80 FR 125 pgs. 37135-37136 - Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees
Type: RULEVolume: 80Number: 125Pages: 37135 - 37136
Pages: 37135, 37136FR document: [FR Doc. 2015-15992 Filed 6-29-15; 8:45 am]
Agency: Personnel Management Office
Official PDF Version: PDF Version
[top]
OFFICE OF PERSONNEL MANAGEMENT
5 CFR Part 843
RIN 3206-AN16
Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees
AGENCY:
Office of Personnel Management.
ACTION:
Final rule.
SUMMARY:
The Office of Personnel Management (OPM) is adopting its proposed 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. This rule is necessary to ensure that the tables conform to the economic and demographic assumptions adopted by the Board of Actuaries and published in the Federal Register on March 20, 2015.
DATES:
Effective October 1, 2015.
FOR FURTHER INFORMATION CONTACT:
Roxann Johnson, (202) 606-0299.
SUPPLEMENTARY INFORMATION:
On March 20, 2015, OPM published at 80 FR 15036, a notice in the Federal Register to revise the normal cost percentages under the Federal Employees' Retirement System (FERS) Act of 1986, Public Law 99-335, 100 Stat. 514, as amended, based on economic assumptions and demographic factors adopted by the Board of Actuaries of the Civil Service Retirement System. Under 5 U.S.C. 8461(i), the demographic factors and economic assumptions require corresponding changes in factors used to produce actuarially equivalence when required by the FERS Act. As a result, on April 3, 2015, at 80 FR 18159, OPM published a proposed rule in the Federal Register to revise the table of reduction factors in Appendix A to subpart C of part 843, Code of Federal Regulations, 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. OPM received no written comments on the proposed rule.
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.
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
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
1. The authority citation for part 843 continues to read as follows:
Authority:
5 U.S.C. 8461; §§ 843.205, 843.208, and 843.209 also issued under 5 U.S.C. 8424; § 843.309 also issued under 5 U.S.C. 8442; § 843.406 also issued under 5 U.S.C. 8441.
Subpart C-Current and Former Spouse Benefits
2. Revise Appendix A to subpart C of part 843 to read as follows:
APPENDIX A TO SUPART C OF PART 843-PRESENT VALUE CONVERSION FACTORS FOR EARLIER COMENCING DATE OF ANNUITIES OF CURRENT AND FORMER SPOUSES OF DISEASED SEPARATED EMPLOYEES
With at least 10 but less than 20 years of creditable service-
| Age of separated employee at birthday before death | Multiplier |
|---|---|
| 26 | .0726 |
| 27 | .0792 |
| 28 | .0859 |
| 29 | .0930 |
| 30 | .1002 |
| 31 | .1081 |
| 32 | .1165 |
| 33 | .1252 |
| 34 | .1343 |
| 35 | .1443 |
| 36 | .1550 |
| 37 | .1664 |
| 38 | .1786 |
| 39 | .1914 |
| 40 | .2053 |
| 41 | .2200 |
| 42 | .2358 |
| 43 | .2528 |
| 44 | .2710 |
| 45 | .2905 |
| 46 | .3114 |
| 47 | .3337 |
| 48 | .3580 |
| 49 | .3839 |
| 50 | .4118 |
| 51 | .4419 |
| 52 | .4745 |
| 53 | .5097 |
| 54 | .5477 |
| 55 | .5889 |
| 56 | .6336 |
| 57 | .6822 |
| 58 | .7350 |
| 59 | .7926 |
| 60 | .8556 |
| 61 | .9244 |
With at least 20, but less than 30 years of creditable service-
[top]
| Age of separated employee at birthday before death | Multiplier |
|---|---|
| 36 | .1810 |
| 37 | .1943 |
| 38 | .2086 |
| 39 | .2236 |
| 40 | .2398 |
| 41 | .2570 |
| 42 | .2754 |
| 43 | .2953 |
| 44 | .3166 |
| 45 | .3394 |
| 46 | .3638 |
| 47 | .3899 |
| 48 | .4182 |
| 49 | .4485 |
| 50 | .4812 |
| 51 | .5164 |
| 52 | .5545 |
| 53 | .5955 |
| 54 | .6400 |
| 55 | .6881 |
| 56 | .7404 |
| 57 | .7972 |
| 58 | .8590 |
| 59 | .9264 |
With at least 30 years of creditable service-
| Age of separated employee at birthday before death | Multiplier by separated employee's year of birth | After 1966 | From 1950 through 1966 |
|---|---|---|---|
| 46 | .4561 | .4910 | |
| 47 | .4889 | .5264 | |
| 48 | .5244 | .5646 | |
| 49 | .5624 | .6055 | |
| 50 | .6035 | .6497 | |
| 51 | .6476 | .6973 | |
| 52 | .6954 | .7487 | |
| 53 | .7469 | .8042 | |
| 54 | .8027 | .8643 | |
| 55 | .8631 | .9294 | |
| 56 | .9287 | 1.0000 |
[FR Doc. 2015-15992 Filed 6-29-15; 8:45 am]
BILLING CODE 6325-38-P