Civil Service Retirement System; Present Value Factors, 29225-29226 [2014-11762]
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Federal Register / Vol. 79, No. 98 / Wednesday, May 21, 2014 / Notices
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
[FR Doc. 2014–11771 Filed 5–20–14; 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.
AGENCY:
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 March 1, 1991, or elect to
credit certain service with
nonappropriated fund instrumentalities.
This notice is necessary to conform the
present value factors to changes in the
economic and demographic
assumptions 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, 2014.
ADDRESSES: Send requests for actuarial
assumptions and data to the Board of
Actuaries, care of Gregory Kissel, Senior
Actuary, Office of Planning and Policy
Analysis, Office of Personnel
Management, Room 4307, 1900 E Street
NW., Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Karla Yeakle, (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
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
17:42 May 20, 2014
Jkt 232001
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 § 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 March 1, 1991, under
section 8334(d)(2) of title 5, United
States Code; section 1902 of the
National Defense Authorization Act for
Fiscal Year 2010, Public Law 111–84.
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 (76 FR
32241) on June 3, 2011. On May 21,
2014 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
assumptions adopted by the Board of
Actuaries of the CSRS. Those changes
require corresponding changes in CSRS
normal costs and present value factors
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
29225
used to produce actuarially equivalent
benefits when required by the Civil
Service Retirement Act. The revised
factors will become effective on October
1, 2014, 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,
2014. 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, 2014. 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 § 847.603 of title 5,
Code of Federal Regulations, is on or
after October 1, 2014. See 5 CFR
847.602(c) and 847.603.
OPM is, therefore, revising the tables
of present value factors to read as
follows:
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
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
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
E:\FR\FM\21MYN1.SGM
21MYN1
Present value
factor
324.2
320.4
316.4
312.4
308.2
303.8
299.4
294.7
290.0
285.0
280.0
274.9
269.7
264.5
259.1
253.6
248.0
242.3
236.5
230.5
224.4
218.3
212.1
205.8
199.4
192.9
186.4
179.9
173.3
166.7
29226
Federal Register / Vol. 79, No. 98 / Wednesday, May 21, 2014 / 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—Continued
Age
Present value
factor
70 ..........................................
71 ..........................................
72 ..........................................
73 ..........................................
74 ..........................................
75 ..........................................
76 ..........................................
77 ..........................................
78 ..........................................
79 ..........................................
80 ..........................................
81 ..........................................
82 ..........................................
83 ..........................................
84 ..........................................
85 ..........................................
86 ..........................................
87 ..........................................
88 ..........................................
89 ..........................................
90 ..........................................
91 ..........................................
92 ..........................................
93 ..........................................
94 ..........................................
95 ..........................................
96 ..........................................
97 ..........................................
98 ..........................................
99 ..........................................
100 ........................................
101 ........................................
102 ........................................
103 ........................................
104 ........................................
105 ........................................
106 ........................................
107 ........................................
108 ........................................
109 ........................................
160.0
153.4
146.7
140.1
133.5
127.0
120.7
114.4
108.3
102.3
96.5
90.9
85.4
80.2
75.2
70.3
65.7
61.2
56.9
52.9
49.2
45.7
42.4
39.5
36.8
34.4
32.3
30.3
28.6
26.9
25.4
24.1
22.8
21.6
20.8
20.2
19.3
17.7
14.8
9.5
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]
mstockstill on DSK4VPTVN1PROD with NOTICES
Age at calculation
17
18
19
20
21
22
23
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
VerDate Mar<15>2010
17:42 May 20, 2014
Present value
of a monthly
annuity
393.7
391.3
388.8
386.3
383.8
381.2
378.5
Jkt 232001
CSRS PRESENT VALUE FACTORS APPLICABLE TO ANNUITY PAYABLE FOLLOWING AN ELECTION UNDER SECTION 1043 OF PUBLIC LAW 104–
106—Continued
[For ages at calculation below 40]
Present value
of a monthly
annuity
Age at calculation
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
375.8
373.0
370.2
367.3
364.4
361.4
358.4
355.3
352.1
348.9
345.6
342.2
338.7
335.2
331.6
328.0
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
[FR Doc. 2014–11762 Filed 5–20–14; 8:45 am]
BILLING CODE 6325–38–P
for lawyers, a certificate of service.
Hearing requests should state the nature
of the writer’s interest, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
Absent a request for a hearing that is
granted by the Commission, the
Commission intends to issue an order
under the Company Act denying the
Application.
Secretary, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–1090;
Applicant, 5348 Vegas Drive, Suite 391,
Las Vegas, Nevada 89108.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David Joire, Senior Counsel, or Nadya
Roytblat, Assistant Chief Counsel, at
(202) 551–6825, Division of Investment
Management, Chief Counsel’s Office.
The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site at https://www.sec.gov/rules/
other.shtml or by calling (202) 551–
8090.
SUPPLEMENTARY INFORMATION:
I. Background
A. The Applicant
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72173; File No. 811–02815]
Copley Fund, Inc.; Notice of
Application
May 15, 2014.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for
exemptive relief.
AGENCY:
Applicant
requests an order exempting it from rule
22c–1 under the Investment Company
Act of 1940 (‘‘Company Act’’) and rule
4–01(a)(1) of Regulation S–X.
APPLICANT: Copley Fund, Inc. (‘‘Copley’’
or ‘‘Fund’’).
FILING DATE: The application (together
with the exhibits, the ‘‘Application’’)
was filed on September 4, 2013.
HEARING OR NOTIFICATION OF HEARING:
Interested persons may request a
hearing by writing to the Commission’s
Secretary and serving applicant with a
copy of the request, personally or by
mail. Hearing requests should be
received by the Commission by 5:30
p.m. on June 9, 2014, and should be
accompanied by proof of service on the
applicant, in the form of an affidavit or,
SUMMARY OF APPLICATION:
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
1. Copley is a Nevada corporation
registered under the Company Act as an
open-end management investment
company (‘‘open-end fund’’) that issues
redeemable securities.1 Copley has been
operating since 1978 and invests
primarily in U.S. equity securities. The
Application states that Copley’s ‘‘stated
investment objective is the generation
and accumulation of dividend income’’
and ‘‘[i]ts secondary objective is ‘longterm capital appreciation.’’’ The
Application also states that ‘‘[k]ey to the
Fund’s investment objective is its
strategy, contrary to most other [openend] funds, of not distributing
dividends and capital gains to
shareholders but rather accumulating
them within the Fund.’’
1 Section 4(3) of the Company Act defines a
‘‘management company’’ as any investment
company other than a face-amount certificate
company or a unit investment trust. Section 5(a)(1)
of the Company Act defines an ‘‘open-end
company’’ as a management company which is
offering for sale or has outstanding any redeemable
security of which it is the issuer. Section 2(a)(32)
of the Company Act defines ‘‘redeemable security’’
to mean any security, other than short term paper,
under the terms of which the holder, upon
presentation to the issuer or to a person designated
by the issuer, is entitled (whether absolutely or only
out of surplus) to receive approximately his
proportionate share of the issuer’s current net
assets, or the cash equivalent thereof.
E:\FR\FM\21MYN1.SGM
21MYN1
]]>Agencies
[Federal Register Volume 79, Number 98 (Wednesday, May 21, 2014)]
[Notices]
[Pages 29225-29226]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-11762]
-----------------------------------------------------------------------
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
March 1, 1991, or elect to credit certain service with nonappropriated
fund instrumentalities. This notice is necessary to conform the present
value factors to changes in the economic and demographic assumptions
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, 2014.
ADDRESSES: Send requests for actuarial assumptions and data to the
Board of Actuaries, care of Gregory Kissel, Senior Actuary, Office of
Planning and Policy Analysis, Office of Personnel Management, Room
4307, 1900 E Street NW., Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT: Karla Yeakle, (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
Sec. 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 March 1, 1991, under section
8334(d)(2) of title 5, United States Code; section 1902 of the National
Defense Authorization Act for Fiscal Year 2010, Public Law 111-84.
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
(76 FR 32241) on June 3, 2011. On May 21, 2014 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 assumptions adopted by the
Board of Actuaries of the CSRS. Those changes 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 on October 1,
2014, 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, 2014. 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, 2014. 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 Sec. 847.603 of title 5,
Code of Federal Regulations, is on or after October 1, 2014. See 5 CFR
847.602(c) and 847.603.
OPM is, therefore, revising the tables of present value factors to
read as follows:
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
Age factor
------------------------------------------------------------------------
40...................................................... 324.2
41...................................................... 320.4
42...................................................... 316.4
43...................................................... 312.4
44...................................................... 308.2
45...................................................... 303.8
46...................................................... 299.4
47...................................................... 294.7
48...................................................... 290.0
49...................................................... 285.0
50...................................................... 280.0
51...................................................... 274.9
52...................................................... 269.7
53...................................................... 264.5
54...................................................... 259.1
55...................................................... 253.6
56...................................................... 248.0
57...................................................... 242.3
58...................................................... 236.5
59...................................................... 230.5
60...................................................... 224.4
61...................................................... 218.3
62...................................................... 212.1
63...................................................... 205.8
64...................................................... 199.4
65...................................................... 192.9
66...................................................... 186.4
67...................................................... 179.9
68...................................................... 173.3
69...................................................... 166.7
[[Page 29226]]
70...................................................... 160.0
71...................................................... 153.4
72...................................................... 146.7
73...................................................... 140.1
74...................................................... 133.5
75...................................................... 127.0
76...................................................... 120.7
77...................................................... 114.4
78...................................................... 108.3
79...................................................... 102.3
80...................................................... 96.5
81...................................................... 90.9
82...................................................... 85.4
83...................................................... 80.2
84...................................................... 75.2
85...................................................... 70.3
86...................................................... 65.7
87...................................................... 61.2
88...................................................... 56.9
89...................................................... 52.9
90...................................................... 49.2
91...................................................... 45.7
92...................................................... 42.4
93...................................................... 39.5
94...................................................... 36.8
95...................................................... 34.4
96...................................................... 32.3
97...................................................... 30.3
98...................................................... 28.6
99...................................................... 26.9
100..................................................... 25.4
101..................................................... 24.1
102..................................................... 22.8
103..................................................... 21.6
104..................................................... 20.8
105..................................................... 20.2
106..................................................... 19.3
107..................................................... 17.7
108..................................................... 14.8
109..................................................... 9.5
------------------------------------------------------------------------
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
Age at calculation of a monthly
annuity
------------------------------------------------------------------------
17...................................................... 393.7
18...................................................... 391.3
19...................................................... 388.8
20...................................................... 386.3
21...................................................... 383.8
22...................................................... 381.2
23...................................................... 378.5
24...................................................... 375.8
25...................................................... 373.0
26...................................................... 370.2
27...................................................... 367.3
28...................................................... 364.4
29...................................................... 361.4
30...................................................... 358.4
31...................................................... 355.3
32...................................................... 352.1
33...................................................... 348.9
34...................................................... 345.6
35...................................................... 342.2
36...................................................... 338.7
37...................................................... 335.2
38...................................................... 331.6
39...................................................... 328.0
------------------------------------------------------------------------
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
[FR Doc. 2014-11762 Filed 5-20-14; 8:45 am]
BILLING CODE 6325-38-P
