Civil Service Retirement System; Present Value Factors, 22525-22527 [2019-10294]
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Federal Register / Vol. 84, No. 96 / Friday, May 17, 2019 / Notices
jbell on DSK3GLQ082PROD with NOTICES
routinely edited to remove identifying
or contact information.
If you are requesting or aggregating
comments from other persons for
submission to the OMB, then you
should inform those persons not to
include identifying or contact
information that they do not want to be
publicly disclosed in their comment
submission. Your request should state
that comment submissions are not
routinely edited to remove such
information before making the comment
submissions available to the public or
entering the comment into ADAMS.
II. Background
Under the provisions of the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35), the NRC recently
submitted a request for renewal of an
existing collection of information to
OMB for review entitled, ‘‘NRC Form
313, ‘Application for Materials License’
and NRC Forms 313A (RSO), 313A
(AMP), 313A (ANP), 313A (AUD), 313A
(AUT), and 313A (AUS).’’ The NRC
hereby informs potential respondents
that an agency may not conduct or
sponsor, and that a person is not
required to respond to, a collection of
information unless it displays a
currently valid OMB control number.
The NRC published a Federal
Register notice with a 60-day comment
period on this information collection on
February 13, 2019, 84 FR 3834.
1. The title of the information
collection: NRC Form 313, ‘‘Application
for Materials License’’ and NRC Forms
313A (RSO), 313A (AMP), 313A (ANP),
313A (AUD), 313A (AUT), and 313A
(AUS).
2. OMB approval number: 3150–0120.
3. Type of submission: Revision.
4. The form number, if applicable:
NRC Form 313, ‘‘Application for
Materials License’’ and NRC Forms
313A (RSO), 313A (AMP), 313A (ANP),
313A (AUD), 313A (AUT), and 313A
(AUS).
5. How often the collection is required
or requested: There is a one-time
submittal of the NRC Form 313 (which
may include the NRC Form 313A series
of forms) with information to receive a
license. Once a specific license has been
issued, there is a 15-year resubmittal of
the NRC Form 313 (which may include
the NRC form 313A series of forms) with
information for renewal of the license.
Amendment requests are submitted as
needed by the licensee. There is a onetime submittal for all limited specific
medical use applicants of a NRC Form
313A series form to have each new
individual identified as a Radiation
Safety Officer (RSO) or Associate
Radiation Safety Officer (ARSO) [NRC
VerDate Sep<11>2014
17:05 May 16, 2019
Jkt 247001
Form 313A (RSO)], authorized medical
physicist or ophthalmic physicist [NRC
Form 313A (AMP)], authorized nuclear
pharmacist [NRC Form 313A (ANP)], or
authorized user [NRC Form 313A
(AUD), NRC Form 313A (AUS), or NRC
Form 313A (AUT)] or a subsequent
submittal of additional information for
one of these individuals to be identified
with a new authorization on a limited
specific medical use license.
NRC Form 313A (RSO) is also used by
medical broad scope licensees when
identifying a new individual as an RSO,
a new individual as an ARSO, adding an
additional RSO authorization, or adding
an additional ARSO authorization for
the individual. This submittal may
occur when applying for a new license,
amendment, or renewal.
NRC Form 313A (ANP) is also used by
commercial nuclear pharmacy licensees
when requesting an individual be
identified for the first time as ANP. This
submittal may occur when applying for
a new license, amendment, or renewal.
6. Who will be required or asked to
respond: All applicants requesting a
license, amendment or renewal of a
license for byproduct or source material.
7. The estimated number of annual
responses: The number of annual
respondents: 8,904 (1,049 NRC licensees
and 7,231 Agreement State licensees +
624 Third party responses).
8. The estimated number of annual
respondents: The number of annual
respondents: 8,904 (1,049 NRC licensees
and 7,231 Agreement State licensees +
624 third party respondents).
9. The estimated number of hours
needed annually to comply with the
information collection requirement or
request: 35,634 (4,510 NRC and 31,093
Agreement State hours + 31 third party
hours).
10. Abstract: Applicants must submit
NRC Form 313, which may include the
six forms in the 313A series, to obtain
a specific license to possess, use, or
distribute byproduct or source material.
These six forms in the 313A series are:
(1) NRC Form 313A (RSO), ‘‘Radiation
Safety Officer or Associate Radiation
Safety Officer Training, Experience and
Preceptor Attestation [10 CFR 35.57,
35.50]’’; (2) NRC Form 313A (AMP),
‘‘Authorized Medical Physicist or
Ophthalmic Physicist, Training,
Experience and Preceptor Attestation
[10 CFR 35.51, 35.57(a)(3), and 35.433’’;
(3) NRC Form 313A (ANP), ‘‘Authorized
Nuclear Pharmacist Training,
Experience, and Preceptor Attestation
10 CFR 35.55’’; (4) NRC Form 313A
(AUD), ‘‘Authorized User Training,
Experience and Preceptor Attestation
(for uses defined under 35.100, 35.200,
and 35.500) 10 CFR 35.57, 35.190,
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Frm 00096
Fmt 4703
Sfmt 4703
22525
35.290, and 35.590’’; (5) NRC Form
313A (AUT), ‘‘Authorized User
Training, Experience, and Preceptor
Attestation (for uses defined under
35.300) 10 CFR 35.57, 35.390, 35.392,
35.394, and 35.396’’; and (6) NRC Form
313A (AUS), ‘‘Authorized User
Training, Experience and Preceptor
Attestation (for uses defined under
35.400 and 35.600) 10 CFR 35.57,
35.490, 35.491, and 35.690.’’ The NRC
Form 313A series of forms requires
preceptor attestations for certain
individuals. The preceptor attestation is
provided by a third party and not an
applicant or licensee. The information is
reviewed by the NRC to determine
whether the applicant is qualified by
training and experience, and has
equipment, facilities, and procedures
which are adequate to protect the public
health and safety and minimize danger
to life or property.
Dated at Rockville, Maryland, this 14th day
of May 2019.
For the Nuclear Regulatory Commission.
David C. Cullison,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 2019–10317 Filed 5–16–19; 8:45 am]
BILLING CODE 7590–01–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; to retiring
employees who elect the alternative
form of annuity, owe certain redeposits
based on refunds of contributions for
service ending before March 1, 1991, or
elect to credit certain service with
nonappropriated fund instrumentalities;
or, for individuals with certain types of
retirement coverage errors who can elect
to receive credit for service by taking an
actuarial reduction under the provisions
of the Federal Erroneous Retirement
Coverage Correction Act. 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.
SUMMARY:
E:\FR\FM\17MYN1.SGM
17MYN1
22526
Federal Register / Vol. 84, No. 96 / Friday, May 17, 2019 / Notices
The revised present value factors
apply to survivor reductions or
employee annuities that commence on
or after October 1, 2019.
ADDRESSES: Send requests for actuarial
assumptions and data to the Board of
Actuaries, care of Gregory Kissel, Senior
Actuary, Office of Healthcare and
Insurance, Office of Personnel
Management, Room 4316, 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 section 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.
jbell on DSK3GLQ082PROD with NOTICES
DATES:
VerDate Sep<11>2014
17:05 May 16, 2019
Jkt 247001
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.
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.
Subpart I of part 847 of title 5, Code of
Federal Regulations, prescribes the use
of present value factors for employees
that elect to credit nonappropriated
fund instrumentality service to qualify
for immediate retirement under section
1132 of Public Law 107–107.
Sections 839.1114–1121 of title 5,
Code of Federal Regulations, prescribes
the use of these factors for computing
the reduction required for certain
service credit deposits, Government
Thrift Savings Plan contributions, or for
previous payment of the FERS Basic
Employee Death Benefit in annuities
subject to the Federal Erroneous
Retirement Coverage Corrections Act
(FERCCA) under the provisions of
Public Law 106–265. Retirees and
survivors who owe a larger deposit
because of a retirement coverage error
can choose to pay the additional deposit
amount or their annuity will be
actuarially reduced to account for the
deposit amount that remains unpaid.
Additionally, retirees and survivors of
deceased employees who received
Government contributions to their Thrift
Savings Plan account after being
corrected to FERS and who later elect
CSRS Offset under FERCCA keep the
Government contributions and
associated earnings in their Thrift
Savings Plan account. Instead of
adjusting the Thrift Savings Plan
account, FERCCA requires that the
CSRS-Offset annuity be actuarially
reduced. Also, survivors that received
the FERS Basic Employee Death Benefit
and elect CSRS Offset under FERCCA
do not have to pay back the Basic
Employee Death Benefit. Instead, OPM
actuarially reduces the survivor annuity
payable. These reductions under
FERCCA allow the annuity to be
actuarially reduced in a way that, on
average, allows the Fund to recover the
amount of the missing lump sum over
the recipient’s lifetime.
The present value factors currently in
effect were published by OPM (80 FR
18263) on April 3, 2015. On May 17,
2019, OPM published a notice to revise
the normal cost percentage under the
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
Federal Employees’ Retirement System
(FERS) Act of 1986, Public Law 99–335,
based on changed 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, 2019, 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, 2019. 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, 2019.
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
sections 847.603 or 847.809 of title 5,
Code of Federal Regulations, is on or
after October 1, 2019. See 5 CFR
842.602, 842.616, 847.603, and
§ 847.809. For retirement coverage
corrections under FERCCA, the new
factors will apply to annuities that
commence on or after October 1, 2019,
or in the case of previous payment of
the Basic Employee Death Benefit, the
new factors will apply to deaths
occurring on or after October 1, 2019.
See 5 CFR 839.1114–1121 and 5 CFR
831.303(d).
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 UNDER
SECTION 1132 OF PUBLIC LAW 107–
107 OR UNDER FERCCA 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
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
..........................................
E:\FR\FM\17MYN1.SGM
17MYN1
Present
value factor
351.8
347.1
342.2
337.2
332.1
326.9
321.6
316.4
311.1
Federal Register / Vol. 84, No. 96 / Friday, May 17, 2019 / 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 UNDER
SECTION 1132 OF PUBLIC LAW 107–
107 OR UNDER FERCCA OR FOLLOWING A REDEPOSIT UNDER SECTION 8334(d)(2) OF TITLE 5, UNITED
STATES CODE—Continued
jbell on DSK3GLQ082PROD with NOTICES
Age
49 ..........................................
50 ..........................................
51 ..........................................
52 ..........................................
53 ..........................................
54 ..........................................
55 ..........................................
56 ..........................................
57 ..........................................
58 ..........................................
59 ..........................................
60 ..........................................
61 ..........................................
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 ..........................................
91 ..........................................
92 ..........................................
93 ..........................................
94 ..........................................
95 ..........................................
96 ..........................................
97 ..........................................
98 ..........................................
99 ..........................................
100 ........................................
101 ........................................
102 ........................................
103 ........................................
104 ........................................
105 ........................................
106 ........................................
VerDate Sep<11>2014
17:05 May 16, 2019
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 UNDER
SECTION 1132 OF PUBLIC LAW 107–
107 OR UNDER FERCCA OR FOLLOWING A REDEPOSIT UNDER SECTION 8334(d)(2) OF TITLE 5, UNITED
STATES CODE—Continued
22527
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ 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 who elect to
provide survivor annuity benefits to a
Present
spouse based on post-retirement
Present
Age
value factor
value factor
marriage, and to retiring employees who
elect the alternative form of annuity or
305.9 107 ........................................
14.2 elect to credit certain service with
300.7 108 ........................................
9.5 nonappropriated fund instrumentalities.
295.3 109 ........................................
6.4 This notice is necessary to conform the
289.8
present value factors to changes in the
284.1
278.2
CSRS PRESENT VALUE FACTORS AP- economic and demographic
272.2
assumptions adopted by the Board of
PLICABLE TO ANNUITY PAYABLE FOL266.0
Actuaries of the Civil Service
LOWING AN ELECTION UNDER SEC259.7
Retirement System.
253.3
TION 1043 OF PUBLIC LAW 104–106
DATES
: The revised present value factors
246.8
OR UNDER SECTION 1132 OF PUB- apply to survivor reductions or
240.2
LIC LAW 107–107 OR UNDER employee annuities that commence on
233.5
FERCCA
226.7
or after October 1, 2019.
219.8
[For ages at calculation below 40]
ADDRESSES: Send requests for actuarial
212.9
assumptions and data to the Board of
206.0
Present
Actuaries, care of Gregory Kissel, Senior
199.0
value of a
Actuary, Office of Healthcare and
Age at calculation
192.0
monthly
Insurance, Office of Personnel
184.9
annuity
Management, Room 4316, 1900 E Street
177.8
170.7 17 ..........................................
443.1 NW, Washington, DC 20415.
163.6 18 ..........................................
439.8 FOR FURTHER INFORMATION CONTACT:
156.5 19 ..........................................
436.4 Karla Yeakle, (202) 606–0299.
149.5
20 ..........................................
432.9 SUPPLEMENTARY INFORMATION: Several
142.5
429.4 provisions of the Federal Employees’
135.6 21 ..........................................
425.9 Retirement System (FERS) require
128.8 22 ..........................................
422.3 reduction of annuities on an actuarial
122.1 23 ..........................................
418.6 basis. Under each of these provisions,
115.5 24 ..........................................
414.9 OPM is required to issue regulations on
109.0 25 ..........................................
102.7 26 ..........................................
411.2 the method of determining the
96.6 27 ..........................................
407.4 reduction to ensure that the present
90.6 28 ..........................................
403.5 value of the reduced annuity plus a
84.9 29 ..........................................
399.6 lump-sum equals, to the extent
79.4
30 ..........................................
395.6 practicable, the present value of the
74.1
31
..........................................
391.5 unreduced benefit. The regulations for
69.0
387.4 each of these benefits provide that OPM
64.1 32 ..........................................
383.2 will publish a notice in the Federal
59.6 33 ..........................................
378.9 Register whenever it changes the factors
55.3 34 ..........................................
51.3 35 ..........................................
374.6 used to compute the present values of
47.7 36 ..........................................
370.2 these benefits.
44.2 37 ..........................................
365.7
Section 842.706(a) of title 5, Code of
41.1 38 ..........................................
361.2 Federal Regulations, prescribes the
38.2 39 ..........................................
356.5 method for computing the reduction in
35.6
the beginning rate of annuity payable to
33.2
31.1 Alexys Stanley,
a retiree who elects an alternative form
29.2 Regulatory Affairs Analyst, Office of
of annuity under 5 U.S.C. 8420a. That
27.4 Personnel Management.
reduction is required to produce an
25.9
annuity that is the actuarial equivalent
[FR
Doc.
2019–10294
Filed
5–16–19;
8:45
am]
24.4
of the annuity of a retiree who does not
23.1 BILLING CODE 6325–38–P
elect an alternative form of annuity. The
21.8
present value factors listed below are
20.5
used to compute the annuity reduction
18.9
17.0
under 5 CFR 842.706(a).
Jkt 247001
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Frm 00098
Fmt 4703
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SUMMARY:
E:\FR\FM\17MYN1.SGM
17MYN1
]]>Agencies
[Federal Register Volume 84, Number 96 (Friday, May 17, 2019)]
[Notices]
[Pages 22525-22527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10294]
=======================================================================
-----------------------------------------------------------------------
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; to
retiring employees who elect the alternative form of annuity, owe
certain redeposits based on refunds of contributions for service ending
before March 1, 1991, or elect to credit certain service with
nonappropriated fund instrumentalities; or, for individuals with
certain types of retirement coverage errors who can elect to receive
credit for service by taking an actuarial reduction under the
provisions of the Federal Erroneous Retirement Coverage Correction Act.
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.
[[Page 22526]]
DATES: The revised present value factors apply to survivor reductions
or employee annuities that commence on or after October 1, 2019.
ADDRESSES: Send requests for actuarial assumptions and data to the
Board of Actuaries, care of Gregory Kissel, Senior Actuary, Office of
Healthcare and Insurance, Office of Personnel Management, Room 4316,
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
section 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.
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. Subpart I of part 847 of
title 5, Code of Federal Regulations, prescribes the use of present
value factors for employees that elect to credit nonappropriated fund
instrumentality service to qualify for immediate retirement under
section 1132 of Public Law 107-107.
Sections 839.1114-1121 of title 5, Code of Federal Regulations,
prescribes the use of these factors for computing the reduction
required for certain service credit deposits, Government Thrift Savings
Plan contributions, or for previous payment of the FERS Basic Employee
Death Benefit in annuities subject to the Federal Erroneous Retirement
Coverage Corrections Act (FERCCA) under the provisions of Public Law
106-265. Retirees and survivors who owe a larger deposit because of a
retirement coverage error can choose to pay the additional deposit
amount or their annuity will be actuarially reduced to account for the
deposit amount that remains unpaid. Additionally, retirees and
survivors of deceased employees who received Government contributions
to their Thrift Savings Plan account after being corrected to FERS and
who later elect CSRS Offset under FERCCA keep the Government
contributions and associated earnings in their Thrift Savings Plan
account. Instead of adjusting the Thrift Savings Plan account, FERCCA
requires that the CSRS-Offset annuity be actuarially reduced. Also,
survivors that received the FERS Basic Employee Death Benefit and elect
CSRS Offset under FERCCA do not have to pay back the Basic Employee
Death Benefit. Instead, OPM actuarially reduces the survivor annuity
payable. These reductions under FERCCA allow the annuity to be
actuarially reduced in a way that, on average, allows the Fund to
recover the amount of the missing lump sum over the recipient's
lifetime.
The present value factors currently in effect were published by OPM
(80 FR 18263) on April 3, 2015. On May 17, 2019, 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 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, 2019, 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, 2019. 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, 2019. 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
sections 847.603 or 847.809 of title 5, Code of Federal Regulations, is
on or after October 1, 2019. See 5 CFR 842.602, 842.616, 847.603, and
Sec. 847.809. For retirement coverage corrections under FERCCA, the
new factors will apply to annuities that commence on or after October
1, 2019, or in the case of previous payment of the Basic Employee Death
Benefit, the new factors will apply to deaths occurring on or after
October 1, 2019. See 5 CFR 839.1114-1121 and 5 CFR 831.303(d).
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 Under
Section 1132 of Public Law 107-107 or Under FERCCA or Following a
Redeposit Under Section 8334(d)(2) of Title 5, United States Code
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
40...................................................... 351.8
41...................................................... 347.1
42...................................................... 342.2
43...................................................... 337.2
44...................................................... 332.1
45...................................................... 326.9
46...................................................... 321.6
47...................................................... 316.4
48...................................................... 311.1
[[Page 22527]]
49...................................................... 305.9
50...................................................... 300.7
51...................................................... 295.3
52...................................................... 289.8
53...................................................... 284.1
54...................................................... 278.2
55...................................................... 272.2
56...................................................... 266.0
57...................................................... 259.7
58...................................................... 253.3
59...................................................... 246.8
60...................................................... 240.2
61...................................................... 233.5
62...................................................... 226.7
63...................................................... 219.8
64...................................................... 212.9
65...................................................... 206.0
66...................................................... 199.0
67...................................................... 192.0
68...................................................... 184.9
69...................................................... 177.8
70...................................................... 170.7
71...................................................... 163.6
72...................................................... 156.5
73...................................................... 149.5
74...................................................... 142.5
75...................................................... 135.6
76...................................................... 128.8
77...................................................... 122.1
78...................................................... 115.5
79...................................................... 109.0
80...................................................... 102.7
81...................................................... 96.6
82...................................................... 90.6
83...................................................... 84.9
84...................................................... 79.4
85...................................................... 74.1
86...................................................... 69.0
87...................................................... 64.1
88...................................................... 59.6
89...................................................... 55.3
90...................................................... 51.3
91...................................................... 47.7
92...................................................... 44.2
93...................................................... 41.1
94...................................................... 38.2
95...................................................... 35.6
96...................................................... 33.2
97...................................................... 31.1
98...................................................... 29.2
99...................................................... 27.4
100..................................................... 25.9
101..................................................... 24.4
102..................................................... 23.1
103..................................................... 21.8
104..................................................... 20.5
105..................................................... 18.9
106..................................................... 17.0
107..................................................... 14.2
108..................................................... 9.5
109..................................................... 6.4
------------------------------------------------------------------------
CSRS Present Value Factors Applicable to Annuity Payable Following an
Election Under Section 1043 of Public Law 104-106 or Under Section 1132
of Public Law 107-107 or Under FERCCA
[For ages at calculation below 40]
------------------------------------------------------------------------
Present value
Age at calculation of a monthly
annuity
------------------------------------------------------------------------
17...................................................... 443.1
18...................................................... 439.8
19...................................................... 436.4
20...................................................... 432.9
21...................................................... 429.4
22...................................................... 425.9
23...................................................... 422.3
24...................................................... 418.6
25...................................................... 414.9
26...................................................... 411.2
27...................................................... 407.4
28...................................................... 403.5
29...................................................... 399.6
30...................................................... 395.6
31...................................................... 391.5
32...................................................... 387.4
33...................................................... 383.2
34...................................................... 378.9
35...................................................... 374.6
36...................................................... 370.2
37...................................................... 365.7
38...................................................... 361.2
39...................................................... 356.5
------------------------------------------------------------------------
Alexys Stanley,
Regulatory Affairs Analyst, Office of Personnel Management.
[FR Doc. 2019-10294 Filed 5-16-19; 8:45 am]
BILLING CODE 6325-38-P
