INSTRUCTIONS: ARIZONA SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS
The Arizona Public Safety Personnel Retirement System sent out the letter discussed in this article to inform those enrolled in its system, as well as corrections officers and elected officials enrolled in the equivalent state-run pension plans, how to defer federal income tax on their retirement savings. This document can be obtained from the website maintained by the Arizona Public Safety Personnel Retirement System.
Arizona Special Tax Notice Regarding Plan Payments Step 1: The first paragraph is an introductory paragraph explaining the purpose of this document.
Arizona Special Tax Notice Regarding Plan Payments Step 2: The second paragraph concerns your right to waive the 30-Day Notice Period.
Arizona Special Tax Notice Regarding Plan Payments Step 3: The next two paragraphs outline your rollover options.
Arizona Special Tax Notice Regarding Plan Payments Step 4: The next section provides general information about rollovers. The first paragraph discusses how a rollover can affect tax payments.
Arizona Special Tax Notice Regarding Plan Payments Step 5: The next paragraph discusses to where a rollover can be made.
Arizona Special Tax Notice Regarding Plan Payments Step 6: The next three paragraphs discuss how to do a rollover.
Arizona Special Tax Notice Regarding Plan Payments Step 7: The next section discusses how much you may roll over.
Arizona Special Tax Notice Regarding Plan Payments Step 8: The next section discusses consequences of not performing a rollover, including paying 10% additional tax on early distributions.
Arizona Special Tax Notice Regarding Plan Payments Step 9: The remainder of this part of the document discusses rollovers to IRAs and potential attendant 10% additional tax payments and state income taxes.
Arizona Special Tax Notice Regarding Plan Payments Step 10: The next section discusses special rules and options. The first topic discussed is payments including after-tax contributions.
Arizona Special Tax Notice Regarding Plan Payments Step 11: The next topic discussed is what to do if you miss the 60-day rollover deadline.
Arizona Special Tax Notice Regarding Plan Payments Step 12: The next topic discussed is what to do if you were born on or before January 1, 1936.
Arizona Special Tax Notice Regarding Plan Payments Step 13: The remainder of the topics discussed concern retired public safety officers whose pension payments pay for health coverage or qualified long-term care insurance, those who are not plan participants, and how to obtain more information.