Memorandum  #5: 2022 Interest Rate set at 0.1%

Date:	01/10/2022
Referenced Sources:	PERAC Website

PERAC Memo #5, 2022

To All Retirement Boards:

TO:                 All Retirement Boards

FROM:           John Parsons, Esq., Executive Director

RE:                 2022 Interest Rate set at 0.1%

DATE:            January 10, 2022

 

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 2022.

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 2022 for refunds and retirements.  Such interest shall also be credited on December 31, 2022 for outstanding balances as of December 31, 2021.

Commission Members:

Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Richard MacKinnon, Jr.
Jennifer F. Sullivan