PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362. Source: 61 FR 34059, July 1, 1996, unless otherwise noted. Note: Certain provisions of part 4044 have been superseded by legislative changes. For example, there are references to provisions formerly codified in 29 CFR part 2617, subpart C (and to the Notice of Sufficiency provided for thereunder) that no longer exist because of changes in the PBGC's plan termination regulations in response to the Single-Employer Pension Plan Amendments Act of 1986 and the Pension Protection Act of 1987. The PBGC intends to amend part 4044 at a later date to conform it to current statutory provisions. Subpart A—Allocation of Assets General Provisions § 4044.1 Purpose and scope. This part implements section 4044 of ERISA, which contains rules for allocating a plan's assets when the plan terminates. These rules have been in effect since September 2, 1974, the date of enactment of ERISA. This part applies to any single-employer plan covered by title IV of ERISA that submits a notice of intent to terminate, or for which PBGC commences an action to terminate the plan under section 4042 of ERISA. (a) Subpart A. (b) Subpart B. (1) Section 4044.41 sets forth the general provisions of subpart B and applies to all terminating single-employer plans. Sections 4044.51 through 4044.58 prescribe the benefit valuation rules for plans that are placed into trusteeship by PBGC, including (in §§ 4044.55 through 4044.58) the rules and procedures a plan administrator shall follow to determine the expected retirement age (XRA) for a plan participant entitled to early retirement benefits for whom the annuity starting date is not known as of the valuation date. This applies to all trusteed plans which have such early retirement benefits. The plan administrator shall determine an XRA under § 4044.55, § 4044.56 or § 4044.57, as appropriate, for each active participant or participant with a deferred vested benefit who is entitled to an early retirement benefit and who as of the valuation date has not selected an annuity starting date. (2) Sections 4044.71 through 4044.75 prescribe the benefit valuation rules for calculating the value of a benefit to be paid a participant or beneficiary under a terminating pension plan that is distributing assets where the plan has not been placed into trusteeship by PBGC. [61 FR 34059, July 1, 1996, as amended at 76 FR 34605, June 14, 2011; 89 FR 48300, June 6, 2024] § 4044.2 Definitions. (a) The following terms are defined in § 4001.2 of this chapter: annuity, bankruptcy filing date, basic-type benefit, Code, distribution date, earliest retirement age at valuation date, ERISA, expected retirement age (XRA), fair market value, guaranteed benefit, insurer, IRS, irrevocable commitment, majority owner, mandatory employee contributions, nonbasic-type benefit, nonforfeitable benefit, non-PPA 2006 bankruptcy termination, normal retirement age, notice of intent to terminate, PBGC, person, plan, plan administrator, single-employer plan, termination date, unreduced retirement age (URA), and voluntary employee contributions. (b) For purposes of this part: Deferred annuity Early retirement benefit Non-trusteed plan Priority category Trusteed plan Valuation date (c) For purposes of subpart B of this part (unless otherwise required by the context): Age (d) For purposes of §§ 4044.55 through 4044.58: Monthly benefit (e) For purposes of §§ 4044.71 through 4044.75: Lump sum payable in lieu of an annuity Other lump sum benefit [61 FR 34059, July 1, 1996, as amended at 67 FR 16959, Apr. 8, 2002; 74 FR 11035, Mar. 16, 2009; 76 FR 34605, June 14, 2011; 83 FR 49806, Oct. 3, 2018; 89 FR 48300, June 6, 2024] § 4044.3 General rule. (a) Asset allocation. (b) Allocation date. [61 FR 34059, July 1, 1996, as amended at 76 FR 34605, June 14, 2011] § 4044.4 Violations. (a) General. (b) Distributions in anticipation of termination. (1) Any change in funding or operation procedures; (2) Past practice with regard to employee requests for forms of distribution; (3) Whether the distribution is consistent with plan provisions; and (4) Whether an annuity contract that provides for a cutback based on the guarantee limits in subpart B of part 4022 of this chapter could have been purchased from an insurance company. Allocation of Assets to Benefit Categories § 4044.10 Manner of allocation. (a) General. (b) Assigning benefits. (c) Valuing benefits. (d) Allocating assets to priority categories. (e) Allocating assets within priority categories. (f) Applying assets to basic-type or nonbasic-type benefits within priority categories. (g) Allocation to established subclasses. [61 FR 34059, July 1, 1996, as amended at 76 FR 34605, June 14, 2011; 83 FR 49806, Oct. 3, 2018] § 4044.11 Priority category 1 benefits. (a) Definition. (b) Assigning benefits. § 4044.12 Priority category 2 benefits. (a) Definition. (1) Basic-type benefits. (2) Nonbasic-type benefits. (b) Conversion of mandatory employee contributions to an annuity benefit. (1) Accumulated mandatory employee contributions. (2) Interest rates and conversion factors. (3) Minimum accrued benefit. (4) Rollover amounts. (c) Assigning benefits. (1) Annuity benefit and pre-retirement death benefit. (i) The annuity benefit is the benefit computed under paragraph (b) of this section. (ii) Except for adjustments necessary to meet the minimum lump sum requirements as hereafter provided, the pre-retirement death benefit is the benefit under the plan that returns all or a portion of the participant's mandatory employee contributions upon the death of the participant before retirement. A benefit that became payable in a single installment (or substantially so) because the participant died before the termination date is a liability of the plan within the meaning of § 4044.3(a) and should not be assigned to priority category 2. A benefit payable upon a participant's death that is included in the annuity form of the benefit derived from mandatory employee contributions (e.g., the survivor's portion of a joint and survivor annuity or the cash refund portion of a cash refund annuity) is assigned to priority category 2 as part of the annuity benefit under paragraph (c)(1)(i) of this section and is not assigned as a death benefit. The pre-retirement death benefit may not be less than the minimum lump sum required upon withdrawal of mandatory employee contributions by the IRS under section 204(c) of ERISA and section 411(c) of the Code. (2) Lump sum benefit. (i) The combined value of the annuity benefit and the pre-retirement death benefit determined according to paragraph (c)(1) (which constitutes the basic-type benefit) plus (ii) The amount, if any, of the participant's accumulated mandatory employee contributions that exceeds the combined value of the annuity benefit and the pre-retirement death benefit (which constitutes the nonbasic-type benefit), but not more than (iii) The amount of the participant's accumulated mandatory contributions. (3) For purposes of paragraph (c)(2) of this section, accumulated mandatory contributions means the contributions with interest, if any, payable under plan provisions to the participant or beneficiary on termination of the plan or, in the absence of such provisions, the amount that is payable if the participant withdrew his or her contributions on the termination date. The lump sum benefit may not be less than the minimum lump required by the IRS under section 204(c) of ERISA and section 411(c) of the Code upon withdrawal of mandatory employee contributions. (4) Special rules for benefit resulting from rollover amounts Mandatory employee contributions. (ii) Employer contributions. i.e., [61 FR 34059, July 1, 1996, as amended at 79 FR 70095, Nov. 25, 2014] § 4044.13 Priority category 3 benefits. (a) Definition. (b) Assigning benefits. (1) Eligibility of participants and beneficiaries. (i) The participant's (or beneficiary's) benefit was in pay status before the beginning of the 3-year period ending on the termination date. (ii) Before the beginning of the 3-year period ending on the termination date, the participant was eligible for an annuity benefit that could have been in pay status and had reached his or her Earliest PBGC Retirement Date (as determined in § 4022.10 of this chapter, based on plan provisions in effect on the day before the beginning of the 3-year period ending on the termination date). Whether a participant was eligible to receive an annuity before the beginning of the 3-year period shall be determined using the plan provisions in effect on the day before the beginning of the 3-year period. (iii) If a participant described in either of the preceding two paragraphs died during the 3-year period ending on the date of the plan termination and his or her beneficiary is entitled to an annuity, the beneficiary is eligible for a priority category 3 benefit. (2) Plan provisions governing determination of benefit. (i) Except as provided in paragraph (b)(3), for a participant or beneficiary whose benefit was in pay status before the beginning of the 3-year period ending on the termination date, the priority category 3 benefit shall be determined according to plan provisions in effect on the date the benefit commenced. The form of annuity elected by a retiree is considered the normal form of annuity for that participant. (ii) Except as provided in paragraph (b)(3), for a participant who was eligible to receive an annuity before the beginning of the 3-year period ending on the termination date but whose benefit was not in pay status, the priority category 3 benefit and the normal form of annuity shall be determined according to plan provisions in effect on the day before the beginning of the 3-year period ending on the termination date as if the benefit had commenced at that time. (3) General benefit limitations. (i) If a participant's benefit was in pay status before the beginning of the 3-year period, the benefit assigned to priority category 3 with respect to that participant is limited to the lesser of the lowest annuity benefit in pay status during the 3-year period ending on the termination date and the lowest annuity benefit payable under the plan provisions at any time during the 5-year period ending on the termination date. (ii) Unless a benefit was in pay status before the beginning of the 3-year period ending on the termination date, the benefit assigned to priority category 3 with respect to a participant is limited to the lowest annuity benefit payable under the plan provisions, including any reduction for early retirement, at any time during the 5-year period ending on the termination date. If the annuity form of benefit under a formula that appears to produce the lowest benefit differs from the normal annuity form for the participant under paragraph (b)(2)(ii) of this section, the benefits shall be compared after the differing form is converted to the normal annuity form, using plan factors. In the absence of plan factors, the factors in subpart B of part 4022 of this chapter shall be used. (iii) For purposes of this paragraph, if a terminating plan has been in effect less than five years on the termination date, computed in accordance with paragraph (b)(6) of this section, the lowest annuity benefit under the plan during the 5-year period ending on the termination date is zero. If the plan is a successor to a previously established defined benefit plan within the meaning of section 4021(a) of ERISA, the time it has been in effect will include the time the predecessor plan was in effect. (4) Determination of beneficiary's benefit. (5) Automatic benefit increases. (6) Computation of time periods. (c) PPA 2006 bankruptcy termination. (1) For purposes of this paragraph (c), “applicable pre-termination period” means the period— (i) Beginning on the first day of the 5-year period ending on the bankruptcy filing date; and (ii) Ending on the termination date. For example, if the bankruptcy filing date is January 15, 2008, and the termination date is March 22, 2009, the applicable pre-termination period is the period beginning on January 16, 2003, and ending on March 22, 2009. (2) “Applicable pre-termination period” is substituted for “5-year period ending on the termination date” each place that “5-year period ending on the termination date” appears in paragraphs (a) and (b) of this section. (3) Except as provided in paragraph (a)(2) of this section, “bankruptcy filing date” is substituted for “termination date” and “date of the plan termination” each place that “termination date” and “date of the plan termination” appear in paragraphs (a) and (b) of this section. In paragraph (b)(5) of this section, “the bankruptcy filing date” is substituted for “termination” in the phrase “during the fourth and fifth years preceding termination.” (4) Example: A plan provides for normal retirement at age 65 and has only one early retirement benefit: a subsidized early retirement benefit for participants who terminate employment on or after age 60 with 20 years of service. These plan provisions have been unchanged since 1990. The contributing sponsor of the plan files a bankruptcy petition in June 2008, and the plan terminates during the bankruptcy with a termination date in September 2010. A participant retired in July 2007, at which time he was age 60 and had 20 years of service, and began receiving the subsidized early retirement benefit. The participant has no benefit in priority category 3, because he was not eligible to retire three or more years before the June 2008 bankruptcy filing date. [61 FR 34059, July 1, 1996, as amended at 62 FR 67729, Dec. 30, 1997; 67 FR 16959, Apr. 8, 2002; 67 FR 38003, May 31, 2002; 76 FR 34605, June 14, 2011] § 4044.14 Priority category 4 benefits. The benefits assigned to priority category 4 with respect to each participant are the participant's guaranteed benefits, except as provided in the next sentence. The benefit assigned to priority category 4 with respect to a participant is not limited by the aggregate benefits limitations set forth in § 4022B.1 of this chapter for individuals who are participants in more than one plan or by the guarantee limitation applicable to majority owners set forth in § 4022.26. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011; 83 FR 49806, Oct. 3, 2018] § 4044.15 Priority category 5 benefits. The benefits assigned to priority category 5 with respect to each participant are all of the participant's nonforfeitable benefits under the plan. § 4044.16 Priority category 6 benefits. The benefits assigned to priority category 6 with respect to each participant are all of the participant's benefits under the plan, whether forfeitable or nonforfeitable. § 4044.17 Subclasses. (a) General rule. (b) Limitation. (c) Exception for subclasses in effect on September 2, 1974. (1) Such provisions are still in effect; or (2) The plan, if subsequently amended to modify or remove those subclasses, is re-amended to re-establish the same subclasses on or before July 28, 1981. (d) Discrimination under Code. Allocation of Residual Assets § 4044.30 [Reserved] Subpart B—Valuation of Benefits and Assets General Provisions § 4044.41 General valuation rules. (a) Valuation of benefits Trusteed plans. (2) Non-trusteed plans. (b) Valuation of assets. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011; 88 FR 44052, July 11, 2023; 89 FR 48300, June 6, 2024] Trusteed Plans § 4044.51 Benefits to be valued. (a) Form of benefit. (1) If a benefit is in pay status as of the valuation date, the plan administrator shall value the form of the benefit being paid. (2) If a benefit is not in pay status as of the valuation date but a valid election with respect to the form of benefit has been made on or before the valuation date, the plan administrator shall value the form of benefit so elected. (3) If a benefit is not in pay status as of the valuation date and no valid election with respect to the form of benefit has been made on or before the valuation date, the plan administrator shall value the form of benefit that, under the terms of the plan, is payable in the absence of a valid election. (b) Timing of benefit. (1) Where election made. (2) Where no election made. (i) The expected retirement age, as determined under §§ 4044.55 through 4044.58, of the participant with respect to whom the benefit is payable, or (ii) The valuation date. [61 FR 34059, July 1, 1996, as amended at 89 FR 48300, June 6, 2024] § 4044.52 Valuation of benefits. The plan administrator shall value all benefits as of the valuation date by— (a) Using the mortality assumptions prescribed by § 4044.53 and the interest assumptions prescribed by § 4044.54; (b) Using interpolation methods, where necessary, at least as accurate as linear interpolation; (c) Using valuation formulas that accord with generally accepted actuarial principles and practices; and (d) Adding an expense loading charge determined in accordance with this paragraph (d) to the total value of benefits. (1) Expense loading charge. The expense loading charge equals the sum of— (i) Four hundred dollars ($400) multiplied by the applicable inflation multiplier determined in accordance with paragraph (d)(2) of this section and rounded to the nearest dollar, multiplied by the lesser of the participant count and 100, and (ii) Two hundred-fifty dollars ($250) multiplied by the applicable inflation multiplier determined in accordance with paragraph (d)(2) of this section and rounded to the nearest dollar, multiplied by the excess, if any, of the participant count over 100. (2) Applicable inflation multiplier. [65 FR 14753, Mar. 17, 2000, as amended at 70 FR 72207, Dec. 2, 2005; 89 FR 48300, June 6, 2024; 90 FR 39328, Aug. 15, 2025] § 4044.53 Mortality assumptions. (a) General rule. (b) Certain death benefits. (1) The mortality rates that are applicable to the annuity in pay status under this section to represent the mortality of the pay status annuitant; and (2) The mortality rates under paragraph (c) of this section to represent the mortality of the death beneficiary. (c) Healthy lives In general. (i) Construction of generational mortality tables. (ii) Base mortality tables. (iii) Mortality improvement rates. (iv) Incorporation by reference. www.archives.gov/federal-register/cfr/ibr-locations.html [email protected]. https://www.soa.org/resources/experience-studies/2021/mortality-improvement-scale-mp-2021. (2) Application of mortality improvement rates In general. (ii) Cumulative mortality improvement factor. (iii) Annual mortality improvement factor. (3) Example of calculation using scale MP-2021 rates Calculation of mortality rate. Table 1 to Paragraph ( c i Calendar year Scale MP-2021 Annual mortality Cumulative Mortality rate 2012 n/a n/a n/a 0.01288 2013 0.0052 0.9948 0.9948 2014 0.0027 0.9973 0.9921 2015 0.0009 0.9991 0.9912 2016 (0.0003) 1.0003 0.9915 2017 (0.0010) 1.0010 0.9925 2018 (0.0016) 1.0016 0.9941 2019 (0.0016) 1.0016 0.9957 2020 (0.0010) 1.0010 0.9967 2021 0.0000 1.0000 0.9967 2022 0.0015 0.9985 0.9952 2023 0.0033 0.9967 0.9919 2024 0.0052 0.9948 0.9867 0.01271 (ii) Probability of survival for an individual. (4) Use of the tables Separate tables for annuitants and non-annuitants. (ii) Examples of calculation using separate non-annuitant and annuitant tables. (5) Base mortality tables. Table 2 to Paragraph ( c Age Males Females Non-annuitant Annuitant Non-annuitant Annuitant 0 0.00650 0.00650 0.00544 0.00544 1 0.00045 0.00045 0.00038 0.00038 2 0.00030 0.00030 0.00023 0.00023 3 0.00022 0.00022 0.00018 0.00018 4 0.00019 0.00019 0.00013 0.00013 5 0.00016 0.00016 0.00012 0.00012 6 0.00014 0.00014 0.00011 0.00011 7 0.00013 0.00013 0.00010 0.00010 8 0.00011 0.00011 0.00009 0.00009 9 0.00009 0.00009 0.00009 0.00009 10 0.00008 0.00008 0.00009 0.00009 11 0.00009 0.00009 0.00009 0.00009 12 0.00013 0.00013 0.00010 0.00010 13 0.00017 0.00017 0.00012 0.00012 14 0.00022 0.00022 0.00013 0.00013 15 0.00028 0.00028 0.00013 0.00013 16 0.00034 0.00034 0.00014 0.00014 17 0.00040 0.00040 0.00015 0.00015 18 0.00046 0.00046 0.00015 0.00015 19 0.00053 0.00053 0.00015 0.00015 20 0.00056 0.00056 0.00015 0.00015 21 0.00056 0.00056 0.00015 0.00015 22 0.00056 0.00056 0.00016 0.00016 23 0.00055 0.00055 0.00018 0.00018 24 0.00055 0.00055 0.00019 0.00019 25 0.00054 0.00054 0.00019 0.00019 26 0.00054 0.00054 0.00019 0.00019 27 0.00054 0.00054 0.00020 0.00020 28 0.00054 0.00054 0.00020 0.00020 29 0.00054 0.00054 0.00020 0.00020 30 0.00055 0.00055 0.00021 0.00021 31 0.00055 0.00055 0.00022 0.00022 32 0.00056 0.00056 0.00023 0.00023 33 0.00058 0.00058 0.00025 0.00025 34 0.00059 0.00059 0.00026 0.00026 35 0.00061 0.00061 0.00028 0.00028 36 0.00063 0.00063 0.00031 0.00031 37 0.00065 0.00065 0.00034 0.00034 38 0.00068 0.00068 0.00036 0.00036 39 0.00071 0.00071 0.00040 0.00040 40 0.00074 0.00074 0.00043 0.00043 41 0.00077 0.00082 0.00047 0.00049 42 0.00081 0.00099 0.00051 0.00061 43 0.00086 0.00124 0.00055 0.00078 44 0.00091 0.00158 0.00060 0.00101 45 0.00097 0.00200 0.00065 0.00130 46 0.00105 0.00251 0.00071 0.00165 47 0.00113 0.00310 0.00077 0.00206 48 0.00123 0.00378 0.00083 0.00252 49 0.00134 0.00454 0.00090 0.00304 50 0.00147 0.00539 0.00098 0.00362 51 0.00161 0.00544 0.00107 0.00426 52 0.00177 0.00565 0.00116 0.00495 53 0.00194 0.00588 0.00126 0.00500 54 0.00213 0.00616 0.00137 0.00512 55 0.00234 0.00647 0.00148 0.00517 56 0.00257 0.00686 0.00161 0.00522 57 0.00281 0.00728 0.00175 0.00528 58 0.00308 0.00770 0.00190 0.00561 59 0.00338 0.00811 0.00206 0.00601 60 0.00369 0.00848 0.00224 0.00643 61 0.00403 0.00882 0.00243 0.00690 62 0.00441 0.00918 0.00264 0.00743 63 0.00481 0.00960 0.00287 0.00796 64 0.00525 0.01014 0.00312 0.00859 65 0.00573 0.01087 0.00339 0.00928 66 0.00636 0.01178 0.00380 0.01003 67 0.00706 0.01288 0.00427 0.01089 68 0.00784 0.01418 0.00480 0.01192 69 0.00870 0.01564 0.00540 0.01309 70 0.00967 0.01729 0.00606 0.01444 71 0.01073 0.01914 0.00681 0.01597 72 0.01192 0.02121 0.00765 0.01770 73 0.01323 0.02354 0.00860 0.01967 74 0.01469 0.02613 0.00966 0.02192 75 0.01632 0.02905 0.01085 0.02445 76 0.01812 0.03233 0.01219 0.02727 77 0.02012 0.03604 0.01370 0.03042 78 0.02234 0.04026 0.01539 0.03391 79 0.02480 0.04504 0.01729 0.03775 80 0.02754 0.05046 0.01943 0.04198 81 0.02989 0.05657 0.02134 0.04663 82 0.03460 0.06343 0.02516 0.05178 83 0.04166 0.07114 0.03089 0.05754 84 0.05108 0.07977 0.03853 0.06401 85 0.06285 0.08946 0.04808 0.07132 86 0.07698 0.10032 0.05955 0.07954 87 0.09346 0.11248 0.07293 0.08879 88 0.11229 0.12600 0.08822 0.09936 89 0.13348 0.14088 0.10542 0.11124 90 0.15703 0.15703 0.12453 0.12453 91 0.17401 0.17401 0.13818 0.13818 92 0.19151 0.19151 0.15250 0.15250 93 0.20936 0.20936 0.16737 0.16737 94 0.22742 0.22742 0.18274 0.18274 95 0.24569 0.24569 0.19863 0.19863 96 0.26415 0.26415 0.21509 0.21509 97 0.28281 0.28281 0.23214 0.23214 98 0.30169 0.30169 0.24983 0.24983 99 0.32077 0.32077 0.26814 0.26814 100 0.33996 0.33996 0.28698 0.28698 101 0.35910 0.35910 0.30619 0.30619 102 0.37794 0.37794 0.32549 0.32549 103 0.39633 0.39633 0.34472 0.34472 104 0.41415 0.41415 0.36375 0.36375 105 0.43131 0.43131 0.38243 0.38243 106 0.44771 0.44771 0.40065 0.40065 107 0.46329 0.46329 0.41828 0.41828 108 0.47800 0.47800 0.43522 0.43522 109 0.49181 0.49181 0.45139 0.45139 110 0.50000 0.50000 0.46673 0.46673 111 0.50000 0.50000 0.48120 0.48120 112 0.50000 0.50000 0.49477 0.49477 113 0.50000 0.50000 0.50000 0.50000 114 0.50000 0.50000 0.50000 0.50000 115 0.50000 0.50000 0.50000 0.50000 116 0.50000 0.50000 0.50000 0.50000 117 0.50000 0.50000 0.50000 0.50000 118 0.50000 0.50000 0.50000 0.50000 119 0.50000 0.50000 0.50000 0.50000 120 1.00000 1.00000 1.00000 1.00000 (d) Social Security disabled lives. Table 3 to Paragraph ( d Age Male Female 16 0.012544 0.004759 17 0.007102 0.006541 18 0.005859 0.008035 19 0.009998 0.008369 20 0.008926 0.009224 21 0.008533 0.008144 22 0.008158 0.008616 23 0.008970 0.008127 24 0.008433 0.008318 25 0.008696 0.008851 26 0.009211 0.008002 27 0.009362 0.008694 28 0.009780 0.009477 29 0.010049 0.009664 30 0.011093 0.009417 31 0.011075 0.009985 32 0.010931 0.010524 33 0.011890 0.010648 34 0.012529 0.011252 35 0.012418 0.011450 36 0.013234 0.011448 37 0.013832 0.012135 38 0.014457 0.012579 39 0.015830 0.012619 40 0.016153 0.013578 41 0.016859 0.014243 42 0.017464 0.014520 43 0.018302 0.014773 44 0.019127 0.015630 45 0.020380 0.016131 46 0.021607 0.016874 47 0.023407 0.017547 48 0.023956 0.018198 49 0.025631 0.019281 50 0.026384 0.019413 51 0.027277 0.020343 52 0.028582 0.020488 53 0.030164 0.021316 54 0.031262 0.021960 55 0.031728 0.021969 56 0.033067 0.022897 57 0.034230 0.023556 58 0.035474 0.024159 59 0.036790 0.024958 60 0.037772 0.025905 61 0.039297 0.027414 62 0.039954 0.028394 63 0.041069 0.029795 64 0.042280 0.030776 65 0.039144 0.028230 66 0.043862 0.031667 67 0.046182 0.033318 68 0.048624 0.034728 69 0.052077 0.037341 70 0.055284 0.039491 71 0.058951 0.042134 72 0.062301 0.044962 73 0.067099 0.047548 74 0.071469 0.051148 75 0.075068 0.055271 76 0.080425 0.059382 77 0.085531 0.063489 78 0.091585 0.068675 79 0.098383 0.074929 80 0.104788 0.080536 81 0.113110 0.088455 82 0.122062 0.094573 83 0.131697 0.103589 84 0.140430 0.111345 85 0.151890 0.122160 86 0.165777 0.130844 87 0.176875 0.142631 88 0.188397 0.156112 89 0.206651 0.166591 90 0.223252 0.182064 91 0.235073 0.197059 92 0.249318 0.205768 93 0.267740 0.225325 94 0.277033 0.240441 95 0.284003 0.260724 96 0.298740 0.281817 97 0.313086 0.293156 98 0.328740 0.308400 99 0.345177 0.324436 100 0.362436 0.341307 101 0.380558 0.359055 102 0.399586 0.377726 103 0.419565 0.397368 104 0.440543 0.418031 105 0.462571 0.439768 106 0.485699 0.462636 107 0.509984 0.486693 108 0.535483 0.512001 109 0.562257 0.538626 110 0.590370 0.566634 111+ 1.000000 1.000000 (e) Non-Social Security disabled lives. (f) Definitions of disability Social Security disabled. (i) Is being received as a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits, or (ii) Was converted under the plan's terms from a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits to an early or normal retirement benefit for any reason other than a change in the participant's health status. (2) Non-Social Security disabled. (i) Is being received as a disability benefit under the plan, or (ii) Was converted under the plan's terms from a disability benefit to an early or normal retirement benefit for any reason other than a change in the participant's health status. (g) Contingent annuitant mortality during deferral period. (h) Missing participants mortality. PBGC missing participants assumptions” Table 4 to Paragraph ( h Age Benefit determination Benefit determination Benefit determination 0 0.00207 0.00204 0.00202 1 0.00015 0.00014 0.00014 2 0.00010 0.00009 0.00009 3 0.00008 0.00007 0.00007 4 0.00006 0.00006 0.00006 5 0.00006 0.00005 0.00005 6 0.00005 0.00005 0.00005 7 0.00005 0.00005 0.00005 8 0.00004 0.00004 0.00004 9 0.00004 0.00004 0.00003 10 0.00004 0.00004 0.00004 11 0.00004 0.00004 0.00004 12 0.00005 0.00005 0.00005 13 0.00006 0.00006 0.00006 14 0.00008 0.00007 0.00007 15 0.00009 0.00009 0.00008 16 0.00010 0.00010 0.00010 17 0.00012 0.00012 0.00012 18 0.00014 0.00014 0.00014 19 0.00016 0.00015 0.00015 20 0.00016 0.00016 0.00016 21 0.00017 0.00016 0.00016 22 0.00017 0.00017 0.00017 23 0.00018 0.00018 0.00018 24 0.00019 0.00019 0.00019 25 0.00020 0.00019 0.00019 26 0.00021 0.00020 0.00020 27 0.00022 0.00021 0.00021 28 0.00023 0.00022 0.00022 29 0.00023 0.00023 0.00023 30 0.00025 0.00025 0.00024 31 0.00026 0.00026 0.00026 32 0.00028 0.00027 0.00027 33 0.00030 0.00030 0.00030 34 0.00032 0.00031 0.00031 35 0.00034 0.00034 0.00033 36 0.00036 0.00036 0.00035 37 0.00038 0.00038 0.00037 38 0.00040 0.00040 0.00039 39 0.00043 0.00042 0.00041 40 0.00044 0.00044 0.00043 41 0.00046 0.00045 0.00044 42 0.00048 0.00047 0.00046 43 0.00049 0.00049 0.00048 44 0.00052 0.00051 0.00050 45 0.00054 0.00053 0.00052 46 0.00058 0.00057 0.00056 47 0.00061 0.00060 0.00059 48 0.00065 0.00064 0.00064 49 0.00070 0.00069 0.00068 50 0.00076 0.00076 0.00075 51 0.00085 0.00084 0.00083 52 0.00095 0.00094 0.00092 53 0.00106 0.00105 0.00103 54 0.00120 0.00118 0.00117 55 0.00143 0.00141 0.00139 56 0.00177 0.00174 0.00172 57 0.00205 0.00202 0.00200 58 0.00239 0.00235 0.00232 59 0.00276 0.00273 0.00269 60 0.00321 0.00317 0.00313 61 0.00370 0.00365 0.00360 62 0.00441 0.00434 0.00428 63 0.00514 0.00507 0.00500 64 0.00577 0.00570 0.00562 65 0.00658 0.00650 0.00641 66 0.00748 0.00738 0.00729 67 0.00834 0.00823 0.00813 68 0.00928 0.00916 0.00904 69 0.01034 0.01021 0.01008 70 0.01155 0.01141 0.01127 71 0.01294 0.01278 0.01262 72 0.01452 0.01435 0.01417 73 0.01631 0.01611 0.01592 74 0.01837 0.01815 0.01794 75 0.02073 0.02049 0.02025 76 0.02345 0.02317 0.02291 77 0.02656 0.02626 0.02596 78 0.03012 0.02979 0.02945 79 0.03417 0.03382 0.03345 80 0.03899 0.03862 0.03823 81 0.04395 0.04356 0.04315 82 0.04959 0.04916 0.04872 83 0.05595 0.05549 0.05502 84 0.06317 0.06267 0.06217 85 0.07138 0.07083 0.07029 86 0.08063 0.08005 0.07947 87 0.09107 0.09044 0.08982 88 0.10286 0.10220 0.10154 89 0.11596 0.11526 0.11457 90 0.13036 0.12962 0.12889 91 0.14540 0.14463 0.14387 92 0.16090 0.16012 0.15933 93 0.17679 0.17601 0.17522 94 0.19284 0.19206 0.19127 95 0.20898 0.20822 0.20745 96 0.22620 0.22545 0.22467 97 0.24386 0.24311 0.24234 98 0.26196 0.26123 0.26048 99 0.28059 0.27986 0.27912 100 0.29960 0.29887 0.29814 101 0.31891 0.31817 0.31746 102 0.33825 0.33748 0.33676 103 0.35757 0.35673 0.35595 104 0.37670 0.37583 0.37502 105 0.39521 0.39436 0.39354 106 0.41327 0.41245 0.41166 107 0.43080 0.42999 0.42921 108 0.44743 0.44667 0.44595 109 0.46339 0.46271 0.46204 110 0.47628 0.47568 0.47508 111 0.48468 0.48417 0.48366 112 0.49268 0.49226 0.49184 113 0.49666 0.49634 0.49602 114 0.49795 0.49773 0.49751 115 0.49928 0.49915 0.49903 116 0.49960 0.49953 0.49945 117 0.49978 0.49973 0.49968 118 0.49995 0.49993 0.49990 119 0.50000 0.50000 0.50000 120 1.00000 1.00000 1.00000 [70 FR 72207, Dec. 2, 2005, as amended at 89 FR 48300, June 6, 2024; 89 FR 104041, Dec. 20, 2024; 90 FR 59973, Dec. 23, 2025] § 4044.54 Interest assumptions. (a) General rule. (b) Interest rate. (c) 4044 yield curve. (d) Blended market yield curves. (1) Applicable blended market yield curve. (2) Determination of blended market yield curve. (i) Obtain the rate for each maturity point from 0.5 to 30.0 from the TNC Yield Curve for the end of the month published by the Department of the Treasury. (ii) Obtain the rate for each maturity point from 0.5 to 30.0 from the HQM Bond Yield Curve for the end of the month published by the Department of the Treasury. (iii) Determine the interest rate for each maturity point from 0.5 to 30.0 on the blended market yield curve by multiplying the rate determined in paragraph (d)(2)(i) of this section by one-third, multiplying the rate determined in paragraph (d)(2)(ii) of this section at the year by two-thirds, and adding the products. (e) Spreads Applicable spreads. (2) Using spreads to adjust a blended market yield curve. (3) Examples. (i) Example 1—August 31, 2024, valuation date. www.pbgc.gov. (ii) Example 2—November 15, 2024, valuation date. www.pbgc.gov. Table 1 to Paragraph( e Maturity point Fourth First Second Third 0.5 0.49 0.56 0.63 0.71 1.0 0.49 0.56 0.63 0.71 1.5 0.49 0.56 0.62 0.70 2.0 0.49 0.56 0.62 0.70 2.5 0.49 0.55 0.62 0.69 3.0 0.49 0.55 0.62 0.69 3.5 0.48 0.54 0.60 0.68 4.0 0.48 0.54 0.60 0.68 4.5 0.47 0.53 0.59 0.66 5.0 0.47 0.53 0.59 0.66 5.5 0.46 0.52 0.57 0.64 6.0 0.46 0.52 0.57 0.64 6.5 0.44 0.50 0.54 0.61 7.0 0.44 0.50 0.54 0.61 7.5 0.43 0.48 0.52 0.59 8.0 0.43 0.48 0.52 0.59 8.5 0.41 0.45 0.49 0.55 9.0 0.41 0.45 0.49 0.55 9.5 0.39 0.43 0.46 0.52 10.0 0.39 0.43 0.46 0.52 10.5 0.37 0.40 0.43 0.48 11.0 0.37 0.40 0.43 0.48 11.5 0.34 0.37 0.39 0.44 12.0 0.34 0.37 0.39 0.44 12.5 0.32 0.34 0.36 0.40 13.0 0.32 0.34 0.36 0.40 13.5 0.30 0.31 0.32 0.36 14.0 0.30 0.31 0.32 0.36 14.5 0.27 0.28 0.28 0.32 15.0 0.27 0.28 0.28 0.32 15.5 0.25 0.25 0.24 0.28 16.0 0.25 0.25 0.24 0.28 16.5 0.23 0.22 0.21 0.23 17.0 0.23 0.22 0.21 0.23 17.5 0.20 0.19 0.17 0.19 18.0 0.20 0.19 0.17 0.19 18.5 0.18 0.16 0.13 0.15 19.0 0.18 0.16 0.13 0.15 19.5 0.16 0.13 0.10 0.11 20.0 0.16 0.13 0.10 0.11 20.5 0.14 0.11 0.07 0.08 21.0 0.14 0.11 0.07 0.08 21.5 0.12 0.08 0.04 0.04 22.0 0.12 0.08 0.04 0.04 22.5 0.10 0.06 0.01 0.01 23.0 0.10 0.06 0.01 0.01 23.5 0.08 0.04 −0.02 −0.02 24.0 0.08 0.04 −0.02 −0.02 24.5 0.07 0.02 −0.04 −0.05 25.0 0.07 0.02 −0.04 −0.05 25.5 0.06 0.00 −0.06 −0.07 26.0 0.06 0.00 −0.06 −0.07 26.5 0.05 −0.01 −0.08 −0.09 27.0 0.05 −0.01 −0.08 −0.09 27.5 0.04 −0.02 −0.09 −0.10 28.0 0.04 −0.02 −0.09 −0.10 28.5 0.03 −0.03 −0.10 −0.11 29.0 0.03 −0.03 −0.10 −0.11 29.5 0.03 −0.03 −0.10 −0.11 30.0 0.03 −0.03 −0.10 −0.11 [89 FR 48305, June 6, 2024, as amended at 89 FR 54347, July 1, 2024; 89 FR 76731, Sept. 19, 2024; 89 FR 104425, Dec. 23, 2024; 90 FR 14578, Apr. 3, 2025; 90 FR 28900, July 2, 2025; 90 FR 45919, Sept. 24, 2025; 91 FR 2300, Jan. 20, 2026; 91 FR 16839, Apr. 3, 2026; 91 FR 47790, July 29, 2026; 91 FR 39464, June 30, 2026] Expected Retirement Age § 4044.55 XRA when a participant must retire to receive a benefit. (a) Applicability. (b) Data needed. (1) The amount of the participant's monthly benefit payable at unreduced retirement age in the normal form payable under the terms of the plan or in the form validly elected by the participant before the termination date; (2) The calendar year in which the participant reaches unreduced retirement age (“URA”); (3) The participant's URA; and (4) The participant's earliest retirement age at the valuation date. (c) Procedure. (2) Based on the retirement rate category determined under paragraph (c)(1), the plan administrator shall determine the XRA from Table II-A, II-B or II-C, as appropriate, by using the participant's URA and earliest retirement age at valuation date. [61 FR 34059, July 1, 1996, as amended at 89 FR 48306, June 6, 2024] § 4044.56 XRA when a participant need not retire to receive a benefit. (a) Applicability. (b) Data needed. (1) The participant's URA; and (2) The participant's earliest retirement age at valuation date. (c) Procedure. [61 FR 34059, July 1, 1996, as amended at 89 FR 48306, June 6, 2024] § 4044.57 Special rule for facility closing. (a) Applicability. (1) The facility at which the participant is or was employed permanently closed within one year before the valuation date, or is in the process of being permanently closed on the valuation date. (2) The participant left employment at the facility less than one year before the valuation date or was still employed at the facility on the valuation date. (b) XRA. § 4044.58 Tables used to determine expected retirement age. The following tables are used for determining expected retirement age under §§ 4044.55 through 4044.57. Table 1 to § 4044.58—Table I-26—Selection of Retirement Rate Category [For valuation dates in 2026 1 If participant reaches URA in year— Participant's retirement rate category is— Low 2 Medium 3 High 4 From— To— 2027 849 849 3,587 3,587 2028 869 869 3,670 3,670 2029 888 888 3,750 3,750 2030 908 908 3,833 3,833 2031 928 928 3,917 3,917 2032 948 948 4,003 4,003 2033 969 969 4,092 4,092 2034 990 990 4,182 4,182 2035 1,012 1,012 4,274 4,274 2036 or later 1,034 1,034 4,368 4,368 1 www.pbgc.gov 2 3 4 Table 2 to § 4044.58—Table II-A—Expected Retirement Ages for Individuals in the Low Category Participant's earliest retirement age at valuation date Unreduced retirement age 60 61 62 63 64 65 66 67 68 69 70 42 53 53 53 54 54 54 54 54 54 54 54 43 53 54 54 54 55 55 55 55 55 55 55 44 54 54 55 55 55 55 55 56 56 56 56 45 54 55 55 56 56 56 56 56 56 56 56 46 55 55 56 56 56 57 57 57 57 57 57 47 56 56 56 57 57 57 57 57 57 57 57 48 56 57 57 57 58 58 58 58 58 58 58 49 56 57 58 58 58 58 59 59 59 59 59 50 57 57 58 58 59 59 59 59 59 59 59 51 57 58 58 59 59 60 60 60 60 60 60 52 58 58 59 59 60 60 60 60 60 60 60 53 58 59 59 60 60 61 61 61 61 61 61 54 58 59 60 60 61 61 61 61 61 61 61 55 59 59 60 61 61 61 62 62 62 62 62 56 59 60 60 61 61 62 62 62 62 62 62 57 59 60 61 61 62 62 62 62 62 62 62 58 59 60 61 61 62 62 63 63 63 63 63 59 59 60 61 62 62 63 63 63 63 63 63 60 60 60 61 62 62 63 63 63 63 63 63 61 61 61 62 63 63 63 63 64 64 64 62 62 62 63 63 63 64 64 64 64 63 63 63 64 64 65 65 65 65 64 64 64 65 65 65 65 65 65 65 65 65 65 65 65 66 66 66 66 66 66 67 67 67 67 67 68 68 68 68 69 69 69 70 70 Table 3 to § 4044.58—Table II-B—Expected Retirement Ages for Individuals in the Medium Category Participant's earliest retirement age at valuation date Unreduced retirement age 60 61 62 63 64 65 66 67 68 69 70 42 49 49 49 49 49 49 49 49 49 49 49 43 50 50 50 50 50 50 50 50 50 50 50 44 50 51 51 51 51 51 51 51 51 51 51 45 51 51 52 52 52 52 52 52 52 52 52 46 52 52 52 53 53 53 53 53 53 53 53 47 53 53 53 53 53 54 54 54 54 54 54 48 54 54 54 54 54 54 54 54 54 54 54 49 54 55 55 55 55 55 55 55 55 55 55 50 55 55 56 56 56 56 56 56 56 56 56 51 56 56 56 57 57 57 57 57 57 57 57 52 56 57 57 57 57 58 58 58 58 58 58 53 57 57 58 58 58 58 58 58 58 58 58 54 57 58 58 59 59 59 59 59 59 59 59 55 58 58 59 59 59 60 60 60 60 60 60 56 58 59 59 60 60 60 60 60 60 60 60 57 59 59 60 60 61 61 61 61 61 61 61 58 59 60 60 61 61 61 61 61 61 61 61 59 59 60 61 61 62 62 62 62 62 62 62 60 60 60 61 62 62 62 62 62 62 62 62 61 61 61 62 62 63 63 63 63 63 63 62 62 62 62 63 63 63 63 63 63 63 63 63 64 64 64 64 64 64 64 64 64 64 64 64 64 64 65 65 65 65 65 65 65 66 66 66 66 66 66 67 67 67 67 67 68 68 68 68 69 69 69 70 70 Table 4 to § 4044.58—Table II-C—Expected Retirement Ages for Individuals in the High Category Participant's earliest retirement age at valuation date Unreduced retirement age 60 61 62 63 64 65 66 67 68 69 70 42 46 46 46 46 46 47 47 47 47 47 47 43 47 47 47 47 47 47 47 47 47 47 47 44 48 48 48 48 48 48 48 48 48 48 48 45 49 49 49 49 49 49 49 49 49 49 49 46 50 50 50 50 50 50 50 50 50 50 50 47 51 51 51 51 51 51 51 51 51 51 51 48 52 52 52 52 52 52 52 52 52 52 52 49 53 53 53 53 53 53 53 53 53 53 53 50 54 54 54 54 54 54 54 54 54 54 54 51 54 55 55 55 55 55 55 55 55 55 55 52 55 55 56 56 56 56 56 56 56 56 56 53 56 56 56 57 57 57 57 57 57 57 57 54 57 57 57 57 57 58 58 58 58 58 58 55 57 58 58 58 58 58 58 58 58 58 58 56 58 58 59 59 59 59 59 59 59 59 59 57 58 59 59 60 60 60 60 60 60 60 60 58 59 59 60 60 60 60 61 61 61 61 61 59 59 60 60 61 61 61 61 61 61 61 61 60 60 60 61 61 61 62 62 62 62 62 62 61 61 61 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 63 63 63 63 64 64 64 64 64 64 64 64 64 64 64 64 64 65 65 65 65 65 65 65 66 66 66 66 66 66 67 67 67 67 67 68 68 68 68 69 69 69 70 70 [89 FR 48306, June 6, 2024, as amended at 89 FR 104043, Dec. 20, 2024; 90 FR 59975, Dec. 23, 2025] Non-Trusteed Plans § 4044.71 Valuation of annuity benefits. The value of a benefit which is to be paid as an annuity is the cost of purchasing the annuity on the date of distribution from an insurer. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011] § 4044.72 Form of annuity to be valued. (a) When both the participant and beneficiary are alive on the date of distribution, the form of annuity to be valued is— (1) For a participant or beneficiary already receiving a monthly benefit, that form which is being received, or (2) For a participant or beneficiary not receiving a monthly benefit, the normal annuity form payable under the plan or the optional form for which the participant has made a valid election. (b) When the participant dies after the date of plan termination but before the date of distribution, the form of annuity to be valued is determined under paragraph (b)(1) or (b)(2) of this section: (1) For a participant who was entitled to a deferred annuity— (i) If the form was a single or joint life annuity, no benefit shall be valued; or (ii) If the participant had made a valid election of a lump sum benefit before he or she died, the form to be valued is the lump sum. (2) For a participant who was eligible for immediate retirement, and for a participant who was in pay status at the date of termination— (i) If the form was a single life annuity, no benefit shall be valued; (ii) If the form was an annuity for a period certain and life thereafter, the form to be valued is an annuity for the certain period; (iii) If the form was a joint and survivor annuity, the form to be valued is a single life annuity payable to the beneficiary, unless the beneficiary has also died, in which case no benefit shall be valued; (iv) If the form was an annuity for a period certain and joint and survivor thereafter, the form to be valued is an annuity for the certain period and the life of the beneficiary thereafter, unless the beneficiary has also died, in which case the form to be valued is an annuity for the certain period; (v) If the form was a cash refund annuity, the form to be valued is the remaining lump sum death benefit; or (vi) If the participant had elected a lump sum benefit before he or she died, the form to be valued is the lump sum. (c) When the participant is still living and the named beneficiary or spouse dies after the date of termination but before the date of distribution, the form of annuity to be valued is determined under paragraph (c)(1) or (c)(2) of this section: (1) For a participant entitled to a deferred annuity— (i) If the form was a joint and survivor annuity, the form to be valued is a single life annuity payable to the participant; or (ii) If the form was an annuity for a period certain and joint and survivor thereafter, the form to be valued is an annuity for the certain period and the life of the participant thereafter. (2) For a participant eligible for immediate retirement and for a participant in pay status at the date of termination— (i) If the form was a joint and survivor annuity, the form to be valued is a single life annuity payable to the participant; or (ii) If the form was an annuity for a period certain and joint survivor thereafter annuity, the form to be valued is an annuity for the certain period and for the life of the participant thereafter. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011] § 4044.73 Lump sums and other alternative forms of distribution in lieu of annuities. (a) Valuation. (2) If the participant dies before the date of distribution, but had elected a lump sum benefit, the present value shall be determined as if the participant were alive on the date of distribution. (b) Actuarial assumptions. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011] § 4044.74 Withdrawal of employee contributions. (a) If a participant has not started to receive monthly benefit payments on the date of distribution, the value of the lump sum which returns mandatory employee contributions is equal to the total amount of contributions made by the participant, plus interest that is payable to the participant under the terms of the plan, plus interest on that total amount from the date of termination to the date of distribution. The rate of interest credited on employee contributions up to the date of termination shall be the greater of the interest rate provided under the terms of the plan or the interest rate required under section 204(c) of ERISA or section 411(c) of the IRC. (b) If a participant has started to receive monthly benefit payments on the date of distribution, part of which are attributable to his or her contributions, the value of the lump sum which returns employee contributions is equal to the excess of the amount described in paragraph (b)(1) of this section over the amount computed in paragraph (b)(2) of this section. (1) The amount of accumulated mandatory employee contributions remaining in the plan as of the date of termination plus interest from the date of termination to the date of distribution. (2) The excess of benefit payments made from the plan between date of plan termination and the date of distribution, over the amount of payments that would have been made if the employee contributions had been paid as a lump sum on the date of plan termination, with interest accumulated on the excess from the date of payment to the date of distribution. (c) Interest assumptions. § 4044.75 Other lump sum benefits. The value of a lump sum benefit which is not covered under § 4044.73 or § 4044.74 is equal to— (a) The value under the irrevocable commitment, if an insurer provides the benefit; or (b) The present value of the benefit as of the date of distribution, determined using reasonable actuarial assumptions, if the benefit is to be distributed other than by the purchase of the benefit from an insurer. The PBGC reserves the right to review the actuarial assumptions as to reasonableness and re-value the benefit if the actuarial assumptions are unreasonable. [61 FR 34059, July 1, 1996, as amended at 76 FR 34606, June 14, 2011] Appendix A to Part 4044 [Reserved] Appendix B to Part 4044—Interest Rates Used To Value Benefits [This table sets forth, for each indicated calendar month, the interest rates (denoted by i 1 2 t For valuation dates occurring in the month— The values of i t i t for t= i t for t= i t for t= November 1993 .0560 1-25 .0525 > N/A N/A December 1993 .0560 1-25 .0525 >25 N/A N/A January 1994 .0590 1-25 .0525 >25 N/A N/A February 1994 .0590 1-25 .0525 >25 N/A N/A March 1994 .0580 1-25 .0525 >25 N/A N/A April 1994 .0620 1-25 .0525 >25 N/A N/A May 1994 .0650 1-25 .0525 >25 N/A N/A June 1994 .0670 1-25 .0525 >25 N/A N/A July 1994 .0690 1-25 .0525 >25 N/A N/A August 1994 .0700 1-25 .0525 >25 N/A N/A September 1994 .0690 1-25 .0525 >25 N/A N/A October 1994 .0700 1-25 .0525 >25 N/A N/A November 1994 .0730 1-25 .0525 >25 N/A N/A December 1994 .0750 1-25 .0525 >25 N/A N/A January 1995 .0750 1-20 .0575 >20 N/A N/A February 1995 .0730 1-20 .0575 >20 N/A N/A March 1995 .0730 1-20 .0575 >20 N/A N/A April 1995 .0710 1-20 .0575 >20 N/A N/A May 1995 .0690 1-20 .0575 >20 N/A N/A June 1995 .0680 1-20 .0575 >20 N/A N/A July 1995 .0630 1-20 .0575 >20 N/A N/A August 1995 .0620 1-20 .0575 >20 N/A N/A September 1995 .0640 1-20 .0575 >20 N/A N/A October 1995 .0630 1-20 .0575 >20 N/A N/A November 1995 .0620 1-20 .0575 >20 N/A N/A December 1995 .0600 1-20 .0575 >20 N/A N/A January 1996 .0560 1-20 .0475 >20 N/A N/A February 1996 .0540 1-20 .0475 >20 N/A N/A March 1996 .0550 1-20 .0475 >20 N/A N/A April 1996 .0580 1-20 .0475 >20 N/A N/A May 1996 .0600 1-20 .0475 >20 N/A N/A June 1996 .0620 1-20 .0475 >20 N/A N/A July 2006 .0630 1-20 .0475 >20 N/A N/A August 1996 .0630 1-20 .0475 >20 N/A N/A September 1996 .0630 1-20 .0475 >20 N/A N/A October 1996 .0630 1-20 .0475 >20 N/A N/A November 1996 .0620 1-20 .0475 >20 N/A N/A December 1996 .0600 1-20 .0475 >20 N/A N/A January 1997 .0580 1-25 .0500 >25 N/A N/A February 1997 .0590 1-25 .0500 >25 N/A N/A March 1997 .0620 1-25 .0500 >25 N/A N/A April 1997 .0610 1-25 .0500 >25 N/A N/A May 1997 .0630 1-25 .0500 >25 N/A N/A June 1997 .0640 1-25 .0500 >25 N/A N/A July 1997 .0630 1-25 .0500 >25 N/A N/A August 1997 .0610 1-25 .0500 >25 N/A N/A September 1997 .0570 1-25 .0500 >25 N/A N/A October 1997 .0590 1-25 .0500 >25 N/A N/A November 1997 .0570 1-25 .0500 >25 N/A N/A December 1997 .0560 1-25 .0500 >25 N/A N/A January 1998 .0560 1-25 .0525 >25 N/A N/A February 1998 .0550 1-25 .0525 >25 N/A N/A March 1998 .0550 1-25 .0525 >25 N/A N/A April 1998 .0550 1-25 .0525 >25 N/A N/A May 1998 .0560 1-25 .0525 >25 N/A N/A June 1998 .0560 1-25 .0525 >25 N/A N/A July 1998 .0550 1-25 .0525 >25 N/A N/A August 1998 .0540 1-25 .0525 >25 N/A N/A September 1998 .0540 1-25 .0525 >25 N/A N/A October 1998 .0540 1-25 .0525 >25 N/A N/A November 1998 .0530 1-25 .0525 >25 N/A N/A December 1998 .0540 1-25 .0525 >25 N/A N/A January 1999 .0530 1-20 .0525 >20 N/A N/A February 1999 .0540 1-20 .0525 >20 N/A N/A March 1999 .0530 1-20 .0525 >20 N/A N/A April 1999 .0560 1-20 .0525 >20 N/A N/A May 1999 .0570 1-20 .0525 >20 N/A N/A June 1999 .0570 1-20 .0525 >20 N/A N/A July 1999 .0600 1-20 .0525 >20 N/A N/A August 1999 .0630 1-20 .0525 >20 N/A N/A September 1999 .0630 1-20 .0525 >20 N/A N/A October 1999 .0630 1-20 .0525 >20 N/A N/A November 1999 .0630 1-20 .0525 >20 N/A N/A December 1999 .0650 1-20 .0525 >20 N/A N/A January 2000 .0690 1-25 .0625 >25 N/A N/A February 2000 .0710 1-25 .0625 >25 N/A N/A March 2000 .0710 1-25 .0625 >25 N/A N/A. April 2000 .0710 1-25 .0625 >25 N/A N/A May 2000 .0700 1-25 .0625 >25 N/A N/A June 2000 .0710 1-25 .0625 >25 N/A N/A July 2000 .0740 1-25 0625 >25 N/A N/A August 2000 .0710 1-25 .0625 >25 N/A N/A September 2000 .070 1-25 .0625 25 N/A N/A October 2000 .0700 1-25 .0625 >25 N/A N/A November 2000 .0710 1-25 .0625 >25 N/A N/A December 2000 .0700 1-25 .0625 >25 N/A N/A January 2001 .0670 1-20 .0625 >20 N/A N/A February 2001 .0650 1-20 .0625 >20 N/A N/A March 2001 .0640 1-20 .0625 >20 N/A N/A April 2001 .0640 1-20 .0625 >20 N/A N/A May 2001 .0640 1-20 .0625 >20 N/A N/A June 2001 .0660 1-20 .0625 >20 N/A N/A July 2001 .0660 1-20 .0625 >20 N/A N/A August 2001 .0640 1-20 .0625 >20 N/A N/A September 2001 .0630 1-20 .0625 >20 N/A N/A October 2001 .0610 1-20 .0625 >20 N/A N/A November 2001 .0650 1-20 .0625 >20 N/A N/A December 2001 .0610 1-20 .0625 >20 N/A N/A January 2002 .0580 1-25 .0425 >25 N/A N/A February 2002 .0580 1-25 .0425 >25 N/A N/A March 2002 .0560 1-25 .0425 >25 N/A N/A April 2002 .0550 1-25 .0425 >25 N/A N/A May 2002 .0590 1-25 .0425 >25 N/A N/A June 2002 .0570 1-25 .0425 >25 N/A N/A July 2002 .0570 1-25 .0425 >25 N/A N/A August 2002 .0550 1-25 .0425 >25 N/A N/A September 2002 .0540 1-25 .0425 25 N/A N/A October 2002 .0530 1-25 .0425 >25 N/A N/A November 2002 .0500 1-25 .0425 >25 N/A N/A December 2002 .0530 1-25 .0425 >25 N/A N/A January 2003 .0530 1-20 .0525 >20 N/A N/A February 2003 .0510 1-20 .0525 >20 N/A N/A March 2003 .0510 1-20 .0525 >20 N/A N/A April 2003 .0490 1-20 .0525 >20 N/A N/A May 2003 .0490 1-20 .0525 >20 N/A N/A June 2003 .0470 1-20 .0525 >20 N/A N/A July 2003 .0430 1-20 .0525 >20 N/A N/A August 2003 .0440 1-20 .0525 >20 N/A N/A September 2003 .0490 1-20 .0525 >20 N/A N/A October 2003 .0490 1-20 .0525 >20 N/A N/A November 2003 .0460 1-20 .0525 20 N/A N/A December 2003 .0470 1-20 .0525 >20 N/A N/A January 2004 .0420 1-20 .0500 >20 N/A N/A February 2004 .0410 1-20 .0500 >20 N/A N/A March 2004 .0410 1-20 .0500 >20 N/A N/A April 2004 .0400 1-20 .0500 >20 N/A N/A May 2004 .0390 1-20 .0500 >20 N/A N/A June 2004 .0430 1-20 .0500 >20 N/A N/A July 2004 .0450 1-20 .0500 >20 N/A N/A August 2004 .0430 1-20 .0500 >20 N/A N/A September 2004 .0420 1-20 .0500 >20 N/A N/A October 2004 .0400 1-20 .0500 >20 N/A N/A November 2004 .0380 1-20 .0500 >20 N/A N/A December 2004 .0380 1-20 .0500 >20 N/A N/A January 2005 .0410 1-20 .0475 >20 N/A N/A February 2005 .0400 1-20 .0475 >20 N/A N/A March 2005 .0380 1-20 .0475 >20 N/A N/A April 2005 .0380 1-20 .0475 >20 N/A N/A May 2005 .0390 1-20 .0475 >20 N/A N/A June 2005 .0370 1-20 .0475 >20 N/A N/A July 2005 .0360 1-20 .0475 >20 N/A N/A August 2005 .0340 1-20 .0475 >20 N/A N/A September 2005 .0360 1-20 .0475 >20 N/A N/A October 2005 .0350 1-20 .0475 >20 N/A N/A November 2005 .0370 1-20 .0475 >20 N/A N/A December 2005 .0400 1-20 .0475 >20 N/A N/A January 2006 .0570 1-20 .0475 >20 N/A N/A February 2006 .0560 1-20 .0475 >20 N/A N/A March 2006 .0570 1-20 .0475 >20 N/A N/A April 2006 .0560 1-20 .0475 >20 N/A N/A May 2006 .0590 1-20 .0475 >20 N/A N/A June 2006 .0620 1-20 .0475 >20 N/A N/A July 2006 .0630 1-20 .0475 >20 N/A N/A August 2006 .0640 1-20 .0475 >20 N/A N/A September 2006 .0620 1-20 .0475 >20 N/A N/A October 2006 .0600 1-20 .0475 >20 N/A N/A November 2006 .0570 1-20 .0475 >20 N/A N/A December 2006 .0580 1-20 .0475 >20 N/A N/A January 2007 .0488 1-20 .0455 >20 N/A N/A February 2007 .0513 1-20 .0480 >20 N/A N/A March 2007 .0522 1-20 .0489 >20 N/A N/A April 2007 .0499 1-20 .0466 >20 N/A N/A May 2007 .0520 1-20 .0487 >20 N/A N/A June 2007 .0514 1-20 .0481 >20 N/A N/A July 2007 .0533 1-20 .0500 >20 N/A N/A August 2007 .0549 1-20 .0516 >20 N/A N/A September 2007 .0553 1-20 .0520 >20 N/A N/A October 2007 .0551 1-20 .0518 >20 N/A N/A November 2007 .0546 1-20 .0513 >20 N/A N/A December 2007 .0537 1-20 .0504 >20 N/A N/A January 2008 .0542 1-20 .0449 >20 N/A N/A February 2008 .0550 1-20 .0457 >20 N/A N/A March 2008 .0554 1-20 .0461 >20 N/A N/A April 2008 .0564 1-20 .0471 >20 N/A N/A May 2008 .0581 1-20 .0488 >20 N/A N/A June 2008 .0568 1-20 .0475 >20 N/A N/A July 2008 .0595 1-20 .0502 20 N/A N/A August 2008 .0605 1-20 .0512 >20 N/A N/A September 2008 .0624 1-20 .0531 >20 N/A N/A October 2008 .0618 1-20 .0525 >20 N/A N/A November 2008 .0709 1-20 .0616 >20 N/A N/A December 2008 .0792 1-20 .0699 >20 N/A N/A January 2009 0.0602 1-20 0.0548 >20 N/A N/A February 2009 0.0602 1-20 0.0548 >20 N/A N/A March 2009 0.0602 1-20 0.0548 >20 N/A N/A April-June 2009 0.0550 1-20 0.0502 >20 N/A N/A July-September 2009 0.0531 1-20 0.0504 >20 N/A N/A October-December 2009 0.0530 1-20 0.0501 >20 N/A N/A January—March 2010 0.0489 1-20 0.0463 >20 N/A N/A April-June 2010 0.0463 1-20 0.0451 >20 N/A N/A July-September 2010 0.0493 1-20 0.0466 >20 N/A N/A October-December 2010 0.0448 1-25 0.0451 >25 N/A N/A January-March 2011 0.0407 1-25 0.0393 >25 N/A N/A April-June 2011 0.0396 1-20 0.0432 >20 N/A N/A July-September 2011 0.0422 1-20 0.0434 >20 N/A N/A October-December 2011 0.0409 1-20 0.0430 >20 N/A N/A January-March 2012 0.0374 1-20 0.0370 >20 N/A N/A April-June 2012 0.0311 1-20 0.0336 >20 N/A N/A July-September 2012 0.0295 1-20 0.0366 >20 N/A N/A October—December 2012 0.0307 1-20 0.0300 >20 N/A N/A January-March 2013 0.0267 1-20 0.0301 >20 N/A N/A April-June 2013 0.0250 1-20 0.0320 >20 N/A N/A July-September 2013 0.0260 1-20 0.0343 >20 N/A N/A October-December 2013 0.0300 1-20 0.0331 >20 N/A N/A January-March 2014 0.0335 1-20 0.0350 >20 N/A N/A April—June 2014 0.0347 1-20 0.0364 >20 N/A N/A July-September 2014 0.0343 1-20 0.0366 >20 N/A N/A October-December 2014 0.0310 1-20 0.0329 >20 N/A N/A January-March 2015 0.0289 1-20 0.0312 >20 N/A N/A April-June 2015 0.0271 1-20 0.0278 >20 N/A N/A July-September 2015 0.0232 1-20 0.0237 >20 N/A N/A October-December 2015 0.0246 1-20 0.0298 >20 N/A N/A January-March 2016 0.0282 1-20 0.0295 >20 N/A N/A January-March 2017 0.0187 1-20 0.0237 >20 N/A N/A April-June 2016 0.0277 1-20 0.0286 >20 N/A N/A July-September 2016 0.0250 1-20 0.0285 >20 N/A N/A October-December 2016 0.0198 1-20 0.0267 >20 N/A N/A January-March 2017 0.0187 1-20 0.0237 >20 N/A N/A April-June 2017 0.0215 1-20 0.0260 >20 N/A N/A July-September 2017 0.0244 1-20 0.0274 >20 N/A N/A October-December 2017 0.0234 1-20 0.0263 >20 N/A N/A January-March 2018 0.0239 1-20 0.0260 >20 N/A N/A April-June 2018 0.0227 1-20 0.0259 >20 N/A N/A July-September 2018 0.0253 1-25 0.0264 >25 N/A N/A October-December 2018 0.0284 1-20 0.0276 >20 N/A N/A January-March 2019 0.0309 1-20 0.0284 >20 N/A N/A April-June 2019 0.0307 1-20 0.0305 >20 N/A N/A July-September 2019 0.0292 1-25 0.0307 >25 N/A N/A October-December 2019 0.0253 1-25 0.0253 >25 N/A N/A January-March 2020 0.0212 1-25 0.0226 >25 N/A N/A April-June 2020 0.0211 1-20 0.0192 >20 N/A N/A July-September 2020 0.0198 1-20 0.0157 >20 N/A N/A October-December 2020 0.0162 1-20 0.0140 >20 N/A N/A January-March 2021 0.0169 1-20 0.0166 >20 N/A N/A April-June 2021 0.0182 1-20 0.0168 >20 N/A N/A July-September 2021 0.0213 1-25 0.0223 >25 N/A N/A October-December 2021 0.0240 1-20 0.0211 >20 N/A N/A January-March 2022 0.0237 1-20 0.0203 >20 N/A N/A April-June 2022 0.0240 1-20 0.0212 >20 N/A N/A July-September 2022 0.0281 1-20 0.0294 >20 N/A N/A October-December 2022 0.0390 1-20 0.0365 >20 N/A N/A January-March 2023 0.0486 1-20 0.0470 >20 N/A N/A April-June 2023 0.0538 1-20 0.0509 >20 N/A N/A July-September 2023 0.0524 1-20 0.0458 >20 N/A N/A October-December 2023 0.0506 1-20 0.0437 >20 N/A N/A January-March 2024 0.0545 1-20 0.0522 >20 N/A N/A April-June 2024 0.0550 1-20 0.0483 >20 N/A N/A July 2024, other than July 31 0.0511 1-20 0.0483 >20 N/A N/A [61 FR 34059, July 1, 1996] Editorial Note: For Federal Register www.govinfo.gov.