Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 12585-12587 [05-5010]
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Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations
(a) For violations of the terms of a
final cease and desist order issued
under section 5.25 or 5.26 of the Act;
(b) For violations of any provision of
the Act or any regulation issued under
the Act; or
(c) For violations of the National
Flood Insurance Reform Act (Reform
Act) as set forth in 42 U.S.C. 4012a(f) or
any regulation issued under the Reform
Act.
§§ 622.53 and 622.54
Reserved]
[Removed and
3. Remove and reserve §§ 622.53 and
622.54.
I 4. Revise § 622.55(a) to read as follows:
I
§ 622.55 Notice of assessment of civil
money penalty.
(a) Notice of assessment. The notice of
assessment for a civil money penalty
will state:
(1) The legal authority for the
assessment;
(2) The amount of the civil money
penalty being assessed;
(3) The date by which the civil money
penalty must be paid;
(4) The matter of fact or law
constituting the grounds for assessment
of the civil money penalty;
(5) The right of the institution or
person being assessed to a formal
hearing to challenge the assessment;
(6) That failure to request a hearing
constitutes a waiver of the opportunity
for a hearing and the notice of
assessment will constitute a final and
unappealable order; and
(7) The time limit to request such a
formal hearing.
*
*
*
*
*
§§ 622.57(a), 622.58, and 622.59(b)
[Amended]
5. Amend §§ 622.57(a), 622.58, and
622.59(b) by removing the word ‘‘shall’’
and adding in its place, the word ‘‘will’’
each place it appears.
I 6. Revise §§ 622.60 and 622.61 to read
as follows:
I
§ 622.60
Payment of civil money penalty.
(a) Payment date. Generally, the date
designated in the notice of assessment
for payment of the civil money penalty
will be 60 days from the issuance of the
notice. If, however, the Board finds, in
a specific case, that the purposes of the
relevant statutes would be better served
if the 60-day period were changed, the
Board may shorten or lengthen the
period or make the civil money penalty
payable immediately upon receipt of the
notice of assessment. If a timely request
for a formal hearing to challenge an
assessment of a civil money penalty is
filed, payment of the penalty will not be
VerDate jul<14>2003
13:39 Mar 14, 2005
Jkt 205001
required unless and until the Board
issues a final order of assessment
following the hearing. If an assessment
order is issued, it will specify the date
by which the civil money penalty is to
be paid or collected.
(b) Method of payment. Checks in
payment of civil money penalties must
be made payable to the ‘‘Farm Credit
Administration.’’ Upon collection, the
FCA will forward payment for penalties
described in § 622.52(a) and (b) to the
United States Department of Treasury.
The FCA will forward payment for
penalties described in § 622.52(c) to the
National Flood Mitigation Fund as
required by 42 U.S.C. 4012a(f)(8).
§ 622.61 Adjustment of civil money
penalties by the rate of inflation under the
Federal Civil Penalties Inflation Adjustment
Act of 1990, as amended.
(a) The maximum amount of each
civil money penalty within FCA’s
jurisdiction is adjusted in accordance
with the Federal Civil Penalties
Inflation Adjustment Act of 1990, as
amended (28 U.S.C. 2461 note), as
follows:
(1) Amount of civil money penalty
imposed under section 5.32 of the Act
for violation of a final order issued
under section 5.25 or 5.26 of the Act:
The maximum daily amount is $1,100.
(2) Amount of civil money penalty for
violation of the Act or regulations: The
maximum daily amount is $550 for each
violation that occurs before March 16,
2005, and $650 for each violation that
occurs on or after such date.
(b) The maximum civil money penalty
amount assessed under 42 U.S.C.
4012a(f) is $350 for each violation that
occurs before March 16, 2005, with total
penalties under such statute not to
exceed $100,000 for any single
institution during any calendar year. For
violations that occur on or after March
16, 2005, the maximum civil money
penalty is $385 for each violation, with
total penalties under such statute not to
exceed $110,000 for any single
institution during any calendar year.
Dated: March 9, 2005.
Jeanette C. Brinkley,
Secretary, Farm Credit Administration Board.
[FR Doc. 05–5001 Filed 3–14–05; 8:45 am]
BILLING CODE 6705–01–P
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12585
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
SUMMARY: The Pension Benefit Guaranty
Corporation’s regulations on Benefits
Payable in Terminated Single-Employer
Plans and Allocation of Assets in
Single-Employer Plans prescribe interest
assumptions for valuing and paying
benefits under terminating singleemployer plans. This final rule amends
the regulations to adopt interest
assumptions for plans with valuation
dates in April 2005. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective Date: April 1, 2005.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, Legislative
and Regulatory Department, 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: The
PBGC’s regulations prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits of terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions are intended to reflect
current conditions in the financial and
annuity markets.
Three sets of interest assumptions are
prescribed: (1) A set for the valuation of
benefits for allocation purposes under
section 4044 (found in Appendix B to
part 4044), (2) a set for the PBGC to use
to determine whether a benefit is
payable as a lump sum and to determine
lump-sum amounts to be paid by the
PBGC (found in Appendix B to part
4022), and (3) a set for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using the PBGC’s historical
methodology (found in Appendix C to
part 4022).
Accordingly, this amendment (1) adds
to Appendix B to part 4044 the interest
assumptions for valuing benefits for
allocation purposes in plans with
valuation dates during April 2005, (2)
E:\FR\FM\15MRR1.SGM
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12586
Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations
adds to Appendix B to part 4022 the
interest assumptions for the PBGC to
use for its own lump-sum payments in
plans with valuation dates during April
2005, and (3) adds to Appendix C to
part 4022 the interest assumptions for
private-sector pension practitioners to
refer to if they wish to use lump-sum
interest rates determined using the
PBGC’s historical methodology for
valuation dates during April 2005.
For valuation of benefits for allocation
purposes, the interest assumptions that
the PBGC will use (set forth in
Appendix B to part 4044) will be 3.80
percent for the first 20 years following
the valuation date and 4.75 percent
thereafter. These interest assumptions
are unchanged from those in effect for
March 2005.
The interest assumptions that the
PBGC will use for its own lump-sum
payments (set forth in Appendix B to
part 4022) will be 2.75 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. These interest assumptions are
unchanged from those in effect for
March 2005.
For private-sector payments, the
interest assumptions (set forth in
Appendix C to part 4022) will be the
same as those used by the PBGC for
determining and paying lump sums (set
forth in Appendix B to part 4022).
The 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, as
accurately as possible, current market
conditions.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during April 2005, the
PBGC finds that good cause exists for
making the assumptions set forth in this
amendment effective less than 30 days
after publication.
The 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).
For plans with a valuation date
Before
*
*
*
138 ......................................................................................
5–1–05
4–1–05
3. In Appendix C to part 4022, Rate Set
138, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
*
I
*
*
*
*
*
138 ...................................................................................................
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended as
follows:
I
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
1. The authority citation for part 4022
continues to read as follows:
I
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In Appendix B to part 4022, Rate Set
138, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
I
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
n2
7
*
8
*
*
Immediate
annuity
rate
(percent)
Before
*
4–1–05
5–1–05
Deferred annuities
(percent)
i2
*
i3
4.00
i1
4.00
*
2.75
4.00
n1
n2
7
8
*
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
table. (The introductory text of the table
is omitted.)
5. In Appendix B to part 4044, a new
entry, as set forth below, is added to the
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
I
4. The authority citation for part 4044
continues to read as follows:
Jkt 205001
Employee benefit plans, Pension
insurance, Pensions.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
On or
after
13:39 Mar 14, 2005
29 CFR Part 4044
*
Rate set
VerDate jul<14>2003
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
2.75
*
For plans with a valuation date
I
29 CFR Part 4022
Immediate
annuity
rate
(percent)
Rate set
On or
after
List of Subjects
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12587
Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
*
April 2005 ..........................................................................................................................
Issued in Washington, DC, on this 9th day
of March 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–5010 Filed 3–14–05; 8:45 am]
BILLING CODE 7708–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[Docket # R10–OAR–2005–OR–0002; FRL–
7881–4]
Approval and Promulgation of Air
Quality Implementation Plans; Oregon
Visibility Protection Plan
Environmental Protection
Agency (EPA).
ACTION: Direct final rule.
AGENCY:
SUMMARY: EPA is taking direct final
action to approve revisions to the
Oregon Visibility Protection Plan
submitted to EPA on January 22, 2003.
The revisions are the result of a required
periodic review of the Visibility
Protection Plan conducted by the State,
and reflect recommendations from the
Oregon Visibility Advisory Committee.
In general, the revisions reflect work the
State intends to conduct over the next
three years. EPA has determined that
this submission is a general
strengthening of the State
Implementation Plan (SIP) as it expands
strategies to protect visibility in Oregon.
DATES: This direct final rule will be
effective May 16, 2005, without further
notice, unless EPA receives adverse
comments by April 14, 2005. If adverse
comments are received, EPA will
publish a timely withdrawal of the
direct final rule in the Federal Register
informing the public that the rule will
not take effect.
ADDRESSES: Submit your comments,
identified by Docket ID No. R10–OAR–
2005–OR–0002, by one of the following
methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the on-line
instructions for submitting comments.
• Agency Web site: https://
www.epa.gov/edocket. EDOCKET, EPA’s
electronic public docket and comment
system, is EPA’s preferred method for
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for t =
it
for t =
it
*
.0380
1–20
*
.0475
>20
N/A
receiving comments. Follow the on-line
instructions for submitting comments.
• Mail: Gina Bonifacino, Office of Air,
Waste and Toxics, OAWT–107 EPA,
Region 10, 1200 Sixth Ave., Seattle,
Washington 98101.
• Hand Delivery: EPA, Region 10
Service Center, 14th Floor, 1200 Sixth
Ave., Seattle, Washington 98101.
Attention: Gina Bonifacino, Office of
Air, Waste and Toxics, OAWT–107.
Such deliveries are only accepted
during normal hours of operation, and
special arrangements should be made
for deliveries of boxed information.
Instructions: Direct your comments to
Docket ID No. R10–OAR–2005–OR–
0002. EPA’s policy is that all comments
received will be included in the public
docket without change and may be
made available online at https://
www.epa.gov/edocket, including any
personal information provided, unless
the comment includes information
claimed to be Confidential Business
Information (CBI) or other information
whose disclosure is restricted by statute.
Do not submit information that you
consider to be CBI or otherwise
protected through EDOCKET,
regulations.gov or e-mail. The EPA
EDOCKET and the Federal
regulations.gov Web site are
‘‘anonymous access’’ systems, which
means EPA will not know your identity
or contact information unless you
provide it in the body of your comment.
If you send an e-mail comment directly
to EPA without going through
EDOCKET or regulations.gov, your email address will be automatically
captured and included as part of the
comment that is placed in the public
docket and made available on the
Internet. If you submit an electronic
comment, EPA recommends that you
include your name and other contact
information in the body of your
comment and with any disk or CD–ROM
you submit. If EPA cannot read your
comment due to technical difficulties
and cannot contact you for clarification,
EPA may not be able to consider your
comment. Electronic files should avoid
the use of special characters, any form
of encryption, and be free of any defects
or viruses.
Docket: All documents in the docket
are listed in the EDOCKET index at
https://www.epa.gov/edocket. Although
PO 00000
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for t=
*
N/A
listed in the index, some information is
not publicly available, such as CBI or
other information whose disclosure is
restricted by statute. Certain other
material, such as copyrighted material,
is not placed on the Internet and will be
publicly available only in hard copy
form. Publicly available docket
materials are available electronically in
EDOCKET, in hard copy at EPA, Region
10, Office of Air, Waste and Toxics,
1200 Sixth Avenue, Seattle,
Washington, or in hard copy at the EPA
Oregon Operations Office, 811 SW., 6th
Ave., 3rd Floor, Portland, OR 97204
from 8 a.m. to 4:30 p.m. Monday
through Friday, excluding legal
holidays.
FOR FURTHER INFORMATION CONTACT: Gina
Bonifacino at telephone number: (206)
553–2970, e-mail address:
bonifacino.gina@epa.gov, fax number:
(206) 553–0110, or the above EPA,
Region 10 address.
SUPPLEMENTARY INFORMATION:
Throughout this document wherever
‘‘we’’, ‘‘us’’ or ‘‘our’’ are used, we mean
EPA.
Table of Contents
I. Background
A. What Is Visibility Protection and Why
Do We Have It?
B. What Are the Main Visibility Protections
Provided by the Federal Rules?
C. How Has Visibility Been Protected in
Oregon?
D. What Changes Is EPA Approving With
This Action?
II. What Are the Required Provisions of a
Visibility State Implementation Plan
(SIP) and How Does Oregon Meet the
Requirements for Visibility Protection?
A. Long Term Strategy
B. Monitoring
C. BART
III. What Does This Visibility SIP Revision
Change and How Do These Changes
Compare to Federal Requirements?
A. Provision To Expand the Current
Visibility Monitoring Network.
B. Provisions To Improve Smoke
Management Coordination Between
Agricultural Burning and Forestry
Burning Programs
C. Provisions To Increase the Use of NonBurning Alternatives in Agricultural
Open Burning and Forestry Burning
Programs
D. Provisions To Improve Fire Emission
Inventory and Tracking of Burning
E. Provisions to Change the Periodic Plan
Review Period From Five to Three years
E:\FR\FM\15MRR1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 49 (Tuesday, March 15, 2005)]
[Rules and Regulations]
[Pages 12585-12587]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-5010]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Benefits Payable in Terminated Single-Employer Plans; Allocation
of Assets in Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation's regulations on
Benefits Payable in Terminated Single-Employer Plans and Allocation of
Assets in Single-Employer Plans prescribe interest assumptions for
valuing and paying benefits under terminating single-employer plans.
This final rule amends the regulations to adopt interest assumptions
for plans with valuation dates in April 2005. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective Date: April 1, 2005.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney,
Legislative and Regulatory Department, 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: The PBGC's regulations prescribe actuarial
assumptions--including interest assumptions--for valuing and paying
plan benefits of terminating single-employer plans covered by title IV
of the Employee Retirement Income Security Act of 1974. The interest
assumptions are intended to reflect current conditions in the financial
and annuity markets.
Three sets of interest assumptions are prescribed: (1) A set for
the valuation of benefits for allocation purposes under section 4044
(found in Appendix B to part 4044), (2) a set for the PBGC to use to
determine whether a benefit is payable as a lump sum and to determine
lump-sum amounts to be paid by the PBGC (found in Appendix B to part
4022), and (3) a set for private-sector pension practitioners to refer
to if they wish to use lump-sum interest rates determined using the
PBGC's historical methodology (found in Appendix C to part 4022).
Accordingly, this amendment (1) adds to Appendix B to part 4044 the
interest assumptions for valuing benefits for allocation purposes in
plans with valuation dates during April 2005, (2)
[[Page 12586]]
adds to Appendix B to part 4022 the interest assumptions for the PBGC
to use for its own lump-sum payments in plans with valuation dates
during April 2005, and (3) adds to Appendix C to part 4022 the interest
assumptions for private-sector pension practitioners to refer to if
they wish to use lump-sum interest rates determined using the PBGC's
historical methodology for valuation dates during April 2005.
For valuation of benefits for allocation purposes, the interest
assumptions that the PBGC will use (set forth in Appendix B to part
4044) will be 3.80 percent for the first 20 years following the
valuation date and 4.75 percent thereafter. These interest assumptions
are unchanged from those in effect for March 2005.
The interest assumptions that the PBGC will use for its own lump-
sum payments (set forth in Appendix B to part 4022) will be 2.75
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. These interest assumptions are unchanged from those in effect
for March 2005.
For private-sector payments, the interest assumptions (set forth in
Appendix C to part 4022) will be the same as those used by the PBGC for
determining and paying lump sums (set forth in Appendix B to part
4022).
The 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, as accurately
as possible, current market conditions.
Because of the need to provide immediate guidance for the valuation
and payment of benefits in plans with valuation dates during April
2005, the PBGC finds that good cause exists for making the assumptions
set forth in this amendment effective less than 30 days after
publication.
The 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.
0
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 138, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a Deferred annuities (percent)
valuation date Immediate -------------------------------------------------
Rate set ------------------------ annuity
On or rate i1 i2 i3 n1 n2
after Before (percent)
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
138.............................................................. 4-1-05 5-1-05 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In Appendix C to part 4022, Rate Set 138, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
----------------------------------------------------------------------------------------------------------------
For plans with a Deferred annuities (percent)
valuation date Immediate -------------------------------------------
Rate set ------------------------- annuity
On or rate i1 i2 i3 n1 n2
after Before (percent)
----------------------------------------------------------------------------------------------------------------
* * * * * * *
138............................. 4-1-05 5-1-05 2.75 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, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
[[Page 12587]]
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring in the month-- -----------------------------------------------------------
it for t = it for t = it for t=
----------------------------------------------------------------------------------------------------------------
* * * * * * *
April 2005.......................................... .0380 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of March 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-5010 Filed 3-14-05; 8:45 am]
BILLING CODE 7708-01-P
