Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 29767-29768 [2016-11297]
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29767
Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Rules and Regulations
PART 4302—PENALTIES FOR
FAILURE TO PROVIDE CERTAIN
MULTIEMPLOYER PLAN NOTICES
7. The authority citation for part 4302
is revised to read as follows:
■
Authority: 28 U.S.C. 2461 note, as
amended by sec. 701, Pub. L. 114–74, 129
Stat. 599–601; 29 U.S.C. 1302(b)(3), 1452.
§ 4302.3
[Amended]
8. In § 4302.3, the figures ‘‘$110’’ are
removed and the figures $275’’ are
added in their place.
■
Issued in Washington, DC, this 5 day of
May, 2016.
W. Thomas Reeder,
Director, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–11296 Filed 5–12–16; 8:45 am]
BILLING CODE 7709–02–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
June 2016. The interest assumptions are
used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective June 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy (Murphy.Deborah@
pbgc.gov), Deputy Assistant General
SUMMARY:
Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005,
202–326–4024. (TTY/TDD users may
call the Federal relay service toll-free at
1–800–877–8339 and ask to be
connected to 202–326–4024.)
SUPPLEMENTARY INFORMATION: PBGC’s
regulation on Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribes actuarial
assumptions—including interest
assumptions—for paying plan benefits
under terminating single-employer
plans covered by title IV of the
Employee Retirement Income Security
Act of 1974. The interest assumptions in
the regulation are also published on
PBGC’s Web site (https://www.pbgc.gov).
PBGC uses the interest assumptions in
Appendix B to Part 4022 to determine
whether a benefit is payable as a lump
sum and to determine the amount to
pay. Appendix C to Part 4022 contains
interest assumptions for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using PBGC’s historical
methodology. Currently, the rates in
Appendices B and C of the benefit
payment regulation are the same.
The interest assumptions are intended
to reflect current conditions in the
financial and annuity markets.
Assumptions under the benefit
payments regulation are updated
monthly. This final rule updates the
benefit payments interest assumptions
for June 2016.1
The June 2016 interest assumptions
under the benefit payments regulation
will be 0.75 percent for the period
during which a benefit is in pay status
and 4.00 percent during any years
preceding the benefit’s placement in pay
status. In comparison with the interest
assumptions in effect for May 2016,
these interest assumptions represent a
decrease of 0.25 percent in the
immediate annuity rate and are
otherwise unchanged.
For plans with a valuation date
On or after
Before
Immediate
annuity rate
(percent)
*
6–1–16
*
7–1–16
0.75
Rate set
*
*
272 ................................................................
3. In appendix C to part 4022, Rate Set
272, as set forth below, is added to the
table.
ehiers on DSK5VPTVN1PROD with RULES
■
VerDate Sep<11>2014
16:59 May 12, 2016
Jkt 238001
List of Subjects in 29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
1. The authority citation for part 4022
continues to read as follows:
■
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
272, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
Deferred annuities
(percent)
i1
i2
i3
n1
4.00
*
4.00
4.00
7
*
n2
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
PBGC has determined that notice and
public comment on this amendment are
impracticable and contrary to the public
interest. This finding is based on the
need to determine and issue new
interest assumptions promptly so that
the assumptions can reflect current
market conditions as accurately as
possible.
Because of the need to provide
immediate guidance for the payment of
benefits under plans with valuation
dates during June 2016, PBGC finds that
good cause exists for making the
assumptions set forth in this
amendment effective less than 30 days
after publication.
PBGC has determined that this action
is not a ‘‘significant regulatory action’’
under the criteria set forth in Executive
Order 12866.
Because no general notice of proposed
rulemaking is required for this
amendment, the Regulatory Flexibility
Act of 1980 does not apply. See 5 U.S.C.
601(2).
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\13MYR1.SGM
13MYR1
8
29768
Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Rules and Regulations
For plans with a valuation date
On or after
Before
Immediate
annuity rate
(percent)
*
6–1–16
*
7–1–16
0.75
Rate set
*
*
272 ................................................................
Issued in Washington, DC, on this 5th day
of May 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–11297 Filed 5–12–16; 8:45 am]
BILLING CODE 7709–02–P
Coast Guard
33 CFR Part 100
[Docket Number USCG–2016–0276]
RIN 1625–AA08
Special Local Regulation; Lake of the
Ozarks, Lakeside, MO
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a special local regulation
for certain waters of the Lake of the
Ozarks. This action is necessary to
provide for the safety of life on these
navigable waters near Lakeside, MO,
during a powerboat race on June 4,
2016. This regulation designates
prohibited areas for the race course and
associated safety buffer, spectator areas,
and location for vessels to transit during
the race at no wake speeds. Deviation
from the established special local
regulation must be authorized by the
Captain of the Port Upper Mississippi
River or a designated representative.
DATES: This rule is effective from 9 a.m.
to 6 p.m. on June 4, 2016.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2016–
0276 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rule.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email LCDR Sean Peterson, Chief of
Prevention, U.S. Coast Guard; telephone
314–269–2332, email Sean.M.Peterson@
uscg.mil.
SUPPLEMENTARY INFORMATION:
ehiers on DSK5VPTVN1PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:59 May 12, 2016
Jkt 238001
I. Table of Abbreviations
CFR Code of Federal Regulations
COTP Captain of the Port
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
On March 16, 2016, the Lake Race
Steering Committee notified the Coast
Guard that it will be hosting a
powerboat race from 9 a.m. until 6 p.m.
on June 4, 2016. In response, on April
20, 2016, the Coast Guard published a
notice of proposed rulemaking (NPRM)
titled Special Local Regulation; Lake of
the Ozarks, Lakeside, MO (81 FR
23223). There we stated why we issued
the NPRM, and invited comments on
our proposed regulatory action related
to this powerboat race. During the
comment period that ended May 5,
2016, we received no comments.
We are issuing this rule, and under 5
U.S.C. 553(d)(3), the Coast Guard finds
that good cause exists for making it
effective less than 30 days after
publication in the Federal Register. On
March 16, 2016, the Coast Guard was
notified of the event being held and an
NPRM with a 15 day comment period
was published on April 20, 2016.
Though we are not providing a full 30
day notice period, the Coast Guard did
provide notice and opportunity to
comment through the NPRM process
and is now providing less than 30 days
notice before the final rule goes into
effect on June 4, 2016. It is
impracticable to provide a full 30-days
notice because this rule must be
effective June 4, 2016.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority in 33 U.S.C. 1233. The
Captain of the Port (COTP) Upper
Mississippi River has determined that
potential hazards associated with the
powerboat race are a safety concern. The
purpose of this rule is to ensure safety
of vessels and the navigable waters in
the special local regulation before,
during, and after the scheduled event.
PO 00000
Frm 00008
Fmt 4700
Sfmt 4700
i1
i2
i3
n1
4.00
*
4.00
4.00
7
*
II. Background Information and
Regulatory History
DEPARTMENT OF HOMELAND
SECURITY
Deferred annuities
(percent)
n2
*
8
IV. Discussion of Comments, Changes,
and the Rule
As noted above, we received no
comments on our NPRM published
April 20, 2016. There are no changes in
the regulatory text of this rule from the
proposed rule in the NPRM. This rule
establishes a special local regulation
from 9 a.m. until 6 p.m. on June 4, 2016,
designating the race course and location
of spectator areas. Vessels transiting
near the course will be restricted to
transiting at the slowest safe speed. This
special local regulation covers navigable
waters on the Lake of the Ozarks Osage
Branch between miles 0 and 4. The
Coast Guard has also posted a map
depicting the location and restricted
areas for this special local regulation in
the docket. Six anchorage areas for
spectators are designated and are also
shown on the map and labeled as A
through F. This map may be viewed as
indicated under the ADDRESSES section.
The duration of the regulation is
intended to ensure the safety of vessels
and these navigable waters before,
during, and after the power boat race,
scheduled from 9 a.m. to 6 p.m. No
vessel or person will be permitted to
deviate from the special local regulation
without obtaining permission from the
COTP or a designated representative.
V. Regulatory Analyses
We developed this rule after
considering numerous statutes and
Executive Orders related to rulemaking.
Below we summarize our analyses
based on a number of these statutes and
Executive Orders, and we discuss First
Amendment rights of protestors.
A. Regulatory Planning and Review
Executive Orders 12866 and 13563
direct agencies to assess the costs and
benefits of available regulatory
alternatives and, if regulation is
necessary, to select regulatory
approaches that maximize net benefits.
Executive Order 13563 emphasizes the
importance of quantifying both costs
and benefits, of reducing costs, of
harmonizing rules, and of promoting
flexibility. This rule has not been
designated a ‘‘significant regulatory
action,’’ under Executive Order 12866.
Accordingly, it has not been reviewed
E:\FR\FM\13MYR1.SGM
13MYR1
]]>Agencies
[Federal Register Volume 81, Number 93 (Friday, May 13, 2016)]
[Rules and Regulations]
[Pages 29767-29768]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11297]
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated Single-Employer Plans; Interest
Assumptions for Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulation on Benefits Payable in Terminated Single-
Employer Plans to prescribe interest assumptions under the regulation
for valuation dates in June 2016. The interest assumptions are used for
paying benefits under terminating single-employer plans covered by the
pension insurance system administered by PBGC.
DATES: Effective June 1, 2016.
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy
(Murphy.Deborah@pbgc.gov), Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005, 202-326-4024. (TTY/TDD users may call the
Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: PBGC's regulation on Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribes
actuarial assumptions--including interest assumptions--for paying plan
benefits under terminating single-employer plans covered by title IV of
the Employee Retirement Income Security Act of 1974. The interest
assumptions in the regulation are also published on PBGC's Web site
(https://www.pbgc.gov).
PBGC uses the interest assumptions in Appendix B to Part 4022 to
determine whether a benefit is payable as a lump sum and to determine
the amount to pay. Appendix C to Part 4022 contains interest
assumptions for private-sector pension practitioners to refer to if
they wish to use lump-sum interest rates determined using PBGC's
historical methodology. Currently, the rates in Appendices B and C of
the benefit payment regulation are the same.
The interest assumptions are intended to reflect current conditions
in the financial and annuity markets. Assumptions under the benefit
payments regulation are updated monthly. This final rule updates the
benefit payments interest assumptions for June 2016.\1\
---------------------------------------------------------------------------
\1\ Appendix B to PBGC's regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part 4044) prescribes interest
assumptions for valuing benefits under terminating covered single-
employer plans for purposes of allocation of assets under ERISA
section 4044. Those assumptions are updated quarterly.
---------------------------------------------------------------------------
The June 2016 interest assumptions under the benefit payments
regulation will be 0.75 percent for the period during which a benefit
is in pay status and 4.00 percent during any years preceding the
benefit's placement in pay status. In comparison with the interest
assumptions in effect for May 2016, these interest assumptions
represent a decrease of 0.25 percent in the immediate annuity rate and
are otherwise unchanged.
PBGC has determined that notice and public comment on this
amendment are impracticable and contrary to the public interest. This
finding is based on the need to determine and issue new interest
assumptions promptly so that the assumptions can reflect current market
conditions as accurately as possible.
Because of the need to provide immediate guidance for the payment
of benefits under plans with valuation dates during June 2016, PBGC
finds that good cause exists for making the assumptions set forth in
this amendment effective less than 30 days after publication.
PBGC has determined that this action is not a ``significant
regulatory action'' under the criteria set forth in Executive Order
12866.
Because no general notice of proposed rulemaking is required for
this amendment, the Regulatory Flexibility Act of 1980 does not apply.
See 5 U.S.C. 601(2).
List of Subjects in 29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29 CFR part 4022 is amended as
follows:
PART 4022--BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
0
1. The authority citation for part 4022 continues to read as follows:
Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344.
0
2. In appendix B to part 4022, Rate Set 272, as set forth below, is
added to the table.
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate -------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
272................................................ 6-1-16 7-1-16 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 272, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 29768]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate -------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
272................................................ 6-1-16 7-1-16 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 5th day of May 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-11297 Filed 5-12-16; 8:45 am]
BILLING CODE 7709-02-P
