Memorandum

Memorandum  #12: 2017 Interest Rate set at 0.1%

Date: 01/25/2017
Referenced Sources: PERAC Website

PERAC Memo #12, 2017

Table of Contents

To All Retirement Boards:

M E M O R A N D U M

TO: All Retirement Boards

FROM: Joseph E. Connarton, Executive Director

RE: 2017 Interest Rate set at 0.1%

DATE: January 25, 2017

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 2017.

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 2017 for refunds and retirements.  Such interest shall also be credited on December 31, 2017 for outstanding balances as of December 31, 2016.

Commission Members

Philip Y Brown, Esq., Chairman
Auditor 
Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan

Downloads   for #12: 2017 Interest Rate set at 0.1%

Referenced Sources:

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