Rule2021-20637
Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees
Primary source
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Published
September 24, 2021
Effective
October 1, 2021
Issuing agencies
Personnel Management Office
Abstract
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, and to revise the annuity factor for spouses of deceased employees who die in service when those spouses elect to receive the basic employee death benefit in 36 installments under the Federal Employees' Retirement System (FERS) Act of 1986. These rules are 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 29, 2021, as required by the United States Code.
Full Text
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<title>Federal Register, Volume 86 Issue 183 (Friday, September 24, 2021)</title>
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[Federal Register Volume 86, Number 183 (Friday, September 24, 2021)]
[Rules and Regulations]
[Pages 52951-52952]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-20637]
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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.
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Federal Register / Vol. 86, No. 183 / Friday, September 24, 2021 /
Rules and Regulations
[[Page 52951]]
OFFICE OF PERSONNEL MANAGEMENT
5 CFR Part 843
RIN 3206-AO13
Federal Employees' Retirement System; Present Value Conversion
Factors for Spouses of Deceased Separated Employees
AGENCY: Office of Personnel Management.
ACTION: Final rule.
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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, and to revise the annuity factor for
spouses of deceased employees who die in service when those spouses
elect to receive the basic employee death benefit in 36 installments
under the Federal Employees' Retirement System (FERS) Act of 1986.
These rules are 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 29, 2021, as required by
the United States Code.
DATES: This rule becomes effective on October 1, 2021.
FOR FURTHER INFORMATION CONTACT: Karla Yeakle, (202) 606-0299.
SUPPLEMENTARY INFORMATION: On March 29, 2021, OPM published at 86 FR
16401, 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. By statute under 5
U.S.C. 8461(i), the revisions to the actuarial assumptions require
corresponding changes in factors used to produce actuarially equivalent
benefits when required by the FERS Act. As a result, on June 30, 2021,
at 86 FR 34637, 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 of title 5, 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, and to revise the annuity factor for spouses of deceased
employees who die in service when those spouses elect to receive the
basic employee death benefit in 36 installments under 5 CFR 843.309.
OPM received one comment that simply disagreed with the proposed rule
without citing any basis for the disagreement. Because this comment is
not clear, OPM is unable to provide a substantive response to it.
Regulatory Impact Analysis
OPM has examined the impact of this rule as required by Executive
Order 12866 and Executive Order 13563, which directs agencies to assess
all costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits (including potential economic, environmental, public,
health, and safety effects, distributive impacts, and equity). A
regulatory impact analysis must be prepared for major rules with
economically significant effects of $100 million or more in any one
year. This rule was not designated as a ``significant regulatory
action,'' under Executive Order 12866.
Regulatory Flexibility Act
The Office of Personnel Management certifies that this rule will
not have a significant economic impact on a substantial number of small
entities.
Federalism
We have examined this rule in accordance with Executive Order
13132, Federalism, and have determined that this rule will not have any
negative impact on the rights, roles and responsibilities of State,
local, or tribal governments.
Civil Justice Reform
This regulation meets the applicable standard set forth in
Executive Order 12988.
Unfunded Mandates Reform Act of 1995
This rule will not result in the expenditure by state, local, and
tribal governments, in the aggregate, or by the private sector, of $100
million or more in any year and it will not significantly or uniquely
affect small governments. Therefore, no actions were deemed necessary
under the provisions of the Unfunded Mandates Reform Act of 1995.
Congressional Review Act
This action pertains to agency management, personnel, and
organization and does not substantially affect the rights or
obligations of nonagency parties and, accordingly, is not a ``rule'' as
that term is used by the Congressional Review Act (Subtitle E of the
Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA)).
Therefore, the reporting requirement of 5 U.S.C. 801 does not apply.
Paperwork Reduction Act
Notwithstanding any other provision of law, no person is required
to respond to, nor shall any person be subject to a penalty for failure
to comply with a collection of information subject to the requirements
of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (PRA),
unless that collection of information displays a currently valid Office
of Management and Budget (OMB) Control Number.
This rule involves an OMB approved collection of information
subject to the PRA Application for Death Benefits (FERS)/Documentation
and Elections in Support of Application for Death Benefits when
Deceased was an Employee at the Time of Death (FERS), 3206-0172. The
public reporting burden for this collection is estimated to average 60
minutes per response, including time for reviewing instructions,
searching existing data sources, gathering and maintaining the data
needed, and completing and reviewing the collection of information. The
total burden hour estimate for this form is 16,751 hours. The systems
of record notice for this collection is: OPM
[[Page 52952]]
SORN CENTRAL-1-Civil Service Retirement and Insurance Records.
List of Subjects in 5 CFR Part 843
Air traffic controllers, Disability benefits, Firefighters,
Government employees, Law enforcement officers, Pensions, Retirement.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
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; 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
0
2. In Sec. 843.309, revise paragraph (b)(2) to read as follows:
Sec. 843.309 Basic employee death benefit.
* * * * *
(b) * * *
(2) For deaths occurring on or after October 1, 2021, 36 equal
monthly installments of 2.94259 percent of the amount of the basic
employee death benefit.
* * * * *
0
3. Revise appendix A to subpart C of part 843 to read as follows:
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
With at least 10 but less than 20 years of creditable service--
------------------------------------------------------------------------
Age of separated employee at birthday before death Multiplier
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26...................................................... .1096
27...................................................... .1162
28...................................................... .1232
29...................................................... .1305
30...................................................... .1382
31...................................................... .1464
32...................................................... .1550
33...................................................... .1643
34...................................................... .1742
35...................................................... .1845
36...................................................... .1958
37...................................................... .2074
38...................................................... .2198
39...................................................... .2327
40...................................................... .2459
41...................................................... .2609
42...................................................... .2770
43...................................................... .2936
44...................................................... .3119
45...................................................... .3308
46...................................................... .3518
47...................................................... .3735
48...................................................... .3969
49...................................................... .4220
50...................................................... .4490
51...................................................... .4781
52...................................................... .5094
53...................................................... .5430
54...................................................... .5792
55...................................................... .6178
56...................................................... .6601
57...................................................... .7059
58...................................................... .7555
59...................................................... .8092
60...................................................... .8674
61...................................................... .9308
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With at least 20, but less than 30 years of creditable service--
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Age of separated employee at birthday before death Multiplier
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36...................................................... .2254
37...................................................... .2389
38...................................................... .2532
39...................................................... .2682
40...................................................... .2836
41...................................................... .3010
42...................................................... .3195
43...................................................... .3388
44...................................................... .3599
45...................................................... .3818
46...................................................... .4059
47...................................................... .4311
48...................................................... .4581
49...................................................... .4871
50...................................................... .5182
51...................................................... .5518
52...................................................... .5878
53...................................................... .6265
54...................................................... .6682
55...................................................... .7128
56...................................................... .7615
57...................................................... .8142
58...................................................... .8712
59...................................................... .9329
------------------------------------------------------------------------
With at least 30 years of creditable service--
------------------------------------------------------------------------
Multiplier by separated
employee's year of birth
Age of separated employee at birthday -------------------------------
before death From 1950
After 1966 through 1966
------------------------------------------------------------------------
46...................................... .4988 .5332
47...................................... .5298 .5664
48...................................... .5631 .6019
49...................................... .5987 .6401
50...................................... .6370 .6810
51...................................... .6781 .7249
52...................................... .7224 .7722
53...................................... .7698 .8229
54...................................... .8209 .8775
55...................................... .8759 .9363
56...................................... .9355 1.0000
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[FR Doc. 2021-20637 Filed 9-23-21; 8:45 am]
BILLING CODE 6325-38-P
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</html>Indexed from Federal Register on September 24, 2021.
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