The Pension Fund Board of Directors has approved an increase in interest rates for Tax Deferred Retirement Account (TDRA) and Benefit Accumulation Account (BAA) holders. Effective July 1, TDRA’s will receive an increased rate of return from 3.50 percent to 3.75 percent during the third and fourth quarters of 2011. BAAs will receive an increased rate of return from 3.0 percent to 3.25 percent during the third quarter of 2011.
The new rates were approved by the board at its June 16-17 meeting, and take effect July 1. The new rates are higher than the current rates that have been in effect since Jan. 1, 2011. For more, see: www.pensionfund.org/files/News/Interest%20Rate%20News%20Release%20Julne%202011.pdf