Treasurer’s Message

Marcelo Blanco
PORAC Treasurer

Let Us Remember, When Filing Our Tax Returns

Wow, it seems like yesterday that we were exchanging gifts and making new year’s resolutions. Yet here we find ourselves, in the process of gathering receipts and preparing tax returns. However, some of you may be ahead of the game, have filed your returns early, and are putting your money to some constructive use or are preparing a payment plan.

As we find ourselves longing for football games and anticipating March Madness or the beginning of the baseball season, the space–time continuum keeps us edging closer toward April’s tax deadline. Just try to contain your jubilee for Tax Day, which happens to fall on Tuesday, April 18, this year, thus giving you an entire weekend and a couple extra days to gather as many receipts as possible. Based on how you structured your withholdings, this may be a momentous occasion, since you can expect to make a withdrawal on your established savings account with the state and federal government. On the other hand, you may be wondering if your calculations were accurate and whether you will break even or, worst-case scenario, have to make minor contributions for improper tithing to our government.

No matter what side of the fence you happen to fall on this year, let us remember our brothers and sisters who made the ultimate sacrifice. We can honor their legacy by checking the box on our state tax form to donate toward the California Peace Officers’ Memorial Fund. It is imperative we make every effort to contribute to this worthy fund, which helps the families of our fallen colleagues. Whatever amount you contribute is better than no contribution. Please don’t forget to check the California Peace Officers’ Memorial Fund donation box, whether you prepare your own taxes or have someone prepare them for you. If you are one of the early birds and have already completed your tax return, you can go online and donate at www.camemorial.org by clicking on the “Donate Now” tab.

Speaking of contributions and returns, I spoke with PORAC’s investment czar, Mark Sikorski from UBS, and discussed the health of PORAC’s investments. The overall health of our monies remains solid, based on the direction of your Board of Directors, PORAC’s investment policy and Mark’s guidance. According to Mark’s expertise and experience, PORAC’s investments are poised to continue making positive returns. Mark mentioned the market has been in a tight trading range for the past few months. In addition, per Mark, the market has been in uncharted waters. Even though the Fed just met and decided not to increase the rate for this quarter, the prediction is two 1/4-point interest-rate increases for this year. As always, Mark is available to assist you and your association with your investment needs. Feel free to contact me to obtain Mark’s information.

Finally, make every effort possible to attend your local chapter meetings. I realize for some folks, local could mean a few hours of travel. However, pension reform is still in the crosshairs of many of our opponents. Chapter meetings are your best source of information on how to deal with the aforementioned and any other issues respective to your area. PORAC represents over 69,000 members. The chapter structure was set up to be a source of information to our members, and the meetings provide the opportunity to visit with and gather information from the various trustees of the Legal Defense Fund, Long Term Disability Plan and Retiree Medical Trust.

Be safe and have fun.