[Federal Register Volume 72, Number 243 (Wednesday, December 19, 2007)]
[Rules and Regulations]
[Pages 71743-71744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-24527]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
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Federal Register / Vol. 72, No. 243 / Wednesday, December 19, 2007 /
Rules and Regulations
[[Page 71743]]
OFFICE OF PERSONNEL MANAGEMENT
5 CFR Part 843
RIN 3206-AL31
Federal Employees' Retirement System; Present Value Conversion
Factors for Spouses of Deceased Separated Employees
AGENCY: Office of Personnel Management.
ACTION: Interim rule.
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SUMMARY: The Office of Personnel Management (OPM) is issuing an interim
rule to revise the table of reduction factors for early commencing
dates of survivor annuities for spouses of separated employees who die
before the date on which they would be eligible for unreduced deferred
annuities under the Federal Employees' Retirement System (FERS) Act of
1986. These rules are necessary to conform the tables to the economic
assumptions adopted by the Board of Actuaries and published previously
in the Federal Register.
DATES: This interim rule is effective December 19, 2007. We must
receive your comments by January 18, 2008.
ADDRESSES: You may submit comments, identified by RIN number 3206-AL31,
by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: [email protected]. Include RIN number 3206-AL31 in
the subject line of the message.
Fax: (202) 606-0990
Mail: John Panagakos, Manager, Retirement Group, Office of
Personnel Management, 1900 E Street NW., RM 4351, Washington, DC 20415.
FOR FURTHER INFORMATION CONTACT: Jessica Johnson, (202) 606-0299.
SUPPLEMENTARY INFORMATION: OPM has published a notice in the Federal
Register at 72 FR 31631 (June 7, 2007) to revise the normal cost
percentage under the Federal Employees' Retirement System (FERS) Act of
1986, Public Law 99-335, 100 Stat. 514, based on changed economic
assumptions and demographic factors adopted by the Board of Actuaries
of the Civil Service Retirement System. Those changed economic
assumptions require corresponding changes in factors used to produce
actuarially equivalent benefits when required by the FERS Act.
Section 843.311 of title 5, Code of Federal Regulations, regulates
the benefits for the survivors of separated employees under 5 U.S.C.
8442(c). This section provides a choice of benefits for eligible
current and former spouses. If the current or former spouse is the
person entitled to the unexpended balance under the order of precedence
under 5 U.S.C. 8424, he or she may elect to receive the unexpended
balance instead of an annuity.
Alternatively, an eligible current or former spouse may elect to
receive an annuity commencing on the day after the employee's death or
on the deceased separated employee's 62nd birthday. If the annuity
commences on the deceased separated employee's 62nd birthday, it equals
50 percent of the annuity that the separated employee would have
received when he or she attained age 62. If the current or former
spouse elects the earlier commencing date, the annuity is reduced using
the factors in Appendix A to subpart C of part 843 to make the annuity
actuarially equivalent to the present value of the annuity that he or
she would have received if it commenced on the retiree's 62nd birthday.
These rules amend that appendix to conform to the revised economic
assumptions.
Waiver of General Notice of Proposed Rulemaking
Under section 553(b)(3)(B) and (d)(3) of title 5, United States
Code, I find that good reason exists for waiving the general notice of
proposed rulemaking and for making these amendments effective in less
than 30 days. The amendments made by this rule are required by changes
in economic assumptions that were published on June 7, 2007. Providing
a comment period on the result of mathematical computations resulting
from the changed economic assumptions is unnecessary and, to the extent
that it would delay benefit payments, is contrary to the public
interest.
Executive Order 12866, Regulatory Review
This rule has been reviewed by the Office of Management and Budget
in accordance with Executive Order (E.O.) 12866, as amended by E.O.
13258 and E.O. 13422.
Regulatory Flexibility Act
I certify that this regulation will not have a significant economic
impact on a substantial number of small entities because the regulation
will only affect retirement payments to surviving current and former
spouses of former employees and Members who separated from Federal
service with title to a deferred annuity.
List of Subjects in 5 CFR Part 843
Air traffic controllers, Disability benefits, Firefighters,
Government employees, Law enforcement officers, Pensions, Retirement.
United States Office of Personnel Management.
Linda M. Springer,
Director.
0
For the reasons stated in the preamble, the Office of Personnel
Management amends 5 CFR part 843 as follows:
PART 843--FEDERAL EMPLOYEES RETIREMENT SYSTEM--DEATH BENEFITS AND
EMPLOYEE REFUNDS
0
1. The authority citation for part 843 continues to read as follows:
Authority: 5 U.S.C. 8461; Sec. Sec. 843.205, 843.208, and Sec.
843.209 also issued under 5 U.S.C. 8424; Sec. 843.309 also issued
under 5 U.S.C. 8442; Sec. 843.406 also issued under 5 U.S.C. 8441.
Subpart C--Current and Former Spouse Benefits
0
2. Revise Appendix A to subpart C of part 843 to read as follows:
[[Page 71744]]
Appendix A to Subpart C of Part 843.--Present Value Conversion Factors
for Earlier Commencing Date of Annuities of Current and Former Spouses
of Deceased Separated Employees
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Age of separated employee at birthday before death Multiplier
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With at least 10, but less than 20 years of creditable service--
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26...................................................... 0.0592
27...................................................... .0633
28...................................................... .0688
29...................................................... .0730
30...................................................... .0804
31...................................................... .0859
32...................................................... .0921
33...................................................... .0991
34...................................................... .1064
35...................................................... .1158
36...................................................... .1234
37...................................................... .1333
38...................................................... .1422
39...................................................... .1551
40...................................................... .1668
41...................................................... .1799
42...................................................... .1938
43...................................................... .2097
44...................................................... .2260
45...................................................... .2437
46...................................................... .2635
47...................................................... .2858
48...................................................... .3085
49...................................................... .3346
50...................................................... .3618
51...................................................... .3926
52...................................................... .4255
53...................................................... .4623
54...................................................... .5025
55...................................................... .5463
56...................................................... .5944
57...................................................... .6461
58...................................................... .7040
59...................................................... .7675
60...................................................... .8374
61...................................................... .9146
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With at least 20, but less than 30 years of creditable service--
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36...................................................... 0.1483
37...................................................... .1598
38...................................................... .1709
39...................................................... .1858
40...................................................... .2000
41...................................................... 21.59
42...................................................... .2325
43...................................................... .2514
44...................................................... .2708
45...................................................... .2922
46...................................................... .3160
47...................................................... .3424
48...................................................... .3697
49...................................................... .4007
50...................................................... .4335
51...................................................... .4701
52...................................................... .5093
53...................................................... .5532
54...................................................... .6010
55...................................................... .6532
56...................................................... .7104
57...................................................... .7722
58...................................................... .8411
59...................................................... .9167
------------------------------------------------------------------------
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Multiplier by separated employee's year of
birth
Age of separated employee at birthday before death -----------------------------------------------
From 1950
After 1966 through 1966 Before 1950
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With at least 30 years of creditable service--
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46.............................................................. 0.4109 0.4476 0.4870
47.............................................................. .4449 .4843 .5268
48.............................................................. .4805 .5232 .5691
49.............................................................. .5204 .5666 .6161
50.............................................................. .5630 .6130 .6666
51.............................................................. .6102 .6642 .7222
52.............................................................. .6610 .7195 .7823
53.............................................................. .7175 .7807 .8487
54.............................................................. .7790 .8474 .9210
55.............................................................. .8461 .9203 1.0000
56.............................................................. .9195 1.0000 1.0000
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[FR Doc. E7-24527 Filed 12-18-07; 8:45 am]
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