### Regular Interest Instructions to Manually Complete Repayment Worksheet for Buybacks in 2007

For buybacks and make-ups under §§4(1)(g½), 4(1)(l), 4(1)(l½), 4(1)(n), 4(1)(o), 4(1)(o½), 4(1)(p) and 4(2)(c)

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. Buy-backs include the amount withdrawn plus interest to the date of repayment.

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 Name of 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 Refund and the corresponding Amount of Service is optional.

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

• Subtract the month of the Date of Refund from 13.
• Multiply the result by the Monthly Interest Factor.
(Obtain the Factor from Column A in the chart on the left side of the worksheet by selecting the Monthly Factor for the year of the Date of the Refund.)

Example: For refund issued in September of 1995
13 -            9           =       4       x     0.0021667                 = 0.0086668
Month of Refund                     Monthly Interest            Partial Year
Factor                    Interest Factor

In the section, Calculation of the Repayment Amount:

Year of Refund

• Enter the Amount of the Refund (which includes lost interest, if applicable) on Line 1.
• Enter the Partial Year Interest Factor for the Year of Refund on Line 2.
• Multiply the Amount of the Refund (Line 1) by the Partial Year Interest Factor (Line 2) and enter the result on Line 3.
• To obtain the Balance as of 12/31 of the Year of Refund (Line 4), add the Amount of the Refund (Line 1) to the Partial Year Interest (Line 3). Enter the result on Line 4.

From Year of Refund to Current Year

• To obtain the Cumulative Interest Factor to the Current Year (Line 5), select the Cumulative Interest Factor for the year of the Date of the Refund from Column B in the chart on the left side of the worksheet and enter it on Line 5.

• To obtain the Balance as of 12/31 of the Current Year (Line 6), multiply the value you entered on Line 4 by the value you entered on Line 5 and enter the result on Line 6.

Current Year

• Select the Interest Factor to the End of the Month from the Interest Factor for the Current Year chart in the middle of the worksheet. Select the factor for the month of the Date of Repayment and enter it on Line 7.

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

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