U.S. Office of Personnel Management - Ensuring the Federal Government has an effective civilian workforce

This Letter provides the imputed costs factors for the Federal civilian benefit programs for the first quarter of FY 2004. Agencies will use these cost factors to calculate their imputed costs relating to the "pensions" (the Civil Service Retirement and Federal Employees' Retirement Systems), the Federal Employees Health Benefits Program and the Federal Employees Group Life Insurance Program. To support the requirement to produce quarterly financial statements, we will provide updated cost factor information prior to the beginning of each quarter as well as at fiscal year-end for annual reporting purposes.

Pensions

CSRS. For most or "regular" CSRS employees, the imputed cost factor for the first quarter of FY 2004 is 25.0 percent of basic pay. The cost factors for other categories of CSRS coverage are attached.

FERS. For regular FERS employees, the imputed cost factor for the first quarter of FY 2004 is 12.0 percent of basic pay. The cost factors for other categories of FERS coverage are also on the attachment.

Federal Employees Health Benefits Program

The imputed cost factor for the first quarter of FY 2004 for the Federal Employee Health Benefit Program is $1,077.

Federal Employees Life Insurance Program

The cost factor for the first quarter of FY 2004 for the Federal Employees Life Insurance Program remains 0.02 percent of basic pay.

If you have any questions about this letter, we would prefer that you email us at finance@opm.gov, so we have a record of them. You may of course call us on 202-606-0606.

Attachment: 2003 COST FACTORS FOR THE CSRS AND FERS

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