News Stories . . .

The effect a mandatory furlough may have on your retirement. (John Terwilliger”s listserv, Jan. 5)\

IFT discusses pensions -- FT Director of Political Activities Steve Preckwnkle and IFT President Ed Geppert talk about the findings of the Illinois Pension Modernization Task Force. They discuss the findings that show state pension benefits are average and that the cost of the pension systems is less than the private sector. Watch a short video that highlights important pension facts

Remember that $250 Social Security recipients received last February?

When President Obama signed the American Recovery and Reinvestment Act of 2009 in February, 2009, Social Security recipients received payments of $250. If you receive an annuity from SURS, you were not qualified to receive that money. However, the ARRA provides for a refundable credit for certain federal and state pensioners.

As a SURS annuitant, you may be eligible to receive $250. It’s easy to claim with Schedule M on your 2009 IRS Form 1040 tax return.

Can you receive the $250? $500?

If you are eligible for Social Security benefits, you can’t receive the $250.

If you are married and your spouse collects a federal or state pension, your spouse would also be eligible for a $250 payment credit -- for a total of $500 for you as a couple.

How to receive the $250

If you receive a federal or state pension — like SURS — you can claim the $250 on IRS Form 1040, page 2, Line 63.

>> Download IRS Form 1040

Attach IRS Schedule M. Just answer the “yes” and “no” questions on Lines 10-12 about receiving an economic recovery payment and being eligible for a federal or state pension. As you answer the questions, enter an appropriate amount on Line 12. Schedule M then flows into Line 63 of IRS Form 1040.

>> Download IRS Schedule M

>> Downlaod instructions for Schedule M

Task Force tries but cannot hide the truth Endorsement of final report favors special interests over the facts.

The Real Cost of Pensions
The Pension Modernization Task Force releases findings (IFT, Nov. 16)

News to Use

Here are a few of our favorite sources of news about retirement issues and higher education on the regional, state and national levels. Let us know if you have a favorite site, and we'll try to add it.

Retiree e-Newsletter Subscribe to the AFT Retiree e-Newsletter focusing on retiree legislative issues, activities and benefits.

>> Alliance for Retired Americans Friday Alerts

>> AFT Leadernet: (If you belong to UPI, click here and we can authorize you to use this helpful site.)

>> Illinois Board of Higher Education: Current stories about higher ed and Illinois colleges and universities as well as a wealth of data.

>> IFT: News from the Illinois Federation of Teachers.

>> UPI News Archives: Coming soon.

>> Alliance for Retired Americans: Friday Alerts contains news of interest to retired persons.

>> Social Security Online

>> Internet Basics from the Alliance for Retired Americans

>> Watch a Video on "Saving Social Security," a 12-minute video that details the rich history and profound significance of Social Security for older Americans.

>> Centers for Medicare and Medicaid

>> Stay healthy

>> U.S. Government web site lists resources for senior citizens.