Federal Employees' Retirement System; Normal Cost Percentages, 22915-22916 [2019-10292]
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Federal Register / Vol. 84, No. 97 / Monday, May 20, 2019 / Notices
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Accession No.
April 25, 2016 ......................
April 25, 2016 ......................
Consultation Letter: ML16120A553–RLSO .......................................................................................
Letter to M. Fris re: U.S. Nuclear Regulatory Commission Preliminary Determination of No Effects Regarding the Humboldt Bay Independent Spent Fuel Storage Installation Decommissioning Funding Plan.
NRC staff’s Final EA for the approval of the decommissioning funding plan ...................................
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April 26, 2019 ......................
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of May 2019.
For the Nuclear Regulatory Commission.
John McKirgan,
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of Spent Fuel Management, Office of Nuclear
Material Safety and Safeguards.
[FR Doc. 2019–10419 Filed 5–17–19; 8:45 am]
BILLING CODE 7590–01–P
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ Retirement
System; Normal Cost Percentages
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, 2019.
Agency appeals of the normal cost
percentages must be filed no later than
November 19, 2019.
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 Healthcare and Insurance, Office of
Personnel Management, Room 4316,
1900 E Street NW, Washington, DC
20415.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Karla Yeakle, (202) 606–0299.
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
SUPPLEMENTARY INFORMATION:
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22915
VerDate Sep<11>2014
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Jkt 247001
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 1, 2017, the
Board of Actuaries of the Civil Service
Retirement System (the Board)
recommended revisions to the long term
economic assumptions and
recommended changes to the
demographic assumptions used in the
actuarial valuations of CSRS and FERS.
The economic assumptions have
decreased from the previous long term
economic assumptions. The
demographic assumptions include
assumed rates of mortality, employee
withdrawal, retirement, and merit and
longevity pay increases. The revised
demographic assumptions are generally
based on the recent ten-year or twentyyear experience under the retirement
systems, modified to reflect expected
future experience where applicable.
OPM has adopted the Board’s
recommendations.
On October 25, 2017, OPM published
revised regulations related to the
calculation of the FERS normal cost
percentages. These regulations clarified
the employee categories OPM uses to
compute the FERS normal cost
percentages and added a category of
normal cost percentage for employees of
the U.S. Postal Service. Because these
revised regulations had not been
published when the Board met on June
1, 2017, the recommended demographic
assumptions reflect expected
government-wide experience rather than
separate postal-specific and non-postal
specific experience. For non-postal
employees, the normal cost percentage
will reflect the economic assumptions
PO 00000
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Fmt 4703
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ML19120A216
and government-wide demographic
assumptions determined by the Board at
its June 1, 2017, meeting. The normal
cost percentages for employees of the
Postal Service will also reflect the
economic assumptions determined by
the Board at its June 1, 2017, meeting
but will use demographic assumptions
that are based on assumptions specific
to the expected experience of postal
employees.
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 assume a rate of investment return of
4.50 percent, a reduction of 0.75 percent
from the existing rate of 5.25 percent. In
addition, the Board determined that the
assumed inflation rate should be
reduced 0.50 percent from 3.00 percent
to 2.50 percent, that the assumed rate of
FERS annuitant Cost of Living
Adjustments should remain at 80
percent of the assumed rate of inflation,
and that the projected rate of General
Schedule salary increases should be
reduced 0.50 percent from 3.25 percent
to 2.75 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, FERSFurther Revised Annuity Employee
(FERS–FRAE). Employees subject to
E:\FR\FM\20MYN1.SGM
20MYN1
22916
Federal Register / Vol. 84, No. 97 / Monday, May 20, 2019 / Notices
FERS–FRAE must pay an increase of
1.30 percent of pay above the retirement
contribution percentage set for FERS–
RAE. Separate normal cost percentages
apply for employees covered under
FERS–RAE and for employees covered
under FERS–FRAE.
The normal cost percentages for each
category of employee, 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, including 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) ...............................................................................
Other employees of the United States Postal Service ................................................................
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, 2019.
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.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
BILLING CODE 6325–38–P
POSTAL SERVICE
Privacy Act of 1974; System of
Records
Postal ServiceTM.
ACTION: Notice of a modified system of
records; response to comments.
AGENCY:
The United States Postal
Service® (Postal Service) is responding
to public comments regarding revisions
to a Customer Privacy Act Systems of
Records (SOR). These revisions were
made to support the Targeted Offers
Powered by Informed Address (IA)
service initiative, within the Informed
Delivery platform. There will be no
changes to the system of records or the
implementation date of March 11, 2019
in light of the public comments.
DATES: The revisions to USPS SOR
820.300 Informed Delivery were
originally scheduled to be effective on
March 11, 2019, without further notice.
After review and evaluation of
comments received, the Postal Service
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16:41 May 17, 2019
Jkt 247001
FOR FURTHER INFORMATION CONTACT:
Janine Castorina, Chief Privacy and
Records Management Officer, Privacy
and Records Office, United States Postal
Service, 475 L’Enfant Plaza SW, Room
1P830, Washington, DC 20260–1101,
telephone 202–268–3069, or privacy@
usps.gov.
On
February 7, 2019, the Postal Service
published notice of its intent to modify
an existing system of records, USPS
820.300 Informed Delivery to support
the Targeted Offers application.
Targeted Offers Powered by Informed
Address (‘‘Targeted Offers’’) is an
application that will enable consumers
to securely share their preferences
related to marketing content with
mailers, and mailers to target and
prospect consumers based on this data.
Targeted Offers will be incorporated
into the Informed Delivery platform,
allowing the Postal Service to capitalize
on Informed Delivery’s success and
existing user base. As a new feature of
Informed Delivery, Targeted Offers will
encourage new user adoption and
provide additional benefits for current
users.
The Postal Service provides the
following responses to the comments
received pursuant to its Federal
Register notice regarding Targeted
Offers Powered by Informed Address
service:
(1) Comment: The comments received
question the Postal Service’s perceived
SUPPLEMENTARY INFORMATION:
[FR Doc. 2019–10292 Filed 5–17–19; 8:45 am]
SUMMARY:
has found that no substantive changes to
the system of records are required, and
that the effective date for the
implementation of the proposed
revisions should proceed as scheduled.
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Sfmt 4703
FERS-RAE
normal cost
(percent)
FERS–FRAE
normal cost
(percent)
23.5
25.2
17.3
19.4
17.5
19.6
34.7
34.5
19.5
35.2
35.0
19.9
35.4
35.1
20.2
23.8
15.5
16.8
24.4
15.9
17.3
24.6
16.1
17.5
expansion of its collection of personally
identifiable information.
Answer: This system of records
update does not expand any current
collection policies, therefore the Postal
Service views these comments as
directed at its Informed Delivery System
as a whole, and not the particular
modifications to the existing system of
records for which notice was provided.
As such, no response is required to said
comments.
(2) Comment: Is it the intent of the
Postal Service to limited Informed
Delivery and/or Informed Address to
letters only?
Answer: The Postal Service intends to
offer this service to consumers for all
physical mail delivered via Informed
Delivery.
Brittany M. Johnson,
Attorney, Federal Compliance.
[FR Doc. 2019–10457 Filed 5–17–19; 8:45 am]
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[Federal Register Volume 84, Number 97 (Monday, May 20, 2019)]
[Notices]
[Pages 22915-22916]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10292]
=======================================================================
-----------------------------------------------------------------------
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,
2019. Agency appeals of the normal cost percentages must be filed no
later than November 19, 2019.
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
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: 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 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 1, 2017, the Board of Actuaries of the Civil
Service Retirement System (the Board) recommended revisions to the long
term economic assumptions and recommended changes to the demographic
assumptions used in the actuarial valuations of CSRS and FERS. The
economic assumptions have decreased from the previous long term
economic assumptions. The demographic assumptions include assumed rates
of mortality, employee withdrawal, retirement, and merit and longevity
pay increases. The revised demographic assumptions are generally based
on the recent ten-year or twenty-year experience under the retirement
systems, modified to reflect expected future experience where
applicable. OPM has adopted the Board's recommendations.
On October 25, 2017, OPM published revised regulations related to
the calculation of the FERS normal cost percentages. These regulations
clarified the employee categories OPM uses to compute the FERS normal
cost percentages and added a category of normal cost percentage for
employees of the U.S. Postal Service. Because these revised regulations
had not been published when the Board met on June 1, 2017, the
recommended demographic assumptions reflect expected government-wide
experience rather than separate postal-specific and non-postal specific
experience. For non-postal employees, the normal cost percentage will
reflect the economic assumptions and government-wide demographic
assumptions determined by the Board at its June 1, 2017, meeting. The
normal cost percentages for employees of the Postal Service will also
reflect the economic assumptions determined by the Board at its June 1,
2017, meeting but will use demographic assumptions that are based on
assumptions specific to the expected experience of postal employees.
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
assume a rate of investment return of 4.50 percent, a reduction of 0.75
percent from the existing rate of 5.25 percent. In addition, the Board
determined that the assumed inflation rate should be reduced 0.50
percent from 3.00 percent to 2.50 percent, that the assumed rate of
FERS annuitant Cost of Living Adjustments should remain at 80 percent
of the assumed rate of inflation, and that the projected rate of
General Schedule salary increases should be reduced 0.50 percent from
3.25 percent to 2.75 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-Further
Revised Annuity Employee (FERS-FRAE). Employees subject to
[[Page 22916]]
FERS-FRAE must pay an increase of 1.30 percent of pay above the
retirement contribution percentage set for FERS-RAE. Separate normal
cost percentages apply for employees covered under FERS-RAE and for
employees covered under FERS-FRAE.
The normal cost percentages for each category of employee,
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-RAE FERS-FRAE
Group FERS Normal normal cost normal cost
cost (percent) (percent) (percent)
----------------------------------------------------------------------------------------------------------------
Members......................................................... 23.5 17.3 17.5
Congressional employees, including members of the Capitol Police 25.2 19.4 19.6
Law enforcement officers, members of the Supreme Court Police, 34.7 35.2 35.4
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......................................... 34.5 35.0 35.1
Military reserve technicians.................................... 19.5 19.9 20.2
Employees under section 303 of the Central Intelligence Agency 23.8 24.4 24.6
Retirement Act of 1964 for certain employees (when serving
abroad)........................................................
Other employees of the United States Postal Service............. 15.5 15.9 16.1
All other regular FERS employees................................ 16.8 17.3 17.5
----------------------------------------------------------------------------------------------------------------
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, 2019.
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.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2019-10292 Filed 5-17-19; 8:45 am]
BILLING CODE 6325-38-P