[Federal Register Volume 59, Number 132 (Tuesday, July 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16715]
[[Page Unknown]]
[Federal Register: July 12, 1994]
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OFFICE OF PERSONNEL MANAGEMENT
Civil Service Retirement System; Alternative Forms of Annuity
Factors
AGENCY: Office of Personnel Management.
ACTION: Notice.
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SUMMARY: The Office of Personnel Management (OPM) is providing notice
of adjusted present value factors applicable to employees who elect the
alternative form of annuity under section 8343a of title 5, United
States Code. This notice is necessary to conform the present value
factors to changes in economic assumptions approved by the Board of
Actuaries.
EFFECTIVE DATE: Revised present value factors will apply to anyone
whose annuity commences October 1, 1994, or later.
ADDRESSES: Send requests for actuarial assumptions and data to the
Office of the Actuary, Room 4307 STOP, Office of Personnel Management,
Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT:
Harold L. Siegelman, (202) 606-0299.
SUPPLEMENTARY INFORMATION: 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 in order to produce an annuity that is actuarially equivalent
to the annuity of a retiree who does not elect an alternative form of
annuity. The present value factors currently used to compute the
reduction were published by OPM (56 FR 7424) on February 22, 1991.
On September 20, 1993, OPM published (58 FR 49066) a notice in the
Federal Register to revise the normal cost percentage under the FERS
Act of 1988, Pub. L. 99-335, based on changed economic assumptions
approved by the Board of Actuaries. Those changed economic assumptions
require corresponding changes in the present value factors used to
compute an alternative form of annuity. The changed factors will also
be used, in accordance with 5 U.S.C. 8334(d)(2), to compute the annuity
of an employee whose annuity commences on or after October 1, 1994, and
who retires while owing a redeposit of a refund for service that ended
before October 1, 1990. OPM is, therefore, revising the table of
present value factors to read as follows:
CSRS Present Value Factors
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Present Present
value of value of
Age at retirement a Age at a
monthly retirement monthly
annuity annuity
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40...................................... 294.4 66 156.0
41...................................... 290.0 67 150.7
42...................................... 285.5 68 145.4
43...................................... 280.8 69 140.2
44...................................... 276.2 70 134.7
45...................................... 270.4 71 129.4
46...................................... 264.7 72 124.0
47...................................... 259.2 73 118.8
48...................................... 253.5 74 113.6
49...................................... 247.2 75 108.5
50...................................... 240.4 76 103.5
51...................................... 235.0 77 98.7
52...................................... 229.8 78 93.9
53...................................... 224.4 79 89.4
54...................................... 218.6 80 84.9
55...................................... 212.6 81 80.5
56...................................... 207.5 82 76.3
57...................................... 202.4 83 72.3
58...................................... 197.0 84 68.4
59...................................... 192.3 85 64.7
60...................................... 188.3 86 61.2
61...................................... 182.9 87 57.9
62...................................... 177.0 88 54.7
63...................................... 171.9 89 51.8
64...................................... 166.5 90 48.9
65...................................... 161.1
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U.S. Office of Personnel Management.
Lorraine A. Green,
Deputy Director.
[FR Doc. 94-16715 Filed 7-11-94; 8:45 am]
BILLING CODE 6325-01-M