Instructions to Manually Complete Repayment Worksheet for Buybacks in 2007 For Buybacks under G.L. c. 32 §3(6)(c), 3(6)(d) and 3(8)(b)

Use this worksheet to calculate the dollar amount a member must pay to buy back the creditable service associated with annuity savings fund balances that were previously refunded to the

member.

__Please note this worksheet assumes a one-time or lump sum repayment__. Payments can also be made on an installment basis. Such payments must be calculated and rendered in accordance with the terms and conditions of a respective retirement board.

• Enter the

Nameof the member for whom the buy-back is being calculated.• Enter the member’s

Social Security Number.• Enter the

Date of the Refund.• Enter the

Amount of the Refund.• Enter the

Date of Repayment.• Entry of the

Periods of Service Covered by the Refundand the correspondingAmount of Serviceis optional.

In the section, **Calculation of the Partial Year Interest Factor in the Year of Refund:**

• Subtract the month of the

Date of Refundfrom 13.

• Multiply the result by theMonthly Interest Factor.

(TheMonthly Interest Factorcan be found on theCumulative Interest Factorspage.)

Example: For a refund issued in September of 1995 where the actuarial assumed rate of interest (investment return assumption in the most recent actuarial valuation) is 8%13 -

9=4x0.003333= 0.013332

Month of RefundMonthly Interest Partial Year

Factor Interest Factor

In the section, **Calculation of the Repayment Amount:**

**Year of Refund **

• Enter the

Amount of the RefundonLine 1.

• Enter thePartial Year Interest Factor for the Year of RefundonLine 2.

• Multiply theAmount of the Refund(Line 1)by thePartial Year Interest Factor(Line 2)and enter the result onLine 3.

• To obtain theBalance as of 12/31 of the Year of Refund(Line 4), add theAmount of the Refund(Line 1)to thePartial Year Interest(Line 3). Enter the result onLine 4.

**From Year of Refund to Beginning of Current Year **

• To obtain the

Cumulative Interest Factor to the Current Year(Line 5), select the Cumulative Interest Factor for the year of theDate of Refundfrom the Column corresponding to the actuarial assumed rate of interest for your system and enter it on Line 5.• To obtain the

Balance as of 12/31/06(Line 6), multiply the value you entered onLine 4by the value you entered onLine 5and enter the result onLine 6.

**Current Year **

• Select the

Interest Factor to the End of the Monthfrom theInterest Factor for the Current Yearchart in the middle of the worksheet for the column that corresponds to the actuarial assumed rate of interest for your system. Select the factor for the month of theDate of Repaymentand enter it onLine 7.• To calculate the

Interest(Line 8), multiply the value you entered onLine 6by the value you entered onLine 7and enter the result onLine 8.• To calculate the

Amount of Repayment(Line 9), add the value you entered onLine 6to the value you entered onLine 8and enter the amount onLine 9.