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<!-- #BeginEditable name="pagetitle" --><h2 class="center">Interest Rate Formula for Special Issues</h2><!-- #EndEditable -->
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<p><a href="../index.html">Office of the Chief Actuary </a> </p>
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<p><a href="intRates.html">Interest rate information</a></p>
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<p><a href="specialissues.html">Special issues</a></p>
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<p><a href="funds.html">Trust fund data</a></p>
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<p><b>Current formula</b><br />
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Special-issue securities bear a nominal rate of interest determined by a formula specified
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by law in <a href="https://www.ssa.gov/OP_Home/ssact/title02/0201.htm">section 201(d)</a>
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of the <a href="https://www.ssa.gov/OP_Home/ssact/ssact-toc.htm">Social Security Act</a>.
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The current formula was established by the 1960 amendments to the
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Social Security Act. The formula sets the rate applicable in a given month
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to the average market yield on marketable interest-bearing securities of
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the Federal government which are not due or callable until after 4 years
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from the last business day of the prior month (the day when the rate is determined).
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The average yield must then be rounded to the nearest eighth of 1 percent.
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This formula became effective with the October 1960 rate.
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<p>
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<b>Prior formulas</b><br />
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Under the Social Security Act as amended in 1956, an interest rate was
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related to the average coupon rate on all outstanding marketable obligations
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of the United States, at the time the rate was determined, that were not due
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or callable until after 5 years from the date of original issue. As under
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current law, the average was rounded to the nearest multiple of one-eighth
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of 1 percent.
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<p>
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Prior to the 1956 amendments, the average coupon rate was computed for all outstanding
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marketable obligations, with no limitation on the maturities. In addition, the
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rounding formula called for rounding to the next lower multiple of one-eighth
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of 1 percent.
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