Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 53921-53922 [2016-19295]
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53921
Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Rules and Regulations
archaeological or ethnological material
that are subject to import restrictions.
R. Gil Kerlikowske,
Commissioner, U.S. Customs and Border
Protection.
Approved: August 11, 2016.
Timothy E. Skud,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 2016–19491 Filed 8–11–16; 4:15 pm]
BILLING CODE 9111–14–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
September 2016. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES: Effective September 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy
(Murphy.Deborah@pbgc.gov), Assistant
General Counsel for Regulatory Affairs,
Pension Benefit Guaranty Corporation,
1200 K Street NW., Washington, DC
20005, 202–326–4400 ext. 3451. (TTY/
TDD users may call the Federal relay
service toll-free at 1–800–877–8339 and
SUMMARY:
Rate set
For plans with a valuation
date
On or after
*
275
Before
3. In appendix C to part 4022, Rate Set
275, as set forth below, is added to the
table.
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
17:35 Aug 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
275, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
i2
*
4.00
0.50
*
*
*
i3
4.00
n1
*
*
4.00
n2
*
7
8
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
VerDate Sep<11>2014
i1
*
10–1–16
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 September 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).
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
9–1–16
■
sradovich on DSK3GMQ082PROD with RULES
ask to be connected to 202–326–4400
ext. 3451.)
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 September 2016.1
The September 2016 interest
assumptions under the benefit payments
regulation will be 0.50 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 August 2016,
these interest assumptions are
unchanged.
PBGC has determined that notice and
public comment on this amendment are
impracticable and contrary to the public
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15AUR1.SGM
15AUR1
53922
Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Rules and Regulations
Rate set
For plans with a valuation
date
On or after
*
275
Before
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
i1
*
4.00
*
9–1–16
10–1–16
0.50
i2
i3
4.00
*
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
5410.20 will be made available at https://
www.dtic.mil/whs/directives/corres/pdf/
541020p.pdf.
[FR Doc. 2016–19295 Filed 8–12–16; 8:45 am]
List of Subjects in 32 CFR Part 237a
BILLING CODE 7709–02–P
Armed forces; Business and industry.
PART 237a—[REMOVED]
DEPARTMENT OF DEFENSE
Accordingly, by the authority of 5
U.S.C. 301, 32 CFR part 237a is
removed.
Office of the Secretary
32 CFR Part 237a
Dated: August 9, 2016.
Aaron Siegel,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
[Docket ID: DOD–2016–OS–0084]
RIN 0790–AI94
Public Affairs Liaison With Industry
[FR Doc. 2016–19345 Filed 8–12–16; 8:45 am]
Assistant to the Secretary of
Defense for Public Affairs, DoD.
ACTION: Final rule.
BILLING CODE 5001–06–P
AGENCY:
This final rule removes
regulations concerning Public Affairs
liaison with industry. These Code of
Federal Regulations (CFR) provisions
are outdated and no longer accurate or
applicable as written. The guidance, as
revised, sets forth internal standards for
how DoD employees should reach out
and engage with industry. With respect
to the visual information portion, it is
essentially a collection and discussion
of currently applicable intellectual
property law that does not create any
new public duties or obligations.
Therefore, these regulations are
removed from the CFR.
DATES: This rule is effective on August
15, 2016.
FOR FURTHER INFORMATION CONTACT:
Patricia Toppings at 571–372–0485.
SUPPLEMENTARY INFORMATION: This rule
will be reported in future status updates
as part of DoD’s retrospective plan
under Executive Order 13563 completed
in August 2011. DoD’s full plan can be
accessed at: https://www.regulations.gov/
#!docketDetail;D=DOD-2011-OS-0036.
It has been determined that
publication of this CFR part removal for
public comment is impracticable,
unnecessary, and contrary to public
interest since it is based on removing
DoD internal policies and procedures
that are publically available on the
Department’s issuance Web site. Once
signed, a copy of DoD’s internal
guidance contained in DoD Instruction
sradovich on DSK3GMQ082PROD with RULES
SUMMARY:
VerDate Sep<11>2014
17:35 Aug 12, 2016
Jkt 238001
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2016–0644]
RIN 1625–AA00
Safety Zone; Apra Outer Harbor, Naval
Base Guam
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone for
navigable waters of Apra Harbor, Guam
in the vicinity of San Luis Beach,
Sumay Cove and Commadores Cut. The
safety zone is needed to protect
personnel, vessels, and the marine
environment from vessel operations in
the area. Entry of vessels or persons into
this zone is prohibited unless
specifically authorized by the Captain of
the Port Guam.
DATES: This rule is effective without
actual notice from August 15, 2016
through 7 p.m. August 31, 2016. For the
purposes of enforcement, actual notice
will be used from 7 a.m. July 31, 2016
through August 15, 2016.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2016–
0644 in the ‘‘SEARCH’’ box and click
SUMMARY:
PO 00000
Frm 00016
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
‘‘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 Chief Kristina Gauthier,
Waterways Management, U.S. Coast
Guard; telephone 671–355–4866, email
Kristina.M.Gauthier@uscg.mil.
SUPPLEMENTARY INFORMATION:
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
II. Background Information and
Regulatory History
The Coast Guard is issuing this
temporary rule without prior notice and
opportunity to comment pursuant to
authority under section 4(a) of the
Administrative Procedure Act (APA) (5
U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because doing
so would be impracticable. The final
details for this operation were not
known to the Coast Guard until there
was insufficient time remaining before
the event to publish an NPRM. Thus,
delaying the effective date of this rule to
wait for a comment period to run would
be impracticable because it would
inhibit the Coast Guard’s ability to
protect vessels and waterway users from
the hazards associated with the
operation.
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. For
the same reasons discussed in the
preceding paragraph, waiting for a 30
day notice period to run would be
impracticable.
E:\FR\FM\15AUR1.SGM
15AUR1
]]>Agencies
[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)]
[Rules and Regulations]
[Pages 53921-53922]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-19295]
=======================================================================
-----------------------------------------------------------------------
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 September 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 September 1, 2016.
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy
(Murphy.Deborah@pbgc.gov), Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW.,
Washington, DC 20005, 202-326-4400 ext. 3451. (TTY/TDD users may call
the Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-326-4400 ext. 3451.)
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 September 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 September 2016 interest assumptions under the benefit payments
regulation will be 0.50 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 August 2016, these interest assumptions are
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 September 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 275, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
275 9-1-16 10-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 275, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 53922]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
275 9-1-16 10-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-19295 Filed 8-12-16; 8:45 am]
BILLING CODE 7709-02-P
