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Historical ERISA 4022 Lump Sum Interest Rates

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Historical ERISA 4022 Lump Sum Interest Rates

Last updated December 3, 2020

ERISA 4022 Lump Sum Interest Rates

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.

Prior to 2021, PBGC used an immediate and deferred interest rate structure for this purpose. After 2020, PBGC will use IRS 417(e)(3) interest rates for this purpose, and, as a result, will no longer publish the legacy immediate and deferred rates. However, PBGC will provide a table that enables practitioners to determine immediate and deferred interest rates for months after December 2020 in accordance with PBGC’s historical methodology. See PBGC’s final 4022 rule issued September 9, 2020 for more information.

Individuals seeking information about the interest rates that their plans use to determine lump sums should contact their plan directly as PBGC does not have access to that information.

Immediate and Deferred ERISA 4022 Rates from 1993 - 2020

The pre-2021 interest rates (i.e., the “legacy 4022 rates”) are provided for historical purposes. Click on the applicable link below to see the table for that year. For information about how to use the legacy immediate and deferred rates, see example below.

2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993

2020

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-20

2-1-20

0.25 4.00 4.00 4.00 7 8

2-1-20

3-1-20

0.25 4.00 4.00 4.00 7 8

3-1-20

4-1-20

0.00 4.00 4.00 4.00 7 8

4-1-20

5-1-20

0.00 4.00 4.00 4.00 7 8

5-1-20

6-1-20

0.50 4.00 4.00 4.00 7 8

6-1-20

7-1-20

0.00 4.00 4.00 4.00 7 8

7-1-20

8-1-20

0.00 4.00 4.00 4.00 7 8

8-1-20

9-1-20

0.00 4.00 4.00 4.00 7 8

9-1-20

 10-1-20

0.00 4.00 4.00 4.00 7 8

 10-1-20

 11-1-20

0.00 4.00 4.00 4.00 7 8

 11-1-20

 12-1-20

0.00 4.00 4.00 4.00 7 8

 12-1-20

 1-1-21

0.00 4.00 4.00 4.00 7 8

 

2019

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-19

2-1-19

1.50 4.00 4.00 4.00 7 8

2-1-19

3-1-19

1.25 4.00 4.00 4.00 7 8

3-1-19

4-1-19

1.25 4.00 4.00 4.00 7 8

4-1-19

5-1-19

1.25 4.00 4.00 4.00 7 8

5-1-19

6-1-19

1.00 4.00 4.00 4.00 7 8

6-1-19

7-1-19

1.00 4.00 4.00 4.00 7 8

7-1-19

8-1-19

0.75 4.00 4.00 4.00 7 8

8-1-19

9-1-19

0.50 4.00 4.00 4.00 7 8

9-1-19

10-1-19

0.50 4.00 4.00 4.00 7 8

10-1-19

11-1-19

0.00 4.00 4.00 4.00 7 8

 11-1-19

12-1-19

0.25 4.00 4.00 4.00 7 8

 12-1-19

1-1-20

0.25 4.00 4.00 4.00 7 8

 

2018

Valuation Date

Immediate

Deferred Annuities

On or After

Before

Rate

i1

i2

i3

n1

n2

1-1-18

2-1-18

0.75 4.00 4.00 4.00 7 8

2-1-18

3-1-18

0.75 4.00 4.00 4.00 7 8

3-1-18

4-1-18

0.75 4.00 4.00 4.00 7 8

4-1-18

5-1-18

1.00 4.00 4.00 4.00 7 8

5-1-18

6-1-18

1.00 4.00 4.00 4.00 7 8

6-1-18

7-1-18

1.25 4.00 4.00 4.00 7 8

7-1-18

8-1-18

1.25 4.00 4.00 4.00 7 8

8-1-18

9-1-18

1.25 4.00 4.00 4.00 7 8

9-1-18

10-1-18

1.25 4.00 4.00 4.00 7 8

10-1-18

11-1-18

1.25 4.00 4.00 4.00 7 8

 11-1-18

12-1-18

1.25 4.00 4.00 4.00 7 8

 12-1-18

1-1-19

1.50 4.00 4.00 4.00 7 8

 

2017

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

1.00 4.00 4.00 4.00 7 8

8-1-17

9-1-17

0.75 4.00 4.00 4.00 7 8

9-1-17

10-1-17

1.00 4.00 4.00 4.00 7 8

10-1-17

11-1-17

0.75 4.00 4.00 4.00 7 8

 11-1-17

12-1-17

0.75 4.00 4.00 4.00 7 8

 12-1-17

1-1-18

0.75 4.00 4.00 4.00 7 8

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

 

The following examples illustrate how the immediate and deferred interest rate structure was used to determine the present value of an annuity under ERISA 4022 prior to 2021.

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."