| Privacy/Security Notice
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GATT Lump Sum Factors for 2003
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| The lump sum option is calculated based on the interest
rate of 30-year Treasury
Bonds. This rate is known as the General Agreement on Tariffs and Trades (GATT)
and changes each year. The rate is based on Public Law 103-465,
which prescribes interest and mortality assumptions used under Section 417(e)
of the Internal Revenue Code for determining the amount of lump sum benefits in
effect as of the prior year. If you choose an immediate lump sum, the lump
sum benefit will be calculated using the current year's rate if the election
is received at Benefits Administration by December 15 of this year. If you
choose the lump sum option in the future, the lump sum benefit will be based
on the rate in effect at that time, and may be greater than or less than the
current benefit.
Multiply 1.6% x your average highest 60 months base salary x benefit years of service = your estimated age 65, 10 Year Certain and Life annuity. For example: .016 x $3000 x 20 = $960, payable at age 65, 10 Year Certain and Life. Find your age for the year you are estimating, multiply the factor shown x the age 65 benefit. This will give you your pension lump sum, present value. For example: (age 50) 64.936 x $960 = $62,338.56 estimated lump sum, present value. |
| AGE | FACTOR | AGE | FACTOR |
| Factors are to be applied to monthly benefits amounts | |||
20 |
14.341000 |
55 |
84.169000 |
21 |
15.075000 |
56 |
88.729000 |
22 |
15.847000 |
57 |
93.574000 |
23 |
16.659000 |
58 |
98.735000 |
24 |
17.512000 |
59 |
104.242000 |
25 |
18.410000 |
60 |
110.126000 |
26 |
19.354000 |
61 |
116.426000 |
27 |
20.347000 |
62 |
123.192000 |
28 |
21.392000 |
63 |
130.474000 |
29 |
22.491000 |
64 |
138.342000 |
30 |
23.647000 |
65 |
146.860000 |
31 |
24.863000 |
66 |
143.899000 |
32 |
26.142000 |
67 |
140.938000 |
33 |
27.487000 |
68 |
137.981000 |
34 |
28.903000 |
69 |
135.028000 |
35 |
30.391000 |
70 |
132.090000 |
36 |
31.956000 |
71 |
129.177000 |
37 |
33.603000 |
72 |
126.308000 |
38 |
35.336000 |
73 |
123.505000 |
39 |
37.159000 |
74 |
120.782000 |
40 |
39.079000 |
75 |
118.150000 |
41 |
41.100000 |
76 |
115.624000 |
42 |
43.229000 |
77 |
113.216000 |
43 |
45.471000 |
78 |
110.947000 |
44 |
47.833000 |
79 |
108.827000 |
45 |
50.321000 |
80 |
106.867000 |
46 |
52.942000 |
81 |
105.074000 |
47 |
55.705000 |
82 |
103.454000 |
48 |
58.618000 |
83 |
102.005000 |
49 |
61.691000 |
84 |
100.724000 |
50 |
64.936000 |
85 |
99.608000 |
51 |
68.362000 |
86 |
98.650000 |
52 |
71.984000 |
87 |
97.842000 |
53 |
75.815000 |
88 |
97.175000 |
54 |
79.872000 |
89 |
96.632000 |
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