PERAC Memo #5 - 2011: Buyback and Make-up Repayment Worksheets Using Buyback Interest
Buyback and Make-up Repayment Worksheets Using Buyback Interest
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PERAC Memo #05/2011 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 2011, applicable under the specified G.L. c. 32 sections. Boards should use these updated worksheets and factor sheet—rather than prior versions—for all buyback/make-up calculations going forward, consistent with guidance in Memos #13/2005 and #28/2008.
Full Text
MEMORANDUM #05, 2011 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 13, 2011 Enclosed are the instructions, worksheets for calculating buybacks/make-ups, and cumulative interest factor sheet for calendar year 2011 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.
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