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including a regular monthly annuity. He would not, however, have
been entitled to receive a Transfer Refund because a Transfer
Refund is only payable to those who elect to transfer from the
Retirement System to the Pension System.
As a result of transferring from the Retirement System to
the Pension System, petitioner became, and presently is, a member
of the Pension System. As a member of the Pension System,
petitioner became entitled, upon retirement, to receive a
retirement benefit based upon his salary and his creditable years
of service, specifically including those years of creditable
service recognized under the Retirement System. However, because
petitioner received the Transfer Refund on account of
transferring from the Retirement System to the Pension System,
petitioner's monthly annuity is less than the monthly annuity
that he would have received if he had not transferred to the
Pension System but had ultimately retired under the Retirement
System.
On March 17, 1992, petitioner applied for a normal service
retirement from the Pension System, effective July 1, 1992.
Petitioner is currently receiving a pension from the Pension
System.
On their Federal income tax return (Form 1040) for 1990,
petitioners reported "total pensions and annuities" in the amount
of $477,088. Of this amount, petitioners reported $456,611 as
the taxable amount.
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