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Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments

RegSensePension Benefits Guaranty Corporation (PBGC)Employee Retirement Income Security Act (ERISA)CFR RegulationsHR GeneralistRetirement BenefitsUSAHR ManagementEnglishFocus AreaHuman ResourcesCFR Appendix

[In using this table:

(1) To determine the applicable rate set for any given month (month x), use the applicable 12-year rate for the second preceding month (month x−2) to find the corresponding rate set. The applicable 12-year rate for the second preceding month is the 12-year rate from the corporate bond yield curve described in section 430(h)(2)(D)(ii) of the Code determined without regard to 24-month averaging for the second month preceding the month of the desired applicable rate set.

(2) For benefits for which the participant or beneficiary is entitled to be in pay status on the valuation date, the immediate annuity rate shall apply.

(3) For benefits for which the deferral period is y years (where y is an integer and 0 < y ≤ 7), interest rate i1 shall apply from the valuation date for a period of y years; thereafter the immediate annuity rate shall apply.

(4) For benefits for which the deferral period is y years (where y is an integer and 7 < y ≤ 15), interest rate i2 shall apply from the valuation date for a period of y−7 years; interest rate i1 shall apply for the following 7 years; thereafter the immediate annuity rate shall apply.

(5) For benefits for which the deferral period is y years (where y is an integer and y > 15), interest rate i3 shall apply from the valuation date for a period of y−15 years; interest rate i2 shall apply for the following 8 years; interest rate i1 shall apply for the following 7 years; thereafter the immediate annuity rate shall apply.]

For Plans With a Valuation Date On or After January 1, 2021
Applicable 12-year rate for month x−2 (percent) Applicable rate set for month x
Immediate annuity rate (percent) Deferred annuity rates (percent)
i1i2i3
Below 3.180.004.004.004.00
3.18 to 3.400.254.004.004.00
3.41 to 3.630.504.004.004.00
3.64 to 3.870.754.004.004.00
3.88 to 4.101.004.004.004.00
4.11 to 4.341.254.004.004.00
4.35 to 4.571.504.004.004.00
4.58 to 4.811.754.004.004.00
4.82 to 5.042.004.004.004.00
5.05 to 5.282.254.004.004.00
5.29 to 5.512.504.004.004.00
5.52 to 5.752.754.004.004.00
5.76 to 5.983.004.004.004.00
5.99 to 6.223.254.004.004.00
6.23 to 6.463.504.004.004.00
6.47 to 6.693.754.004.004.00
6.70 to 6.934.004.004.004.00
6.94 to 7.164.254.004.004.00
7.17 to 7.404.504.004.004.00
7.41 to 7.644.754.004.004.00
7.65 to 7.875.004.254.004.00
7.88 to 8.115.254.504.004.00
8.12 to 8.355.504.754.004.00
8.36 to 8.585.755.004.004.00
8.59 to 8.826.005.254.004.00
8.83 to 9.066.255.504.254.00
9.07 to 9.306.505.754.504.00
9.31 to 9.536.756.004.754.00
9.54 to 9.787.006.255.004.00
9.79 to 10.027.256.505.254.00
Above 10.027.506.755.504.00

[65 FR 14755, Mar. 17, 2000; 70 FR 2569, Jan. 14, 2005; 70 FR 7651, Feb. 15, 2005; 70 FR 12586, Mar. 15, 2005; 70 FR 19891, April 15, 2005; 70 FR 25471, May 13, 2005; 70 FR 34656, June 15, 2005; 70 FR 40882, July 15, 2005; 70 FR 47725, Aug. 15, 2005; 70 FR 54478, Sept. 15, 2005; 70 FR 60003, Oct. 14, 2005; 70 FR 69277, Nov. 15, 2005; 70 FR 74201, Dec. 15, 2005; 71 FR 2147, Jan. 13, 2006; 71 FR 7872, Feb. 15, 2006; 71 FR 13259, Mar. 15, 2006; 71 FR 19430, April 14, 2006; 71 FR 27960, May 15, 2006; 71 FR 34533, June 15, 2006; 71 FR 40011, July 14, 2006; 71 FR 47091, August 16, 2006; 71 FR 54416, Sept. 15, 2006; 71 FR 60429, Oct. 13, 2006; 71 FR 66456, Nov. 15, 2006; 71 FR 75421, Dec. 15, 2006; 72 FR 1461, Jan. 12, 2007; 72 FR 7350, Feb. 15, 2007; 72 FR 12088, March 15, 2007; 72 FR 18576 April 13, 2007; 72 FR 27244, May 15, 2007; 72 FR 33153, June 15, 2007; 72 FR 38485, July 13, 2007; 72 FR 45638, August 15, 2007; 72 FR 52472, Sept. 14, 2007; 72 FR 58250, Oct. 15, 2007; 72 FR 64151, Nov. 15, 2007; 72 FR 71072, Dec. 14, 2007; 73 FR 2421, Jan. 15, 2008; 73 FR 8817, Feb. 15, 2008; 73 FR 13755, Mar. 14, 2008; 73 FR 20165, Apr. 15, 2008; 73 FR 28038, May 15, 2008; 73 FR 33696, June 13, 2008; 73 FR 40465, July 15, 2008; 73 FR 47832, Aug. 15, 2008; 73 FR 53116, Sept. 15, 2008; 73 FR 61353, Oct. 16, 2008; 73 FR 67390, Nov. 14, 2008; 73 FR 78622, Dec. 23, 2008; 74 FR 2864, Jan. 16, 2009; 74 FR 7181, Feb. 13, 2009; 74 FR 11036, March 16, 2009; 74 FR 17396, April 15, 2009; 74 FR 18290, April 22, 2009; 74 FR 22827, May 15, 2009; 74 FR 28163, June 15, 2009; 74 FR 34238, July 15, 2009; 74 FR 41040, Aug. 14, 2009; 74 FR 47098, Sept. 15, 2009; 74 FR 52886, Oct. 15, 2009; 74 FR 58545, Nov. 13, 2009; 74 FR 66235, Dec. 15, 2009; 75 FR 2438, Jan. 15, 2010; 75 FR 6858, Feb. 12, 2010; 75 FR 12122, Mar. 15, 2010; 75 FR 19544, April 15, 2010; 75 FR 27191, May 14, 2010; 75 FR 33689, June 15, 2010; 75 FR 41092, July 15, 2010; 75 FR 49408, Aug. 13, 2010; 75 FR 55968, Sept. 15, 2010; 75 FR 63381, Oct. 15, 2010; 75 FR 69589, Nov. 15, 2010; 75 FR 78162, Dec. 15, 2010; 76 FR 2579, Jan. 14, 2011; 76 FR 8650, Feb. 15, 2011; 76 FR 13883, March 15, 2011; 76 FR 27890, May 13, 2011; 76 FR 34848, June 15, 2011; 76 FR 41690, July 15, 2011; 76 FR 56974, Sept. 15, 2011; 76 FR 63836, Oct. 14, 2011; 76 FR 70640, Nov. 15, 2011; 76 FR 77901, Dec. 15, 2011; 77 FR 2016, Jan. 13, 2012; 77 FR 8731, Feb. 15, 2012; 77 FR 15257, March 15, 2012; 77 FR 22216, April 13, 2012; 77 FR 28478, May 15, 2012; 77 FR 35839, June 15, 2012; 77 FR 41271, July 13, 2012; 77 FR 48856, Aug. 15, 2012; 77 FR 56771, Sept. 14, 2012; 77 FR 62434, Oct. 15, 2012; 77 FR 68686, Nov. 16, 2012; 77 FR 74354, Dec. 14, 2012; 78 FR 2882, Jan. 15, 2013; 78 FR 8985, Feb. 7, 2013; 78 FR 11093, Feb. 15, 2013; 78 FR 16402, March 15, 2013; 78 FR 22192, April 15, 2013; 78 FR 28491, May 15, 2013; 78 FR 35755, June 14, 2013; 78 FR 42009, July 15, 2013; 78 FR 49683, Aug. 15, 2013; 78 FR 56604, Sept. 13, 2013; 78 FR 62427, Oct. 22, 2013; 78 FR 68740, Nov. 15, 2013; 78 FR 75898, Dec. 13, 2013; 79 FR 2592, Jan. 15, 2014; 79 FR 8857, Feb. 14, 2014; 79 FR 15010, March 18, 2014; 79 FR 21128, April 15, 2014; 79 FR 27732, May 15, 2014; 79 FR 33861, June 13, 2014; 79 FR 41134, July 15, 2014; 79 FR 48038, Aug. 15, 2014; 79 FR 54905, Sept. 15, 2014; 79 FR 61762, Oct. 15, 2014; 79 FR 68117, Nov. 14, 2014; 79 FR 74022, Dec. 15, 2014; 80 FR 2011, Jan. 15, 2015; 80 FR 7968, Feb. 13, 2015; 80 FR 13240, March 13, 2015; 80 FR 20159, April 15, 2015; 80 27858, May 15, 2015; 80 FR 34053, June 15, 2015; 80 FR 41437, July 15, 2015; 80 FR 48688, Aug. 14, 2015; 80 FR 55250, Sept. 15, 2015; 80 FR 61982, Oct. 15, 2015; 80 FR 70171, Nov. 13, 2015; 80 FR 77570, Dec. 15, 2015; 81 FR 2089, Jan. 15, 2016; 81 FR 7455, Feb. 12, 2016; 81 FR 13743, March 15, 2016; 81 FR 22185, April 15, 2016; 81 FR 29767, May 13, 2016; 81 FR 38949, June 15, 2016; 81 FR 45970, July 15, 2016; 81 FR 53921, Aug. 15, 2016; 81 FR 63415, Sept. 15, 2016; 81 FR 70941, Oct. 14, 2016; 81 FR 80003, Nov. 15, 2016; 81 FR 91033, Dec. 16, 2016; 82 FR 6244, Jan. 19, 2017; 82 FR 10708, Feb. 15, 2017; 82 FR 13756, March 15, 2017; 82 FR 17939, April 14, 2017; 82 FR 22280, May 15, 2017; 82 FR 27423, June 15, 2017; 82 FR 32464, July 14, 2017; 82 FR 38598, Aug. 15, 2017; 82 FR 43300, Sept. 15, 2017; 82 FR 47614, Oct. 13, 2017; 82 FR 82849, Nov. 15, 2017; 82 FR 59516, Dec. 15, 2017; 83 FR 1554, Jan. 12, 2018; 83 FR 6957, Feb. 16, 2018; 83 FR 11414, March 15, 2018; 83 FR 15947, April 13, 2018; 83 FR 22388, May 15, 2018; 83 FR 27899, June 15, 2018; 83 FR 32581, July 13, 2018; 83 FR 40454, Aug. 15, 2018; 83 FR 46642, Sept. 14, 2018; 83 FR 51837, Oct. 15, 2018; 83 FR 57308, Nov. 15, 2018; 83 FR 64281, Dec. 14, 2018; 84 FR 124 Jan. 17, 2019; 84 FR 3984, Feb. 14, 2019; 84 FR 9455, March 15, 2019; 84 FR 15108, April 15, 2019; 84 FR 21698, May 15, 2019; 84 FR 27714, June 14, 2019; 84 FR 61636, Aug. 15, 2019; 84 FR 48273, Sept. 13, 2019; 84 FR 55056, Oct. 15, 2019; 84 FR 62450, Nov. 15, 2019; 84 FR 68044, Dec. 13, 2019; 85 FR 2303, Jan. 15, 2020; 85 FR 8397, Feb. 14, 2020; 85 FR 15377, March 18, 2020; 85 FR 20829, April 15, 2020; 85 FR 29324, May 5,2020; 85 FR 36154, June 15, 2020; 85 FR 42707, July 15, 2020; 85 FR 49595, Aug. 12, 2020; 85 FR 57124, Sept. 15, 2020; 85 FR 55592, Sept. 9, 2020; 85 FR 65225, Oct. 15, 2020; 85 FR 72566, Nov. 13, 2020]

['Retirement Benefits']
['Pension Benefits Guaranty Corporation (PBGC)', 'Employee Retirement Income Security Act (ERISA)']
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