PERAC Memo #22 - 2023: Appropriation Data Due October 31, 2023

Appropriation Data Due October 31, 2023

Summary

This memo requests that retirement boards submit the annual appropriation data questionnaire by October 31, 2023, which PERAC uses to calculate FY25 appropriation amounts to be assessed against governmental units under G.L. c. 32, §§ 22D, 22(6A)(b), or 22F. Boards are strongly encouraged to submit through the PERAC website rather than by mail; the previously included five-year projection page has been discontinued, and boards needing to make pension reserve fund transfers should petition PERAC's actuary for approval under § 22(6A)(b). Timely submission is critical to ensure accurate FY25 funding schedule calculations.

Full Text

PERAC MEMO # 22 / 2023 M E M O R A N D U M TO: All Retirement Boards FROM: John W. Parsons, Esq., Executive Director RE: Appropriation Data Due October 31, 2023 DATE: October 17, 2023 At this time, we are requesting information necessary for us to furnish you with the amounts to be appropriated by all governmental units for FY25, in accordance with your funding schedule, under the provisions of G.L. c.32, §22D, §22(6A)(b) or §22F. Please fill out the questionnaire and return it to us as soon as possible, but no later than October 31, 2023. We are not providing a hard copy of the questionnaire with this Memorandum. We strongly encourage you to submit the data through the PERAC Web Site. The questionnaire can be found on the PERAC Web Site at www.mass.gov/PERAC. On PERAC’s Home Page, select: About PERAC/PERAC Units/Actuarial/Appropriation Data Questionnaire and follow the instructions.
For those boards who wish to send a hard copy of the questionnaire to PERAC, we recommend you print the form off of our Web Site, fill in the responses and mail the form to the Actuarial Unit. In past years, the appropriation memorandum contained a page with a 5-year projection of appropriation payments. We will no longer be including this page in the memorandum. Future appropriation payments can be found in the System’s current funding schedule. Some systems may use the information contained on the projection page to transfer monies from the Pension Reserve Fund to the Pension Fund. Please note that those systems who need to make such a transfer can petition the Actuary for approval under the provisions of Section 22(6A)(b). If you have any questions regarding this memo, please contact John Boorack at 617-666-4446, extension 935. JWP/bj( p:\actuaria\approp\appropmemo2023.docx PERAC Auditor DIANA DIZOGLIO | KATHLEEN M. FALLON | KATE FITZPATRICK | JAMES J. GUIDO | RICHARD MACKINNON, JR. | JENNIFER F. SULLIVAN, ESQ. JOHN W. PARSONS, ESQ., Executive Director FIVE MIDDLESEX AVENUE, SUITE 304 | SOMERVILLE, MA 02145 PH 617 666 4446 | FAX 617 628 4002 | TTY 617 591 8917 | WWW.MASS.GOV/PERAC COMMONWEALTH OF MASSACHUSETTS | PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION PHILIP Y. BROWN, ESQ., Chair