80 FR 25340 - Civil Service Retirement System Board of Actuaries

OFFICE OF PERSONNEL MANAGEMENT

Federal Register Volume 80, Issue 85 (May 4, 2015)

The U.S. Office of Personnel Management announces the establishment of the charter for the Civil Service Retirement System Board of Actuaries. The Board shall provide independent advice and recommendations on matters relating to the Civil Service Retirement and Disability Fund (CSRDF), the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS).

[Federal Register Volume 80, Number 85 (Monday, May 4, 2015)]
[Notices]
[Pages 25340-25341]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-10297]


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OFFICE OF PERSONNEL MANAGEMENT


Civil Service Retirement System Board of Actuaries

AGENCY: U.S. Office of Personnel Management.

ACTION: Establishment of advisory committee charter.

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SUMMARY: The U.S. Office of Personnel Management announces the 
establishment of the charter for the Civil Service Retirement System 
Board of Actuaries. The Board shall provide independent advice and 
recommendations on matters relating to the Civil Service Retirement and 
Disability Fund (CSRDF), the Civil Service Retirement System (CSRS) and 
the Federal Employees' Retirement System (FERS).

FOR FURTHER INFORMATION CONTACT: Gregory Kissel, Senior Actuary for 
Retirement Programs, Office of Personnel Management, 1900 E St. NW., 
Room 4307, Washington, DC 20415. Phone (202) 606-0722 or email at 
[email protected].

SUPPLEMENTARY INFORMATION: The charter for the Civil Service Retirement 
System Board of Actuaries publishes as follows:
    1. Committee's Official Designation: The Committee will be known as 
the Board of Actuaries of the Civil Service Retirement System (``the 
Board'').
    2. Authority: The Director of the Office of Personnel Management 
(OPM) is establishing the Board pursuant to 5 U.S.C. 8347(f) and also 
in accordance with the provisions of the Federal Advisory Committee Act 
(FACA), as amended, 5 U.S.C. App. 2.
    3. Objectives and Scope of Activities: The Board, through the OPM 
Office of Planning and Policy Analysis (PPA), shall provide the OPM 
Director with independent advice and recommendations on matters 
relating to the Civil Service Retirement and Disability Fund (CSRDF), 
the Civil Service Retirement System (CSRS) and the Federal Employees' 
Retirement System (FERS), as set out in paragraph four below.
    4. Description of Duties: The Board shall furnish its advice and 
opinion on matters referred to it by OPM, and recommend such changes as 
in the Board's judgment are necessary to protect the public interest 
and maintain the Retirement Systems on a sound financial basis and, in 
doing so, shall:
    a. Report annually on the actuarial status of the Retirement 
Systems;
    b. Review actuarial valuations no less often than once every five 
years, or more often if considered necessary by OPM; and
    c. In response to an agency appeal of an amount payable for FERS 
under 5 U.S.C. 8423(c), and in accordance with the regulations 
established under 5 CFR 841 Subpart D, review the computations of OPM 
and recommend any adjustment with respect to any such amount which the 
Board determines appropriate.
    5. Agency or Official to Whom the Committee Reports: The Board 
shall report to the OPM Director, through OPM PPA. The OPM Director may 
act upon the Board's advice and recommendations.
    6. Support: OPM shall provide administrative services and support 
as deemed necessary for the Board's performance of its functions.
    7. Estimated Annual Operating Costs and Staff Years: Based on one 
expected annual meeting of the Board, the estimated annual operating 
cost, to include reimbursement for travel, meetings, and administrative 
support, is approximately $30,000. The estimated annual personnel cost 
to OPM is 0.3 FTEs. Costs may exceed this estimate if additional ad hoc 
meetings are needed (e.g. due to a statutory change or an agency 
appeal).
    8. Designated Federal Officer: OPM's Senior Actuary for Retirement 
Programs serves as the Board's Designated Federal Officer (DFO). OPM's 
Chief Actuary serves as the Board's Alternate DFO.
    The Board's DFO, or Alternate DFO, is required to be in attendance 
at all meetings of the Board for the entire duration of each and every 
meeting. The DFO, or the Alternate DFO, shall call all meetings of the 
Board; prepare and approve all meeting agendas; and adjourn any meeting 
when the DFO, or the Alternate DFO, determines adjournment to be in the 
public interest or required by governing regulations or OPM policies 
and procedures.
    9. Estimated Number and Frequency of Meetings: The Board shall meet 
at the call of the Board's DFO, or Alternate DFO, in consultation with 
the Board's Chair. The estimated number of Board meetings is one per 
year.
    10. Duration: Continuing. 5 U.S.C. 8347(f) provides for a permanent 
role for the Board.
    11. Termination: The Board shall terminate upon rescission of 5 
U.S.C. 8347(f) and is subject to biennial review and will become 
inactive 2 years from the date the charter is filed, unless prior to 
that date, the charter is renewed in accordance with Section 14 of the 
FACA. The Board will not meet or take any action without a valid 
current charter.
    12. Membership and Designation: The Board shall be comprised of 
three members who are appointed by the OPM Director from among 
professional actuaries who are members of the American Academy of 
Actuaries and qualified under actuarial standards of practice to issue 
a statement of actuarial opinion on defined benefit retirement plans.
    Board members appointed by the OPM Director, who are not full-time 
or permanent part-time Federal employees, shall be appointed as experts 
and consultants, pursuant to 5 U.S.C. 3109, to serve as special 
government employee (SGE) members, and shall, pursuant to 5 U.S.C. 
8347(f), serve with compensation, to include official Board-related 
travel and per diem. A member of the Board who is not an employee of 
the United States is entitled to receive pay at the daily equivalent of 
the annual rate of basic pay of the highest rate of basic pay than is 
currently being paid under the General Schedule of subchapter III of 
chapter 53 of title 5, U.S.C., for each day the member is engaged in 
the performance of the duties of the Board.
    Board members appointed by the OPM Director, who are full-time or 
permanent part-time Federal employees, shall be appointed, pursuant to 
41 CFR 102-3.130(a), to serve as regular government employee (RGE) 
members.
    Each Board member is appointed to provide advice to the government 
on the basis of his or her best judgment without representing any 
particular point of view and in a manner that is free from conflict of 
interest.

[[Page 25341]]

    13. Subcommittees: The Board, in coordination with the DFO, has the 
authority to create subcommittees or working groups.
    14. Recordkeeping: The records of the Board shall be handled 
according to section 2, General Records Schedule 26, and governing OPM 
policies and procedures. These records will be available for public 
inspection and copying, subject to the Freedom of Information Act of 
1966 (5 U.S.C. 552, as amended).

U.S. Office of Personnel Management.

Katherine L. Archuleta,
Director.
[FR Doc. 2015-10297 Filed 5-1-15; 8:45 am]
 BILLING CODE 6325-63-P