COMPTROLLER'S SEAL STATE OF CONNECTICUT

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MARK OJAKIAN
DEPUTY COMPTROLLER

MEMORANDUM NO. 2002-12a

March 25, 2002

TO THE HEADS OF ALL STATE AGENCIES

Attention: Chief Administrative and Fiscal Officers, Business Managers, and Payroll and Personnel Officers
Subject: Correction to Memorandum No. 2002-12, Interest Penalty for Engineering, Scientific and Technical (P-4) Bargaining Unit Employees
I. PURPOSE: The purpose of this memorandum is to correct Memorandum No. 2002-12 dated March 15, 2002. Dates for calculation of interest payments were stated incorrectly.
 
II. CORRECTION: In Section XIII, Calculation of Interest Penalty, the first calculation for Retroactive Payments should read from June 29, 2001 through December 27, 2001.
 
The second calculation for Retroactive Payments should read from December 28, 2001 through March 21, 2002.

Then, 112 days/360 days multiplied by 5% multiplied by the lump sum payment.
Example: 112 days/360 days x .05 x $100 = $1.56

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%.
 
III. GENERAL: Questions should be directed to the Office of the State Comptroller, Policy Services Division at (860) 702-3440.
 
We apologize for any inconvenience that may have been caused.

NANCY WYMAN
STATE COMPTROLLER

NW:CH

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