PERAC Memo #11 - 2017: 2017 Annuity Savings Account
2017 Annuity Savings Account
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This interim memo advises boards to continue using the prior year's annuity savings account interest rate of 0.1% while PERAC awaits confirmation of the 2017 rate from the newly appointed Banking Commissioner. A separate memo will be issued once the official 2017 rate is determined.
Full Text
M E M O R A N D U M
TO: All Retirement Boards
FROM: Joseph E. Connarton, Executive Director
RE: 2017 Annuity Savings Account
DATE: January 24, 2017
Please be advised that we have made several inquiries to the Office of the Banking Commissioner relative to the rate of interest to be credited to members' annuity savings accounts for 2017. A new Banking Commissioner has recently been appointed and we have been assured that we will receive a response shortly.
However, in the interim Boards are advised to use last year's rate of 0.1% until such time as we are informed of the new rate.
Thank you for your cooperation in this regard.