Federal Employees' Retirement System; Present Value Factors, 16398-16399 [2021-06324]
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Federal Register / Vol. 86, No. 58 / Monday, March 29, 2021 / Notices
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[FR Doc. 2021–06342 Filed 3–26–21; 8:45 am]
BILLING CODE 7590–01–P
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
spouse based on post-retirement
marriage, and to retiring employees who
elect the alternative form of annuity or
elect to credit certain service with
nonappropriated fund instrumentalities.
This notice is necessary to conform the
SUMMARY:
VerDate Sep<11>2014
17:20 Mar 26, 2021
Jkt 253001
present value factors to changes in the
economic and demographic
assumptions adopted by the Board of
Actuaries of the Civil Service
Retirement System.
DATES: The revised present value factors
apply to survivor reductions or
employee annuities that commence on
or after October 1, 2021.
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, or by email
to actuary@opm.gov.
FOR FURTHER INFORMATION CONTACT:
Karla Yeakle, (202) 606–0299.
SUPPLEMENTARY INFORMATION: Several
provisions of the Federal Employees’
Retirement System (FERS) 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 842.706(a) of title 5, Code of
Federal Regulations, prescribes the
method for computing the reduction in
the beginning rate of annuity payable to
a retiree who elects an alternative form
of annuity under 5 U.S.C. 8420a. That
reduction is required to produce an
annuity that is the actuarial equivalent
of the annuity of a retiree who does not
elect an alternative form of annuity. The
present value factors listed below are
used to compute the annuity reduction
under 5 CFR 842.706(a).
Section 842.615 of title 5, Code of
Federal Regulations, prescribes the use
of these factors for computing the
reduction required for certain elections
to provide survivor annuity benefits
based on a post-retirement marriage or
divorce under 5 U.S.C. 8416(b), 8416(c),
or § 8417(b). Under section 11004 of the
Omnibus Budget Reconciliation Act of
1993, Public Law 103–66, 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
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
lifetime reduction in the retiree’s
benefit.
Subpart F of part 847 of title 5, Code
of Federal Regulations, prescribes the
use of present value factors for
computing the deficiency the retiree
must pay to receive credit for certain
service with nonappropriated fund
instrumentalities made creditable by an
election under section 1043 of Public
Law 104–106. 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.
OPM published the present value
factors currently in effect on April 6,
2020, at 85 FR 19175. On March 29,
2021, 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 Civil
Service Retirement System. Under 5
U.S.C. 8461(i), those changes require
corresponding changes in the present
value factors used to produce actuarially
equivalent benefits when required by
the FERS Act. The revised factors will
become effective on October 1, 2021, to
correspond with the changes in FERS
normal cost percentages. For alternative
forms of annuity, the new factors will
apply to annuities that commence on or
after October 1, 2021. See 5 CFR
842.706. For survivor election deposits,
the new factors will apply to survivor
reductions that commence on or after
October 1, 2021. See 5 CFR 842.615(b).
For obtaining credit for service with
certain nonappropriated fund
instrumentalities, the new factors will
apply to cases in which the date of
computation under 5 CFR 847.603 or
847.809 is on or after October 1, 2021.
See 5 CFR § 842.602, 842.616, 847.603,
and § 847.809.
OPM is, therefore, revising the tables
of present value factors to read as
follows:
TABLE I—FERS PRESENT VALUE
FACTORS FOR AGES 62 AND OLDER
[Applicable to annuity payable following an
election under 5 U.S.C. 8416(b), 8416(c),
8417(b), 8420a, under section 1043 of Public Law 104–106, or under section 1132 of
Public Law 107–107]
Age
62
63
64
65
........................................
........................................
........................................
........................................
E:\FR\FM\29MRN1.SGM
29MRN1
Present value
factor
224.7
218.0
211.3
204.5
16399
Federal Register / Vol. 86, No. 58 / Monday, March 29, 2021 / Notices
TABLE I—FERS PRESENT VALUE FACTORS FOR AGES 62 AND OLDER—
Continued
TABLE II.A—FERS PRESENT VALUE
FACTORS FOR AGES 40 THROUGH
61—Continued
TABLE III—FERS PRESENT VALUE
FACTORS FOR AGES AT CALCULATION BELOW 40
[Applicable to annuity payable following an
election under 5 U.S.C. 8416(b), 8416(c),
8417(b), 8420a, under section 1043 of Public Law 104–106, or under section 1132 of
Public Law 107–107]
[Applicable to annuity payable when annuity is
not increased by cost-of-living adjustments
before age 62 following an election under 5
U.S.C. 8416(b), 8416(c), 8417(b), 8420a,
under section 1043 of Public Law 104–106,
or under section 1132 of Public Law 107–
107]
[Applicable to annuity payable following an
election under section 1043 of Public Law
104–106 or under section 1132 of Public
Law 107–107]
Age
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 ......................................
107 ......................................
108 ......................................
109 ......................................
Present value
factor
197.7
190.8
183.9
176.9
170.0
163.0
156.1
149.2
142.4
135.7
129.0
122.5
116.1
109.7
103.6
97.6
91.7
86.1
80.6
75.3
70.3
65.5
60.9
56.7
52.6
48.9
45.4
42.2
39.2
36.5
34.0
31.7
29.7
27.9
26.3
24.8
23.3
21.9
20.4
18.9
17.0
14.2
9.5
6.4
TABLE II.A—FERS PRESENT VALUE
FACTORS FOR AGES 40 THROUGH 61
[Applicable to annuity payable when annuity is
not increased by cost-of-living adjustments
before age 62 following an election under 5
U.S.C. 8416(b), 8416(c), 8417(b), 8420a,
under section 1043 of Public Law 104–106,
or under section 1132 of Public Law 107–
107]
Age
40
41
42
43
44
........................................
........................................
........................................
........................................
........................................
VerDate Sep<11>2014
17:20 Mar 26, 2021
Present value
factor
270.0
268.3
266.6
264.9
263.1
Jkt 253001
Present value
factor
Age
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
261.3
259.4
257.5
255.6
253.7
251.7
249.7
247.6
245.5
243.3
241.2
239.0
236.7
234.4
232.0
229.6
227.2
TABLE II.B—FERS PRESENT VALUE
FACTORS FOR AGES 40 THROUGH 61
Age at calculation
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Present value
of a monthly
annuity
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
444.2
441.1
438.0
434.7
431.5
428.1
424.7
421.2
417.6
413.9
410.2
406.3
402.4
398.4
394.3
390.1
385.8
381.4
377.0
372.4
367.7
362.9
358.0
Office of Personnel Management
[Applicable to annuity payable when annuity is
increased by cost-of-living adjustments be- Alexys Stanley,
fore age 62 following an election under 5 Regulatory Affairs Analyst.
U.S.C. 8416(b), 8416 (c), 8417(b), or 8420a, [FR Doc. 2021–06324 Filed 3–26–21; 8:45 am]
under section 1043 of Public Law 104–106,
or under section 1132 of Public Law 107– BILLING CODE 6325–38–P
107]
Present value
factor
Age
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
PO 00000
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
Frm 00080
Fmt 4703
Sfmt 4703
353.0
347.9
342.7
337.4
332.1
326.7
321.2
315.7
310.1
304.5
298.8
293.0
287.2
281.2
275.3
269.2
263.1
257.0
250.7
244.3
237.9
231.3
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
SUMMARY:
E:\FR\FM\29MRN1.SGM
29MRN1
]]>Agencies
[Federal Register Volume 86, Number 58 (Monday, March 29, 2021)]
[Notices]
[Pages 16398-16399]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06324]
=======================================================================
-----------------------------------------------------------------------
OFFICE OF PERSONNEL MANAGEMENT
Federal Employees' Retirement System; Present Value Factors
AGENCY: Office of Personnel Management.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Office of Personnel Management (OPM) is providing notice
of adjusted present value factors applicable to retirees who elect to
provide survivor annuity benefits to a spouse based on post-retirement
marriage, and to retiring employees who elect the alternative form of
annuity or elect to credit certain service with nonappropriated fund
instrumentalities. This notice is necessary to conform the present
value factors to changes in the economic and demographic assumptions
adopted by the Board of Actuaries of the Civil Service Retirement
System.
DATES: The revised present value factors apply to survivor reductions
or employee annuities that commence on or after October 1, 2021.
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, or by email to [email protected].
FOR FURTHER INFORMATION CONTACT: Karla Yeakle, (202) 606-0299.
SUPPLEMENTARY INFORMATION: Several provisions of the Federal Employees'
Retirement System (FERS) 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 842.706(a) of title 5, Code of Federal Regulations,
prescribes the method for computing the reduction in the beginning rate
of annuity payable to a retiree who elects an alternative form of
annuity under 5 U.S.C. 8420a. That reduction is required to produce an
annuity that is the actuarial equivalent of the annuity of a retiree
who does not elect an alternative form of annuity. The present value
factors listed below are used to compute the annuity reduction under 5
CFR 842.706(a).
Section 842.615 of title 5, Code of Federal Regulations, prescribes
the use of these factors for computing the reduction required for
certain elections to provide survivor annuity benefits based on a post-
retirement marriage or divorce under 5 U.S.C. 8416(b), 8416(c), or
Sec. 8417(b). 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 present value factors for computing the
deficiency the retiree must pay to receive credit for certain service
with nonappropriated fund instrumentalities made creditable by an
election under section 1043 of Public Law 104-106. 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.
OPM published the present value factors currently in effect on
April 6, 2020, at 85 FR 19175. On March 29, 2021, 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
Civil Service Retirement System. Under 5 U.S.C. 8461(i), those changes
require corresponding changes in the present value factors used to
produce actuarially equivalent benefits when required by the FERS Act.
The revised factors will become effective on October 1, 2021, to
correspond with the changes in FERS normal cost percentages. For
alternative forms of annuity, the new factors will apply to annuities
that commence on or after October 1, 2021. See 5 CFR 842.706. For
survivor election deposits, the new factors will apply to survivor
reductions that commence on or after October 1, 2021. See 5 CFR
842.615(b). For obtaining credit for service with certain
nonappropriated fund instrumentalities, the new factors will apply to
cases in which the date of computation under 5 CFR 847.603 or 847.809
is on or after October 1, 2021. See 5 CFR Sec. 842.602, 842.616,
847.603, and Sec. 847.809.
OPM is, therefore, revising the tables of present value factors to
read as follows:
Table I--FERS Present Value Factors for Ages 62 and Older
[Applicable to annuity payable following an election under 5 U.S.C.
8416(b), 8416(c), 8417(b), 8420a, under section 1043 of Public Law 104-
106, or under section 1132 of Public Law 107-107]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
62..................................................... 224.7
63..................................................... 218.0
64..................................................... 211.3
65..................................................... 204.5
[[Page 16399]]
66..................................................... 197.7
67..................................................... 190.8
68..................................................... 183.9
69..................................................... 176.9
70..................................................... 170.0
71..................................................... 163.0
72..................................................... 156.1
73..................................................... 149.2
74..................................................... 142.4
75..................................................... 135.7
76..................................................... 129.0
77..................................................... 122.5
78..................................................... 116.1
79..................................................... 109.7
80..................................................... 103.6
81..................................................... 97.6
82..................................................... 91.7
83..................................................... 86.1
84..................................................... 80.6
85..................................................... 75.3
86..................................................... 70.3
87..................................................... 65.5
88..................................................... 60.9
89..................................................... 56.7
90..................................................... 52.6
91..................................................... 48.9
92..................................................... 45.4
93..................................................... 42.2
94..................................................... 39.2
95..................................................... 36.5
96..................................................... 34.0
97..................................................... 31.7
98..................................................... 29.7
99..................................................... 27.9
100.................................................... 26.3
101.................................................... 24.8
102.................................................... 23.3
103.................................................... 21.9
104.................................................... 20.4
105.................................................... 18.9
106.................................................... 17.0
107.................................................... 14.2
108.................................................... 9.5
109.................................................... 6.4
------------------------------------------------------------------------
Table II.A--FERS Present Value Factors for Ages 40 Through 61
[Applicable to annuity payable when annuity is not increased by cost-of-
living adjustments before age 62 following an election under 5 U.S.C.
8416(b), 8416(c), 8417(b), 8420a, under section 1043 of Public Law 104-
106, or under section 1132 of Public Law 107-107]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
40..................................................... 270.0
41..................................................... 268.3
42..................................................... 266.6
43..................................................... 264.9
44..................................................... 263.1
45..................................................... 261.3
46..................................................... 259.4
47..................................................... 257.5
48..................................................... 255.6
49..................................................... 253.7
50..................................................... 251.7
51..................................................... 249.7
52..................................................... 247.6
53..................................................... 245.5
54..................................................... 243.3
55..................................................... 241.2
56..................................................... 239.0
57..................................................... 236.7
58..................................................... 234.4
59..................................................... 232.0
60..................................................... 229.6
61..................................................... 227.2
------------------------------------------------------------------------
Table II.B--FERS Present Value Factors for Ages 40 Through 61
[Applicable to annuity payable when annuity is increased by cost-of-
living adjustments before age 62 following an election under 5 U.S.C.
8416(b), 8416 (c), 8417(b), or 8420a, under section 1043 of Public Law
104-106, or under section 1132 of Public Law 107-107]
------------------------------------------------------------------------
Present value
Age factor
------------------------------------------------------------------------
40..................................................... 353.0
41..................................................... 347.9
42..................................................... 342.7
43..................................................... 337.4
44..................................................... 332.1
45..................................................... 326.7
46..................................................... 321.2
47..................................................... 315.7
48..................................................... 310.1
49..................................................... 304.5
50..................................................... 298.8
51..................................................... 293.0
52..................................................... 287.2
53..................................................... 281.2
54..................................................... 275.3
55..................................................... 269.2
56..................................................... 263.1
57..................................................... 257.0
58..................................................... 250.7
59..................................................... 244.3
60..................................................... 237.9
61..................................................... 231.3
------------------------------------------------------------------------
Table III--FERS Present Value Factors for Ages at Calculation Below 40
[Applicable to annuity payable following an election under section 1043
of Public Law 104-106 or under section 1132 of Public Law 107-107]
------------------------------------------------------------------------
Present value
Age at calculation of a monthly
annuity
------------------------------------------------------------------------
17..................................................... 444.2
18..................................................... 441.1
19..................................................... 438.0
20..................................................... 434.7
21..................................................... 431.5
22..................................................... 428.1
23..................................................... 424.7
24..................................................... 421.2
25..................................................... 417.6
26..................................................... 413.9
27..................................................... 410.2
28..................................................... 406.3
29..................................................... 402.4
30..................................................... 398.4
31..................................................... 394.3
32..................................................... 390.1
33..................................................... 385.8
34..................................................... 381.4
35..................................................... 377.0
36..................................................... 372.4
37..................................................... 367.7
38..................................................... 362.9
39..................................................... 358.0
------------------------------------------------------------------------
Office of Personnel Management
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2021-06324 Filed 3-26-21; 8:45 am]
BILLING CODE 6325-38-P
