Skip to main content

Practitioners

ERISA 4022 Lump Sum Interest Rates

Last updated January 13, 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

4-1-17

5-1-17

5-1-17

6-1-17

6-1-17

7-1-17

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

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top

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

^ Top