Civil Service Retirement System; Present Value Factors, 31628-31629 [E7-11085]
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31628
Federal Register / Vol. 72, No. 109 / Thursday, June 7, 2007 / Notices
including the employee contributions,
are as follows:
Percent
Members .......................................
Congressional employees ............
Law enforcement officers, members of the Supreme Court Police, firefighters, nuclear materials couriers and employees
under section 302 of the Central Intelligence Agency Retirement Act of 1964 for Certain
Employees ................................
Air traffic controllers ......................
All other employees, without offset .............................................
29.4
34.9
42.5
38.9
25.2
The Government wide normal cost
percentages for CSRS offset, including
the employee contributions, are as
follows:
Percent
Members offset .............................
Congressional employees offset ..
Law enforcement officers, members of the Supreme Court Police, firefighters, nuclear materials couriers and employees
under section 302 of the Central Intelligence Agency Retirement Act of 1964 for Certain
Employees offset ......................
Air traffic controllers offset ............
All other employees, with offset ...
27.1
29.9
38.0
34.6
19.5
These normal cost percentages are
effective at the beginning of the first pay
period commencing on or after October
1, 2007.
Office of Personnel Management.
Linda M. Springer,
Director.
[FR Doc. E7–11082 Filed 6–6–07; 8:45 am]
BILLING CODE 6325–38–P
OFFICE OF PERSONNEL
MANAGEMENT
Civil Service Retirement System;
Present Value Factors
Office of Personnel
Management.
ACTION: Notice.
rwilkins on PROD1PC63 with NOTICES
AGENCY:
SUMMARY: The Office of Personnel
Management (OPM) is providing notice
of adjusted present value factors
applicable to retirees under the Civil
Service Retirement System (CSRS) who
elect to provide survivor annuity
benefits to a spouse based on postretirement marriage and to retiring
employees who elect the alternative
form of annuity, owe certain redeposits
based on refunds of contributions for
service before October 1, 1990, or elect
VerDate Aug<31>2005
20:59 Jun 06, 2007
Jkt 211001
to credit certain service with
nonappropriated fund instrumentalities.
This notice is necessary to conform the
present value factors to changes in
economic assumptions and
demographic factors adopted by the
Board of Actuaries of the Civil Service
Retirement System.
DATES: Effective Date: The revised
present value factors apply to survivor
reductions or employee annuities that
commence on or after October 1, 2007.
ADDRESSES: Send requests for actuarial
assumptions and data to the Board of
Actuaries, care of Gregory Kissel,
Manager, Office of Actuaries, Strategic
Human Resources Policy Division,
Office of Personnel Management, Room
4307, Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Jessica Johnson, (202) 606–0299.
SUPPLEMENTARY INFORMATION: Several
provisions of CSRS require reduction of
annuities on an actuarial basis. Under
each of these provisions, OPM is
required to issue regulations on the
method of determining the reduction to
ensure that the present value of the
reduced annuity plus a lump sum
equals, to the extent practicable, the
present value of the unreduced benefit.
The regulations for each of these
benefits provide that OPM will publish
a notice in the Federal Register
whenever it changes the factors used to
compute the present values of these
benefits.
Section 831.2205(a) of title 5, Code of
Federal Regulations, prescribes the
method for computing the reduction in
the beginning rate of annuity payable to
a retiree who elects an alternative form
of annuity under 5 U.S.C. 8343a. That
reduction is required to produce an
annuity that is the actuarial equivalent
of the annuity of a retiree who does not
elect an alternative form of annuity. The
present value factors listed below are
used to compute the annuity reduction
under section 831.2205(a) of title 5,
Code of Federal Regulations.
Section 831.303(c) of title 5, Code of
Federal Regulations, prescribes the use
of these factors for computing the
reduction to complete payment of
certain redeposits of refunded
deductions based on periods of service
that ended before October 1, 1990,
under section 8334(d)(2) of title 5,
United States Code.
Section 831.663 of title 5, Code of
Federal Regulations, prescribes the use
of similar factors for computing the
reduction required for certain elections
to provide survivor annuity benefits
based on a post-retirement marriage
under section 8339(j)(5)(C) or (k)(2) of
title 5, United States Code. Under
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
section 11004 of the Omnibus Budget
Reconciliation Act of 1993, Public Law
103–66, effective October 1, 1993, OPM
ceased collection of these survivor
election deposits by means of either a
lump-sum payment or installments.
Instead, OPM is required to establish a
permanent actuarial reduction in the
annuity of the retiree. This means that
OPM must take the amount of the
deposit computed under the old law
and translate it into a lifetime reduction
in the retiree’s benefit. The reduction is
based on actuarial tables, similar to
those used for alternative forms of
annuity under section 8343a of title 5,
United States Code.
Subpart F of part 847 of title 5, Code
of Federal Regulations, prescribes the
use of similar factors for computing the
deficiency the retiree must pay to
receive credit for certain service with
nonappropriated fund instrumentalities
made creditable by an election under
section 1043 of Public Law 104–106.
The present value factors currently in
effect were published by OPM (69 FR
52944) on August 30, 2004. Elsewhere
in today’s Federal Register, OPM
published a notice to revise the normal
cost percentage under the Federal
Employees’ Retirement System (FERS)
Act of 1986, Public Law 99–335, based
on changed economic assumptions and
demographic factors adopted by the
Board of Actuaries of the CSRS. Those
changed economic assumptions require
corresponding changes in CSRS normal
costs and present value factors used to
produce actuarially equivalent benefits
when required by the Civil Service
Retirement Act. The revised factors will
become effective in October 2007 to
correspond with the changes in CSRS
normal cost percentages. For alternative
forms of annuity and redeposits of
employee contributions, the new factors
will apply to annuities that commence
on or after October 1, 2007. See 5 CFR
831.2205 and 831.303(c). For survivor
election deposits, the new factors will
apply to survivor reductions that
commence on or after October 1, 2007.
See 5 CFR 831.663(c) and (d). For
obtaining credit for service with certain
nonappropriated fund instrumentalities,
the new factors will apply to cases in
which the date of computation under
section 847.603 of title 5, Code of
Federal Regulations, is on or after
October 1, 2007. See 5 CFR 847.602(c)
and 847.603.
OPM is, therefore, revising the tables
of present value factors to read as
follows:
E:\FR\FM\07JNN1.SGM
07JNN1
Federal Register / Vol. 72, No. 109 / Thursday, June 7, 2007 / Notices
CSRS PRESENT VALUE FACTORS APPLICABLE TO ANNUITY PAYABLE FOLLOWING AN ELECTION UNDER SECTION 8339(J) OR (K) OR SECTION
8343A OF TITLE 5, UNITED STATES
CODE, OR UNDER SECTION 1043 OF
PUBLIC LAW 104–106 OR FOLLOWING A REDEPOSIT UNDER SECTION 8334(D)(2) OF TITLE 5, UNITED
STATES CODE
Present
value
factor
rwilkins on PROD1PC63 with NOTICES
Age
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
..................................................
VerDate Aug<31>2005
20:59 Jun 06, 2007
289.1
285.5
282.1
278.8
275.3
271.4
267.2
262.9
258.6
253.6
248.6
244.1
239.7
234.9
229.8
224.6
219.4
214.2
209.1
203.9
198.8
193.2
187.4
181.7
176.0
170.2
164.5
159.0
153.4
147.7
142.0
136.3
130.5
124.9
119.4
113.8
108.6
103.6
98.2
92.8
87.6
82.2
76.6
71.8
67.7
63.4
58.8
54.7
51.2
47.9
43.6
Jkt 211001
CSRS PRESENT VALUE FACTORS APPLICABLE TO ANNUITY PAYABLE FOLLOWING AN ELECTION UNDER SECTION 1043 OF PUBLIC LAW 104–106
(FOR AGES AT CALCULATION BELOW
40)
Age at calculation
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Present
value of
a monthly
annuity
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
................................................
336.3
334.7
333.0
331.3
329.5
327.7
325.8
323.9
321.9
319.8
317.6
315.5
313.3
310.9
308.5
306.1
303.5
300.8
298.1
295.4
292.5
289.5
286.4
U.S. Office of Personnel Management.
Linda M. Springer,
Director.
[FR Doc. E7–11085 Filed 6–6–07; 8:45 am]
BILLING CODE 6325–38–P
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ Retirement
System; Present Value Factors
Office of Personnel
Management.
ACTION: Notice.
AGENCY:
SUMMARY: The Office of Personnel
Management (OPM) is providing notice
of adjusted present value factors
applicable to retirees who elect to
provide survivor annuity benefits to a
spouse based on post-retirement
marriage, and to retiring employees who
elect the alternative form of annuity or
elect to credit certain service with
nonappropriated fund instrumentalities.
This notice is necessary to conform the
present value factors to changes in
economic assumptions and
demographic factors adopted by the
Board of Actuaries of the Civil Service
Retirement System.
DATES: The revised present value factors
apply to survivor reductions or
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
31629
employee annuities that commence on
or after October 1, 2007.
ADDRESSES: Send requests for actuarial
assumptions and data to the Office of
Actuaries, Strategic Human Resources
Policy Division, Office of Personnel
Management, Room 4307, 1900 E Street,
NW., Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Jessica Johnson, (202) 606–0299.
SUPPLEMENTARY INFORMATION: Several
provisions of the Federal Employees’
Retirement System (FERS) require
reduction of annuities on an actuarial
basis. Under each of these provisions,
OPM is required to issue regulations on
the method of determining the
reduction to ensure that the present
value of the reduced annuity plus a
lump sum equals, to the extent
practicable, the present value of the
unreduced benefit. The regulations for
each of these benefits provide that OPM
will publish a notice in the Federal
Register whenever it changes the factors
used to compute the present values of
these benefits.
Section 842.706(a) of title 5, Code of
Federal Regulations, prescribes the
method for computing the reduction in
the beginning rate of annuity payable to
a retiree who elects an alternative form
of annuity under 5 U.S.C. 8420a. That
reduction is required to produce an
annuity that is the actuarial equivalent
of the annuity of a retiree who does not
elect an alternative form of annuity. The
present value factors listed below are
used to compute the annuity reduction
under 5 CFR 842.706(a).
Section 842.615 of title 5, Code of
Federal Regulations, prescribes the use
of these factors for computing the
reduction required for certain elections
to provide survivor annuity benefits
based on a post-retirement marriage or
divorce under 5 U.S.C. 8416(b), 8416(c),
or 8417(b). Under section 11004 of the
Omnibus Budget Reconciliation Act of
1993, Public Law 103–66, 107 Stat. 312,
effective October 1, 1993, OPM ceased
collection of these survivor election
deposits by means of either a lump-sum
payment or installments. Instead, OPM
is required to establish a permanent
actuarial reduction in the annuity of the
retiree. This means that OPM must take
the amount of the deposit computed
under the old law and translate it into
a lifetime reduction in the retiree’s
benefit. The reduction is based on
actuarial tables, similar to those used for
alternative forms of annuity under
section 8420a of title 5, United States
Code.
Subpart F of part 847 of title 5, Code
of Federal Regulations, prescribes the
use of similar factors for computing the
E:\FR\FM\07JNN1.SGM
07JNN1
]]>Agencies
[Federal Register Volume 72, Number 109 (Thursday, June 7, 2007)]
[Notices]
[Pages 31628-31629]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11085]
-----------------------------------------------------------------------
OFFICE OF PERSONNEL MANAGEMENT
Civil Service Retirement System; Present Value Factors
AGENCY: Office of Personnel Management.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Office of Personnel Management (OPM) is providing notice
of adjusted present value factors applicable to retirees under the
Civil Service Retirement System (CSRS) who elect to provide survivor
annuity benefits to a spouse based on post-retirement marriage and to
retiring employees who elect the alternative form of annuity, owe
certain redeposits based on refunds of contributions for service before
October 1, 1990, or elect to credit certain service with
nonappropriated fund instrumentalities. This notice is necessary to
conform the present value factors to changes in economic assumptions
and demographic factors adopted by the Board of Actuaries of the Civil
Service Retirement System.
DATES: Effective Date: The revised present value factors apply to
survivor reductions or employee annuities that commence on or after
October 1, 2007.
ADDRESSES: Send requests for actuarial assumptions and data to the
Board of Actuaries, care of Gregory Kissel, Manager, Office of
Actuaries, Strategic Human Resources Policy Division, Office of
Personnel Management, Room 4307, Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT: Jessica Johnson, (202) 606-0299.
SUPPLEMENTARY INFORMATION: Several provisions of CSRS require reduction
of annuities on an actuarial basis. Under each of these provisions, OPM
is required to issue regulations on the method of determining the
reduction to ensure that the present value of the reduced annuity plus
a lump sum equals, to the extent practicable, the present value of the
unreduced benefit. The regulations for each of these benefits provide
that OPM will publish a notice in the Federal Register whenever it
changes the factors used to compute the present values of these
benefits.
Section 831.2205(a) of title 5, Code of Federal Regulations,
prescribes the method for computing the reduction in the beginning rate
of annuity payable to a retiree who elects an alternative form of
annuity under 5 U.S.C. 8343a. That reduction is required to produce an
annuity that is the actuarial equivalent of the annuity of a retiree
who does not elect an alternative form of annuity. The present value
factors listed below are used to compute the annuity reduction under
section 831.2205(a) of title 5, Code of Federal Regulations.
Section 831.303(c) of title 5, Code of Federal Regulations,
prescribes the use of these factors for computing the reduction to
complete payment of certain redeposits of refunded deductions based on
periods of service that ended before October 1, 1990, under section
8334(d)(2) of title 5, United States Code.
Section 831.663 of title 5, Code of Federal Regulations, prescribes
the use of similar factors for computing the reduction required for
certain elections to provide survivor annuity benefits based on a post-
retirement marriage under section 8339(j)(5)(C) or (k)(2) of title 5,
United States Code. Under section 11004 of the Omnibus Budget
Reconciliation Act of 1993, Public Law 103-66, effective October 1,
1993, OPM ceased collection of these survivor election deposits by
means of either a lump-sum payment or installments. Instead, OPM is
required to establish a permanent actuarial reduction in the annuity of
the retiree. This means that OPM must take the amount of the deposit
computed under the old law and translate it into a lifetime reduction
in the retiree's benefit. The reduction is based on actuarial tables,
similar to those used for alternative forms of annuity under section
8343a of title 5, United States Code.
Subpart F of part 847 of title 5, Code of Federal Regulations,
prescribes the use of similar factors for computing the deficiency the
retiree must pay to receive credit for certain service with
nonappropriated fund instrumentalities made creditable by an election
under section 1043 of Public Law 104-106.
The present value factors currently in effect were published by OPM
(69 FR 52944) on August 30, 2004. Elsewhere in today's Federal
Register, OPM published a notice to revise the normal cost percentage
under the Federal Employees' Retirement System (FERS) Act of 1986,
Public Law 99-335, based on changed economic assumptions and
demographic factors adopted by the Board of Actuaries of the CSRS.
Those changed economic assumptions require corresponding changes in
CSRS normal costs and present value factors used to produce actuarially
equivalent benefits when required by the Civil Service Retirement Act.
The revised factors will become effective in October 2007 to correspond
with the changes in CSRS normal cost percentages. For alternative forms
of annuity and redeposits of employee contributions, the new factors
will apply to annuities that commence on or after October 1, 2007. See
5 CFR 831.2205 and 831.303(c). For survivor election deposits, the new
factors will apply to survivor reductions that commence on or after
October 1, 2007. See 5 CFR 831.663(c) and (d). For obtaining credit for
service with certain nonappropriated fund instrumentalities, the new
factors will apply to cases in which the date of computation under
section 847.603 of title 5, Code of Federal Regulations, is on or after
October 1, 2007. See 5 CFR 847.602(c) and 847.603.
OPM is, therefore, revising the tables of present value factors to
read as follows:
[[Page 31629]]
CSRS Present Value Factors Applicable to Annuity Payable Following an
Election Under Section 8339(j) or (k) or Section 8343a of Title 5,
United States Code, or Under Section 1043 of Public Law 104-106 or
Following a Redeposit Under Section 8334(d)(2) of Title 5, United States
Code
------------------------------------------------------------------------
Present
Age value
factor
------------------------------------------------------------------------
40........................................................... 289.1
41........................................................... 285.5
42........................................................... 282.1
43........................................................... 278.8
44........................................................... 275.3
45........................................................... 271.4
46........................................................... 267.2
47........................................................... 262.9
48........................................................... 258.6
49........................................................... 253.6
50........................................................... 248.6
51........................................................... 244.1
52........................................................... 239.7
53........................................................... 234.9
54........................................................... 229.8
55........................................................... 224.6
56........................................................... 219.4
57........................................................... 214.2
58........................................................... 209.1
59........................................................... 203.9
60........................................................... 198.8
61........................................................... 193.2
62........................................................... 187.4
63........................................................... 181.7
64........................................................... 176.0
65........................................................... 170.2
66........................................................... 164.5
67........................................................... 159.0
68........................................................... 153.4
69........................................................... 147.7
70........................................................... 142.0
71........................................................... 136.3
72........................................................... 130.5
73........................................................... 124.9
74........................................................... 119.4
75........................................................... 113.8
76........................................................... 108.6
77........................................................... 103.6
78........................................................... 98.2
79........................................................... 92.8
80........................................................... 87.6
81........................................................... 82.2
82........................................................... 76.6
83........................................................... 71.8
84........................................................... 67.7
85........................................................... 63.4
86........................................................... 58.8
87........................................................... 54.7
88........................................................... 51.2
89........................................................... 47.9
90........................................................... 43.6
------------------------------------------------------------------------
CSRS Present Value Factors Applicable to Annuity Payable Following an
Election Under Section 1043 of Public Law 104-106 (For Ages at
Calculation Below 40)
------------------------------------------------------------------------
Present
value of a
Age at calculation monthly
annuity
------------------------------------------------------------------------
17.......................................................... 336.3
18.......................................................... 334.7
19.......................................................... 333.0
20.......................................................... 331.3
21.......................................................... 329.5
22.......................................................... 327.7
23.......................................................... 325.8
24.......................................................... 323.9
25.......................................................... 321.9
26.......................................................... 319.8
27.......................................................... 317.6
28.......................................................... 315.5
29.......................................................... 313.3
30.......................................................... 310.9
31.......................................................... 308.5
32.......................................................... 306.1
33.......................................................... 303.5
34.......................................................... 300.8
35.......................................................... 298.1
36.......................................................... 295.4
37.......................................................... 292.5
38.......................................................... 289.5
39.......................................................... 286.4
------------------------------------------------------------------------
U.S. Office of Personnel Management.
Linda M. Springer,
Director.
[FR Doc. E7-11085 Filed 6-6-07; 8:45 am]
BILLING CODE 6325-38-P
