Civil Service Retirement System; Present Value Factors, 16399-16401 [2021-06326]
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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
16400
Federal Register / Vol. 86, No. 58 / Monday, March 29, 2021 / Notices
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.
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 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
VerDate Sep<11>2014
17:20 Mar 26, 2021
Jkt 253001
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
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
amount of the missing lump sum over
the recipient’s lifetime.
The present value factors currently in
effect were published by OPM on April
6, 2020, at 85 FR 19171. 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 CSRS.
Those changes require corresponding
changes in 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, 2021.
For alternative forms of annuity and
redeposits of employee contributions,
the new factors will apply to annuities
that commence on or after October 1,
2021. 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, 2021. 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,
2021. 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, 2021,
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, 2021.
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
........................................
........................................
........................................
........................................
E:\FR\FM\29MRN1.SGM
29MRN1
Present value
factor
390.1
383.9
377.6
371.2
Federal Register / Vol. 86, No. 58 / Monday, March 29, 2021 / 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
Age
44 ........................................
45 ........................................
46 ........................................
47 ........................................
48 ........................................
49 ........................................
50 ........................................
51 ........................................
52 ........................................
53 ........................................
54 ........................................
55 ........................................
56 ........................................
57 ........................................
58 ........................................
59 ........................................
60 ........................................
61 ........................................
62 ........................................
63 ........................................
64 ........................................
65 ........................................
66 ........................................
67 ........................................
68 ........................................
69 ........................................
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 ......................................
VerDate Sep<11>2014
17:20 Mar 26, 2021
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
Present value
factor
364.8
358.4
351.9
345.4
338.9
332.3
325.6
318.9
312.1
305.2
298.3
291.2
283.9
276.5
269.1
261.7
254.2
246.6
238.9
231.3
223.6
215.8
208.2
200.5
192.8
185.1
177.5
169.9
162.4
154.9
147.6
140.3
133.1
126.1
119.2
112.4
105.8
99.4
93.2
87.3
81.6
76.1
70.9
65.9
61.3
56.9
52.9
49.1
45.6
42.3
39.4
36.7
34.2
32.0
30.0
28.2
26.5
25.0
Jkt 253001
Present value
factor
Age
102
103
104
105
106
107
108
109
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
23.5
22.1
20.7
19.1
17.1
14.3
9.5
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
of a monthly
annuity
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
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
507.2
503.0
498.7
494.4
490.0
485.5
480.9
476.3
471.5
466.7
461.8
456.9
451.8
446.7
441.4
436.1
430.7
425.2
419.6
413.9
408.1
402.2
396.2
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2021–06326 Filed 3–26–21; 8:45 am]
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, 2021.
Agency appeals of the normal cost
percentages must be filed no later than
September 29, 2021.
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, or by email to actuary@opm.gov.
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.
SUMMARY:
BILLING CODE 6325–38–P
PO 00000
Frm 00082
Fmt 4703
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16401
E:\FR\FM\29MRN1.SGM
29MRN1
]]>Agencies
[Federal Register Volume 86, Number 58 (Monday, March 29, 2021)]
[Notices]
[Pages 16399-16401]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06326]
-----------------------------------------------------------------------
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
[[Page 16400]]
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.
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 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
on April 6, 2020, at 85 FR 19171. 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
CSRS. Those changes require corresponding changes in 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, 2021. For alternative forms of annuity and
redeposits of employee contributions, the new factors will apply to
annuities that commence on or after October 1, 2021. 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, 2021.
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, 2021. See 5 CFR Sec. 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,
2021, 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, 2021. 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..................................................... 390.1
41..................................................... 383.9
42..................................................... 377.6
43..................................................... 371.2
[[Page 16401]]
44..................................................... 364.8
45..................................................... 358.4
46..................................................... 351.9
47..................................................... 345.4
48..................................................... 338.9
49..................................................... 332.3
50..................................................... 325.6
51..................................................... 318.9
52..................................................... 312.1
53..................................................... 305.2
54..................................................... 298.3
55..................................................... 291.2
56..................................................... 283.9
57..................................................... 276.5
58..................................................... 269.1
59..................................................... 261.7
60..................................................... 254.2
61..................................................... 246.6
62..................................................... 238.9
63..................................................... 231.3
64..................................................... 223.6
65..................................................... 215.8
66..................................................... 208.2
67..................................................... 200.5
68..................................................... 192.8
69..................................................... 185.1
70..................................................... 177.5
71..................................................... 169.9
72..................................................... 162.4
73..................................................... 154.9
74..................................................... 147.6
75..................................................... 140.3
76..................................................... 133.1
77..................................................... 126.1
78..................................................... 119.2
79..................................................... 112.4
80..................................................... 105.8
81..................................................... 99.4
82..................................................... 93.2
83..................................................... 87.3
84..................................................... 81.6
85..................................................... 76.1
86..................................................... 70.9
87..................................................... 65.9
88..................................................... 61.3
89..................................................... 56.9
90..................................................... 52.9
91..................................................... 49.1
92..................................................... 45.6
93..................................................... 42.3
94..................................................... 39.4
95..................................................... 36.7
96..................................................... 34.2
97..................................................... 32.0
98..................................................... 30.0
99..................................................... 28.2
100.................................................... 26.5
101.................................................... 25.0
102.................................................... 23.5
103.................................................... 22.1
104.................................................... 20.7
105.................................................... 19.1
106.................................................... 17.1
107.................................................... 14.3
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..................................................... 507.2
18..................................................... 503.0
19..................................................... 498.7
20..................................................... 494.4
21..................................................... 490.0
22..................................................... 485.5
23..................................................... 480.9
24..................................................... 476.3
25..................................................... 471.5
26..................................................... 466.7
27..................................................... 461.8
28..................................................... 456.9
29..................................................... 451.8
30..................................................... 446.7
31..................................................... 441.4
32..................................................... 436.1
33..................................................... 430.7
34..................................................... 425.2
35..................................................... 419.6
36..................................................... 413.9
37..................................................... 408.1
38..................................................... 402.2
39..................................................... 396.2
------------------------------------------------------------------------
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2021-06326 Filed 3-26-21; 8:45 am]
BILLING CODE 6325-38-P
