PERAC Memo #8 - 2010: Buyback and Make-up Repayment Worksheets Using Buyback Interest

Buyback and Make-up Repayment Worksheets Using Buyback Interest

Summary

PERAC Memorandum #08/2010 transmits updated buyback and make-up repayment worksheets, instructions, and the cumulative interest factor sheet for calendar year 2010, to be used for calculating creditable service buybacks/make-ups under the various G.L. c. 32 provisions referenced in Memos #13/2005 and #28/2008. Boards should use these updated 2010 worksheets/interest factors (rather than prior years' versions) when computing member buyback and make-up payments going forward, and may contact John Boorack with questions.

Full Text

MEMORANDUM #08, 2010 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 19, 2010 Enclosed are the instructions, worksheets for calculating buybacks/make-ups, and cumulative interest factor sheet for calendar year 2010 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)(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