Excess Personal Leave form ***Deadline June 27th***

All affected members,  please search for this email from Tiffany Bossi.  This is a time sensitive email that requires you to fill out the attached form and email it back to Tiffany Bossi by Thursday June 27th.

 

Email from Tiffany Bossi,

 

Good Afternoon,

I hope this email finds you well. I am writing to inform you about a recent agreement reached between the City and the Fairfield Professional Firefighters’ Association regarding the excess personal leave banks. This agreement may have come to your attention already, but I want to ensure that you are fully informed of the details.

As per the agreement, employees will be entitled to receive 85% of the cash value of the excess personal leave banks.

To facilitate this process, you have several options for the disbursement of the excess personal leave amount, as outlined below:

 

Option 1: Cash Disbursement subject to the supplemental rate withholdings:
a. One-time disbursement
b. Disbursement broken up over two years.
c. Disbursement broken up over three years.

 

Option 2: Deferred Compensation Disbursement (457/ROTH Plan) up to the annual contribution limits determined by the Internal Revenue Service (IRS):

a. One-time Deferred Compensation disbursement
b. Deferred Compensation disbursement broken up over two years.
c. Deferred Compensation disbursement broken up over three years.

 

 

Option 3: Any combination of Option 1 and 2 subject to the supplemental rate withholdings and annual contribution limits determined by the IRS.

These options offer flexibility, allowing you to choose the disbursement method that best aligns with your financial goals and needs.

Please take some time to consider these options carefully. If you have any questions regarding your deferred compensation account balances, or explore combination of options, please feel free to reach out to me. I am happy to assist.

To indicate your preference, please complete the attached election form and return it to Tiffany Bossi at [email protected]  by Thursday, June 27, 2024. Your timely response will ensure a smooth process for the disbursement of your excess personal leave.