| Date: | 01/05/2024 |
|---|---|
| Referenced Sources: | PERAC Website |
PERAC Memo #02, 2024
- This page, PERAC Memo #02: 2024 Interest Rate set at 0.1%, is offered by
- Public Employee Retirement Administration Commission
Memorandum
Memorandum PERAC Memo #02: 2024 Interest Rate set at 0.1%
Table of Contents
To All Retirement Boards:
FROM: John W. Parsons, Esq., Executive Director
RE: 2024 Interest Rate set at 0.1%
DATE: January 4, 2024
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 2024.
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 2024 for refunds and retirements. Such interest shall also be credited on December 31, 2024 for outstanding balances as of December 31, 2023.
Downloads for PERAC Memo #02: 2024 Interest Rate set at 0.1%
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PERAC Memo #02, 2024
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