For eligible public safety retirees who have elected to have LAGERS withhold their health insurance premiums to qualify for the federal HELPS (Health Care Enhancement for Local Public Safety Officers) deduction, an important change is coming later this Spring.
With the recent signing of the SECURE 2.0 Act by President Biden, eligible public safety retirees will no longer be required to set up direct payment of health and long-term care insurance premiums through LAGERS to qualify for the federal HELPS tax deduction. As of December 23, 2022, the amended law permits retirees to pay their insurance premiums directly to their provider while still qualifying for the tax deduction. LAGERS applauds this change and believes it will enhance the accessibility of this tax benefit while removing LAGERS as a burdensome intermediary.
The last premium LAGERS will pay will be on May 1, 2023. After that, the retiree will be responsible for making payment directly to your insurance provider. and retirees will be responsible for making payment directly to their insurance provider.
We know how important it is to ensure there is no disruption in our members’ health insurance coverage. LAGERS has directly contacted the 350 retirees with a current HELPS withholding either by email or mail and asked each to complete an acknowledgement of this change. Any retiree still needing to complete an acknowledgment, you may do so by clicking here.
If you have any questions or concerns, please do not hesitate to contact the LAGERS office at 1-800-447-4334 extension 6501.
