PERAC Memo #8 - 2009: Buyback and Make-up Repayment Worksheets Using Buyback Interest
Buyback and Make-up Repayment Worksheets Using Buyback Interest
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PERAC Memorandum #8/2009 provides retirement boards with updated instructions, worksheets, and the cumulative interest factor sheet for calculating buyback and make-up repayments using buyback interest for calendar year 2009, applicable to the various G.L. c. 32 provisions referenced in prior Memos #13/2005 and #28/2008. Boards should use these updated materials for all applicable buyback/make-up calculations going forward, replacing prior year factors; no further action is required beyond adopting the new worksheets in practice.
Full Text
MEMORANDUM #8, 2009 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: Buyback and Make-up Repayment Worksheets Using Buyback Interest DATE: January 26, 2009 Enclosed are the instructions, worksheets for calculating buybacks/make-ups, and cumulative interest factor sheet for calendar year 2009 using buyback interest. These worksheets are to be used for buybacks and make-ups to be calculated under G.L. c. 32, §§ 3(3), 3(4), 3(4A), 3(5), 3(6)(c), 3(6)(d), 3(8)(b), 4(1)(g½), 4(1)(l), 4(1)(l½), 4(1)(l¾), 4(1)(n), 4(1)(n½), 4(1)(o), 4(1)(o½), 4(1)(p), 4(1)(r), 4(1)(s) and 4(2)(c) as referenced in PERAC Memos #13/2005 and #28/2008. If you have any questions or need assistance in using this form, do not hesitate to call John Boorack at 617-666-4446 ext. 935. Enclosures