PERAC Memo #3 - 1998: Buyback and Repayment Worksheets

PERAC MEMO #3/1998 M E M O R A N D U M TO: All Retirement Boar ds FROM: Jim Waldman RE: Buyback and Repayment Worksheets DATE: January 28, 1998 Enclosed are the worksheets for calculating buybacks and repayments for calendar year 1998. If you have any questions or need assistance in using these forms, do not hesitate to call me at 617-727-9380. NAME__________________________________ SOCIAL SEC #____________________________ DATE OF REFUND____// AMOUNT REFUNDED (1)$X Factor Factor for YEAR Line (2) Line (5) (2*)__________% (3)$+ 1946 .25000 8.415903 1947 .25000 8.170773 1948 .21667 7.963716 12/31/ (4)$X 1949 .20833 7.769512 1950 .22500 7.565228 1951 .20000 7.387916 12/31/97 (5)________= (6)$__X 1952 .20833 7.207726 1953 .20833 7.031929 1954 .22500 6.847052 (7**)% (8)$+ 1955 .23333 6.660572 1956 .23333 6.479142 DATE OF 1957 .23333 6.302675 REPAYMENT //98 (9)$________ 1958 .23333 6.130998___________________________________________________________ 1959 .23333 5.964009 INSTRUCTIONS 1960 .25000 5.790301 Multiply (1) the amount originally refunded times (2) the interest 1961 .25833 5.616193 for the remainder of the year in which the refund was issued. 1962 .27500 5.436778 Next, place this interest amount in (3) and add this amount to the 1963 .28333 5.258018 amount in (1); the sum of (1) and (3) is to be placed on line (4). 1964 .29167 5.080208 The balance on line (4) will be the amount for 12/31 of that year. 1965 .30833 4.898948 Insert the factor from column 5 for the year in which the refund 1966 .30833 4.724151 was issued; then multiply (4) times (5) and place the answer in 1967 .31667 4.551218 (6). This is the amount owed as of 12/31 of last year. Next 1968 .32500 4.380387 determine (7**) by using the chart below. Take the figure for 1969 .33300 4.211898 the month in which the refund is to be repaid (i. e. if refund is 1970 .35833 4.038240 being repaid in May use 1.0%) and place that figure in (7). 1971 .37500 3.864358 Finally multiply (6) times (7) and place the interest for the 1972 .41667 3.680361 months in the current year in (8). Add this amount to (6) 1973 .44167 3.495104 and place the grand total on line (9). 1974 .45000 3.316031__________________________________________________________ 1975 .45833 3.143166___________________________________________________________ 1976 .50000 2.965270 *CALCULATION OF (2) 1977 .50833 2.794764 Take the month that the refund was issued and subtract 1978 .53333 2.626656 from 13; then multiply by the factor in column 2 to 1979 .53333 2.468664 arrive at the factor. i. e. if the refund was issued on 1980 .55833 2.313639 2/13/74 you would subtract 2 from 13 which equals 1981 .60000 2.158249 11 and multiply by .45 which equals 4.95% 1982 .70000 1.991018 1983 .79167 1.818274 13-=X=__________ 1984 .45833 1.723484 Month of Refund Factor (2) Amount Line (2) 1985 .45833 1.633633________________________________________________ 1986 .45833 1.548468 **FACTOR FOR LINE (7) 1987 .45833 1.467742 JANUARY 0.2 JULY 1.4 1988 .43333 1.395192 FEBRUARY 0.4 AUGUST 1.6 1989 .44166 1.324968 MARCH 0.6 SEPTEMBER 1.8 1990 .45000 1.257086 APRIL 0.8 OCTOBER 2 1991 .45000 1.192681 MAY 1 NOVEMBER 2.2 1992 .39167 1.139141 JUNE 1.2 DECEMBER 2.4 1993 .25833 1.104890___________________________________________________________ 1994 .20833 1.077941 1995 .21667 1.050625 1996 .20833 1.025000 1997 .20833 1.000000 PERIODS OF SERVICE COVERED BY REFUND AMOUNT OF CREDITABLE SERVICE NAME_______________________________ SOCIAL SEC#_________________________ DEDUCTION RATE INTEREST YEAR SALARY EARNED 5,7,7+2,8+2,9+2 FACTOR AMOUNT TO BE REPAID 1946 8.415903 1947 8.170773 1948 7.963716 1949 7.769512 1950 7.565228 1951 7.387916 1952 7.207726 1953 7.031929 1954 6.847052 1955 6.660572 1956 6.479142 1957 6.302675 1958 6.130998 1959 5.964009 1960 5.790301 1961 5.616193 1962 5.436778 1963 5.258018 1964 5.080208 1965 4.898948 1966 4.724151 1967 4.551218 1968 4.380387 1969 4.211898 1970 4.038240 1971 3.864358 1972 3.680361 1973 3.495104 1974 3.316031 1975 3.143166 1976 2.965270 1977 2.794764 1978 2.626656 1979 2.468664 1980 2.313639 1981 2.158249 1982 1.991018 1983 1.818274 1984 1.723484 1985 1.633633 1986 1.548468 1987 1.467742 1988 1.395192 1989 1.324968 1990 1.257086 1991 1.192681 1992 1.139141 1993 1.104890 1994 1.077941 1995 1.050625 1996 1.025000 1997 1.000000 SUBTOTAL 12/31/97______________________________ (A) CURRENT INTEREST .2% X _______MONTHS=(B)%= ________________________ (A)X(B)%=____________(C)
GRAND TOTAL /31/98 (A)+(C)_____________________________ PERIODS OF SERVICE CREDITABLE SERVICE