Let Us Remember, While Filing Our Tax Returns
Wow, seems like yesterday we were exchanging gifts and making New Year’s resolutions. Yet we find ourselves in the process of gathering receipts and preparing tax returns. However, some of you may be ahead of the game and have filed your returns early, while others are putting their 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. And just as you try to contain your jubilee for Tax Day, this year it happens to fall on a Wednesday and is the last day of this year’s Symposium, thus, giving you an entire weekend and a few 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 whether your calculations were accurate, allowing you to break even or, worst-case scenario, having 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 that we make every effort to contribute toward this worthy fund, which helps the families of our fallen colleagues. Whatever amount you contribute is better than no contribution. Please do not forget to check the California Peace Officers’ Memorial Foundation 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 “You can help us” 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 expert knowledge and experience, PORAC’s investments are poised to continue making positive returns. Should the market decide to contract or correct itself, we are well insulated to absorb the decline with minimal effects. 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. Unfortunately the pension reform they are after will affect all of us. By changing our formulas from this point forward, not only does it affect our retirements, it affects the pensions of current retirees — because those of us currently working are funding the current retirees. Therefore, modifying our pensions equates to less money in the kitty for the current pensioners. Hence, why 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 67,000 members. The chapter structure was set up to be a source of information for our members. Chapter meetings provide the opportunity to visit with and gather information from the various trustees of the Legal Defense, Long Term Disability and Retiree Medical Trusts.
Be safe and have fun.