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Tuesday, August 16, 2011

Northern Exit

Considerable confusion still exists about the newly enacted HB 2456.  This bill, just recently signed by Governor Kitzhaber, removes the state income tax subsidy to PERS members who (a) retire on or after 1/1/2012 *and* (b) who had creditable service prior to October 29, 1991.  The confusion stems from a rumor -- absolutely untrue -- that anyone who moves out of state after 1/1/2012 will lose the tax subsidy.  There is no truth to this rumor.  If you retire on 12/1/2011, you will still be able to live out of state without loss of the income tax subsidy no matter when you choose or need to move.  Those of you who are concerned about this can rest assured that a move to Washington or other parts provided you are fully retired before 1/1/2012.

I hope that clarifies.

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