Also Changes to the Interest Rate for Buybacks of Creditable Service
Recent reforms to the pension laws will affect the interest rate member’s pay when purchasing creditable service. As of April 2, 2012 members who are entitled to purchase creditable service must complete the purchase by April 2, 2013 or enter into a buyback payment plan to qualify for “buyback interest” which is currently 4%. After April 2, 2013 interest on the purchase of service will be increased to 8%. If you have service you are interested in purchasing, or redepositing a prior refund of accumulated deductions, please complete the Make-Up/Buyback Request Form and submit it to the Retirement Office as soon as possible. We will contact you once we have reviewed your request. If you have any questions, please call the office at 617-868-3401.