No Lipscomb decision this week. Big surprise. I guess "soon" means exactly what I thought it meant. It means that "we will issue our decision when we're good and ready".
In the "restless" category, there has been considerable discussion over at OPDG about the tax ramifications for retirees who might have to "repay" PERS for any "excess benefits" received as a result of the 1999 "overcredit". If Lipscomb were to be upheld and retirees dunned to pay back excess benefits, there is the very interesting question of how the retiree would receive tax adjustments for taxes already paid on those "excess benefits". I'm wondering whether PERS will be required to issue revised 1099-R forms for every year that excess benefits were paid. If there are any CPAs out there reading this, I'd love to know what obligation retirees and PERS would have in this situation. It just seems to me that this little "implementation" issue is going to fall simultaneously on PERS and PERS retirees, not to mention the IRS, the Oregon Revenue Department. Perhaps we should all email Judge Lipscomb and ask him how we should resolve this problem, should the Supreme Court hold that he "got it right."
In the meantime, we're all twiddling our thumbs waiting for the gravity storm to hit.
In the "restless" category, there has been considerable discussion over at OPDG about the tax ramifications for retirees who might have to "repay" PERS for any "excess benefits" received as a result of the 1999 "overcredit". If Lipscomb were to be upheld and retirees dunned to pay back excess benefits, there is the very interesting question of how the retiree would receive tax adjustments for taxes already paid on those "excess benefits". I'm wondering whether PERS will be required to issue revised 1099-R forms for every year that excess benefits were paid. If there are any CPAs out there reading this, I'd love to know what obligation retirees and PERS would have in this situation. It just seems to me that this little "implementation" issue is going to fall simultaneously on PERS and PERS retirees, not to mention the IRS, the Oregon Revenue Department. Perhaps we should all email Judge Lipscomb and ask him how we should resolve this problem, should the Supreme Court hold that he "got it right."
In the meantime, we're all twiddling our thumbs waiting for the gravity storm to hit.
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