My wife and I wish to thank you for your messages of concern regarding our recent hospitalization with the Corona virus. Your support lifted our spirits during a very difficult time. As you know this pandemic forced us to cancel our most important events at the Capitol as well as our May and Oct luncheons. Hopefully we can meet again at the spring luncheon.
During this time of sequester ATRC committees have been communicating via conference calls and emails addressing issues pertaining to retirees. These issues concern placing an ARTC member on the Teacher Retirement Board and reducing the rate of return on our pension. The rate of return, without getting into detail, bears on the calculation of our annual COLA. The lower rate of return effects our COLA positively.
Please be aware that under the CARES Act those of us over the age of 70 and one half are not required to take the annual Required Minimum Distribution for the 2020 tax year. Of course these distributions from you IRAs or 403s (qualified plans) are fully taxable.
Taking advantage of this opportunity will save one a considerable amount on your 2020 taxes. Again this is only for the year 2020. In 2021 the RMD is mandatory.
Yours in Service,
Ed Messina, President
Association of Retired Teachers of Connecticut
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