[Code of Federal Regulations]
[Title 5, Volume 2]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR847.103]

[Page 370-371]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (CONTINUED)
 
PART 847_ELECTIONS OF RETIREMENT COVERAGE BY CURRENT AND FORMER 
EMPLOYEES OF NONAPPROPRIATED FUND INSTRUMENTALITIES--Table of Contents
 
                      Subpart A_General Provisions
 
Sec. 847.103  Definitions.

    (a) Except as provided in paragraph (b) of this section, the 
definitions in sections 8331 and 8401 of title 5, United States Code, 
apply throughout this part.
    (b) In this part--
    Actuarial present value means the amount of money (earning interest 
at an assumed rate) required at the time of retirement to finance an 
annuity that is payable in monthly installments for the annuitant's 
lifetime based on mortality rates for annuitants under CSRS and FERS; 
and increases each year at an assumed rate of inflation. Interest, 
mortality, and inflation rates used in computing the present value are 
those used by the Board of Actuaries of the Civil Service Retirement 
System for valuation of CSRS and FERS, based on dynamic assumptions.

[[Page 371]]

    Age means the number of years an individual has been alive as of his 
or her last birthday.
    Agency means an executive agency as defined in section 105 of title 
5, United States Code; a legislative branch agency; a judicial agency; 
and the U.S. Postal Service and Postal Rate Commission.
    Annuitant means a retiree or a survivor.
    CSRS or FERS means the Civil Service Retirement System or the 
Federal Employees Retirement System as described in chapters 83 and 84 
of title 5, United States Code.
    Deferred annuity date means the earliest date on which a retiree 
would be eligible, without credit for the NAFI service, to receive a 
deferred annuity based on his or her actual date of separation.
    Deficiency means the remainder of the actuarial present value of 
crediting NAFI service, after subtracting the amount credited to the 
employee from a transfer to the Fund under subpart E of this part, and 
earnings under Sec. 847.507 on the transferred amount.
    Employee contributions with interest means the dollar amount 
deducted from an employee's pay for retirement system participation, 
plus any amounts the employee deposited for civilian service credit 
under the retirement system, and interest, if any, payable under Sec. 
841.605 of this chapter (for FERS) or under applicable NAFI retirement 
system rules.
    Fund means the Civil Service Retirement and Disability Fund 
established in section 8348 of title 5, United States Code.
    Government contributions means the dollar amount which was 
contributed on behalf of an employee by his or her employer for 
retirement system participation.
    Monthly annuity rate means the amount of the monthly single life 
annuity under CSRS or FERS (computed without regard to any survivor 
benefit reductions computed under sections 8339 (j) or (k), and 8418 
through 8420 of title 5, United States Code), before any offset relating 
to benefits under the Social Security Act under section 8349 of title 5, 
United States Code, but after including any reduction for age (5 U.S.C. 
8339(h) or 8415(f)) or for crediting nondeduction civilian service 
performed before October 1, 1982 (5 U.S.C.A. 8339(i), note).
    NAFI means a nonappropriated fund instrumentality described in 
section 2105(c) of title 5, United States Code.
    Retiree means a former employee who, on the basis of his or her 
service meets all the requirements for title to a CSRS or FERS annuity 
and files claim therefor.
    Survivor means a widow, widower, or former spouse entitled to a CSRS 
or FERS annuity based on the service of a deceased employee, separated 
employee, or retiree.

[61 FR 41721, Aug. 9, 1996, as amended at 68 FR 2179, Jan. 16, 2003]