Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 22279-22280 [2017-09469]
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22279
Rules and Regulations
Federal Register
Vol. 82, No. 92
Monday, May 15, 2017
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
AGENCY:
ACTION:
Final rule.
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 2017. The interest assumptions are
used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
SUMMARY:
DATES:
Effective June 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.)
Rate set
For plans with a valuation
date
On or after
*
sradovich on DSK3GMQ082PROD with RULES
284
Before
*
6–1–17
15:54 May 12, 2017
Immediate
annuity rate
(percent)
*
7–1–17
1.00
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
VerDate Sep<11>2014
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 2017.1
The June 2017 interest assumptions
under the benefit payments regulation
will be 1.00 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 2017,
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
SUPPLEMENTARY INFORMATION:
Jkt 241001
Frm 00001
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
284, 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
*
4.00
i3
4.00
Fmt 4700
Sfmt 4700
n1
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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 2017, 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).
*
4.00
n2
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15MYR1.SGM
15MYR1
22280
Federal Register / Vol. 82, No. 92 / Monday, May 15, 2017 / Rules and Regulations
3. In appendix C to part 4022, Rate Set
284, as set forth below, is added to the
table.
■
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
Rate set
For plans with a valuation
date
On or after
*
Before
*
284
6–1–17
*
1.00
[FR Doc. 2017–09469 Filed 5–12–17; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2017–0395]
Drawbridge Operation Regulation;
Willamette River at Portland, OR
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Burnside
Bridge across the Willamette River, mile
12.4, at Portland, OR. This deviation is
necessary to accommodate the annual
Rose Festival Grand Floral Parade event.
The deviation allows the bridge to
remain in the closed-to-navigation
position to allow safe roadway
movement of event participants.
DATES: This deviation is effective from
7 a.m. to 2 p.m. on June 10, 2017.
ADDRESSES: The docket for this
deviation, USCG–2017–00395 is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Mr. Steven
Fischer, Bridge Administrator,
Thirteenth Coast Guard District;
telephone 206–220–7282, email d13-pfd13bridges@uscg.mil.
SUPPLEMENTARY INFORMATION:
Multnomah County owns the Burnside
sradovich on DSK3GMQ082PROD with RULES
SUMMARY:
15:54 May 12, 2017
*
Jkt 241001
*
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
7–1–17
Issued in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
VerDate Sep<11>2014
*
i1
i2
*
4.00
i3
4.00
*
Bridge, crossing the Willamette River,
mile 12.4, at Portland, OR, and has
requested a temporary deviation from
the operating schedule. The requested
deviation is to accommodate the Rose
Festival Grand Floral Parade event. To
facilitate this event, the draw of this
bridge will be allowed to be kept in the
closed-to-navigation position to marine
traffic from 7 a.m. to 2 p.m. on June 10,
2017. The Burnside Bridge provides a
vertical clearance of 41 feet in the
closed-to-navigation position referenced
to Columbia River Datum 0.0. The
normal operating schedule is in 33 CFR
117.897. Waterway usage on this part of
the Willamette River includes vessels
ranging from commercial tug and barge
to small pleasure craft. The Coast Guard
contacted all known users of the
Willamette River for comment, and we
received no objections for this
deviation.
Vessels able to pass through the
bridge in the closed-to-navigation
position may do so at any time. The
bridge will be able to open for
emergencies, and there is no immediate
alternate route for vessels to pass. The
Coast Guard will inform the users of the
waterway, through our Local and
Broadcast Notices to Mariners, of the
change in operating schedule for the
bridges so that vessels can arrange their
transits to minimize any impact caused
by the temporary deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedules immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: May 10, 2017.
Steven M. Fischer,
Bridge Administrator, Thirteenth Coast Guard
District.
[FR Doc. 2017–09724 Filed 5–12–17; 8:45 am]
BILLING CODE 9110–04–P
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2017–0355]
Drawbridge Operation Regulation;
Lake Washington Ship Canal, Seattle,
WA
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Montlake
Bridge across Lake Washington Ship
Canal, mile 5.2, at Seattle, WA. The
deviation is necessary to accommodate
the Emerald City Bike Ride event. This
deviation allows the bridge span to
remain in the closed-to-navigation
position.
DATES: This deviation is effective from
6 a.m. to 9 a.m. on May 28, 2017.
ADDRESSES: The docket for this
deviation, [USCG–2017–0355] is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Mr. Steven
Fischer, Bridge Administrator,
Thirteenth Coast Guard District;
telephone 206–220–7282, email d13-pfd13bridges@uscg.mil.
SUPPLEMENTARY INFORMATION: The
Washington Department of
Transportation (bridge owner) has
requested a temporary deviation from
the operating schedule for the Montlake
Bridge across Lake Washington Ship
Canal, at mile 5.2, at Seattle, WA. The
deviation is necessary to accommodate
event participates to cross the bridge
safely. The Montlake Bridge is a double
leaf bascule bridge; and in the closed-toSUMMARY:
E:\FR\FM\15MYR1.SGM
15MYR1
]]>Agencies
[Federal Register Volume 82, Number 92 (Monday, May 15, 2017)]
[Rules and Regulations]
[Pages 22279-22280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-09469]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 82, No. 92 / Monday, May 15, 2017 / Rules and
Regulations
[[Page 22279]]
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 2017. 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, 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: 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 2017.\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 2017 interest assumptions under the benefit payments
regulation will be 1.00 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 2017, 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 June 2017, 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 284, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
284 6-1-17 7-1-17 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 22280]]
0
3. In appendix C to part 4022, Rate Set 284, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
284 6-1-17 7-1-17 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2017-09469 Filed 5-12-17; 8:45 am]
BILLING CODE 7709-02-P
