POFF Update

CCPOA San Quentin Facebook Page — This is the latest official information from the POFF saga. The senate bill 277 is what you will need to follow to stay up to date......Thank you Melinda from Paroles Chapter..

POFF Roll Over or Cashouts approved by the State Senate now moves to Assembly.

POFF II Legislation, SB 277 Moves to Assembly:

Senate Bill 277, which is the termination by the State to administer funds was read three times and passed the Senate. The bill now moves to the Assembly. The bill would allow members enrolled in POFF II to have their funds rolled over into a defined contribution plan or other tax deferred retirement plan of their discretion or to be cashed out after taxes. Current law does not allow an employee to withdraw or roll over their POFF funds prior to separation from employment or retirement.

The Governor’s deadline for signing or to veto legislation is the end of September and early part of October. At this time, there is no major opposition to SB 277, and if Governor Brown signs the bill into law the administration of POFF II funds will terminate January 1, 2014 according to IRS regulations.