Federal Employees' Retirement System; Normal Cost Percentages, 15036-15037 [2015-06411]

Download as PDF 15036 Federal Register / Vol. 80, No. 54 / Friday, March 20, 2015 / Notices Week of March 30, 2015—Tentative There are no meetings scheduled for the week of March 30, 2015. Week of April 6, 2015—Tentative There are no meetings scheduled for the week of April 6, 2015. Week of April 13, 2015—Tentative Tuesday, April 14, 2015 9:30 a.m. Meeting with the Organization of Agreement States and the Conference of Radiation Control Program Directors (Public Meeting); (Contact: Nima Ashkeboussi, 301- 415–5775) This meeting will be webcast live at the Web address—https://www.nrc.gov/. Week of April 20, 2015—Tentative There are no meetings scheduled for the week of April 20, 2015. Week of April 27, 2015—Tentative mstockstill on DSK4VPTVN1PROD with NOTICES BILLING CODE 7590–01–P OFFICE OF PERSONNEL MANAGEMENT Federal Employees’ Retirement System; Normal Cost Percentages Thursday, April 16, 2015 There are no meetings scheduled for the week of April 27, 2015. * * * * * The schedule for Commission meetings is subject to change on short notice. For more information or to verify the status of meetings, contact Glenn Ellmers at 301–415–0442 or via email at Glenn.Ellmers@nrc.gov. * * * * * The NRC Commission Meeting Schedule can be found on the Internet at: https://www.nrc.gov/public-involve/ public-meetings/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify Kimberly Meyer, NRC Disability Program Manager, at 301–287–0727, by videophone at 240–428–3217, or by email at Kimberly.Meyer-Chambers@ nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * Members of the public may request to receive this information electronically. If you would like to be added to the 20:14 Mar 19, 2015 Dated: March 18, 2015. Glenn Ellmers, Policy Coordinator, Office of the Secretary. [FR Doc. 2015–06575 Filed 3–18–15; 4:15 pm] 9:30 a.m. Meeting with the Advisory Committee on the Medical Uses of Isotopes (Public Meeting); (Contact: Nima Ashkeboussi, 301–415–5775) This meeting will be webcast live at the Web address—https://www.nrc.gov/. VerDate Sep<11>2014 distribution, please contact the Nuclear Regulatory Commission, Office of the Secretary, Washington, DC 20555 (301– 415–1969), or email Brenda.Akstulewicz@nrc.gov or Patricia.Jimenez@nrc.gov. Jkt 235001 Office of Personnel Management. ACTION: Notice. AGENCY: 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, 2015. Agency appeals of the normal cost percentages must be filed no later than September 21, 2015. 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, Senior Actuary, Office of Planning and Policy Analysis, Office of Personnel Management, Room 4307, 1900 E Street NW., Washington, DC 20415. SUMMARY: FOR FURTHER INFORMATION CONTACT: Karla Yeakle, (202) 606–0299. The FERS Act of 1986, Pub. L. 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 portion 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 SUPPLEMENTARY INFORMATION: PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 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). The normal cost calculations depend on economic and demographic assumptions. Subpart D of part 841 of title 5, Code of Federal Regulations, regulates how normal costs are determined. In its meeting on June 18, 2013, the Board of Actuaries of the Civil Service Retirement System (the Board) recommended changes to certain demographic assumptions used in the actuarial valuations of CSRS and FERS. The most significant change applies additional projected mortality improvement resulting in greater assumed annuitant longevity. The previous assumptions reflected mortality rates improved to year 2024; the revised projection assumes mortality rates are expected to improve indefinitely at an ultimate rate of 1.0 percent annually for employees and non-disabled annuitants. OPM has adopted the Board’s recommendations. With regard to the economic assumptions described under section 841.402 of title 5, Code of Federal Regulations, used in the actuarial valuations of FERS, the Board concluded that it would be appropriate to continue to assume a rate of investment return of 5.25 percent. In addition, the Board determined that the assumed inflation rate should remain at 3.00 percent and that the projected rate of General Schedule salary increases should remain at 3.25 percent. These salary increases are in addition to assumed within-grade increases. These assumptions are intended to reflect the long term expected future experience of the Systems. 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 demographic and economic assumptions described above, OPM has determined the normal cost percentage for each category of employees under section 841.403 of title 5, Code of Federal Regulations. Section 5001 of Public Law 112–96, The Middle Class Tax Relief and Jobs Creation Act of 2012, established provisions for FERS Revised Annuity Employees (FERS–RAE). The law permanently increases the retirement contributions by 2.30 percent of pay for these employees. Subsequently, Section 401 of Public Law 113–67, the Bipartisan Budget Act of 2013, created another class of FERS coverage, FERS- E:\FR\FM\20MRN1.SGM 20MRN1 15037 Federal Register / Vol. 80, No. 54 / Friday, March 20, 2015 / Notices Further Revised Annuity Employee (FERS–FRAE). Employees subject to FERS–FRAE coverage must pay even higher employee contributions than employees subject to FERS–RAE. Employees subject to FERS–FRAE must pay an increase of 1.30 percent of pay above the percentage set for FERS–RAE. Separate normal cost percentages apply for FERS–RAE and for FERS–FRAE. The Governmentwide normal cost percentages, including the employee contributions, are as follows: NORMAL COST PERCENTAGES FOR FERS, FERS-REVISED ANNUITY EMPLOYEE (RAE), AND FERS-FURTHER REVISED ANNUITY (FRAE) GROUPS FERS normal cost (percent) Group Members ...................................................................................................................................... Congressional employees, except members of the Capitol Police ............................................. Congressional employees who are members of the Capitol Police ........................................... 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 regular FERS employees .............................................................................................. Under section 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, 2015. The time limit and address for filing agency appeals under sections 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. Katherine Archuleta, Director. [FR Doc. 2015–06411 Filed 3–19–15; 8:45 am] BILLING CODE 6325–38–P OFFICE OF PERSONNEL MANAGEMENT Excepted Service U.S. Office of Personnel Management (OPM). AGENCY: ACTION: Notice. This notice identifies Schedule A, B, and C appointing authorities applicable to a single agency that were established or revoked from January 1, 2015, to January 31, 2015. SUMMARY: FOR FURTHER INFORMATION CONTACT: FERS–RAE normal cost (percent) FERS–FRAE normal cost (percent) 22.1 20.4 20.4 15.0 15.0 20.9 15.1 15.1 21.0 31.4 33.1 18.1 32.0 33.7 18.5 32.1 33.7 18.7 20.3 14.5 20.9 15.0 21.0 15.1 month in the Federal Register at www.gpo.gov/fdsys/. OPM also publishes an annual notice of the consolidated listing of all Schedule A, B, and C appointing authorities, current as of June 30, in the Federal Register. Schedule A Senior Executive Resources Services, Senior Executive Services and Performance Management, Employee Services, (202) 606–2246. No Schedule A Authorities to report during January 2015. In accordance with 5 CFR 213.103, Schedule A, B, and C appointing authorities available for use by all agencies are codified in the Code of Federal Regulations (CFR). Schedule A, B, and C appointing authorities applicable to a single agency are not codified in the CFR, but the U.S. Office of Personnel Management (OPM) publishes a notice of agency-specific authorities established or revoked each No Schedule B authorities to report during January 2015. SUPPLEMENTARY INFORMATION: Schedule B Schedule C The following Schedule C appointing authorities were approved during January 2015. Authorization No. Organization name Position title Department of Agriculture ............... mstockstill on DSK4VPTVN1PROD with NOTICES Agency name Office of the Assistant Secretary for Congressional Relations. Office of Communications .............. Office of the Chief of Staff ............. Office of Commissioners ................ Senior Legislative Analyst .............. DA150035 1/15/2015 Deputy Director .............................. Director of Advance and Protocol .. Special Assistant (Legal) ................ DA150041 DC150043 PS150002 1/20/2015 1/15/2015 1/22/2015 Defense Fellow ............................... Special Assistant (Legislative Affairs) (Chief Policy). Special Assistant ............................ Director of Scheduling .................... Special Assistant ............................ DD150035 DD150045 1/7/2015 1/23/2015 DW150012 EB150001 DM150049 1/28/2015 1/23/2015 1/7/2015 Special Assistant ............................ DM150050 1/20/2015 Department of Commerce ............... Consumer Product Safety Commission. Department of Defense ................... Department of the Army .................. Export-Import Bank ......................... Department of Homeland Security .. VerDate Sep<11>2014 20:14 Mar 19, 2015 Washington Headquarters Services Office of Assistant Secretary of Defense (Legislative Affairs). Office of the Under Secretary ........ Office of the Chairman ................... Federal Emergency Management Agency. Office of the Chief of Staff ............. Jkt 235001 PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 E:\FR\FM\20MRN1.SGM 20MRN1 Effective date

Agencies

[Federal Register Volume 80, Number 54 (Friday, March 20, 2015)]
[Notices]
[Pages 15036-15037]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-06411]


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OFFICE OF PERSONNEL MANAGEMENT


Federal Employees' Retirement System; Normal Cost Percentages

AGENCY: Office of Personnel Management.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: 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, 
2015. Agency appeals of the normal cost percentages must be filed no 
later than September 21, 2015.

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, 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: The FERS Act of 1986, Pub. L. 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 portion 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). The normal cost 
calculations depend on economic and demographic assumptions. Subpart D 
of part 841 of title 5, Code of Federal Regulations, regulates how 
normal costs are determined.
    In its meeting on June 18, 2013, the Board of Actuaries of the 
Civil Service Retirement System (the Board) recommended changes to 
certain demographic assumptions used in the actuarial valuations of 
CSRS and FERS. The most significant change applies additional projected 
mortality improvement resulting in greater assumed annuitant longevity. 
The previous assumptions reflected mortality rates improved to year 
2024; the revised projection assumes mortality rates are expected to 
improve indefinitely at an ultimate rate of 1.0 percent annually for 
employees and non-disabled annuitants. OPM has adopted the Board's 
recommendations.
    With regard to the economic assumptions described under section 
841.402 of title 5, Code of Federal Regulations, used in the actuarial 
valuations of FERS, the Board concluded that it would be appropriate to 
continue to assume a rate of investment return of 5.25 percent. In 
addition, the Board determined that the assumed inflation rate should 
remain at 3.00 percent and that the projected rate of General Schedule 
salary increases should remain at 3.25 percent. These salary increases 
are in addition to assumed within-grade increases. These assumptions 
are intended to reflect the long term expected future experience of the 
Systems.
    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 demographic and economic assumptions described 
above, OPM has determined the normal cost percentage for each category 
of employees under section 841.403 of title 5, Code of Federal 
Regulations.
    Section 5001 of Public Law 112-96, The Middle Class Tax Relief and 
Jobs Creation Act of 2012, established provisions for FERS Revised 
Annuity Employees (FERS-RAE). The law permanently increases the 
retirement contributions by 2.30 percent of pay for these employees. 
Subsequently, Section 401 of Public Law 113-67, the Bipartisan Budget 
Act of 2013, created another class of FERS coverage, FERS-

[[Page 15037]]

Further Revised Annuity Employee (FERS-FRAE). Employees subject to 
FERS-FRAE coverage must pay even higher employee contributions than 
employees subject to FERS-RAE. Employees subject to FERS-FRAE must pay 
an increase of 1.30 percent of pay above the percentage set for FERS-
RAE. Separate normal cost percentages apply for FERS-RAE and for FERS-
FRAE.
    The Governmentwide normal cost percentages, including the employee 
contributions, are as follows:

 Normal Cost Percentages for FERS, FERS-Revised Annuity Employee (RAE), and FERS-Further Revised Annuity (FRAE)
                                                     Groups
----------------------------------------------------------------------------------------------------------------
                                                                    FERS normal      FERS-RAE        FERS-FRAE
                              Group                                    cost         normal cost     normal cost
                                                                     (percent)       (percent)       (percent)
----------------------------------------------------------------------------------------------------------------
Members.........................................................            22.1            15.0            15.1
Congressional employees, except members of the Capitol Police...            20.4            15.0            15.1
Congressional employees who are members of the Capitol Police...            20.4            20.9            21.0
Law enforcement officers, members of the Supreme Court Police,              31.4            32.0            32.1
 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.........................................            33.1            33.7            33.7
Military reserve technicians....................................            18.1            18.5            18.7
Employees under section 303 of the Central Intelligence Agency              20.3            20.9            21.0
 Retirement Act of 1964 for certain employees (when serving
 abroad)........................................................
All other regular FERS employees................................            14.5            15.0            15.1
----------------------------------------------------------------------------------------------------------------

    Under section 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, 2015.
    The time limit and address for filing agency appeals under sections 
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.
Katherine Archuleta,
Director.
[FR Doc. 2015-06411 Filed 3-19-15; 8:45 am]
 BILLING CODE 6325-38-P
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