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Administration reports flag IRS guidance on disability tax, recommends litigation monitoring and death-audit upgrades
Summary
Jacksonville Beach pension administration reported new IRS scrutiny of taxable portions of disability pensions, plans to implement annual disability verification forms, recommended securities litigation monitoring services and proposed an upgrade to death-audit software plus reinstatement of proof-of-life checks.
Pension administration staff briefed trustees on several operational items on Feb. 25, including IRS guidance on the taxable portion of disability pensions, a new verification form for disability recipients, consideration of securities litigation monitoring and problems with current death-audit software.
Dustin, the pension administrator, said the IRS has issued guidance affecting how plans report taxability of duty and non-duty disability pension payments and that the agency "is gonna start looking at this." He said staff will coordinate with finance this year to ensure recipients are correctly reported to avoid later surprise tax liabilities.
Verification of disability status
Administration will send a verification form developed by Pedro Herrera to disability recipients. Dustin said the form is intended to be a routine confirmation, not a punitive step, and staff will provide clarifying…
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