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INTEREST RATES USED FOR COMPUTATION OF BACK PAY
| FIRST DAY OF QUARTER: |
ANNUAL INTEREST RATE: |
| October 1, 2004 |
5 |
| July 1, 2004 |
4 |
| April 1, 2004 |
5 |
| January 1, 2004 |
4 |
| October 1, 2003 |
4 |
| July 1, 2003 |
5 |
| April 1, 2003 |
5 |
| January 1, 2003 |
5 |
| October 1, 2002 |
6 |
| 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 |
- 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
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