MEMORANDUM #08, 2014

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
Auditor Suzanne M. Bump | Philip Y. Brown, Esq. | John B. Langan | 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 E. Connarton, Executive Director

RE:           2014 Interest Rate set at 0.1%

DATE:      January 21, 2014

In accordance with the provisions of G.L. c. 32, § 22(6)(b) “regular interest” for regular and additional deductions made after January 1, 1984, shall be a rate established by the Public Employee Retirement Administration Commission in consultation with the Commissioner of Banks, and shall be obtained from the average rates paid on individual savings accounts by a representative sample of no less than 10 financial institutions.

The average rate paid has been determined to be 0.1% for the calendar year 2014.

The average rate of 0.1% is to be applied on the accumulated total deductions and accrued interest.  Such interest shall be credited during the calendar year 2014 for refunds and retirements.  Such interest shall also be credited on December 31, 2014 for outstanding balances as of December 31, 2013.