Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees, 71743-71744 [E7-24527]
Download as PDF
<![CDATA[
71743
Rules and Regulations
Federal Register
Vol. 72, No. 243
Wednesday, December 19, 2007
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
OFFICE OF PERSONNEL
MANAGEMENT
5 CFR Part 843
RIN 3206–AL31
Federal Employees’ Retirement
System; Present Value Conversion
Factors for Spouses of Deceased
Separated Employees
Office of Personnel
Management.
ACTION: Interim rule.
AGENCY:
SUMMARY: The Office of Personnel
Management (OPM) is issuing an
interim rule to revise the table of
reduction factors for early commencing
dates of survivor annuities for spouses
of separated employees who die before
the date on which they would be
eligible for unreduced deferred
annuities under the Federal Employees’
Retirement System (FERS) Act of 1986.
These rules are necessary to conform the
tables to the economic assumptions
adopted by the Board of Actuaries and
published previously in the Federal
Register.
This interim rule is effective
December 19, 2007. We must receive
your comments by January 18, 2008.
ADDRESSES: You may submit comments,
identified by RIN number 3206-AL31,
by any of the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail: combox@opm.gov. Include
RIN number 3206–AL31 in the subject
line of the message.
• Fax: (202) 606–0990
• Mail: John Panagakos, Manager,
Retirement Group, Office of Personnel
Management, 1900 E Street NW., RM
4351, Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Jessica Johnson, (202) 606–0299.
mstockstill on PROD1PC66 with RULES
DATES:
VerDate Aug<31>2005
17:31 Dec 18, 2007
Jkt 214001
OPM has
published a notice in the Federal
Register at 72 FR 31631 (June 7, 2007)
to revise the normal cost percentage
under the Federal Employees’
Retirement System (FERS) Act of 1986,
Public Law 99–335, 100 Stat. 514, based
on changed economic assumptions and
demographic factors adopted by the
Board of Actuaries of the Civil Service
Retirement System. Those changed
economic assumptions require
corresponding changes in factors used
to produce actuarially equivalent
benefits when required by the FERS Act.
Section 843.311 of title 5, Code of
Federal Regulations, regulates the
benefits for the survivors of separated
employees under 5 U.S.C. 8442(c). This
section provides a choice of benefits for
eligible current and former spouses. If
the current or former spouse is the
person entitled to the unexpended
balance under the order of precedence
under 5 U.S.C. 8424, he or she may elect
to receive the unexpended balance
instead of an annuity.
Alternatively, an eligible current or
former spouse may elect to receive an
annuity commencing on the day after
the employee’s death or on the deceased
separated employee’s 62nd birthday. If
the annuity commences on the deceased
separated employee’s 62nd birthday, it
equals 50 percent of the annuity that the
separated employee would have
received when he or she attained age 62.
If the current or former spouse elects the
earlier commencing date, the annuity is
reduced using the factors in Appendix
A to subpart C of part 843 to make the
annuity actuarially equivalent to the
present value of the annuity that he or
she would have received if it
commenced on the retiree’s 62nd
birthday. These rules amend that
appendix to conform to the revised
economic assumptions.
SUPPLEMENTARY INFORMATION:
Waiver of General Notice of Proposed
Rulemaking
Under section 553(b)(3)(B) and (d)(3)
of title 5, United States Code, I find that
good reason exists for waiving the
general notice of proposed rulemaking
and for making these amendments
effective in less than 30 days. The
amendments made by this rule are
required by changes in economic
assumptions that were published on
June 7, 2007. Providing a comment
period on the result of mathematical
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
computations resulting from the
changed economic assumptions is
unnecessary and, to the extent that it
would delay benefit payments, is
contrary to the public interest.
Executive Order 12866, Regulatory
Review
This rule has been reviewed by the
Office of Management and Budget in
accordance with Executive Order (E.O.)
12866, as amended by E.O. 13258 and
E.O. 13422.
Regulatory Flexibility Act
I certify that this regulation will not
have a significant economic impact on
a substantial number of small entities
because the regulation will only affect
retirement payments to surviving
current and former spouses of former
employees and Members who separated
from Federal service with title to a
deferred annuity.
List of Subjects in 5 CFR Part 843
Air traffic controllers, Disability
benefits, Firefighters, Government
employees, Law enforcement officers,
Pensions, Retirement.
United States Office of Personnel
Management.
Linda M. Springer,
Director.
For the reasons stated in the preamble,
the Office of Personnel Management
amends 5 CFR part 843 as follows:
I
PART 843—FEDERAL EMPLOYEES
RETIREMENT SYSTEM—DEATH
BENEFITS AND EMPLOYEE REFUNDS
1. The authority citation for part 843
continues to read as follows:
I
Authority: 5 U.S.C. 8461; §§ 843.205,
843.208, and § 843.209 also issued under 5
U.S.C. 8424; § 843.309 also issued under 5
U.S.C. 8442; § 843.406 also issued under 5
U.S.C. 8441.
Subpart C—Current and Former
Spouse Benefits
2. Revise Appendix A to subpart C of
part 843 to read as follows:
I
E:\FR\FM\19DER1.SGM
19DER1
71744
Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 / Rules and Regulations
APPENDIX A TO SUBPART C OF PART
843.—PRESENT VALUE CONVERSION FACTORS FOR EARLIER COMMENCING DATE OF ANNUITIES OF
CURRENT AND FORMER SPOUSES OF
DECEASED SEPARATED EMPLOYEES
Age of separated employee
at birthday before death
Multiplier
With at least 10, but less than 20 years of
creditable service—
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
0.0592
.0633
.0688
.0730
.0804
.0859
.0921
.0991
.1064
.1158
.1234
.1333
.1422
.1551
.1668
.1799
.1938
.2097
.2260
.2437
.2635
APPENDIX A TO SUBPART C OF PART
843.—PRESENT VALUE CONVERSION FACTORS FOR EARLIER COMMENCING DATE OF ANNUITIES OF
CURRENT AND FORMER SPOUSES OF
DECEASED SEPARATED EMPLOYEES—Continued
APPENDIX A TO SUBPART C OF PART
843.—PRESENT VALUE CONVERSION FACTORS FOR EARLIER COMMENCING DATE OF ANNUITIES OF
CURRENT AND FORMER SPOUSES OF
DECEASED SEPARATED EMPLOYEES—Continued
Age of separated employee
at birthday before death
Age of separated employee
at birthday before death
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Multiplier
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
.2858
.3085
.3346
.3618
.3926
.4255
.4623
.5025
.5463
.5944
.6461
.7040
.7675
.8374
.9146
With at least 20, but less than 30 years of
creditable service—
36 ..........................................
37 ..........................................
38 ..........................................
0.1483
.1598
.1709
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
Multiplier
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
.1858
.2000
21.59
.2325
.2514
.2708
.2922
.3160
.3424
.3697
.4007
.4335
.4701
.5093
.5532
.6010
.6532
.7104
.7722
.8411
.9167
Multiplier by separated employee’s year of birth
Age of separated employee at birthday before death
After 1966
From 1950
through 1966
Before 1950
With at least 30 years of creditable service—
46
47
48
49
50
51
52
53
54
55
56
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
.................................................................................................................................................
[FR Doc. E7–24527 Filed 12–18–07; 8:45 am]
BILLING CODE 6325–38–P
DEPARTMENT OF AGRICULTURE
Animal and Plant Health Inspection
Service
9 CFR Part 130
[Docket No. APHIS–2006–0161]
RIN 0579–AC52
mstockstill on PROD1PC66 with RULES
Veterinary Diagnostic Services User
Fees
Animal and Plant Health
Inspection Service, USDA.
ACTION: Final rule.
AGENCY:
We are amending the
regulations to increase the user fees for
SUMMARY:
VerDate Aug<31>2005
17:31 Dec 18, 2007
Jkt 214001
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
0.4109
.4449
.4805
.5204
.5630
.6102
.6610
.7175
.7790
.8461
.9195
0.4476
.4843
.5232
.5666
.6130
.6642
.7195
.7807
.8474
.9203
1.0000
0.4870
.5268
.5691
.6161
.6666
.7222
.7823
.8487
.9210
1.0000
1.0000
the veterinary diagnostic services to
reflect changes in our operating costs
and expenses. We are also setting rates
for multiple fiscal years. These actions
are necessary to ensure that we recover
the actual costs of providing these
services. We are also providing for a
reasonable balance, or reserve, in the
veterinary diagnostics user fee account.
The Food, Agriculture, and
Conservation Act of 1990, as amended,
authorizes us to set and collect these
user fees.
DATES:
Effective Date: January 18, 2008.
For
information concerning Veterinary
Services (VS) Management Support,
FOR FURTHER INFORMATION CONTACT:
E:\FR\FM\19DER1.SGM
19DER1
]]>Agencies
[Federal Register Volume 72, Number 243 (Wednesday, December 19, 2007)]
[Rules and Regulations]
[Pages 71743-71744]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24527]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 /
Rules and Regulations
[[Page 71743]]
OFFICE OF PERSONNEL MANAGEMENT
5 CFR Part 843
RIN 3206-AL31
Federal Employees' Retirement System; Present Value Conversion
Factors for Spouses of Deceased Separated Employees
AGENCY: Office of Personnel Management.
ACTION: Interim rule.
-----------------------------------------------------------------------
SUMMARY: The Office of Personnel Management (OPM) is issuing an interim
rule to revise the table of reduction factors for early commencing
dates of survivor annuities for spouses of separated employees who die
before the date on which they would be eligible for unreduced deferred
annuities under the Federal Employees' Retirement System (FERS) Act of
1986. These rules are necessary to conform the tables to the economic
assumptions adopted by the Board of Actuaries and published previously
in the Federal Register.
DATES: This interim rule is effective December 19, 2007. We must
receive your comments by January 18, 2008.
ADDRESSES: You may submit comments, identified by RIN number 3206-AL31,
by any of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: combox@opm.gov. Include RIN number 3206-AL31 in
the subject line of the message.
Fax: (202) 606-0990
Mail: John Panagakos, Manager, Retirement Group, Office of
Personnel Management, 1900 E Street NW., RM 4351, Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT: Jessica Johnson, (202) 606-0299.
SUPPLEMENTARY INFORMATION: OPM has published a notice in the Federal
Register at 72 FR 31631 (June 7, 2007) to revise the normal cost
percentage under the Federal Employees' Retirement System (FERS) Act of
1986, Public Law 99-335, 100 Stat. 514, based on changed economic
assumptions and demographic factors adopted by the Board of Actuaries
of the Civil Service Retirement System. Those changed economic
assumptions require corresponding changes in factors used to produce
actuarially equivalent benefits when required by the FERS Act.
Section 843.311 of title 5, Code of Federal Regulations, regulates
the benefits for the survivors of separated employees under 5 U.S.C.
8442(c). This section provides a choice of benefits for eligible
current and former spouses. If the current or former spouse is the
person entitled to the unexpended balance under the order of precedence
under 5 U.S.C. 8424, he or she may elect to receive the unexpended
balance instead of an annuity.
Alternatively, an eligible current or former spouse may elect to
receive an annuity commencing on the day after the employee's death or
on the deceased separated employee's 62nd birthday. If the annuity
commences on the deceased separated employee's 62nd birthday, it equals
50 percent of the annuity that the separated employee would have
received when he or she attained age 62. If the current or former
spouse elects the earlier commencing date, the annuity is reduced using
the factors in Appendix A to subpart C of part 843 to make the annuity
actuarially equivalent to the present value of the annuity that he or
she would have received if it commenced on the retiree's 62nd birthday.
These rules amend that appendix to conform to the revised economic
assumptions.
Waiver of General Notice of Proposed Rulemaking
Under section 553(b)(3)(B) and (d)(3) of title 5, United States
Code, I find that good reason exists for waiving the general notice of
proposed rulemaking and for making these amendments effective in less
than 30 days. The amendments made by this rule are required by changes
in economic assumptions that were published on June 7, 2007. Providing
a comment period on the result of mathematical computations resulting
from the changed economic assumptions is unnecessary and, to the extent
that it would delay benefit payments, is contrary to the public
interest.
Executive Order 12866, Regulatory Review
This rule has been reviewed by the Office of Management and Budget
in accordance with Executive Order (E.O.) 12866, as amended by E.O.
13258 and E.O. 13422.
Regulatory Flexibility Act
I certify that this regulation will not have a significant economic
impact on a substantial number of small entities because the regulation
will only affect retirement payments to surviving current and former
spouses of former employees and Members who separated from Federal
service with title to a deferred annuity.
List of Subjects in 5 CFR Part 843
Air traffic controllers, Disability benefits, Firefighters,
Government employees, Law enforcement officers, Pensions, Retirement.
United States Office of Personnel Management.
Linda M. Springer,
Director.
0
For the reasons stated in the preamble, the Office of Personnel
Management amends 5 CFR part 843 as follows:
PART 843--FEDERAL EMPLOYEES RETIREMENT SYSTEM--DEATH BENEFITS AND
EMPLOYEE REFUNDS
0
1. The authority citation for part 843 continues to read as follows:
Authority: 5 U.S.C. 8461; Sec. Sec. 843.205, 843.208, and Sec.
843.209 also issued under 5 U.S.C. 8424; Sec. 843.309 also issued
under 5 U.S.C. 8442; Sec. 843.406 also issued under 5 U.S.C. 8441.
Subpart C--Current and Former Spouse Benefits
0
2. Revise Appendix A to subpart C of part 843 to read as follows:
[[Page 71744]]
Appendix A to Subpart C of Part 843.--Present Value Conversion Factors
for Earlier Commencing Date of Annuities of Current and Former Spouses
of Deceased Separated Employees
------------------------------------------------------------------------
Age of separated employee at birthday before death Multiplier
------------------------------------------------------------------------
With at least 10, but less than 20 years of creditable service--
------------------------------------------------------------------------
26...................................................... 0.0592
27...................................................... .0633
28...................................................... .0688
29...................................................... .0730
30...................................................... .0804
31...................................................... .0859
32...................................................... .0921
33...................................................... .0991
34...................................................... .1064
35...................................................... .1158
36...................................................... .1234
37...................................................... .1333
38...................................................... .1422
39...................................................... .1551
40...................................................... .1668
41...................................................... .1799
42...................................................... .1938
43...................................................... .2097
44...................................................... .2260
45...................................................... .2437
46...................................................... .2635
47...................................................... .2858
48...................................................... .3085
49...................................................... .3346
50...................................................... .3618
51...................................................... .3926
52...................................................... .4255
53...................................................... .4623
54...................................................... .5025
55...................................................... .5463
56...................................................... .5944
57...................................................... .6461
58...................................................... .7040
59...................................................... .7675
60...................................................... .8374
61...................................................... .9146
------------------------------------------------------------------------
With at least 20, but less than 30 years of creditable service--
------------------------------------------------------------------------
36...................................................... 0.1483
37...................................................... .1598
38...................................................... .1709
39...................................................... .1858
40...................................................... .2000
41...................................................... 21.59
42...................................................... .2325
43...................................................... .2514
44...................................................... .2708
45...................................................... .2922
46...................................................... .3160
47...................................................... .3424
48...................................................... .3697
49...................................................... .4007
50...................................................... .4335
51...................................................... .4701
52...................................................... .5093
53...................................................... .5532
54...................................................... .6010
55...................................................... .6532
56...................................................... .7104
57...................................................... .7722
58...................................................... .8411
59...................................................... .9167
------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Multiplier by separated employee's year of
birth
Age of separated employee at birthday before death -----------------------------------------------
From 1950
After 1966 through 1966 Before 1950
----------------------------------------------------------------------------------------------------------------
With at least 30 years of creditable service--
----------------------------------------------------------------------------------------------------------------
46.............................................................. 0.4109 0.4476 0.4870
47.............................................................. .4449 .4843 .5268
48.............................................................. .4805 .5232 .5691
49.............................................................. .5204 .5666 .6161
50.............................................................. .5630 .6130 .6666
51.............................................................. .6102 .6642 .7222
52.............................................................. .6610 .7195 .7823
53.............................................................. .7175 .7807 .8487
54.............................................................. .7790 .8474 .9210
55.............................................................. .8461 .9203 1.0000
56.............................................................. .9195 1.0000 1.0000
----------------------------------------------------------------------------------------------------------------
[FR Doc. E7-24527 Filed 12-18-07; 8:45 am]
BILLING CODE 6325-38-P
