PBGC’s Missing Participant Regulation provides that certain amounts be determined using the applicable federal mid-term rate (as determined by the Secretary of the Treasury pursuant to section 1274(d)(1)(C)(ii) of the Code) for that month, compounded monthly. For example, those rates are used to accumulate back payments for certain missing participants and to determine late payment charges, if applicable. The same rates are also used under certain circumstances when PBGC trustees a plan (e.g., to accumulate the value of past benefits owed but not paid).
Each month, the Internal Revenue Service publishes the annual applicable federal mid-term rate, as a percentage rounded to two decimal places (e.g., 2.45%). That rate must be converted to an equivalent monthly rate for the purposes described above. Depending on the way that adjustment is made, the results may vary slightly (mostly due to rounding).
The methodology shown below illustrates how PBGC does this conversion. Prior to September 2019, this webpage showed equivalent monthly rates determined using a slightly different rounding method. Either is acceptable for purposes of calculations required under the Missing Participant Regulation. Rates for years from 1999 to the present are available on a downloadable spreadsheet.
2023
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2023 | 3.85% | 0.3153% |
| February | 2023 | 3.82% | 0.3129% |
| March | 2023 | 3.70% | 0.3032% |
| April | 2023 | 4.15% | 0.3394% |
| May | 2023 | 3.57% | 0.2927% |
| June | 2023 | 3.56% | 0.2919% |
| July | 2023 | 3.85% | 0.3153% |
| August | 2023 | 4.09% | 0.3346% |
| September | 2023 | 4.19% | 0.3426% |
| October | 2023 | 4.43% | 0.3619% |
| November | 2023 | 4.69% | 0.3827% |
| December | 2023 | 4.82% | 0.3931% |
2022
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2022 | 1.30% | 0.1077% |
| February | 2022 | 1.40% | 0.1159% |
| March | 2022 | 1.74% | 0.1439% |
| April | 2022 | 1.87% | 0.1545% |
| May | 2022 | 2.51% | 0.2068% |
| June | 2022 | 2.93% | 0.2409% |
| July | 2022 | 2.99% | 0.2458% |
| August | 2022 | 3.15% | 0.2588% |
| September | 2022 | 2.93% | 0.2409% |
| October | 2022 | 3.28% | 0.2693% |
| November | 2022 | 3.97% | 0.3250% |
| December | 2022 | 4.27% | 0.3491% |
2021
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2021 | 0.52% | 0.0432% |
| February | 2021 | 0.56% | 0.0465% |
| March | 2021 | 0.62% | 0.0515% |
| April | 2021 | 0.89% | 0.0739% |
| May | 2021 | 1.07% | 0.0887% |
| June | 2021 | 1.02% | 0.0846% |
| July | 2021 | 1.00% | 0.0830% |
| August | 2021 | 1.00% | 0.0830% |
| September | 2021 | 0.86% | 0.0714% |
| October | 2021 | 0.91% | 0.0755% |
| November | 2021 | 1.08% | 0.0896% |
| December | 2021 | 1.26% | 0.1044% |
2020
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2020 | 1.69% | 0.1398% |
| February | 2020 | 1.75% | 0.1447% |
| March | 2020 | 1.53% | 0.1266% |
| April | 2020 | 0.99% | 0.0821% |
| May | 2020 | 0.58% | 0.0482% |
| June | 2020 | 0.43% | 0.0358% |
| July | 2020 | 0.45% | 0.0374% |
| August | 2020 | 0.41% | 0.0341% |
| September | 2020 | 0.35% | 0.0291% |
| October | 2020 | 0.38% | 0.0316% |
| November | 2020 | 0.39% | 0.0324% |
| December | 2020 | 0.48% | 0.0399% |
2019
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2019 | 2.89% | 0.2377% |
| February | 2019 | 2.63% | 0.2166% |
| March | 2019 | 2.59% | 0.2133% |
| April | 2019 | 2.55% | 0.2101% |
| May | 2019 | 2.37% | 0.1954% |
| June | 2019 | 2.38% | 0.1962% |
| July | 2019 | 2.08% | 0.1717% |
| August | 2019 | 1.87% | 0.1545% |
| September | 2019 | 1.78% | 0.1471% |
| October | 2019 | 1.51% | 0.1250% |
| November | 2019 | 1.59% | 0.1315% |
| December | 2019 | 1.69% | 0.1398% |
2018
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2018 | 2.18% | 0.1799% |
| February | 2018 | 2.31% | 0.1905% |
| March | 2018 | 2.57% | 0.2117% |
| April | 2018 | 2.72% | 0.2239% |
| May | 2018 | 2.69% | 0.2214% |
| June | 2018 | 2.86% | 0.2353% |
| July | 2018 | 2.87% | 0.2361% |
| August | 2018 | 2.80% | 0.2304% |
| September | 2018 | 2.86% | 0.2353% |
| October | 2018 | 2.83% | 0.2328% |
| November | 2018 | 3.04% | 0.2499% |
| December | 2018 | 3.07% | 0.2523% |
2017
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2017 | 1.97% | 0.1627% |
| February | 2017 | 2.10% | 0.1733% |
| March | 2017 | 2.05% | 0.1692% |
| April | 2017 | 2.12% | 0.1750% |
| May | 2017 | 2.04% | 0.1684% |
| June | 2017 | 1.96% | 0.1619% |
| July | 2017 | 1.89% | 0.1562% |
| August | 2017 | 1.95% | 0.1611% |
| September | 2017 | 1.94% | 0.1602% |
| October | 2017 | 1.85% | 0.1529% |
| November | 2017 | 2.00% | 0.1652% |
| December | 2017 | 2.11% | 0.1742% |
2016
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2016 | 1.81% | 0.1496% |
| February | 2016 | 1.82% | 0.1504% |
| March | 2016 | 1.48% | 0.1225% |
| April | 2016 | 1.45% | 0.1200% |
| May | 2016 | 1.43% | 0.1184% |
| June | 2016 | 1.41% | 0.1167% |
| July | 2016 | 1.43% | 0.1184% |
| August | 2016 | 1.18% | 0.0978% |
| September | 2016 | 1.22% | 0.1011% |
| October | 2016 | 1.29% | 0.1069% |
| November | 2016 | 1.33% | 0.1102% |
| December | 2016 | 1.47% | 0.1217% |
2015
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2015 | 1.75% | 0.1447% |
| February | 2015 | 1.70% | 0.1406% |
| March | 2015 | 1.47% | 0.1217% |
| April | 2015 | 1.70% | 0.1406% |
| May | 2015 | 1.53% | 0.1266% |
| June | 2015 | 1.60% | 0.1324% |
| July | 2015 | 1.77% | 0.1463% |
| August | 2015 | 1.82% | 0.1504% |
| September | 2015 | 1.77% | 0.1463% |
| October | 2015 | 1.67% | 0.1381% |
| November | 2015 | 1.59% | 0.1315% |
| December | 2015 | 1.68% | 0.1389% |
2014
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2014 | 1.75% | 0.1447% |
| February | 2014 | 1.97% | 0.1627% |
| March | 2014 | 1.84% | 0.1521% |
| April | 2014 | 1.81% | 0.1496% |
| May | 2014 | 1.93% | 0.1594% |
| June | 2014 | 1.91% | 0.1578% |
| July | 2014 | 1.82% | 0.1504% |
| August | 2014 | 1.89% | 0.1562% |
| September | 2014 | 1.86% | 0.1537% |
| October | 2014 | 1.85% | 0.1529% |
| November | 2014 | 1.90% | 0.1570% |
| December | 2014 | 1.72% | 0.1422% |
2013
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2013 | 0.87% | 0.0722% |
| February | 2013 | 1.01% | 0.0838% |
| March | 2013 | 1.09% | 0.0904% |
| April | 2013 | 1.09% | 0.0904% |
| May | 2013 | 1.00% | 0.0830% |
| June | 2013 | 0.95% | 0.0788% |
| July | 2013 | 1.22% | 0.1011% |
| August | 2013 | 1.63% | 0.1348% |
| September | 2013 | 1.66% | 0.1373% |
| October | 2013 | 1.93% | 0.1594% |
| November | 2013 | 1.73% | 0.1430% |
| December | 2013 | 1.65% | 0.1365% |
2012
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2012 | 1.17% | 0.0970% |
| February | 2012 | 1.12% | 0.0929% |
| March | 2012 | 1.08% | 0.0896% |
| April | 2012 | 1.15% | 0.0953% |
| May | 2012 | 1.30% | 0.1077% |
| June | 2012 | 1.07% | 0.0887% |
| July | 2012 | 0.92% | 0.0763% |
| August | 2012 | 0.88% | 0.0730% |
| September | 2012 | 0.84% | 0.0697% |
| October | 2012 | 0.93% | 0.0772% |
| November | 2012 | 0.89% | 0.0739% |
| December | 2012 | 0.95% | 0.0788% |
2011
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2011 | 1.95% | 0.1611% |
| February | 2011 | 2.33% | 0.1921% |
| March | 2011 | 2.44% | 0.2011% |
| April | 2011 | 2.49% | 0.2052% |
| May | 2011 | 2.44% | 0.2011% |
| June | 2011 | 2.27% | 0.1872% |
| July | 2011 | 2.00% | 0.1652% |
| August | 2011 | 1.90% | 0.1570% |
| September | 2011 | 1.63% | 0.1348% |
| October | 2011 | 1.19% | 0.0986% |
| November | 2011 | 1.20% | 0.0995% |
| December | 2011 | 1.27% | 0.1052% |
2010
| Month/Year | Applicable Federal Mid-term rate for Annual compounding |
Converted to a monthly rate (1+i)1/12 -1 |
|
|---|---|---|---|
| January | 2010 | 2.45% | 0.2019% |
| February | 2010 | 2.82% | 0.2320% |
| March | 2010 | 2.69% | 0.2214% |
| April | 2010 | 2.70% | 0.2223% |
| May | 2010 | 2.87% | 0.2361% |
| June | 2010 | 2.72% | 0.2239% |
| July | 2010 | 2.35% | 0.1938% |
| August | 2010 | 2.18% | 0.1799% |
| September | 2010 | 1.94% | 0.1602% |
| October | 2010 | 1.73% | 0.1430% |
| November | 2010 | 1.59% | 0.1315% |
| December | 2010 | 1.53% | 0.1266% |