Medicare is once again charging different Medicare Part B Premiums for 2021.
Learn more from the EUTF: 2021 Medicare Part B Reimbursement
Q: How does the CARES Act apply to distributions from the ERS?
A: Because the ERS is a defined benefit pension plan, the CARES Act did not permit the ERS to make special distributions (or withdrawals) available to ERS members while they were employed. See IRS Notice 2020-50 (first full paragraph on page 8). However, retirees and members who received normal distributions in 2020 and were adversely affected by COVID-19 may be eligible to elect favorable tax treatment (e.g., inclusion in income over 3 years and no 10% penalty tax for early distributions) when they file their individual income tax returns for 2020. Please refer to IRS Form 8915-E and your personal tax advisor/preparer.
Visit the ERS Retiree FAQ page for more information.
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