Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees, 71743-71744 [E7-24527]

Download as PDF 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: http:// 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: http://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