PERAC Memo #6 - 2002: Buyback Worksheet - Addendum to PERAC Memo #5/2002
Buyback Worksheet - Addendum to PERAC Memo #5/2002
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PERAC Memorandum #6/2002 provides a supplemental buyback worksheet, to be used alongside the worksheet issued in Memo #5/2002, specifically for calculating the cost of purchasing prior creditable service for which no contributions were ever made. Boards should use this additional form when processing such buybacks for calendar year 2002; no other action is required, and questions can be directed to Jim Lamenzo at PERAC.
Full Text
PERAC Memorandum # 6/2002
M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: Buyback Worksheet - Addendum to PERAC Memo #5/2002
DATE: January 29, 2002
Enclosed is a worksheet for calculating buybacks for calendar year 2002. Due to requests from several systems, this additional sheet is being sent to you to be used in certain cases where the member had prior employment time for which they are entitled to creditable service and for which no contributions have been made.
Although such calculations can be done using the worksheet provided in PERAC Memo #5/2002, this worksheet may be helpful with the aforementioned calculations.
If you have any questions or need assistance in using this form, do not hesitate to call Jim Lamenzo at 617-666-4446 ext. 921.
NAME DED. INTEREST YEAR SALARY EARNED RATE DEDUCTIONS FACTOR AMOUNT TO BE REPAID 1955 7.252069 1956 7.054542 1957 6.862395 1958 6.675482 1959 6.493660 1960 6.304524 1961 6.114960 1962 5.919613 1963 5.724964 1964 5.531366 1965 5.334008 1966 5.143691 1967 4.955386 1968 4.769380 1969 4.585942 1970 4.396876 1971 4.207537 1972 4.007178 1973 3.805487 1974 3.610519 1975 3.422293 1976 3.228578 1977 3.042958 1978 2.859923 1979 2.687898 1980 2.519117 1981 2.349923 1982 2.167826 1983 1.979750 1984 1.876540 1985 1.778711 1986 1.685982 1987 1.598087 1988 1.519094 1989 1.442634 1990 1.368723 1991 1.298599 1992 1.240305 1993 1.203012 1994 1.173670 1995 1.143928 1996 1.116027 1997 1.088807 1998 1.063288 1999 1.040399 2000 1.019000 2001 1.000000 SUBTOTAL ON 12/31/2001 (A) CURRENT INTEREST .0011667 X MONTHS =____________(B) (A) X (B) (C) GRAND TOTAL ___ /31/2002 (A)+(C) 2002 BUYBACK WORKSHEET