Years\Months 0 1 2 3 4 5 6 7 8 9 10 11

0 1.000000 0.995745 0.991508 0.987289 0.983089 0.978906 0.974740 0.970593 0.966463 0.962351 0.958256 0.954179

1 0.950119 0.946076 0.942051 0.938042 0.934051 0.930077 0.926119 0.922179 0.918255 0.914348 0.910457 0.906583

2 0.902726 0.898885 0.895060 0.891251 0.887459 0.883683 0.879923 0.876179 0.872451 0.868739 0.865042 0.861362

3 0.857697 0.854047 0.850413 0.846795 0.843192 0.839604 0.836031 0.832474 0.828932 0.825405 0.821893 0.818396

4 0.814914 0.811446 0.807994 0.804556 0.801132 0.797723 0.794329 0.790949 0.787584 0.784233 0.780896 0.777573

5 0.774265 0.770970 0.767690 0.764423 0.761171 0.757932 0.754707 0.751496 0.748298 0.745114 0.741944 0.738787

6 0.735643 0.732513 0.729397 0.726293 0.723203 0.720125 0.717061 0.714010 0.710972 0.707947 0.704935 0.701935

7 0.698949 0.695975 0.693013 0.690065 0.687128 0.684205 0.681293 0.678395 0.675508 0.672634 0.669772 0.666922

8 0.664084 0.661259 0.658445 0.655643 0.652854 0.650076 0.647310 0.644555 0.641813 0.639082 0.636363 0.633655

9 0.630959 0.628274 0.625601 0.622939 0.620288 0.617649 0.615021 0.612404 0.609798 0.607204 0.604620 0.602048

10 0.599486 0.596935 0.594395 0.591866 0.589348 0.586840 0.584343 0.581857 0.579381 0.576916 0.574461 0.572017

11 0.569583 0.567159 0.564746 0.562343 0.559950 0.557568 0.555195 0.552833 0.550481 0.548138 0.545806 0.543484

12 0.541171 0.538869 0.536576 0.534293 0.532019 0.529756 0.527501 0.525257 0.523022 0.520797 0.518581 0.516374

13 0.514177 0.511989 0.509811 0.507641 0.505482 0.503331 0.501189 0.499057 0.496933 0.494819 0.492713 0.490617

14 0.488529 0.486451 0.484381 0.482320 0.480267 0.478224 0.476189 0.474163 0.472145 0.470136 0.468136 0.466144

15 0.464161 0.462186 0.460219 0.458261 0.456311 0.454370 0.452436 0.450511 0.448594 0.446685 0.444785 0.442892

16 0.441008 0.439131 0.437263 0.435402 0.433550 0.431705 0.429868 0.428039 0.426218 0.424404 0.422598 0.420800

17 0.419010 0.417227 0.415452 0.413684 0.411924 0.410171 0.408426 0.406688 0.404958 0.403234 0.401519 0.399810

18 0.398109 0.396415 0.394728 0.393049 0.391377 0.389711 0.388053 0.386402 0.384758 0.383121 0.381490 0.379867

19 0.378251 0.376642 0.375039 0.373443 0.371854 0.370272 0.368696 0.367128 0.365566 0.364010 0.362461 0.360919

20 0.359383 0.357854 0.356332 0.354815 0.353306 0.351802 0.350305 0.348815 0.347331 0.345853 0.344381 0.342916

21 0.341457 0.340004 0.338557 0.337117 0.335682 0.334254 0.332832 0.331416 0.330005 0.328601 0.327203 0.325811

22 0.324425 0.323044 0.321670 0.320301 0.318938 0.317581 0.316230 0.314884 0.313544 0.312210 0.310882 0.309559

23 0.308242 0.306930 0.305624 0.304324 0.303029 0.301740 0.300456 0.299177 0.297904 0.296637 0.295375 0.294118

24 0.292866 0.291620 0.290379 0.289144 0.287914 0.286689 0.285469 0.284254 0.283045 0.281840 0.280641 0.279447

25 0.278258 0.277074 0.275895 0.274721 0.273552 0.272388 0.271229 0.270075 0.268926 0.267782 0.266642 0.265508

DISCOUNT FACTORS EFFECTIVE OCTOBER 1, 2014

Discount Factors Chart

Factors for Determining Reduction in a CSRS or FERS Annuity

When Individual Elects to Credit NAF Service to Qualify for Immediate CSRS/FERS Retirement Under Public Law 107-107

Factors Derived from an Assumed 5.25% Rate of Investment Return Earned by the CSRS Fund

Use these factors when the annuity begins on or after 10/01/2014

Find the factor that corresponds to the number of whole years and full months between the date the immediate retirement

(with credit for NAF service) begins and the date the deferred retirement (without credit for NAF service) would normally begin.

interest rate = 5.250%