retirees receiving Social Security, including those under FERS, but would have excluded CSRS federal retirees who are not collecting Social Security from other non-federal employment.

According to NARFE, under the auspices of the stimulus package, tax relief via reduced payroll tax withholding will be provided to wage-earners under the 'Make Work Pay' provisions. Social Security, Veterans, SSI or Railroad Retirement beneficiaries, who are not otherwise wage-earners, will see a one-time $250 increase in these payments. Federal retirees who are not eligible for any of these payments will be eligible to take a newly-created $250 per person refundable tax credit.

President Obama signed the stimulus bill into law yeseterday.

Posted with permission from: MyFederalRetirment



Federal Retirees To Receive Stimulus Payments
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