Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 83137-83139 [2016-27986]
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Federal Register / Vol. 81, No. 224 / Monday, November 21, 2016 / Rules and Regulations
(v) Exemption (k)(5) is claimed with
respect to the requirements of 5 U.S.C.
552a(c)(3) and (d) because this system
contains investigatory material
compiled solely for determining
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promise that the identity of the source
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request access to or amendment of the
record, or access to the accounting of
disclosures of the record. Similarly,
personnel investigations may contain
evaluation material used to determine
potential for promotion in the armed
services. Application of exemption
(k)(7) is necessary to the extent that the
disclosure of data would compromise
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prior to September 27, 1975, under an
implied promise that the identity of the
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Both of these exemptions are necessary
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investigations by minimizing the threat
of harm to confidential sources,
witnesses, and law enforcement
personnel. Additionally, these
exemptions reduce the risks of improper
influencing of sources, the destruction
of evidence, and the fabrication of
testimony.
(vi) All information in this system
that meets the criteria articulated in
exemption (k)(6) is exempt from the
requirements of 5 U.S.C. 552a(d),
relating to access to and amendment of
records by an individual. This
exemption is claimed because portions
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determine individual qualifications for
appointment or promotion to the
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objectivity and fairness of the testing or
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(2) 5 U.S.C. 552a(e)(1) requires an
agency to maintain in its records only
such information about an individual as
is relevant and necessary to accomplish
a purpose of the agency required by
statute or by executive order of the
President. This requirement could
foreclose investigators from acquiring or
receiving information the relevance and
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17:02 Nov 18, 2016
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necessity of which is not readily
apparent and could only be ascertained
after a complete review and evaluation
of all the evidence. This system of
records is exempt from this requirement
because in the course of personnel
background investigations, the accuracy
of information obtained or introduced
occasionally may be unclear, or the
information may not be strictly relevant
or necessary to favorably or unfavorably
adjudicate a specific investigation at a
specific point in time. However, in the
interests of protecting the public trust
and national security, it is appropriate
to retain all information that may aid in
establishing patterns in such areas as
criminal conduct, alcohol and drug use,
financial dishonesty, allegiance, foreign
preference of influence, and
psychological conditions, that are
relevant to future personnel security or
suitability determinations.
(3) 5 U.S.C. 552a(e)(4)(G) and (H)
require an agency to publish a Federal
Register notice concerning its
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at his/her request, if the system of
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him/her, how to gain access to such a
record and how to contest its content.
Since this system of records is being
exempted from subsection (f) of the Act,
concerning agency rules, and subsection
(d) of the Act, concerning access to
records, these requirements are
inapplicable to the extent that this
system of records will be exempt from
subsections (f) and (d) of the Act.
Although the system would be exempt
from these requirements, the NLRB has
published information concerning its
notification, access, and contest
procedures because, under certain
circumstances, it may be appropriate for
a subject to have access to a portion of
that individual’s records in this system
of records.
(4) 5 U.S.C. 552a(e)(4)(I) requires an
agency to publish a Federal Register
notice concerning the categories of
sources of records in the system of
records. Exemption from this provision
is necessary to protect the
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information, to protect the privacy and
physical safety of confidential sources
and witnesses, and to avoid the
disclosure of investigative techniques
and procedures. Although the system
will be exempt from this requirement,
the agency has published source
information in the accompanying notice
in broad generic terms.
(5) 5 U.S.C. 552a(f) requires an agency
to promulgate rules which shall
establish procedures whereby an
individual can be notified in response to
a request if any system of records named
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83137
by the individual contains a record
pertaining to that individual. The
application of this provision could
compromise the progress of an
investigation concerning the suitability,
eligibility, and fitness for service of
applicants for Federal employment and
impede a prompt assessment of the
appropriate access to the Agency’s
facilities. Although this system would
be exempt from the requirements of
subsection (f) of the Act, the Agency has
promulgated rules which establish
agency procedures because, under
certain circumstances, it could be
appropriate for an individual to have
access to all or a portion of that
individual’s records in this system of
records.
Dated: Washington, DC, November 9, 2016.
By direction of the Board.
William B. Cowen,
Federal Register Liaison, National Labor
Relations Board.
[FR Doc. 2016–27487 Filed 11–18–16; 8:45 am]
BILLING CODE 7545–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Allocation of Assets in SingleEmployer Plans; Valuation of Benefits
and Assets; Expected Retirement Age
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This rule amends the Pension
Benefit Guaranty Corporation’s
regulation on Allocation of Assets in
Single-Employer Plans by substituting a
new table for determining expected
retirement ages for participants in
pension plans undergoing distress or
involuntary termination with valuation
dates falling in 2017. This table is
needed in order to compute the value of
early retirement benefits and, thus, the
total value of benefits under a plan.
DATES: Effective January 1, 2017.
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: The
Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan
termination insurance program under
SUMMARY:
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83138
Federal Register / Vol. 81, No. 224 / Monday, November 21, 2016 / Rules and Regulations
Title IV of the Employee Retirement
Income Security Act of 1974 (ERISA).
PBGC’s regulation on Allocation of
Assets in Single-Employer Plans (29
CFR part 4044) sets forth (in subpart B)
the methods for valuing plan benefits of
terminating single-employer plans
covered under Title IV. Guaranteed
benefits and benefit liabilities under a
plan that is undergoing a distress
termination must be valued in
accordance with subpart B of part 4044.
In addition, when PBGC terminates an
underfunded plan involuntarily
pursuant to ERISA section 4042(a), it
uses the subpart B valuation rules to
determine the amount of the plan’s
underfunding.
Under § 4044.51(b) of the asset
allocation regulation, early retirement
benefits are valued based on the annuity
starting date, if a retirement date has
been selected, or the expected
retirement age, if the annuity starting
date is not known on the valuation date.
Sections 4044.55 through 4044.57 set
forth rules for determining the expected
retirement ages for plan participants
entitled to early retirement benefits.
Appendix D of part 4044 contains tables
to be used in determining the expected
early retirement ages.
Table I in appendix D (Selection of
Retirement Rate Category) is used to
determine whether a participant has a
low, medium, or high probability of
retiring early. The determination is
based on the year a participant would
reach ‘‘unreduced retirement age’’ (i.e.,
the earlier of the normal retirement age
or the age at which an unreduced
benefit is first payable) and the
participant’s monthly benefit at
unreduced retirement age. The table
applies only to plans with valuation
dates in the current year and is updated
annually by the PBGC to reflect changes
in the cost of living, etc.
Tables II–A, II–B, and II–C (Expected
Retirement Ages for Individuals in the
Low, Medium, and High Categories
respectively) are used to determine the
expected retirement age after the
probability of early retirement has been
determined using Table I. These tables
establish, by probability category, the
expected retirement age based on both
the earliest age a participant could retire
under the plan and the unreduced
retirement age. This expected retirement
age is used to compute the value of the
early retirement benefit and, thus, the
total value of benefits under the plan.
This document amends appendix D to
replace Table I–16 with Table I–17 in
order to provide an updated correlation,
appropriate for calendar year 2017,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–17 will be used to value benefits
in plans with valuation dates during
calendar year 2017.
PBGC has determined that notice of,
and public comment on, this rule are
impracticable and contrary to the public
interest. Plan administrators need to be
able to estimate accurately the value of
plan benefits as early as possible before
initiating the termination process. For
that purpose, if a plan has a valuation
date in 2017, the plan administrator
needs the updated table being
promulgated in this rule. Accordingly,
the public interest is best served by
issuing this table expeditiously, without
an opportunity for notice and comment,
to allow as much time as possible to
estimate the value of plan benefits with
the proper table for plans with valuation
dates in early 2017.
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
regulation, the Regulatory Flexibility
Act of 1980 does not apply (5 U.S.C.
601(2)).
List of Subjects in 29 CFR Part 4044
Pension insurance, Pensions.
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
■ 1. The authority citation for part 4044
continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
2. Appendix D to part 4044 is
amended by removing Table I–16 and
adding in its place Table I–17 to read as
follows:
■
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
TABLE I–17—SELECTION OF RETIREMENT RATE CATEGORY
[For plans with valuation dates after December 31, 2016, and before January 1, 2018]
Participant’s Retirement Rate Category is—
Low 1 if
monthly
benefit at URA
is less than—
If participant reaches URA in year—
asabaliauskas on DSK3SPTVN1PROD with RULES
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
or later ....................................................................................................
Medium 2 if monthly benefit at
URA is—
From—
631
645
660
675
691
707
723
740
757
774
To—
631
645
660
675
691
707
723
740
757
774
1 Table
II–A.
II–B.
3 Table II–C.
2 Table
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2,665
2,724
2,787
2,851
2,916
2,983
3,052
3,122
3,194
3,268
High 3 if
monthly
benefit at URA
is greater
than—
2,665
2,724
2,787
2,851
2,916
2,983
3,052
3,122
3,194
3,268
Federal Register / Vol. 81, No. 224 / Monday, November 21, 2016 / Rules and Regulations
*
*
*
*
telephone (215)271–4889, email
Tom.J.Simkins@uscg.mil.
SUPPLEMENTARY INFORMATION:
*
Issued in Washington, DC, by:
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
I. Table of Abbreviations
CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
COTP Captain of the Port
[FR Doc. 2016–27986 Filed 11–18–16; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2016–1011]
RIN 1625–AA00
Safety Zone; Great Egg Harbor Bay,
Marmora, NJ
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone on
the waters of Great Egg Harbor Bay in
Marmora, NJ. The safety zone includes
all waters within 500 yards of a blasting
vessel and equipment being used to
conduct bridge pile blasting operations,
which is the final phase of the
demolition of the Route 9, Beesley Point
Bridge bascule span. This safety zone
will only be enforced during times of
explosive detonation. The safety zone
will temporarily restrict vessel traffic
from transiting or anchoring in a portion
of the Great Egg Harbor Bay while pile
blasting and removal operations are
being conducted to facilitate the
removal of bridge piles from the
demolished Route 9, Beesley Point
Bridge.
DATES: This rule is effective without
actual notice from November 21, 2016
through November 24, 2016. For the
purposes of enforcement, actual notice
will be used from November 15, 2016,
until November 21, 2016. During this
period the safety zone will only be
enforced during times of explosive
detonation.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2016–
1011 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 about this rule, call
or email Marine Science Technician
First Class Tom Simkins, U.S. Coast
Guard, Sector Delaware Bay, Waterways
Management Division, Coast Guard;
asabaliauskas on DSK3SPTVN1PROD with RULES
SUMMARY:
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17:02 Nov 18, 2016
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II. Background Information and
Regulatory History
In June 2013, demolition work began
on the Route 9, Beesley Point Bridge
between Somers Point and Marmora, NJ.
Route 52 Construction, the company
performing this demolition work, has
completed all demolition of the bridge
and piles except the portion of the
bridge which has the bascule span
opening for the navigational channel.
The removal of the remaining piles,
which are secured to the sea floor bed,
will be completed by using explosives
after which the piles and debris will be
removed. The Captain of the Port has
determined that potential hazards
associated with pile blasting operations,
beginning on or about November 15,
2016, will be a safety concern for
anyone operating within 500 yards of
pile blasting operations during times of
explosive detonation.
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
final details for this event were not
received by the Coast Guard until
November 8, 2016, and the safety zone
is needed for blasting and demolition
operations which will begin November
15, 2016. It is impracticable to publish
an NPRM and consider comments due
to the short window of time until the
operation begins. Allowing this event to
go forward without a safety zone in
place would expose mariners and the
public to unnecessary dangers
associated with explosive detonation.
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
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83139
publication in the Federal Register for
the reasons we stated above. Delaying
the effective date of this rule would be
contrary to public interest because the
safety zone is needed to begin on
November 15, 2016, to protect the
public from safety hazards associated
with explosive detonation.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority in 33 U.S.C. 1231. The
Captain of the Port has determined that
potential hazards are associated with
demolition and pile blasting operations
of the Route 9, Beesley Point Bridge,
over the Great Egg Harbor Bay, in
Marmora, NJ, from November 15, 2016,
through November 24, 2016. The rule
will provide a safety buffer around the
blasting vessel during times of explosive
detonation.
The purpose of this rule is to promote
maritime safety and protect vessels from
the hazards of bridge demolition and
pile blasting operations, and to maintain
safety of navigation in the Great Egg
Harbor Bay, in the vicinity of the Route
9, Beesley Point Bridge. The rule will
provide a safety buffer around the crane
and barge while demolition operations
are conducted, and will provide a safety
buffer around the blasting vessel during
times of explosive detonation.
IV. Discussion of the Rule
On November 15, 2016, demolition
work will begin on the remaining
portion of the Route 9, Beesley Point
Bridge, over the Great Egg Harbor Bay,
in Marmora, NJ. The Captain of the Port
has determined that the hazards
associated with demolition and pile
blasting operations requires a safety
zone.
The safety zone will be enforced
starting on or after November 15, 2016,
only during times of explosive
detonation, and encompasses all
navigable waters in the Great Egg Harbor
Bay within 500 yards of vessels and
machinery being used to conduct pile
blasting and removal operations. The
duration of the enforcement of the zone
is intended to protect personnel,
vessels, and the marine environment in
these navigable waters while explosive
detonation occurs. There will be two
blasting events occurring on consecutive
days to complete both piers. Actual
dates and times of explosive detonation
will be published with a combination of
broadcast notice to mariners, local
notice to mariners, posted warning
signs, 500 yard marine traffic safety
zone maintained by the contractors
safety boats, a 10 minute, 5 minutes,
and 1 minute warning made by the
blasting vessel via VHF–FM channel 16,
E:\FR\FM\21NOR1.SGM
21NOR1
]]>Agencies
[Federal Register Volume 81, Number 224 (Monday, November 21, 2016)]
[Rules and Regulations]
[Pages 83137-83139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27986]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Valuation of
Benefits and Assets; Expected Retirement Age
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule amends the Pension Benefit Guaranty Corporation's
regulation on Allocation of Assets in Single-Employer Plans by
substituting a new table for determining expected retirement ages for
participants in pension plans undergoing distress or involuntary
termination with valuation dates falling in 2017. This table is needed
in order to compute the value of early retirement benefits and, thus,
the total value of benefits under a plan.
DATES: Effective January 1, 2017.
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: The Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan termination insurance program under
[[Page 83138]]
Title IV of the Employee Retirement Income Security Act of 1974
(ERISA). PBGC's regulation on Allocation of Assets in Single-Employer
Plans (29 CFR part 4044) sets forth (in subpart B) the methods for
valuing plan benefits of terminating single-employer plans covered
under Title IV. Guaranteed benefits and benefit liabilities under a
plan that is undergoing a distress termination must be valued in
accordance with subpart B of part 4044. In addition, when PBGC
terminates an underfunded plan involuntarily pursuant to ERISA section
4042(a), it uses the subpart B valuation rules to determine the amount
of the plan's underfunding.
Under Sec. 4044.51(b) of the asset allocation regulation, early
retirement benefits are valued based on the annuity starting date, if a
retirement date has been selected, or the expected retirement age, if
the annuity starting date is not known on the valuation date. Sections
4044.55 through 4044.57 set forth rules for determining the expected
retirement ages for plan participants entitled to early retirement
benefits. Appendix D of part 4044 contains tables to be used in
determining the expected early retirement ages.
Table I in appendix D (Selection of Retirement Rate Category) is
used to determine whether a participant has a low, medium, or high
probability of retiring early. The determination is based on the year a
participant would reach ``unreduced retirement age'' (i.e., the earlier
of the normal retirement age or the age at which an unreduced benefit
is first payable) and the participant's monthly benefit at unreduced
retirement age. The table applies only to plans with valuation dates in
the current year and is updated annually by the PBGC to reflect changes
in the cost of living, etc.
Tables II-A, II-B, and II-C (Expected Retirement Ages for
Individuals in the Low, Medium, and High Categories respectively) are
used to determine the expected retirement age after the probability of
early retirement has been determined using Table I. These tables
establish, by probability category, the expected retirement age based
on both the earliest age a participant could retire under the plan and
the unreduced retirement age. This expected retirement age is used to
compute the value of the early retirement benefit and, thus, the total
value of benefits under the plan.
This document amends appendix D to replace Table I-16 with Table I-
17 in order to provide an updated correlation, appropriate for calendar
year 2017, between the amount of a participant's benefit and the
probability that the participant will elect early retirement. Table I-
17 will be used to value benefits in plans with valuation dates during
calendar year 2017.
PBGC has determined that notice of, and public comment on, this
rule are impracticable and contrary to the public interest. Plan
administrators need to be able to estimate accurately the value of plan
benefits as early as possible before initiating the termination
process. For that purpose, if a plan has a valuation date in 2017, the
plan administrator needs the updated table being promulgated in this
rule. Accordingly, the public interest is best served by issuing this
table expeditiously, without an opportunity for notice and comment, to
allow as much time as possible to estimate the value of plan benefits
with the proper table for plans with valuation dates in early 2017.
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 regulation, the Regulatory Flexibility Act of 1980 does not apply
(5 U.S.C. 601(2)).
List of Subjects in 29 CFR Part 4044
Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR part 4044 is amended as
follows:
0
1. 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
2. Appendix D to part 4044 is amended by removing Table I-16 and adding
in its place Table I-17 to read as follows:
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
Table I-17--Selection of Retirement Rate Category
[For plans with valuation dates after December 31, 2016, and before January 1, 2018]
----------------------------------------------------------------------------------------------------------------
Participant's Retirement Rate Category is--
---------------------------------------------------------------
Low \1\ if Medium \2\ if monthly benefit High \3\ if
If participant reaches URA in year-- monthly at URA is-- monthly
benefit at URA -------------------------------- benefit at URA
is less than-- is greater
From-- To-- than--
----------------------------------------------------------------------------------------------------------------
2018............................................ 631 631 2,665 2,665
2019............................................ 645 645 2,724 2,724
2020............................................ 660 660 2,787 2,787
2021............................................ 675 675 2,851 2,851
2022............................................ 691 691 2,916 2,916
2023............................................ 707 707 2,983 2,983
2024............................................ 723 723 3,052 3,052
2025............................................ 740 740 3,122 3,122
2026............................................ 757 757 3,194 3,194
2027 or later................................... 774 774 3,268 3,268
----------------------------------------------------------------------------------------------------------------
\1\ Table II-A.
\2\ Table II-B.
\3\ Table II-C.
[[Page 83139]]
* * * * *
Issued in Washington, DC, by:
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-27986 Filed 11-18-16; 8:45 am]
BILLING CODE 7709-02-P
