PERAC Memo #46 - 2004: Follow up to PERAC Memo # 44/2004 and the Option B Annuity Factors
Follow up to PERAC Memo # 44/2004 and the Option B Annuity Factors
View original on MA State Library →Summary
PERAC is reviewing the methodology behind the Option B annuity factors released on November 30, 2004, after receiving questions about them; any resulting changes are expected to be minimal. Boards should not use the November 30 Option B factors until PERAC issues a final determination, though the Option A factors released at the same time remain unchanged and unaffected.
Full Text
Memorandum # 46/2004
M E M O R A N D U M TO: All Retirement Board FROM: Joseph E. Connarton, Executive Director RE: Follow up to PERAC Memo # 44/2004 and the Option B Annuity Factors
DATE: December 9, 2004
On November 30, 2004 the Commission released the new Option A and Option B annuity factors. After the release, the Commission received several questions about the Option B factors.
As a result of the inquiries, the Commission is reviewing the methodology used to
determine the Option B factors. Our initial review indicates that the factors may change,
but any change to the factors and the resulting impact on the benefits will be minimal.
The Commission is advising that the factors released on November 30, not be used until a
final determination is made on the Option B factors. There will be no change in the
Option A factors.
If you have any questions concerning this matter, do not hesitate to contact either Jim Lamenzo at (617) 666-4446 ext. 921 or John Boorack at (617) 666-4446 ext. 935.