Federal Employees' Retirement System; Present Value Factors, 35096-35098 [2010-14830]
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35096
Federal Register / Vol. 75, No. 118 / Monday, June 21, 2010 / Notices
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Office of Personnel Management.
John Berry,
Director.
[FR Doc. 2010–14826 Filed 6–18–10; 8:45 am]
BILLING CODE 6325–39–P
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ 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 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
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
employee annuities that commence on
or after October 1, 2010.
ADDRESSES: Send requests for actuarial
assumptions and data to the Board of
Actuaries, care of Gregory Kissel,
Actuary, Office of Planning and Policy
Analysis, Office of Personnel
Management, Room 4307, 1900 E Street,
NW., Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Kristine Prentice, (202) 606–0299.
SUPPLEMENTARY INFORMATION: Several
provisions of the Federal Employees’
Retirement System (FERS) require
E:\FR\FM\21JNN1.SGM
21JNN1
sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 118 / Monday, June 21, 2010 / Notices
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 present value 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, 110 Stat. 186.
OPM published the present value
factors currently in effect on June 7,
2007, at 72 FR 31629. 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, 100
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15:46 Jun 18, 2010
Jkt 220001
Stat. 514, based on changed
demographic factors adopted by the
Board of Actuaries of the Civil Service
Retirement System. Under 5 U.S.C.
8461(i), those changes require
corresponding changes in the present
value factors used to produce actuarially
equivalent benefits when required by
the FERS Act. The revised factors will
become effective on October 1, 2010, to
correspond with the changes in FERS
normal cost percentages. For alternative
forms of annuity, the new factors will
apply to annuities that commence on or
after October 1, 2010. See 5 CFR
842.706. For survivor election deposits,
the new factors will apply to survivor
reductions that commence on or after
October 1, 2010. See 5 CFR 842.615(b).
For obtaining credit for service with
certain nonappropriated fund
instrumentalities, the new factors will
apply to cases in which the date of
computation under 5 CFR 847.603 is on
or after October 1, 2010. See 5 CFR
847.602(c) and 847.603.
OPM is, therefore, revising the tables
of present value factors to read as
follows:
TABLE I—FERS PRESENT VALUE
FACTORS FOR AGES 62 AND OLDER
[Applicable to annuity payable following an
election under 5 U.S.C. 8416(b), 8416(c),
8417(b), or 8420a, or under section 1043 of
Public Law 104–106]
Present value
factor
Age
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
PO 00000
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Frm 00128
Fmt 4703
Sfmt 4703
180.1
175.2
170.2
165.1
160.0
154.9
149.8
144.7
139.5
134.3
129.0
123.6
118.3
113.0
107.8
102.7
97.3
92.0
86.9
81.9
76.6
71.7
67.6
63.1
58.1
53.5
49.9
46.8
43.3
35097
TABLE II.A—FERS PRESENT VALUE
FACTORS FOR AGES 40 THROUGH 61
[Applicable to annuity payable when annuity is
not increased by cost-of-living adjustments
before age 62 following an election under 5
U.S.C. §§§ 8416(b), 8416(c), 8417(b), or
§ 8420a, or under section 1043 of Public
Law 104–106]
Age
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
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........................................
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........................................
........................................
Present value
factor
185.8
186.1
186.2
186.3
186.1
185.7
185.4
185.1
185.0
184.6
184.3
184.2
184.1
184.0
183.7
183.4
183.1
182.9
182.7
182.6
182.6
182.6
TABLE II.B—FERS PRESENT VALUE
FACTORS FOR AGES 40 THROUGH 61
[Applicable to annuity payable when annuity is
increased by cost-of-living adjustments before age 62 following an election under 5
U.S.C. 8416(b), 8416 (c), 8417(b), or 8420a,
or under section 1043 of Public Law 104–
106]
Age
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
........................................
........................................
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21JNN1
Present value
factor
256.6
254.3
251.8
249.2
246.6
243.9
241.1
238.1
235.1
231.9
228.6
225.2
221.6
217.9
214.0
210.0
205.9
201.5
197.1
192.5
187.9
183.1
35098
Federal Register / Vol. 75, No. 118 / Monday, June 21, 2010 / Notices
Personnel Management, Room 4307,
TABLE III—FERS PRESENT VALUE
FACTORS FOR AGES AT CALCULA- 1900 E Street, NW., Washington, DC
20415.
TION BELOW 40
[Applicable to annuity payable following an
election under section 1043 of Public Law
104–106]
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
........................................
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292.3
291.4
290.3
289.3
288.1
286.9
285.7
284.5
283.1
281.8
280.4
279.0
277.5
275.9
274.3
272.6
270.9
269.0
267.1
265.2
263.2
261.1
258.9
U.S. Office of Personnel Management.
John Berry,
Director.
[FR Doc. 2010–14830 Filed 6–18–10; 8:45 am]
BILLING CODE 6325–39–P
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ Retirement
System; Normal Cost Percentages
AGENCY: Office of Personnel
Management.
ACTION: Notice.
The Office of Personnel
Management (OPM) is providing notice
of revised normal cost percentages for
employees covered by the Federal
Employees’ Retirement System (FERS)
Act of 1986.
DATES: The revised normal cost
percentages are effective at the
beginning of the first pay period
commencing on or after October 1, 2010.
Agency appeals of the normal cost
percentages must be filed no later than
December 21, 2010.
ADDRESSES: Send or deliver agency
appeals of the normal cost percentages
and requests for actuarial assumptions
and data to the Board of Actuaries, care
of Gregory Kissel, Actuary, Office of
Planning and Policy Analysis, Office of
sroberts on DSKD5P82C1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
15:46 Jun 18, 2010
Jkt 220001
FOR FURTHER INFORMATION CONTACT:
Christopher Ziebarth, (202) 606–0299.
SUPPLEMENTARY INFORMATION: The FERS
Act of 1986, Public Law 99–335, created
a new retirement system intended to
cover most Federal employees hired
after 1983. Most Federal employees
hired before 1984 are under the older
Civil Service Retirement System (CSRS).
Section 8423 of title 5, United States
Code, as added by the FERS Act of 1986,
provides for the payment of the
Government’s share of the cost of the
retirement system under FERS.
Employees’ contributions are
established by law and constitute only
a small fraction of the cost of funding
the retirement system; employing
agencies are required to pay the
remaining costs. The amount of funding
required, known as ‘‘normal cost,’’ is the
entry age normal cost of the provisions
of FERS that relate to the Civil Service
Retirement and Disability Fund (Fund).
The normal cost must be computed by
OPM in accordance with generally
accepted actuarial practices and
standards (using dynamic assumptions).
Subpart D of part 841 of title 5, Code of
Federal Regulations, regulates how
normal costs are determined.
Recently, the Board of Actuaries of
the Civil Service Retirement System
concluded that there should be no
change to the set of economic
assumptions used in the dynamic
actuarial valuations of FERS. The Board
reviewed statistical data prepared by the
OPM actuaries and considered trends
that may affect future experience under
the System.
Based on its analysis, the Board
concluded that it would be appropriate
to assume a rate of investment return of
6.25 percent, with no difference from
the existing rate of 6.25 percent. In
addition, the Board anticipated a
continued inflation rate of 3.50 percent,
and a continued projected rate of
General Schedule salary increases at
4.25 percent. These salary increases are
in addition to assumed within-grade
increases that reflect past experience.
The economic assumptions anticipate
that, over the long term, the annual rate
of investment return will exceed
inflation by 2.75 percent and General
Schedule salary increases will exceed
long-term inflation by .75 percent a
year, with no difference from the
current assumptions.
The Board adopted changes in the
mortality assumptions as well as
changes in all the demographic
assumptions listed as factors under
PO 00000
Frm 00129
Fmt 4703
Sfmt 9990
§ 841.404(a) of title 5, Code of Federal
Regulations. In addition to the changes
in mortality assumptions, the Board
found that recent statutory changes,
most significantly sections 1901 and
1904 of the National Defense
Authorization Act for Fiscal Year 2010,
Pubic Law 111–84, 123 Stat. 2109, and
a recent decision of the U.S. Court of
Appeals for the Federal Circuit, Adkins
v. Office of Personnel Management, 525
F.3d 1363 (Fed. Cir. 2008), require
increases in the normal costs.
The normal cost calculations depend
on economic, demographic, and
mortality assumptions. The
demographic assumptions are
determined separately for each of a
number of special groups, in cases
where separate experience data is
available. Based on the changes in the
demographic assumptions, the
economic assumptions, and the other
factors described above, OPM has
determined the normal cost percentage
for each category of employees under
§ 841.403 of title 5, Code of Federal
Regulations. The Governmentwide
normal cost percentages, including the
employee contributions, are as follows:
Members .......................................
Congressional employees ............
Law enforcement officers, members of the Supreme Court Police, firefighters, nuclear materials couriers, Customs and
Border Protection Officers, and
employees under section 302 of
the Central Intelligence Agency
Retirement Act of 1964 for Certain Employees .........................
Air traffic controllers ......................
Military reserve technicians ..........
Employees under section 303 of
the Central Intelligence Agency
Retirement Act of 1964 for Certain Employees (when serving
abroad) ......................................
All other employees ......................
19.2%
17.7%
27.0%
26.8%
15.3%
17.6%
12.5%
Under § 841.408 of title 5, Code of
Federal Regulations, these normal cost
percentages are effective at the
beginning of the first pay period
commencing on or after October 1, 2010.
The time limit and address for filing
agency appeals under §§ 841.409
through 841.412 of title 5, Code of
Federal Regulations, are stated in the
DATES and ADDRESSES sections of this
notice.
U.S. Office of Personnel Management.
John Berry,
Director.
[FR Doc. 2010–14827 Filed 6–18–10; 8:45 am]
BILLING CODE 6325–39–P
E:\FR\FM\21JNN1.SGM
21JNN1
]]>Agencies
[Federal Register Volume 75, Number 118 (Monday, June 21, 2010)]
[Notices]
[Pages 35096-35098]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-14830]
-----------------------------------------------------------------------
OFFICE OF PERSONNEL MANAGEMENT
Federal Employees' 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 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 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 employee annuities that commence on or after October 1, 2010.
ADDRESSES: Send requests for actuarial assumptions and data to the
Board of Actuaries, care of Gregory Kissel, Actuary, Office of Planning
and Policy Analysis, Office of Personnel Management, Room 4307, 1900 E
Street, NW., Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT: Kristine Prentice, (202) 606-0299.
SUPPLEMENTARY INFORMATION: Several provisions of the Federal Employees'
Retirement System (FERS) require
[[Page 35097]]
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 present value 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, 110 Stat. 186.
OPM published the present value factors currently in effect on June
7, 2007, at 72 FR 31629. 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, 100 Stat. 514, based on changed demographic factors adopted by the
Board of Actuaries of the Civil Service Retirement System. Under 5
U.S.C. 8461(i), those changes require corresponding changes in the
present value factors used to produce actuarially equivalent benefits
when required by the FERS Act. The revised factors will become
effective on October 1, 2010, to correspond with the changes in FERS
normal cost percentages. For alternative forms of annuity, the new
factors will apply to annuities that commence on or after October 1,
2010. See 5 CFR 842.706. For survivor election deposits, the new
factors will apply to survivor reductions that commence on or after
October 1, 2010. See 5 CFR 842.615(b). For obtaining credit for service
with certain nonappropriated fund instrumentalities, the new factors
will apply to cases in which the date of computation under 5 CFR
847.603 is on or after October 1, 2010. See 5 CFR 847.602(c) and
847.603.
OPM is, therefore, revising the tables of present value factors to
read as follows:
Table I--FERS Present Value Factors for Ages 62 and Older
[Applicable to annuity payable following an election under 5 U.S.C.
8416(b), 8416(c), 8417(b), or 8420a, or under section 1043 of Public Law
104-106]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
62...................................................... 180.1
63...................................................... 175.2
64...................................................... 170.2
65...................................................... 165.1
66...................................................... 160.0
67...................................................... 154.9
68...................................................... 149.8
69...................................................... 144.7
70...................................................... 139.5
71...................................................... 134.3
72...................................................... 129.0
73...................................................... 123.6
74...................................................... 118.3
75...................................................... 113.0
76...................................................... 107.8
77...................................................... 102.7
78...................................................... 97.3
79...................................................... 92.0
80...................................................... 86.9
81...................................................... 81.9
82...................................................... 76.6
83...................................................... 71.7
84...................................................... 67.6
85...................................................... 63.1
86...................................................... 58.1
87...................................................... 53.5
88...................................................... 49.9
89...................................................... 46.8
90...................................................... 43.3
------------------------------------------------------------------------
Table II.A--FERS Present Value Factors for Ages 40 Through 61
[Applicable to annuity payable when annuity is not increased by cost-of-
living adjustments before age 62 following an election under 5 U.S.C.
Sec. Sec. Sec. 8416(b), 8416(c), 8417(b), or Sec. 8420a, or under
section 1043 of Public Law 104-106]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
40...................................................... 185.8
41...................................................... 186.1
42...................................................... 186.2
43...................................................... 186.3
44...................................................... 186.1
45...................................................... 185.7
46...................................................... 185.4
47...................................................... 185.1
48...................................................... 185.0
49...................................................... 184.6
50...................................................... 184.3
51...................................................... 184.2
52...................................................... 184.1
53...................................................... 184.0
54...................................................... 183.7
55...................................................... 183.4
56...................................................... 183.1
57...................................................... 182.9
58...................................................... 182.7
59...................................................... 182.6
60...................................................... 182.6
61...................................................... 182.6
------------------------------------------------------------------------
Table II.B--FERS Present Value Factors for Ages 40 Through 61
[Applicable to annuity payable when annuity is increased by cost-of-
living adjustments before age 62 following an election under 5 U.S.C.
8416(b), 8416 (c), 8417(b), or 8420a, or under section 1043 of Public
Law 104-106]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
40...................................................... 256.6
41...................................................... 254.3
42...................................................... 251.8
43...................................................... 249.2
44...................................................... 246.6
45...................................................... 243.9
46...................................................... 241.1
47...................................................... 238.1
48...................................................... 235.1
49...................................................... 231.9
50...................................................... 228.6
51...................................................... 225.2
52...................................................... 221.6
53...................................................... 217.9
54...................................................... 214.0
55...................................................... 210.0
56...................................................... 205.9
57...................................................... 201.5
58...................................................... 197.1
59...................................................... 192.5
60...................................................... 187.9
61...................................................... 183.1
------------------------------------------------------------------------
[[Page 35098]]
Table III--FERS Present Value Factors for Ages at Calculation Below 40
[Applicable to annuity payable following an election under section 1043
of Public Law 104-106]
------------------------------------------------------------------------
Present value
Age at calculation of a monthly
annuity
------------------------------------------------------------------------
17...................................................... 292.3
18...................................................... 291.4
19...................................................... 290.3
20...................................................... 289.3
21...................................................... 288.1
22...................................................... 286.9
23...................................................... 285.7
24...................................................... 284.5
25...................................................... 283.1
26...................................................... 281.8
27...................................................... 280.4
28...................................................... 279.0
29...................................................... 277.5
30...................................................... 275.9
31...................................................... 274.3
32...................................................... 272.6
33...................................................... 270.9
34...................................................... 269.0
35...................................................... 267.1
36...................................................... 265.2
37...................................................... 263.2
38...................................................... 261.1
39...................................................... 258.9
------------------------------------------------------------------------
U.S. Office of Personnel Management.
John Berry,
Director.
[FR Doc. 2010-14830 Filed 6-18-10; 8:45 am]
BILLING CODE 6325-39-P
