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This letter is from Robert Wallace dated February 2nd, 2007. The letter reads in part:
TO: Retired Police Officers
From: Robert J. Wallace Executive Director Oklahoma Police Pension & Retirement System
Date: February 2, 2007
SUBJECT: Pension Protection Act of 2006 – Insurance Exclusion Please be advised that the Oklahoma Police Pension and Retirement System (“OPPRS”) has received guidance from the IRS relating to the health insurance premium exclusion. IRS Notice 2007-7 states in part: “Q-32. Can the accident or health plan receiving the payments of qualified health insurance premiums be a self-insured plan?
A-23. No. The accident or health plan must be an accident or health insurance plan. Thus, the plan must be providing insurance issued by an insurance company regulated by a State (including a managed care organization that is treated as issuing insurance).”
Therefore, if your health insurance plan is self-insured and not regulated by a state, you will NOT be entitled to the $3000.00 insurance exclusion for tax purposes.
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W.B. Smith reported at the FOP
meeting on 02/08/07 that this means that those that have the
City Indemnity Plan will not be allowed the exclusion, those
with an HMO will.
If you have any questions you should contact the Oklahoma Police Pension & Retirement System at 1001 NW. 63rd Street, Suite 306, Oklahoma City, Ok. 73116-7335 or call them at (405)-840-3555, FAX: (405)-840-84635 Web Design by Ron Mitchell webmaster@fop123okc.com © 2007 FOP 123 Oklahoma City |