Federal Employees' Retirement System; Normal Cost Percentages, 23108-23109 [2023-07876]
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23108
Federal Register / Vol. 88, No. 72 / Friday, April 14, 2023 / Notices
Week of May 8, 2023—Tentative
NUCLEAR REGULATORY
COMMISSION
There are no meetings scheduled for
the week of May 8, 2023.
[NRC–2023–0001]
Week of May 15, 2023—Tentative
Sunshine Act Meetings
Tuesday, May 16, 2023
Weeks of April 17, 24,
May 1, 8, 15, 22, 2023. The schedule for
Commission meetings is subject to
change on short notice. The NRC
Commission Meeting Schedule can be
found on the internet at: https://
www.nrc.gov/public-involve/publicmeetings/schedule.html.
PLACE: The NRC provides reasonable
accommodation to individuals with
disabilities where appropriate. If you
need a reasonable accommodation to
participate in these public meetings or
need this meeting notice or the
transcript or other information from the
public meetings in another format (e.g.,
braille, large print), please notify Anne
Silk, NRC Disability Program Specialist,
at 301–287–0745, by videophone at
240–428–3217, or by email at
Anne.Silk@nrc.gov. Determinations on
requests for reasonable accommodation
will be made on a case-by-case basis.
STATUS: Public.
Members of the public may request to
receive the information in these notices
electronically. If you would like to be
added to the distribution, please contact
the Nuclear Regulatory Commission,
Office of the Secretary, Washington, DC
20555, at 301–415–1969, or by email at
Wendy.Moore@nrc.gov or Tyesha.Bush@
nrc.gov.
MATTERS TO BE CONSIDERED:
9 a.m. Update on 10 CFR part 53
Licensing and Regulation of
Advanced Nuclear Reactors (Public
Meeting) (Contact: Scott Tonsfeldt:
301–415–1783)
Additional Information: The meeting
will be held in the Commissioners’
Conference Room, 11555 Rockville Pike,
Rockville, Maryland. The public is
invited to attend the Commission’s
meeting in person or watch live via
webcast at the Web address—https://
video.nrc.gov/.
TIME AND DATE:
Week of April 17, 2023
ddrumheller on DSK120RN23PROD with NOTICES1
Thursday, April 20, 2023
9 a.m. Strategic Programmatic
Overview of the Fuel Facilities and
the Spent Fuel Storage and
Transportation Business Lines (Public
Meeting) (Contact: Kellee Jamerson:
301–415–7408)
Additional Information: The meeting
will be held in the Commissioners’
Conference Room, 11555 Rockville Pike,
Rockville, Maryland. The public is
invited to attend the Commission’s
meeting in person or watch live via
webcast at the Web address—https://
video.nrc.gov/.
Week of April 24, 2023—Tentative
There are no meetings scheduled for
the week of April 24, 2023.
Week of May 1, 2023—Tentative
There are no meetings scheduled for
the week of May 1, 2023.
VerDate Sep<11>2014
17:45 Apr 13, 2023
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Thursday, May 18, 2023
10 a.m. Meeting with the Organization
of Agreement States and the
Conference of Radiation Control
Program Directors (Public Meeting)
(Contact: Jeffrey Lynch: 301–415–
5041)
Additional Information: The meeting
will be held in the Commissioners’
Conference Room, 11555 Rockville Pike,
Rockville, Maryland. The public is
invited to attend the Commission’s
meeting in person or watch live via
webcast at the Web address—https://
video.nrc.gov/.
Week of May 22, 2023—Tentative
There are no meetings scheduled for
the week of May 22, 2023.
CONTACT PERSON FOR MORE INFORMATION:
For more information or to verify the
status of meetings, contact Wesley Held
at 301–287–3591 or via email at
Wesley.Held@nrc.gov.
The NRC is holding the meetings
under the authority of the Government
in the Sunshine Act, 5 U.S.C. 552b.
Dated: April 12, 2023.
For the Nuclear Regulatory Commission.
Wesley W. Held,
Policy Coordinator, Office of the Secretary.
[FR Doc. 2023–08113 Filed 4–12–23; 4:15 pm]
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
SUMMARY:
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
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, 2023.
Agency appeals of the normal cost
percentages must be filed no later than
October 16, 2023.
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.
In its meeting on May 10, 2022, the
Board of Actuaries of the Civil Service
Retirement System (the Board)
recommended revisions to the
demographic assumptions used in the
actuarial valuations of CSRS and FERS.
The demographic assumptions include
assumed rates of future mortality,
employee withdrawal, retirement, and
merit and longevity pay increases. The
Board reviewed the long-term economic
assumptions and determined that they
should remain unchanged. OPM has
adopted the Board’s recommendations.
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23109
Federal Register / Vol. 88, No. 72 / Friday, April 14, 2023 / Notices
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 the long-term economic
assumptions should remain unchanged
from what was determined at the
Board’s meeting on April 2, 2020. The
long-term economic assumptions
continue to be a rate of investment
return of 4.0 percent; assumed inflation
rate of 2.40 percent; the assumed rate of
FERS annuitant Cost of Living
Adjustments should remain at 80
percent of the assumed rate of inflation;
and the projected rate of General
Schedule salary increases should
remain at 2.65 percent. The general
salary increases are in addition to
assumed merit salary 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
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 ......................................................................................................................................
Capitol Police covered under 5 U.S.C. 8412(d) and 5 U.S.C. 8425(c) ......................................
Other Congressional employees .................................................................................................
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, 2023.
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.
Stephen Hickman,
Federal Register Liaison.
[FR Doc. 2023–07876 Filed 4–13–23; 8:45 am]
ddrumheller on DSK120RN23PROD with NOTICES1
BILLING CODE 6325–38–P
The revised present value factors
apply to survivor reductions or
employee annuities that commence on
or after October 1, 2023.
DATES:
OFFICE OF PERSONNEL
MANAGEMENT
Office of Personnel
Management.
AGENCY:
Notice.
VerDate Sep<11>2014
17:45 Apr 13, 2023
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.
ADDRESSES:
Federal Employees’ Retirement
System; Present Value Factors
ACTION:
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.
SUMMARY:
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PO 00000
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Fmt 4703
Sfmt 4703
FERS–RAE
normal cost
(percent)
FERS–FRAE
normal cost
(percent)
26.3
39.5
27.0
19.6
40.0
19.6
19.9
40.2
19.9
39.5
40.4
21.4
40.0
40.9
21.8
40.2
41.2
22.1
27.0
16.9
19.2
27.5
17.3
19.6
27.8
17.6
19.9
FOR FURTHER INFORMATION CONTACT:
Karla Yeakle, (202) 606–0299.
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
SUPPLEMENTARY INFORMATION:
E:\FR\FM\14APN1.SGM
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]]>Agencies
[Federal Register Volume 88, Number 72 (Friday, April 14, 2023)]
[Notices]
[Pages 23108-23109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07876]
=======================================================================
-----------------------------------------------------------------------
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,
2023. Agency appeals of the normal cost percentages must be filed no
later than October 16, 2023.
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 [email protected].
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 May 10, 2022, the Board of Actuaries of the Civil
Service Retirement System (the Board) recommended revisions to the
demographic assumptions used in the actuarial valuations of CSRS and
FERS. The demographic assumptions include assumed rates of future
mortality, employee withdrawal, retirement, and merit and longevity pay
increases. The Board reviewed the long-term economic assumptions and
determined that they should remain unchanged. OPM has adopted the
Board's recommendations.
[[Page 23109]]
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 the long-term economic
assumptions should remain unchanged from what was determined at the
Board's meeting on April 2, 2020. The long-term economic assumptions
continue to be a rate of investment return of 4.0 percent; assumed
inflation rate of 2.40 percent; the assumed rate of FERS annuitant Cost
of Living Adjustments should remain at 80 percent of the assumed rate
of inflation; and the projected rate of General Schedule salary
increases should remain at 2.65 percent. The general salary increases
are in addition to assumed merit salary 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 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-FRAE
Group FERS normal FERS-RAE normal cost
cost (percent) normal cost (percent)
-------------------------------------------------------------------------------------(percent)------------------
Members......................................................... 26.3 19.6 19.9
Capitol Police covered under 5 U.S.C. 8412(d) and 5 U.S.C. 39.5 40.0 40.2
8425(c)........................................................
Other Congressional employees................................... 27.0 19.6 19.9
Law enforcement officers, members of the Supreme Court Police, 39.5 40.0 40.2
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......................................... 40.4 40.9 41.2
Military reserve technicians.................................... 21.4 21.8 22.1
Employees under section 303 of the Central Intelligence Agency 27.0 27.5 27.8
Retirement Act of 1964 for certain employees (when serving
abroad)........................................................
Other employees of the United States Postal Service............. 16.9 17.3 17.6
All other regular FERS employees................................ 19.2 19.6 19.9
----------------------------------------------------------------------------------------------------------------
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, 2023.
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.
Stephen Hickman,
Federal Register Liaison.
[FR Doc. 2023-07876 Filed 4-13-23; 8:45 am]
BILLING CODE 6325-38-P
