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Interest Rates for Determining Lump Sums

Interest Rates for Determining Lump Sums

Last updated May 15, 2017

 

PBGC's benefit payment regulation (CFR Part 4022) provides that when PBGC trustees a plan, if the value of a participant's benefit is less than $5,000, PBGC will generally pay that amount in one lump sum in lieu of a monthly annuity. The interest rates shown below are used for this determination.

 

Although some pension plans use PBGC's 4022 rates to determine lump sums amounts, the vast majority do not.  Individuals seeking information about the interest rates their plans use to determine lump sums should contact their plan directly as PBGC does not have access to that information.

 

 

Rates for 2017 valuations

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-17

2-1-17

1.25 4.00 4.00 4.00 7 8

2-1-17

3-1-17

1.25 4.00 4.00 4.00 7 8

3-1-17

4-1-17

1.25 4.00 4.00 4.00

7

8

4-1-17

5-1-17

1.00 4.00 4.00 4.00 7 8

5-1-17

6-1-17

1.00 4.00 4.00 4.00 7 8

6-1-17

7-1-17

1.00 4.00 4.00 4.00 7 8

7-1-17

8-1-17

           

8-1-17

9-1-17

           

9-1-17

10-1-17

           

10-1-17

11-1-17

           

 11-1-17

12-1-17

           

 12-1-17

1-1-18

           

^ Top

 

How these rates are used

 

Appendix B of PBGC's ERISA 4022 Regulation calls for using different interest rates for different time periods.  The following examples illustrate the methodology.

Example 1 - Assume the participant is age 40 on the valuation date and the normal retirement age is 65. The 25‑year period between the valuation date and normal retirement date is called the "deferral period."  The deferral period is divided into three time periods.  Assuming that n1 and n2 are 7 and 8 years, respectively, those time periods are:

  • The 7-year period from age 58 to age 65.
  • The 8-year period from age 50 to age 58.
  • The rest of the deferral period (i.e., from age 40 to age 50).
  •  

Anticipated future benefits are discounted as follows:

  • From each payment's assumed payment date to age 65, using the rate shown in the column labelled "Immediate."
  • The 7-year period from age 65 to age 58, using the rate shown in the "i1" column
  • From age 58 to age 50, using the rate shown in the "i2" column.
  • From age 50 to age 40, using the rate shown in the "i3" column.

Example 2 - Assume the participant is in pay-status (i.e., is receiving monthly benefits) on the valuation date.

All anticipated future benefits are discounted from each payment's assumed payment date to the measurement date using the rate shown in column labelled "Immediate."

 

Rates for years before 2017

The immediate and deferred interest rates are used to determine the amount of lump-sum benefits paid by PBGC under plans that PBGC trustees. (Some other plans use these rates to determine and pay lump-sum benefits.)

2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993

 

2016

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-16

2-1-16

1.25 4.00 4.00 4.00 7 8

2-1-16

3-1-16

1.25 4.00 4.00 4.00 7 8

3-1-16

4-1-16

1.25 4.00 4.00 4.00 7 8

4-1-16

5-1-16

1.00 4.00 4.00 4.00 7 8

5-1-16

6-1-16

1.00 4.00 4.00 4.00 7 8

6-1-16

7-1-16

0.75 4.00 4.00 4.00 7 8

7-1-16

8-1-16

0.75 4.00 4.00 4.00 7 8

8-1-16

9-1-16

0.50 4.00 4.00 4.00 7 8

9-1-16

10-1-16

0.50 4.00 4.00 4.00 7 8

10-1-16

11-1-16

0.50 4.00 4.00 4.00 7 8

 11-1-16

12-1-16

0.50 4.00 4.00 4.00 7 8

 12-1-16

1-1-17

0.75 4.00 4.00 4.00 7 8

 

2015

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-15

2-1-15

1.00 4.00 4.00 4.00 7 8

2-1-15

3-1-15

1.00 4.00 4.00 4.00 7 8

3-1-15 

4-1-15 

0.50 4.00 4.00 4.00 7 8

4-1-15 

5-1-15 

0.75 4.00 4.00 4.00 7 8

5-1-15  

6-1-15 

0.75 4.00 4.00 4.00 7 8

6-1-15 

7-1-15 

0.75 4.00 4.00 4.00 7 8

7-1-15 

8-1-15 

1.25 4.00 4.00 4.00 7 8

8-1-15 

9-1-15

1.50 4.00 4.00 4.00 7 8

9-1-15 

10-1-15 

1.25 4.00 4.00 4.00 7 8

10-1-15

11-1-15 

1.25 4.00 4.00 4.00 7 8

 11-1-15

12-1-15 

1.25 4.00 4.00 4.00 7 8

 12-1-15

1-1-16 

1.25 4.00 4.00 4.00 7 8

 

2014

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-14

2-1-14

1.75 4.00 4.00 4.00 7 8

2-1-14

3-1-14

1.75 4.00 4.00 4.00 7 8

3-1-14

4-1-14

1.50 4.00 4.00 4.00 7 8

4-1-14

5-1-14

1.50 4.00 4.00 4.00 7 8

5-1-14

6-1-14

1.50 4.00 4.00 4.00 7 8

6-1-14

7-1-14

1.25 4.00 4.00 4.00 7 8

7-1-14

8-1-14

1.25 4.00 4.00 4.00 7 8

8-1-14

9-1-14

1.25 4.00 4.00 4.00 7 8

9-1-14

10-1-14

1.25 4.00 4.00 4.00 7 8

10-1-14

11-1-14

1.00 4.00  4.00  4.00 

11-1-14

12-1-14

1.25 4.00 4.00  4.00 7 8

12-1-14

1-1-15

1.00 4.00  4.00  4.00 7 8

 

2013

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-13

2-1-13

0.75 4.00 4.00 4.00 7 8

2-1-13

3-1-13

0.75 4.00 4.00 4.00 7 8

3-1-13

4-1-13

1.00 4.00 4.00 4.00 7 8

4-1-13

5-1-13

1.00 4.00 4.00 4.00 7 8

5-1-13

6-1-13

1.00 4.00 4.00 4.00 7 8

6-1-13

7-1-13

0.75 4.00 4.00 4.00 7 8

7-1-13

8-1-13

1.25 4.00 4.00 4.00 7 8

8-1-13

9-1-13

1.75 4.00 4.00 4.00 7 8

9-1-13

10-1-13

1.50 4.00 4.00 4.00 7 8

10-1-13

11-1-13

1.75 4.00 4.00 4.00 7 8

11-1-13

12-1-13

1.75 4.00 4.00 4.00 7 8

12-1-13

1-1-14

1.75 4.00 4.00 4.00 7 8

 

2012

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-12

2-1-12

1.25 4.00 4.00 4.00 7 8

2-1-12

3-1-12

1.25 4.00 4.00 4.00 7 8

3-1-12

4-1-12

1.25 4.00 4.00 4.00 7 8

4-1-12

5-1-12

1.25 4.00 4.00 4.00 7 8

5-1-12

6-1-12

1.50 4.00 4.00 4.00 7 8

6-1-12

7-1-12

1.25 4.00 4.00 4.00 7 8

7-1-12

8-1-12

1.00 4.00 4.00 4.00 7 8

8-1-12

9-1-12

1.00 4.00 4.00 4.00 7 8

9-1-12

10-1-12

0.75 4.00 4.00 4.00 7 8

10-1-12

11-1-12

0.75 4.00 4.00 4.00 7 8

11-1-12

12-1-12

0.75 4.00 4.00 4.00 7 8

12-1-12

1-1-13

0.75 4.00 4.00 4.00 7 8

 

2011

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-11

2-1-11

2.25 4.00 4.00 4.00 7 8

2-1-11

3-1-11

2.50 4.00 4.00 4.00 7 8

3-1-11

4-1-11

2.50 4.00 4.00 4.00 7 8

4-1-11

5-1-11

2.50 4.00 4.00 4.00 7 8

5-1-11

6-1-11

2.50 4.00 4.00 4.00 7 8

6-1-11

7-1-11

2.50 4.00 4.00 4.00 7 8

7-1-11

8-1-11

2.25 4.00 4.00 4.00 7 8

8-1-11

9-1-11

2.25 4.00 4.00 4.00 7 8

9-1-11

10-1-11

2.25 4.00 4.00 4.00 7 8

10-1-11

11-1-11

1.75 4.00 4.00 4.00 7 8

11-1-11

12-1-11

1.50 4.00 4.00 4.00 7 8

12-1-11

1-1-12

1.50 4.00 4.00 4.00 7 8

 

2010

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-10

2-1-10

2.50 4.00 4.00 4.00 7 8

2-1-10

3-1-10

2.75 4.00 4.00 4.00 7 8

3-1-10

4-1-10

2.75 4.00 4.00 4.00 7 8

4-1-10

5-1-10

2.75 4.00 4.00 4.00 7 8

5-1-10

6-1-10

3.00 4.00 4.00 4.00 7 8

6-1-10

7-1-10

2.75 4.00 4.00 4.00 7 8

7-1-10

8-1-10

2.50 4.00 4.00 4.00 7 8

8-1-10

9-1-10

2.25 4.00 4.00 4.00 7 8

9-1-10

10-1-10

2.25 4.00 4.00 4.00 7 8

10-1-10

11-1-10

1.75 4.00 4.00 4.00 7 8

11-1-10

12-1-10

1.75 4.00 4.00 4.00 7 8

12-1-10

1-1-11

2.25 4.00 4.00 4.00 7 8

 

2009

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-09

2-1-09

4.00

4.00

4.00

4.00

7

8

2-1-09

3-1-09

3.00

4.00

4.00

4.00

7

8

3-1-09

4-1-09

3.50

4.00

4.00

4.00

7

8

4-1-09

5-1-09

3.25

4.00

4.00

4.00

7

8

5-1-09

6-1-09

3.50

4.00

4.00

4.00

7

8

6-1-09

7-1-09

3.75

4.00

4.00

4.00

7

8

7-1-09

8-1-09

3.75

4.00

4.00

4.00

7

8

8-1-09

9-1-09

3.00

4.00

4.00

4.00

7

8

9-1-09

10-1-09

3.00

4.00

4.00

4.00

7

8

10-1-09

11-1-09

2.50

4.00

4.00

4.00

7

8

11-1-09

12-1-09

2.25

4.00

4.00

4.00

7

8

12-1-09

1-1-10

2.50

4.00

4.00

4.00

7

8

 

2008

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-08

2-1-08

3.00

4.00

4.00

4.00

7

8

2-1-08

3-1-08

3.25

4.00

4.00

4.00

7

8

3-1-08

4-1-08

3.00

4.00

4.00

4.00

7

8

4-1-08

5-1-08

3.25

4.00

4.00

4.00

7

8

5-1-08

6-1-08

3.25

4.00

4.00

4.00

7

8

6-1-08

7-1-08

3.25

4.00

4.00

4.00

7

8

7-1-08

8-1-08

3.50

4.00

4.00

4.00

7

8

8-1-08

9-1-08

3.25

4.00

4.00

4.00

7

8

9-1-08

10-1-08

3.50

4.00

4.00

4.00

7

8

10-1-08

11-1-08

3.25

4.00

4.00

4.00

7

8

11-1-08

12-1-08

3.75

4.00

4.00

4.00

7

8

12-1-08

1-1-09

4.75

4.00

4.00

4.00

7

8

 

2007

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-07

2-1-07

2.75

4.00

4.00

4.00

7

8

2-1-07

3-1-07

3.00

4.00

4.00

4.00

7

8

3-1-07

4-1-07

3.00

4.00

4.00

4.00

7

8

4-1-07

5-1-07

2.75

4.00

4.00

4.00

7

8

5-1-07

6-1-07

3.00

4.00

4.00

4.00

7

8

6-1-07

7-1-07

3.00

4.00

4.00

4.00

7

8

7-1-07

8-1-07

3.25

4.00

4.00

4.00

7

8

8-1-07

9-1-07

3.50

4.00

4.00

4.00

7

8

9-1-07

10-1-07

3.25

4.00

4.00

4.00

7

8

10-1-07

11-1-07

3.25

4.00

4.00

4.00

7

8

11-1-07

12-1-07

3.25

4.00

4.00

4.00

7

8

12-1-07

1-1-08

3.00

4.00

4.00

4.00

7

8

 

2006

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-06

2-1-06

2.75

4.00

4.00

4.00

7

8

2-1-06

3-1-06

2.75

4.00

4.00

4.00

7

8

3-1-06

4-1-06

2.75

4.00

4.00

4.00

7

8

4-1-06

5-1-06

2.75

4.00

4.00

4.00

7

8

5-1-06

6-1-06

3.00

4.00

4.00

4.00

7

8

6-1-06

7-1-06

3.25

4.00

4.00

4.00

7

8

7-1-06

8-1-06

3.50

4.00

4.00

4.00

7

8

8-1-06

9-1-06

3.50

4.00

4.00

4.00

7

8

9-1-06

10-1-06

3.25

4.00

4.00

4.00

7

8

10-1-06

11-1-06

3.00

4.00

4.00

4.00

7

8

11-1-06

12-1-06

2.75

4.00

4.00

4.00

7

8

12-1-06

1-1-07

3.00

4.00

4.00

4.00

7

8

 

2005

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-05

2-1-05

3.00

4.00

4.00

4.00

7

8

2-1-05

3-1-05

3.00

4.00

4.00

4.00

7

8

3-1-05

4-1-05

2.75

4.00

4.00

4.00

7

8

4-1-05

5-1-05

2.75

4.00

4.00

4.00

7

8

5-1-05

6-1-05

2.75

4.00

4.00

4.00

7

8

6-1-05

7-1-05

2.50

4.00

4.00

4.00

7

8

7-1-05

8-1-05

2.50

4.00

4.00

4.00

7

8

8-1-05

9-1-05

2.25

4.00

4.00

4.00

7

8

9-1-05

10-1-05

2.50

4.00

4.00

4.00

7

8

10-1-05

11-1-05

2.25

4.00

4.00

4.00

7

8

11-1-05

12-1-05

2.50

4.00

4.00

4.00

7

8

12-1-05

1-1-06

2.75

4.00

4.00

4.00

7

8

 

2004

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-04

2-1-04

3.25

4.00

4.00

4.00

7

8

2-1-04

3-1-04

3.25

4.00

4.00

4.00

7

8

3-1-04

4-1-04

3.00

4.00

4.00

4.00

7

8

4-1-04

5-1-04

3.00

4.00

4.00

4.00

7

8

5-1-04

6-1-04

3.00

4.00

4.00

4.00

7

8

6-1-04

7-1-04

3.50

4.00

4.00

4.00

7

8

7-1-04

8-1-04

3.50

4.00

4.00

4.00

7

8

8-1-04

9-1-04

3.50

4.00

4.00

4.00

7

8

9-1-04

10-1-04

3.25

4.00

4.00

4.00

7

8

10-1-04

11-1-04

3.00

4.00

4.00

4.00

7

8

11-1-04

12-1-04

2.75

4.00

4.00

4.00

7

8

12-1-04

1-1-05

2.75

4.00

4.00

4.00

7

8

 

2003

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-03

2-1-03

4.00

4.00

4.00

4.00

7

8

2-1-03

3-1-03

3.75

4.00

4.00

4.00

7

8

3-1-03

4-1-03

3.75

4.00

4.00

4.00

7

8

4-1-03

5-1-03

3.50

4.00

4.00

4.00

7

8

5-1-03

6-1-03

3.50

4.00

4.00

4.00

7

8

6-1-03

7-1-03

3.50

4.00

4.00

4.00

7

8

7-1-03

8-1-03

3.00

4.00

4.00

4.00

7

8

8-1-03

9-1-03

3.00

4.00

4.00

4.00

7

8

9-1-03

10-1-03

3.50

4.00

4.00

4.00

7

8

10-1-03

11-1-03

3.50

4.00

4.00

4.00

7

8

11-1-03

12-1-03

3.25

4.00

4.00

4.00

7

8

12-1-03

1-1-04

3.25

4.00

4.00

4.00

7

8

 

2002

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-02

2-1-02

4.50

4.00

4.00

4.00

7

8

2-1-02

3-1-02

4.75

4.00

4.00

4.00

7

8

3-1-02

4-1-02

4.50

4.00

4.00

4.00

7

8

4-1-02

5-1-02

4.25

4.00

4.00

4.00

7

8

5-1-02

6-1-02

4.75

4.00

4.00

4.00

7

8

6-1-02

7-1-02

4.50

4.00

4.00

4.00

7

8

7-1-02

8-1-02

4.50

4.00

4.00

4.00

7

8

8-1-02

9-1-02

4.25

4.00

4.00

4.00

7

8

9-1-02

10-1-02

4.25

4.00

4.00

4.00

7

8

10-1-02

11-1-02

4.00

4.00

4.00

4.00

7

8

11-1-02

12-1-02

3.75

4.00

4.00

4.00

7

8

12-1-02

1-1-03

4.00

4.00

4.00

4.00

7

8

 

2001

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-01

2-1-01

5.00

4.25

4.00

4.00

7

8

2-1-01

3-1-01

4.75

4.00

4.00

4.00

7

8

3-1-01

4-1-01

4.75

4.00

4.00

4.00

7

8

4-1-01

5-1-01

4.75

4.00

4.00

4.00

7

8

5-1-01

6-1-01

4.75

4.00

4.00

4.00

7

8

6-1-01

7-1-01

5.00

4.25

4.00

4.00

7

8

7-1-01

8-1-01

5.00

4.25

4.00

4.00

7

8

8-1-01

9-1-01

4.75

4.00

4.00

4.00

7

8

9-1-01

10-1-01

4.50

4.00

4.00

4.00

7

8

10-1-01

11-1-01

4.50

4.00

4.00

4.00

7

8

11-1-01

12-1-01

4.75

4.00

4.00

4.00

7

8

12-1-01

1-1-02

4.50

4.00

4.00

4.00

7

8

 

2000

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-00

2-1-00

5.00

4.25

4.00

4.00

7

8

2-1-00

3-1-00

5.25

4.50

4.00

4.00

7

8

3-1-00

4-1-00

5.25

4.50

4.00

4.00

7

8

4-1-00

5-1-00

5.25

4.50

4.00

4.00

7

8

5-1-00

6-1-00

5.25

4.50

4.00

4.00

7

8

6-1-00

7-1-00

5.25

4.50

4.00

4.00

7

8

7-1-00

8-1-00

5.50

4.75

4.00

4.00

7

8

8-1-00

9-1-00

5.25

4.50

4.00

4.00

7

8

9-1-00

10-1-00

5.25

4.50

4.00

4.00

7

8

10-1-00

11-1-00

5.00

4.25

4.00

4.00

7

8

11-1-00

12-1-00

5.25

4.50

4.00

4.00

7

8

12-1-00

1-1-01

5.25

4.50

4.00

4.00

7

8

 

1999

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-99

2-1-99

4.00

4.00

4.00

4.00

7

8

2-1-99

3-1-99

4.00

4.00

4.00

4.00

7

8

3-1-99

4-1-99

4.00

4.00

4.00

4.00

7

8

4-1-99

5-1-99

4.25

4.00

4.00

4.00

7

8

5-1-99

6-1-99

4.25

4.00

4.00

4.00

7

8

6-1-99

7-1-99

4.25

4.00

4.00

4.00

7

8

7-1-99

8-1-99

4.50

4.00

4.00

4.00

7

8

8-1-99

9-1-99

5.00

4.25

4.00

4.00

7

8

9-1-99

10-1-99

5.00

4.25

4.00

4.00

7

8

10-1-99

11-1-99

5.00

4.25

4.00

4.00

7

8

11-1-99

12-1-99

5.00

4.25

4.00

4.00

7

8

12-1-99

1-1-00

5.25

4.50

4.00

4.00

7

8

 

1998

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-98

2-1-98

4.25

4.00

4.00

4.00

7

8

2-1-98

3-1-98

4.25

4.00

4.00

4.00

7

8

3-1-98

4-1-98

4.25

4.00

4.00

4.00

7

8

4-1-98

5-1-98

4.25

4.00

4.00

4.00

7

8

5-1-98

6-1-98

4.25

4.00

4.00

4.00

7

8

6-1-98

7-1-98

4.25

4.00

4.00

4.00

7

8

7-1-98

8-1-98

4.00

4.00

4.00

4.00

7

8

8-1-98

9-1-98

4.00

4.00

4.00

4.00

7

8

9-1-98

10-1-98

4.00

4.00

4.00

4.00

7

8

10-1-98

11-1-98

4.00

4.00

4.00

4.00

7

8

11-1-98

12-1-98

3.75

4.00

4.00

4.00

7

8

12-1-98

1-1-99

4.00

4.00

4.00

4.00

7

8

 

1997

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-97

2-1-97

4.50

4.00

4.00

4.00

7

8

2-1-97

3-1-97

4.75

4.00

4.00

4.00

7

8

3-1-97

4-1-97

5.00

4.25

4.00

4.00

7

8

4-1-97

5-1-97

4.75

4.00

4.00

4.00

7

8

5-1-97

6-1-97

5.00

4.25

4.00

4.00

7

8

6-1-97

7-1-97

5.25

4.50

4.00

4.00

7

8

7-1-97

8-1-97

5.25

4.50

4.00

4.00

7

8

8-1-97

9-1-97

4.75

4.00

4.00

4.00

7

8

9-1-97

10-1-97

4.50

4.00

4.00

4.00

7

8

10-1-97

11-1-97

4.75

4.00

4.00

4.00

7

8

11-1-97

12-1-97

4.50

4.00

4.00

4.00

7

8

12-1-97

1-1-98

4.50

4.00

4.00

4.00

7

8

 

1996

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-96

2-1-96

4.50

4.00

4.00

4.00

7

8

2-1-96

3-1-96

4.25

4.00

4.00

4.00

7

8

3-1-96

4-1-96

4.25

4.00

4.00

4.00

7

8

4-1-96

5-1-96

4.75

4.00

4.00

4.00

7

8

5-1-96

6-1-96

5.00

4.25

4.00

4.00

7

8

6-1-96

7-1-96

5.00

4.25

4.00

4.00

7

8

7-1-96

8-1-96

5.00

4.25

4.00

4.00

7

8

8-1-96

9-1-96

5.25

4.50

4.00

4.00

7

8

9-1-96

10-1-96

5.25

4.50

4.00

4.00

7

8

10-1-96

11-1-96

5.25

4.50

4.00

4.00

7

8

11-1-96

12-1-96

5.00

4.25

4.00

4.00

7

8

12-1-96

1-1-97

4.75

4.00

4.00

4.00

7

8

 

1995

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-95

2-1-95

6.00

5.25

4.00

4.00

7

8

2-1-95

3-1-95

6.00

5.25

4.00

4.00

7

8

3-1-95

4-1-95

6.00

5.25

4.00

4.00

7

8

4-1-95

5-1-95

5.75

5.00

4.00

4.00

7

8

5-1-95

6-1-95

5.50

4.75

4.00

4.00

7

8

6-1-95

7-1-95

5.50

4.75

4.00

4.00

7

8

7-1-95

8-1-95

4.75

4.00

4.00

4.00

7

8

8-1-95

9-1-95

4.75

4.00

4.00

4.00

7

8

9-1-95

10-1-95

5.00

4.25

4.00

4.00

7

8

10-1-95

11-1-95

4.75

4.00

4.00

4.00

7

8

11-1-95

12-1-95

4.75

4.00

4.00

4.00

7

8

12-1-95

1-1-96

4.50

4.00

4.00

4.00

7

8

 

1994

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-94

2-1-94

4.50

4.00

4.00

4.00

7

8

2-1-94

3-1-94

4.50

4.00

4.00

4.00

7

8

3-1-94

4-1-94

4.50

4.00

4.00

4.00

7

8

4-1-94

5-1-94

4.75

4.00

4.00

4.00

7

8

5-1-94

6-1-94

5.25

4.50

4.00

4.00

7

8

6-1-94

7-1-94

5.25

4.50

4.00

4.00

7

8

7-1-94

8-1-94

5.50

4.75

4.00

4.00

7

8

8-1-94

9-1-94

5.75

5.00

4.00

4.00

7

8

9-1-94

10-1-94

5.50

4.75

4.00

4.00

7

8

10-1-94

11-1-94

5.50

4.75

4.00

4.00

7

8

11-1-94

12-1-94

6.00

5.25

4.00

4.00

7

8

12-1-94

1-1-95

6.25

5.50

4.25

4.00

7

8

 

1993

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

11-1-93

12-1-93

4.25

4.00

4.00

4.00

7

8

12-1-93

1-1-94

4.25

4.00

4.00

4.00

7

8