Commonwealth of Massachusetts | Public Employee Retirement Administration Commission
Five Middlesex Avenue, Suite 304, Somerville, MA 02145
Ph 617 666 4446 | Fax 617 628 4002 | TTY 617 591 8917 | www.mass.gov/perac
Domenic J. F. Russo, Chairman | A. Joseph DeNucci, Vice Chairman
Mary Ann Bradley | Paul V. Doane | James M. Machado | Donald R. Marquis | Robert B. McCarthy
Joseph E. Connarton, Executive Director
M E M O R A N D U M
TO: All Retirement Boards
FROM: Joseph I. Martin, Deputy Executive Director
RE: Reinstatement to Service under G.L. c. 32 § 105 (Revised)
DATE: July 21, 2009
This memo supersedes PERAC Memo #25/2009. The factors used in the attachment to that memo were developed using the full actuarial assumed interest rate instead of the buyback interest rate (half the actuarial assumed interest rate) as provided for by Chapter 302 of the Acts of 2008. We apologize for any inconvenience this may have caused.
We have updated the PERAC form entitled Application for Reinstatement to Service from Superannuation/Termination Retirement Pursuant to G.L. c. 32 § 105 that allows members to apply for reinstatement under this section. The revised form is effective from July 1, 2009 through June 30, 2010.
Since some members must repay large amounts and all members must work at least five years of full time employment (though they need not necessarily earn five years of creditable service), interested individuals should carefully consider whether reinstatement is appropriate in their situations. Boards should carefully counsel interested members to assure that they are aware of the requirements and benefits of this section. Boards should complete the first portion of this form and provide it to such members. Upon signing this form, the members are transformed from retiree status to member in service status.
We trust the foregoing is of assistance. Any questions should be directed to the actuarial unit.
Att.