Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 63414-63416 [2016-22172]
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Federal Register / Vol. 81, No. 179 / Thursday, September 15, 2016 / Rules and Regulations
petition for review of an ALJ’s decision
at any time before that decision becomes
final by filing a written withdrawal with
the ARB. The ALJ or the ARB, as the
case may be, will determine whether to
approve the withdrawal of the
objections or the petition for review. If
the ALJ approves a request to withdraw
objections to the Assistant Secretary’s
findings and/or order, and there are no
other pending objections, the Assistant
Secretary’s findings and/or order will
become the final order of the Secretary.
If the ARB approves a request to
withdraw a petition for review of an ALJ
decision, and there are no other pending
petitions for review of that decision, the
ALJ’s decision will become the final
order of the Secretary. If objections or a
petition for review are withdrawn
because of settlement, the settlement
must be submitted for approval in
accordance with paragraph (d) of this
section.
(d)(1) Investigative settlements. At any
time after the filing of a SPA complaint
and before the findings and/or order are
objected to or become a final order by
operation of law, the case may be settled
if the Assistant Secretary, the
complainant, and the respondent agree
to a settlement. The Assistant
Secretary’s approval of a settlement
reached by the respondent and the
complainant demonstrates the Assistant
Secretary’s consent and achieves the
consent of all three parties.
(2) Adjudicatory settlements. At any
time after the filing of objections to the
Assistant Secretary’s findings and/or
order, the case may be settled if the
participating parties agree to a
settlement and the settlement is
approved by the ALJ if the case is before
the ALJ or by the ARB, if the ARB has
accepted the case for review. A copy of
the settlement will be filed with the ALJ
or the ARB as the case may be.
(e) Any settlement approved by the
Assistant Secretary, the ALJ, or the ARB
will constitute the final order of the
Secretary and may be enforced in a
United States district court pursuant to
49 U.S.C. 31105(e), as incorporated by
46 U.S.C. 2114(b).
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§ 1986.112
Judicial review.
(a) Within 60 days after the issuance
of a final order under §§ 1986.109 and
1986.110, any person adversely affected
or aggrieved by the order may file a
petition for review of the order in the
court of appeals of the United States for
the circuit in which the violation
allegedly occurred or the circuit in
which the complainant resided on the
date of the violation.
VerDate Sep<11>2014
14:38 Sep 14, 2016
Jkt 238001
(b) A final order is not subject to
judicial review in any criminal or other
civil proceeding.
(c) If a timely petition for review is
filed, the record of a case, including the
record of proceedings before the ALJ,
will be transmitted by the ARB, or the
ALJ, as the case may be, to the
appropriate court pursuant to the
Federal Rules of Appellate Procedure
and the local rules of such court.
§ 1986.113
Judicial enforcement.
Whenever any person has failed to
comply with a preliminary order of
reinstatement or a final order, including
one approving a settlement agreement
issued under SPA, the Secretary may
file a civil action seeking enforcement of
the order in the United States district
court for the district in which the
violation was found to have occurred.
§ 1986.114 District court jurisdiction of
retaliation complaints under SPA.
(a) If there is no final order of the
Secretary, 210 days have passed since
the filing of the complaint, and there is
no showing that there has been delay
due to the bad faith of the complainant,
the complainant may bring an action at
law or equity for de novo review in the
appropriate district court of the United
States, which will have jurisdiction over
such an action without regard to the
amount in controversy. The action shall,
at the request of either party to such
action, be tried by the court with a jury.
(b) Within seven days after filing a
complaint in federal court, a
complainant must file with the
Assistant Secretary, the ALJ, or the ARB,
depending on where the proceeding is
pending, a copy of the file-stamped
complaint. A copy of the complaint also
must be served on the OSHA official
who issued the findings and/or
preliminary order, the Assistant
Secretary, and the Associate Solicitor,
Division of Occupational Safety and
Health, U.S. Department of Labor.
§ 1986.115
of rules.
Special circumstances; waiver
In special circumstances not
contemplated by the provisions of the
rules in this part, or for good cause
shown, the ALJ or the ARB on review
may, upon application, after three days
notice to all parties, waive any rule or
issue such orders as justice or the
administration of SPA requires.
[FR Doc. 2016–21758 Filed 9–14–16; 8:45 am]
BILLING CODE 4510–26–P
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PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions
under the benefit payments regulation
for valuation dates in October 2016 and
interest assumptions under the asset
allocation regulation for valuation dates
in the fourth quarter of 2016. The
interest assumptions are used for
valuing and paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective October 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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions in the regulations are also
published on PBGC’s Web site (https://
www.pbgc.gov).
The interest assumptions in Appendix
B to Part 4044 are used to value benefits
for allocation purposes under ERISA
section 4044. 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
SUMMARY:
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Federal Register / Vol. 81, No. 179 / Thursday, September 15, 2016 / Rules and Regulations
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 asset allocation
regulation are updated quarterly;
assumptions under the benefit payments
regulation are updated monthly. This
final rule updates the benefit payments
interest assumptions for October 2016
and updates the asset allocation interest
assumptions for the fourth quarter
(October through December) of 2016.
The fourth quarter 2016 interest
assumptions under the allocation
regulation will be 1.98 percent for the
first 20 years following the valuation
date and 2.67 percent thereafter. In
comparison with the interest
assumptions in effect for the third
quarter of 2016, these interest
assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
a decrease of 0.52 percent in the select
rate, and a decrease of 0.18 percent in
the ultimate rate (the final rate).
The October 2016 interest
assumptions under the benefit payments
regulation will be 0.50 percent for the
Rate set
For plans with a valuation
date
On or after
*
276
Before
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 September
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 valuation
and payment of benefits under plans
with valuation dates during October
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
3. In appendix C to part 4022, Rate Set
276, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
276
Before
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29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are 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
276, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
4.00
n1
*
n2
*
*
4.00
7
8
Immediate
annuity rate
(percent)
0.50
*
n1
n2
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, a new
entry for October–December 2016, as set
forth below, is added to the table.
*
■
4. The authority citation for part 4044
continues to read as follows:
14:38 Sep 14, 2016
*
*
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
VerDate Sep<11>2014
*
11–1–16
■
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
10–1–16
29 CFR Part 4022
i2
*
4.00
0.50
*
Rate set
i1
*
11–1–16
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
10–1–16
Act of 1980 does not apply. See 5 U.S.C.
601(2).
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*
15SER1
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*
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Federal Register / Vol. 81, No. 179 / Thursday, September 15, 2016 / Rules and Regulations
The values of it are:
For valuation dates occurring in the month—
for t =
it
*
*
*
October–December 2016 .................................................
it
for t =
1–20
*
0.0267
>20
*
0.0198
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
MM Mile Marker
Issued in Washington, DC, by
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–22172 Filed 9–14–16; 8:45 am]
BILLING CODE 7709–02–P
II. Background Information and
Regulatory History
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2016–0757]
RIN 1625–AA08
Special Local Regulation; Atchafalaya
River, Morgan City, LA
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a special local regulation
for all navigable waters, near mile
marker 4.5 of the Morgan City Port
Allen route to extend north and south
1000 feet of Russo’s boat launch on the
Atchafalaya River. The special local
regulation is necessary to protect
participants and spectators from the
hazards associated with the Battle of the
Basin power boat race. Entry of vessels
or persons into this zone is prohibited
unless specifically authorized by the
Captain of the Port Morgan City or a
designated representative.
DATES: This rule is effective from 10
a.m. on September 24, 2016 through 7
p.m. September 25, 2016.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2016–
0757 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, contact
LTJG Vanessa Taylor, Marine Safety
Unit Morgan City, U.S. Coast Guard;
telephone 985–380–5334, email
Vanessa.R.Taylor@uscg.mil.
SUPPLEMENTARY INFORMATION:
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SUMMARY:
I. Table of Abbreviations
CFR
Code of Federal Regulations
VerDate Sep<11>2014
14:38 Sep 14, 2016
Jkt 238001
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 the
Coast Guard did not receive notice of
the request until July 25, 2016.
Completing the NPRM process would
delay the immediate action needed to
protect spectators and vessels from
hazards associated with the boat races.
It is impracticable to publish an NPRM
because we must establish this special
local regulation by September 24, 2016.
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.
Providing 30 days notice for this
occurrence would unnecessarily delay
the effective date and would be
impracticable based on the limited time
frame, as well as be contrary to public
interest because immediate action is
needed to protect spectators from the
potential safety hazards associated with
the high speed boat races.
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 Morgan City (COTP)
has determined that potential hazards
associated with the combination of
recreational and commercial vessels and
a high speed boat racing event starting
at 10 a.m. and lasting until 7 p.m. on
September 24, 2016 and September 25,
2016 is a safety concern for anyone
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it
*
for t =
*
N/A
N/A
within this area. This rule is needed to
help ensure the safety of persons and
recreational boats during the event on
the navigable waters within the special
local regulation.
IV. Discussion of the Rule
This rule establishes a special local
regulation that will be enforced from 10
a.m. until 7 p.m. on September 24, 2016
and September 25, 2016. The special
local regulation will cover all navigable
waters near mile marker 4.5 on the
Morgan City Port Allen alternate route
extending 1000 feet north and south
from Russo’s boat launch in Morgan
City. The duration of the zone is
intended to protect spectators, vessels,
and the marine environment in these
navigable waters while the speed races
occur. No vessel or person will be
permitted to enter 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
by the Office of Management and
Budget.
This regulatory action determination
is based on the size, location, duration,
and specific times of enforcement for
the special local regulation. The limited
duration of the zone is intended to
protect personnel, vessels, and the
marine environment in these navigable
waters while the high speed boat races
E:\FR\FM\15SER1.SGM
15SER1
]]>Agencies
[Federal Register Volume 81, Number 179 (Thursday, September 15, 2016)]
[Rules and Regulations]
[Pages 63414-63416]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-22172]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe interest assumptions under the benefit payments regulation
for valuation dates in October 2016 and interest assumptions under the
asset allocation regulation for valuation dates in the fourth quarter
of 2016. The interest assumptions are used for valuing and paying
benefits under terminating single-employer plans covered by the pension
insurance system administered by PBGC.
DATES: Effective October 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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and 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 regulations are also published on PBGC's Web site
(https://www.pbgc.gov).
The interest assumptions in Appendix B to Part 4044 are used to
value benefits for allocation purposes under ERISA section 4044. 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
[[Page 63415]]
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 asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates the benefit payments interest assumptions for October 2016 and
updates the asset allocation interest assumptions for the fourth
quarter (October through December) of 2016.
The fourth quarter 2016 interest assumptions under the allocation
regulation will be 1.98 percent for the first 20 years following the
valuation date and 2.67 percent thereafter. In comparison with the
interest assumptions in effect for the third quarter of 2016, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), a
decrease of 0.52 percent in the select rate, and a decrease of 0.18
percent in the ultimate rate (the final rate).
The October 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 September 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 valuation
and payment of benefits under plans with valuation dates during October
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
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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 276, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
276 10-1-16 11-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 276, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
276 10-1-16 11-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, a new entry for October-December 2016,
as set forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
[[Page 63416]]
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates -----------------------------------------------------------------------------------
occurring in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
October-December 2016....... 0.0198 1-20 0.0267 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, by
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-22172 Filed 9-14-16; 8:45 am]
BILLING CODE 7709-02-P
