United States

Office of 

Personnel Management 

The Federal Government’s Human Resources Agency

Benefits Administration Letter 

 

Number: 20-104 Date: May 28, 2020 

Subject: Revised Present Value Factors and Discount Factors Effective 

October 1, 2019

Several statutory provisions of the Civil Service Retirement System (CSRS) require reduction of 

annuities on an actuarial basis. The Office of Personnel Management (OPM) uses present value 

factors to compute the actuarial reductions required by these provisions. Present value factors 

change periodically to conform to changes in economic assumptions and demographic factors 

adopted by the Board of Actuaries of the Civil Service Retirement System. Discount factors also 

change when the Board of Actuaries recommend changes in economic assumptions related to the 

expected rate of investment return earned by the Civil Service Retirement and Disability Fund 

(Fund). We are issuing this Benefits Administration Letter (BAL) to inform agencies that the 

present value factors and discount factors have been revised as of October 1, 2019. You can 

access CSRS and FERS Present Value Factors, effective October 1, 2019 at: 

https://www.federalregister.gov/documents/2020/04/06/2020-07103/civil-service-retirementsystem-present-value-factors 

The actuarial reductions required or permitted by statute allow annuitants to receive benefits 

without having to pay a deposit or redeposit for amounts owed to the Fund. In lieu of paying a 

lump-sum deposit or redeposit, OPM reduces the annuity in a way that, on average, allows OPM 

to recover the amount due the Fund over the annuitant’s lifetime. The actuarial reduction becomes 

a permanent reduction in the annuitant’s benefit. The amount of the reduction depends on the 

individual’s age and the amount of the deposit or redeposit due. To compute an actuarial reduction, 

OPM divides the amount due by the present value factor for the individual’s age at retirement. 

OPM uses present value factors to compute the actuarial reductions applied to the following 

benefits: 

• CSRS and Federal Employees Retirement System (FERS) retirees’ benefits when retirees 

elect the Alternative Form of Annuity; 

• CSRS and FERS benefits when retirees marry after retirement and elect to provide 

survivor annuity benefits; 
• CSRS benefits and FERS benefits with a CSRS component when retirees elect to credit 

refunded service that ended before March 1, 1991 (if the retirees separated for retirement 

on/after October 28, 2009) without paying the redeposit owed for that service; 

• CSRS and FERS benefits when retirees elect to credit Non-appropriated Fund 

Instrumentality (NAFI) service for retirement purposes under Pub. L. No. 104-106, 110 

Stat. 186 (1996) and Pub. L. 107-107, 115 Stat. 1012 (2001); 

• Retirement benefits for individuals with certain types of retirement coverage errors who 

can receive credit for service by taking an actuarial reduction under the provisions of the 

Federal Erroneous Retirement Coverage Correction Act (FERCCA), Pub. L. No. 106-

265, 114 Stat. 762 (2000); and 

• Annuities payable to survivors of deceased separated FERS employees.

The factor for computing installment payments of the FERS Basic Employee Death Benefit 

(BEDB) has changed. For deaths on or after October 1, 2019, each BEDB installment is equal to 

2.96358 percent of the BEDB lump-sum amount. 

The discount factors used for determining the reduction to a CSRS or FERS annuity when an 

individual elects to credit NAFI Service to qualify for an immediate CSRS or FERS retirement 

under Pub. L. 107-107, 115 Stat. 1012 (2001), have changed. The new factors are found in the 

following attachments: 

Attachment 1– CSRS Factors for alternative annuities, post-retirement marriages, 

redeposits, NAFI elections when the individual is age 40 or older, and FERCCA actuarial 

reductions over age 40 

Attachment 2 – FERS Factors for alternative annuities, post-retirement marriages, and 

NAFI elections when the individual is age 40 or older 

Attachment 3 – CSRS and FERS Factors for NAFI Elections when the individual is under 

age 40 and FERCCA under age 40 

Attachment 4 – FERS Present Value Conversion Factors for deceased separated 

employees 

Attachment 5 – NAFI Discount Factors 

Effective Dates: 

• For purposes of computing actuarial reductions that must be applied to alternative 

annuities, FERCCA actuarial reductions, and redeposits for refunded CSRS service 

before March 1, 1991, use the new present value factors if the annuity commenced on or 

after October 1, 2019. 
• For purposes of computing the actuarial reduction that must be applied to an annuitant’s 

annuity for purposes of making the deposit for a post-retirement survivor annuity 

election, use the new present value factors for survivor reductions effective on or after 

October 1, 2019. 

• For purposes of computing NAFI cases, use the new discount factors if the computation 

under 5 C.F.R. § 847.603 is on/after October 1, 2019. 

For annuities payable to survivors of deceased separated FERS employees, use the new factors 

for deaths on or after October 1, 2019. See Benefits Administration Letters 03-102, dated 

January 22, 2003, and 96-108, dated September 6, 1996, for details about the NAF computations. 

The revised Discount Factors are attached.

Kenneth J. Zawodny, Jr. 

Associate Director

 Retirement Services 
Attachment 1 

Civil Service Retirement System 

Present Value Factors Effective October 1, 2019 

These Present Value Factors apply to the following: 

• Computations of alternative annuities, FERCCA actuarial reductions, and actuarial 

reductions applied to CSRS annuities for the purpose of paying redeposits for service 

ending before March 1, 1991, if the commencing date of those annuities are on/after 

October 1, 2019; 

• Actuarial reductions applied to CSRS annuities to pay for the cost of the deposit when 

annuitants have elected survivor annuities on behalf of their post-retirement spouses for 

elections effective on/ after October 1, 2019; and 

• Computations of annuities involving credit for service with non-appropriated fund 

instrumentalities (NAFI) when the individual is age 40 or older and the date of 

computation under 5 C.F.R. § 847.603 is on/after October 1, 2019. 
Age at Retirement Factor Age at Retirement Factor 

40 351.8 74 142.5

41 347.1 75 135.6

42 342.2 76 128.8

43 337.2 77 122.1

44 332.1 78 115.5

45 326.9 79 109.0

46 321.6 80 102.7

47 316.4 81 96.6

48 311.1 82 90.6

49 305.9 83 84.9

50 300.7 84 79.4

51 295.3 85 74.1

52 289.8 86 69.0

53 284.1 87 64.1

54 278.2 88 59.6

55 272.2 89 55.3

56 266.0 90 51.3

57 259.7 91 47.7

58 253.3 92 44.2 

59 246.8 93 41.1

60 240.2 94 38.2

61 233.5 95 35.6

62 226.7 96 33.2

63 219.8 97 31.1

64 212.9 98 29.2

65 206.0 99 27.4

66 199.0 100 25.9

67 192.0 101 24.4

68 184.9 102 23.1

69 177.8 103 21.8

70 170.7 104 20.5

71 163.6 105 18.9

72 156.5 106 17.0

73 149.5 107 14.2

74 142.5 108 9.5

75 135.6 109 6.4

76 128.8

77 122.1

78 115.5

79 109.0

80 102.7

 
Attachment 2 

Federal Employees Retirement System

Present Value Factors Effective October 1, 2019 

These Present Value Factors apply to the following: 

• Actuarial reductions applied to FERS alternative annuities when the commencing date of 

the annuity is on/after October 1, 2019; 

• Actuarial reductions applied to FERS annuities when an annuitant has elected a survivor 

annuity benefit for a post retirement spouse if the election is effective on/after October 1, 

2019; and 

• Actuarial reductions applied to cases involving credit for service with non-appropriated 

fund instrumentalities (NAFI) when the individual is age 40 or older and date of 

computation under 5 C.F.R. § 847.603 is on/after October 1, 2019. 

These factors apply if COLAs are payable before age 62 (ages 40 – 61). 

Age at Retirement Factor Age at Retirement Factor 

40 319.8 51 273.3

41 316.0 52 268.7

42 312.1 53 263.8

43 308.0 54 258.8

44 303.8 55 253.6

45 299.6 56 248.3

46 295.3 57 242.9

47 290.9 58 237.3

48 286.6 59 231.6

49 282.2 60 225.8

50 277.9 61 219.9

These factors apply if COLAs are not payable before age 62 (ages 40 – 61). 

Age at Retirement Factor Age at Retirement Factor 

40 244.2 51 232.0

41 243.3 52 230.8

42 242.3 53 229.5

43 241.2 54 228.0

44 240.0 55 226.4

45 238.9 56 224.8

46 237.7 57 223.1

47 236.5 58 221.4

48 235.4 59 219.6

49 234.3 60 217.7

50 233.2 61 215.8
These factors apply for FERS individuals ages 62 and older. 

Age at Retirement Factor Age at Retirement Factor 

62 213.9 87 63.0

63 207.8 88 58.6

64 201.6 89 54.5

65 195.4 90 50.6

66 189.1 91 47.0

67 182.7 92 43.7

68 176.3 93 40.6

69 169.8 94 37.8

70 163.3 95 35.2

71 156.8 96 32.9

72 150.3 97 30.8

73 143.8 98 28.9

74 137.3 99 27.2

75 130.9 100 25.7

76 124.5 101 24.3

77 118.2 102 23.0

78 112.0 103 21.7

79 105.9 104 20.4

80 99.9 105 18.9

81 94.1 106 17.0

82 88.4 107 14.2

83 83.0 108 9.4

84 77.7 109 6.4

85 72.6

86 67.7
Attachment 3

CSRS and FERS Present Value Factors 

NAFI Elections for Individuals Below Age 40 

Use these factors for NAFI cases when the date of computation under 5 C.F.R. § 847.603 is 

on/after October 1, 2019. (CSRS chart applies to FERCCA reductions < 40 years old.) 

Civil Service Retirement System 

Age at Retirement Factor Age at Retirement Factor 

17 443.1 29 399.6

18 439.8 30 395.6

19 436.4 31 391.5

20 432.9 32 387.4

21 429.4 33 383.2

22 425.9 34 378.9

23 422.3 35 374.6

24 418.6 36 370.2

25 414.9 37 365.7

26 411.2 38 361.2

27 407.4 39 356.5

28 403.5

Federal Employees Retirement System 

Age at Retirement Factor Age at Retirement Factor 

17 389.9 29 357.3

18 387.4 30 354.2

19 384.9 31 351.1

20 382.4 32 347.9

21 379.8 33 344.7

22 377.2 34 341.3

23 374.5 35 337.9

24 371.8 36 334.5

25 369.0 37 330.9

26 366.1 38 327.3

27 363.3 39 323.6

28 360.3
Attachment 4

Present Value Conversion Factors 

FERS Decreased Separated Employee Cases 

For Deaths from 10/1/19 – Present 

A. With at least 10, but less than 20 years of creditable service—

Former employee’s Multiplier Former employee’s Multiplier

age at death: age at death: 

26 .0998 58 .7536

27 .1068 59 .8076

28 .1138 60 .8663

29 .1214 61 .9302

30 .1291

31 .1375

32 .1463

33 .1555

34 .1651

35 .1755

36 .1867

37 .1986

38 .2113

39 .2247

40 .2390

41 .2540

42 .2701

43 .2875

44 .3057

45 .3252

46 .3460

47 .3680

48 .3917

49 .4171

50 .4445

51 .4739

52 .5055

53 .5393

54 .5758

55 .6151

56 .6578

57 .7037
For Deaths from 10/1/19 – Present 

B. With at least 20, but less than 30 years of creditable service—

Former employee’s Multiplier Former employee’s Multiplier

age at death; age at death: 

36 .2153 51 .5470

37 .2291 52 .5834

38 .2436 53 .6225

39 .2592 54 .6646

40 .2756 55 .7100

41 .2930 56 .7592

42 .3116 57 .8123

43 .3316 58 .8698

44 .3527 59 .9322

45 .3752

46 .3992

47 .4247

48 .4521

49 .4814

50 .5131

C. With at least 30 years of creditable service— 

Former employee’s Multiplier by separated employee’s year of birthage at death: After 1966 From 1950 through 1966 

46 .4912 .5254

47 .5226 .5591

48 .5564 .5953

49 .5926 .6340

50 .6316 .6757

51 .6733 .7203

52 .7181 .7683

53 .7663 .8199

54 .8182 .8754

55 .8741 .9353

56 .9346 1.0000
Attachment 5 

Discount Factors Chart Effective October 1, 2019 

Factors for determining the reduction in a CSRS or FERS Annuity when an individual elects to 

credit NAFI Service to qualify for immediate CSRS/FERS Retirement under Pub. L. 107-107, 

115 Stat. 1012 (2001), and the annuity begins on/after October 1, 2019. 

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

the immediate retirement (with credit for NAFI service) and the date the deferred retirement 

(without credit for NAFI service) would normally begin. Factors derived from an assumed 

4.50% rate of investment return earned by the Fund. 

Years/ 

Months 

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

0 1.000000 0.996339 0.992691 0.989056 0.985435 0.981827 0.978232 0.974650 0.971082 0.967526 0.963984 0.960454 

1 0.956938 0.953434 0.949943 0.946465 0.943000 0.939547 0.936107 0.932680 0.929265 0.925862 0.922473 0.919095 

2 0.915730 0.912377 0.909037 0.905708 0.902392 0.899088 0.895796 0.892516 0.889249 0.885993 0.882749 0.879517 

3 0.876297 0.873088 0.869891 0.866707 0.863533 0.860371 0.857221 0.854083 0.850956 0.847840 0.844736 0.841643 

4 0.838561 0.835491 0.832432 0.829384 0.826348 0.823322 0.820308 0.817304 0.814312 0.811330 0.808360 0.805400 

5 0.802451 0.799513 0.796586 0.793669 0.790763 0.787868 0.784983 0.782109 0.779246 0.776392 0.773550 0.770718 

6 0.767896 0.765084 0.762283 0.759492 0.756711 0.753941 0.751180 0.748430 0.745690 0.742959 0.740239 0.737529 

7 0.734828 0.732138 0.729457 0.726787 0.724126 0.721474 0.718833 0.716201 0.713579 0.710966 0.708363 0.705769 

8 0.703185 0.700611 0.698045 0.695490 0.692943 0.690406 0.687878 0.685360 0.682850 0.680350 0.677859 0.675377

9 0.672904 0.670441 0.667986 0.665540 0.663103 0.660676 0.658257 0.655847 0.653445 0.651053 0.648669 0.646294

10 0.643928 0.641570 0.639221 0.636881 0.634549 0.632225 0.629911 0.627604 0.625306 0.623017 0.620736 0.618463

11 0.616199 0.613943 0.611695 0.609455 0.607224 0.605000 0.602785 0.600578 0.598379 0.596188 0.594006 0.591831

12 0.589664 0.587505 0.585354 0.583211 0.581075 0.578948 0.576828 0.574716 0.572612 0.570515 0.568426 0.566345

13 0.564272 0.562206 0.560147 0.558096 0.556053 0.554017 0.551989 0.549968 0.547954 0.545948 0.543949 0.541957

14 0.539973 0.537996 0.536026 0.534063 0.532108 0.530160 0.528219 0.526285 0.524358 0.522438 0.520525 0.518619

15 0.516720 0.514829 0.512944 0.511066 0.509194 0.507330 0.505472 0.503622 0.501778 0.499941 0.498110 0.496286 

16 0.494469 0.492659 0.490855 0.489058 0.487267 0.485483 0.483706 0.481935 0.480170 0.478412 0.476660 0.474915 

17 0.473176 0.471444 0.469718 0.467998 0.466284 0.464577 0.462876 0.461182 0.459493 0.457811 0.456134 0.454464 

18 0.452800 0.451143 0.449491 0.447845 0.446205 0.444572 0.442944 0.441322 0.439706 0.438096 0.436492 0.434894 

19 0.433302 0.431715 0.430135 0.428560 0.426991 0.425427 0.423870 0.422318 0.420771 0.419231 0.417696 0.416167 

20 0.414643 0.413125 0.411612 0.410105 0.408604 0.407107 0.405617 0.404132 0.402652 0.401178 0.399709 0.398246 

21 0.396787 0.395335 0.393887 0.392445 0.391008 0.389577 0.388150 0.386729 0.385313 0.383902 0.382497 0.381096 

22 0.379701 0.378311 0.376926 0.375545 0.374170 0.372801 0.371436 0.370076 0.368721 0.367371 0.366026 0.364685 

23 0.363350 0.362020 0.360694 0.359374 0.358058 0.356747 0.355441 0.354139 0.352843 0.351551 0.350264 0.348981 

24 0.347703 0.346430 0.345162 0.343898 0.342639 0.341385 0.340135 0.338889 0.337649 0.336412 0.335181 0.333953 

25 0.332731 0.331512 0.330299 0.329089 0.327884 0.326684 0.325488 0.324296 0.323109 0.321926 0.320747 0.319573