March 28, 2022 01:51 PM
By Police1 Staff WASHINGTON — Retired police officers and firefighters could see more tax relief in their future. A bipartisan bill introduced to Congress this week would make it easier for public safety retirees to access a tax benefit for their healthcare insurance premiums, according to a press release Monday from Rep. Abigail Spanberger (D-VA). Spanberger, a former police officer, and Rep. Steve Chabot (R-OH) are sponsoring the bill. “Many public safety officers retire earlier than people in other occupations because of the physical demands and unique job hazards they face on the job,” the release says. “Unfortunately, when they retire early, many lose access to their employer-sponsored health coverage but are still years away from being eligible for Medicare.” The Wally Bunker Healthcare Enhancement for Local Public Safety (HELPS) Retirees Improvement Act would amend an existing provision to make it easier for public safety retirees to take advantage of a tax benefit. According to the release, many retirees have trouble using the benefit because some pension plans don’t pay directly to insurance providers – a requirement of the current policy to withdraw $3,000 tax-free from a pension plan annually. The bill aims to update and remove this requirement.
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