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STATE OF CONNECTICUT |
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NANCY WYMAN
COMPTROLLER |
OFFICE OF
THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775 |
MARK OJAKIAN
DEPUTY COMPTROLLER |
MEMORANDUM NO. 2002-13a
March 25, 2002
TO THE HEADS OF ALL STATE AGENCIES
Attention:
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Chief Administrative and Fiscal Officers, Business
Managers and Payroll and Personnel Officers
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Subject:
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Correction to Memorandum No. 2002-13, Interest
Penalty for Retired and Separated Engineering, Scientific and Technical (P-4) Bargaining Unit
Employees
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I. PURPOSE: The purpose of this memorandum is to correct Memorandum
No. 2002-13 dated March 15, 2002. Dates for calculation of interest payments
were stated incorrectly.
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II. CORRECTION: In Section VI, Calculation of Interest Penalty, the
first calculation for Retroactive Payments should only be applied to those
eligible P-4 employees who were actively employed
between June 29, 2001 and December 27, 2001 but have
since retired or separated.
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The second calculation for Retroactive Payments should only be
applied to those eligible P-4 employees actively employed between December
28, 2001 and March 21, 2002 but have since retired or
separated.
112 days/360 days multiplied by 5% multiplied by the lump sum
payment.
Example: 112 days/360 days x .05 x $100 = $1.56
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Multiply the lump sum amount paid by the number of days between December
28, 2001 and the date of the payment, April 19, 2002 (which is 112
days) divided by 360, then the product multiplied by 5%.
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III. GENERAL: Questions should be directed to the Office of the State
Comptroller, Policy Services Division, (860) 702-3440.
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We apologize for any inconvenience that may have been caused.
NANCY WYMAN
STATE COMPTROLLER
NW:CH
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