PERAC Memo #44 - 2012: Anti-Spiking Worksheet
Anti-Spiking Worksheet
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PERAC Memo #44/2012 announces the release of an interactive Excel worksheet (with instructions) designed to help retirement boards calculate whether a member's regular compensation triggers the anti-spiking provisions under Sections 14 and 18 of Chapter 176 of the Acts of 2011. Boards must now attach this worksheet (or an equivalent showing both Section 14 and 18 calculations) to every superannuation, ordinary disability (non-veteran), and member-survivor allowance calculation submitted to PERAC—submissions lacking it will not be processed—and boards with waivers must retain the completed worksheet in members' files, as unsupported assertions of "no spiking" are no longer acceptable.
Full Text
PERAC Memo #44/2012
M E M O R A N D U M
TO:
All Retirement Boards
FROM: Joseph
E. Connarton, Executive Director
RE: Anti-Spiking Worksheet
DATE: August 1, 2012
On June 21, 2012, PERAC issued Memorandum #38/2012 which explained in great
detail the anti-spiking provisions of Chapter 176 of the Acts of 2011. In that
memorandum, we indicated that we were creating a worksheet that would help retirement
boards determine whether a member’s pay contravenes the dictates of Sections 14 and/or
18 of Chapter 176.
PERAC is pleased to present this interactive worksheet and corresponding instructions.
The worksheet was developed in Excel, so retirement boards will need to have Excel
installed on their computers in order to be able to use it. The worksheet is available on
the PERAC website in the section for the Actuarial Unit.
A copy of this worksheet, or a similar worksheet which shows the regular compensation
calculations under both Section 14 and Section 18 of Chapter 176, must accompany all
superannuation/ordinary disability (non-veteran)/member-survivor allowance calculations
that are submitted for review. PERAC will NOT process any calculation submitted that
is missing this or a similar worksheet. For systems that have a waiver, a copy of this or a
similar worksheet must be put in the files of the members whose calculations need not be
submitted to PERAC for review. It is no longer acceptable for a board to state that there
is no spiking without documentation showing that a calculation has been performed.
Any questions regarding this worksheet can be directed to the Actuarial/Calculation Unit.
Enclosures w