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Interest Rates Used for Computation of Back Pay

FIRST DAY OF QUARTER: ANNUAL INTEREST RATE:
January 1, 2009 5
October 1, 2008 6
July 1, 2008 5
April 1, 2008 6
January 1, 2008 7
October 1, 2007 8
July 1, 2007 8
April 1, 2007 8
January 1, 2007 8
October 1, 2006 8
July 1, 2006 8
April 1, 2006 7
January 1, 2006 7
October 1, 2005 7
July 1, 2005 6
April 1, 2005 6
January 1, 2005 5
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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