U.S. Office of Personnel Management - Ensuring the Federal Government has an effective civilian workforce
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United
States |
      
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INTEREST RATES USED FOR COMPUTATION OF BACK PAY
| FIRST
DAY OF QUARTER: | ANNUAL
INTEREST RATE: |
|---|---|
| July 1, 2002 | 6 |
| April 1, 2002 | 6 |
| January 1, 2002 | 6 |
| October 1, 2001 | 7 |
| July 1, 2001 | 7 |
| April 1, 2001 | 8 |
| January 1, 2001 | 9 |
| October 1, 2000 | 9 |
| July 1, 2000 | 9 |
| April 1, 2000 | 9 |
| January 1, 2000 | 8 |
| October 1, 1999 | 8 |
| July 1, 1999 | 8 |
| April 1, 1999 | 8 |
| January 1, 1999 | 7 |
| October 1, 1998 | 7 |
| July 1, 1998 | 7 |
| April 1, 1998 | 7 |
| January 1, 1998 | 8 |
| October 1, 1997 | 8 |
| July 1, 1997 | 8 |
| April 1, 1997 | 8 |
| January 1, 1997 | 8 |
| October 1, 1996 | 8 |
| July 1, 1996 | 8 |
| April 1, 1996 | 7 |
| January 1, 1996 | 8 |
| October 1, 1995 | 8 |
| July 1, 1995 | 8 |
| April 1, 1995 | 9 |
| January 1, 1995 | 8 |
| October 1, 1994 | 8 |
| July 1, 1994 | 7 |
| April 1, 1994 | 6 |
| January 1, 1994 | 6 |
| October 1, 1993 | 6 |
| July 1, 1993 | 6 |
| April 1, 1993 | 6 |
| January 1, 1993 | 6 |
| October 1, 1992 | 6 |
| July 1, 1992 | 7 |
| April 1, 1992 | 7 |
| January 1, 1992 | 8 |
| October 1, 1991 | 9 |
| July 1, 1991 | 9 |
| April 1, 1991 | 9 |
| January 1, 1991 | 10 |
| October 1, 1990 | 10 |
| July 1, 1990 | 10 |
| April 1, 1990 | 10 |
| January 1, 1990 | 10 |
| October 1, 1989 | 10 |
| July 1, 1989 | 11 |
| April 1, 1989 | 11 |
| January 1, 1989 | 10 |
- The daily interest rate is derived by dividing the annual interest rate by the number of days in a given year (365 or, for a leap year, 366). The OPM back pay interest program (released in September 1999) rounds daily interest rates to the 9th decimal place.
- The Office of Personnel Management (OPM) provides these interest rates as a convenience for Federal personnel management specialists. Every attempt has been made to provide accurate data; however, the official rates are established by the Internal Revenue Service, Department of the Treasury.
- Official rates may be obtained by calling the IRS Federal Tax Information Line (1-800-TAX-1040) and requesting the interest rate paid on tax overpayments determined under section 6621 of the Internal Revenue Code.
- References: Law: 5 U.S.C. 5596; Regulations: 5 CFR 550.801-808
Updated June 2002