buyback

PERAC has distributed updated 2026 buyback/make-up repayment worksheets and cumulative interest factor sheets. The worksheets apply to buybacks under numerous specific sections of G.L. c. 32, with separate worksheets for buyback interest and actuarial interest. Sections 4(1)(g½), 4(1)(l), 4(1)(l½), 4(1)(l¾), 4(1)(n), 4(1)(n½), 4(1)(p), 4(1)(r), 4(1)(s), and 4(2)(c) use buyback interest exclusively; sections 3(3), 3(4), 3(4A), 3(5), 3(6)(d), and 3(8)(b) may use either rate as described in Memo #23/2012. These worksheets are not applicable to § 3(6)(c) buybacks.

PERAC transmits the 2019 worksheets for calculating buybacks/make-ups and cumulative interest factor sheets. Calculations under G.L. c. 32, §§ 4(1)(g½), 4(1)(l), 4(1)(l½), 4(1)(l¾), 4(1)(n), 4(1)(n½), 4(1)(p), 4(1)(r), 4(1)(s), and 4(2)(c) use buyback interest exclusively. Calculations under §§ 3(3), 3(4), 3(4A), 3(5), 3(6)(c), 3(6)(d), and 3(8)(b) are subject to Chapter 176 of the Acts of 2011 and may use either buyback or actuarial interest (see PERAC Memo #23/2012). Two repayment worksheets exist for each interest type due to differing investment return assumptions.