Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 47725-47727 [05-16097]

Download as PDF Federal Register / Vol. 70, No. 156 / Monday, August 15, 2005 / Rules and Regulations TABLE 3.—MATERIAL INCORPORATED BY REFERENCE—Continued Alert customer bulletin, including Gulfstream drawing 1159SB50018 Gulfstream G400 Alert Customer Bulletin 33. Gulfstream G450 Alert Customer Bulletin 2. Gulfstream G500 Alert Customer Bulletin 3. Gulfstream G550 Alert Customer Bulletin 3. Date June 13, 2005. June 13, 2005. June 13, 2005. June 13, 2005. Issued in Renton, Washington, on August 4, 2005. Kevin M. Mullin, Acting Manager, Transport Airplane Directorate, Aircraft Certification Service. [FR Doc. 05–16003 Filed 8–12–05; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF COMMERCE Office of the Secretary It has been determined that this notice does not contain policies with Federalism implications as that term is defined in EO 13132. Prior notice and an opportunity for public comment are not required by the Administrative Procedure Act for rules concerning agency organization, procedure, or practice (5 U.S.C. 553(b)(A)). The Department finds good cause to waive the 30-day delay in effectiveness because it is unnecessary. This rule merely changes the name of the official who is authorized to deny requests for records under the Freedom of Information Act, and requests for correction or amendment under the Privacy Act. 5 U.S.C. (d)(3). Because notice and opportunity for comment are not required pursuant to 5 U.S.C. 553 or any other law, the analytical requirements of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.) are inapplicable. Therefore, a regulatory flexibility analysis is not required and has not been prepared. List of Subjects in 15 CFR Part 4 15 CFR Part 4 Freedom of information, Privacy. [Docket No. 050715188–5188–01] For the reasons above, amend appendix B to 15 CFR part 4 as follows: I RIN: 0605–AA20 Disclosure of Government Information; Change in Designated Official Department of Commerce. Final rule. AGENCY: ACTION: Classification It has been determined that this notice is not significant for purposes of E.O. 12866. 13:13 Aug 12, 2005 Jkt 205001 1. The authority citation for part 4 continues to read as follows: I SUMMARY: This rule amends the Department of Commerce’s (Department) Freedom of Information Act (FOIA) regulations by changing the official authorized to deny requests for records under the Freedom of Information Act, and requests for correction or amendment under the Privacy Act (PA), for the Bureau of the Census. DATES: Effective August 15, 2005. FOR FURTHER INFORMATION CONTACT: Rochelle Wilkie Martinez, Acting Chief, Policy Office, U.S. Census Bureau, 301– 763–3461. SUPPLEMENTARY INFORMATION: Appendix B to 15 CFR part 4 designates the officials authorized to deny requests for records under the FOIA, and requests for records and requests for correction or amendment under the PA. In order to change the designated official for the Bureau of the Census, we are amending the regulations. VerDate jul<14>2003 PART 4—DISCLOSURE OF GOVERNMENT INFORMATION Authority: 5 U.S.C. 301; 5 U.S.C. 552; 5 U.S.C. 552a; 5 U.S.C. 553; 31 U.S.C. 3717; 44 U.S.C. 3101; Reorganization Plan No. 5 of 1950. Appendix B to Part 4—Officials Authorized To Deny Requests for Records Under the Freedom of Information Act, and Requests for Records and Requests for Correction or Amendment Under the Privacy Act 2. In Appendix B to part 4, under the heading ECONOMICS AND STATISTICS ADMINISTRATION, remove ‘‘Bureau of the Census: Chief, Policy Office’’ and add in its place ‘‘Bureau of the Census: Manager, Freedom of Information Act’’. I Dated: August 9, 2005. Brenda Dolan, Departmental Freedom of Information and Privacy Act Officer. [FR Doc. 05–16093 Filed 8–12–05; 8:45 am] BILLING CODE 3510–17–P PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 47725 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 September 2005. Interest assumptions are also published on the PBGC’s Web site (https://www.pbgc.gov). DATES: Effective September 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 September 2005, E:\FR\FM\15AUR1.SGM 15AUR1 47726 Federal Register / Vol. 70, No. 156 / Monday, August 15, 2005 / Rules and Regulations (2) 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 September 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 September 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 3.60 percent for the first 20 years following the valuation date and 4.75 percent thereafter. These interest assumptions represent an increase (from those in effect for August 2005) of 0.20 percent for the first 20 years following the valuation date and are otherwise unchanged. The interest assumptions that the PBGC will use for its own lump-sum payments (set forth in Appendix B to part 4022) will be 2.50 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. These interest assumptions represent an increase (from those in Rate set For plans with a valuation date On or after * 143 Before 3. In appendix C to part 4022, Rate Set 143, as set forth below, is added to the table. (The introductory text of the table is omitted.) I For plans with a valuation date On or after * 143 Before * Jkt 205001 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: 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 143, 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 * * * * * i3 4.00 n1 * n2 * * 4.00 7 8 * * n1 n2 * Deferred annuities (percent) Immediate annuity rate (percent) 2.50 i1 i2 * 4.00 i3 4.00 * * * 4.00 7 8 Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362. 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: 13:13 Aug 12, 2005 * * PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS VerDate jul<14>2003 29 CFR Part 4022 Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments 10–1–05 I List of Subjects i2 * 4.00 2.50 * 9–1–05 i1 * 10–1–05 Act of 1980 does not apply. See 5 U.S.C. 601(2). Deferred annuities (percent) Immediate annuity rate (percent) * 9–1–05 Rate set effect for August 2005) of 0.25 percent for the period during which a benefit is in pay status and are otherwise unchanged. 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 September 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 PO 00000 * Frm 00016 Fmt 4700 Sfmt 4700 E:\FR\FM\15AUR1.SGM * * 15AUR1 * * 47727 Federal Register / Vol. 70, No. 156 / Monday, August 15, 2005 / Rules and Regulations The values of it are: For valuation dates occurring in the month— for t = * * * September 2005 ............................................................... Issued in Washington, DC, on this 8th day of August 2005. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. 05–16097 Filed 8–12–05; 8:45 am] BILLING CODE 7708–01–P DEPARTMENT OF COMMERCE National Oceanic and Atmospheric Administration 50 CFR Part 660 [Docket No. 050426117–5117–01; I.D. 080805A] Fisheries Off West Coast States and in the Western Pacific; West Coast Salmon Fisheries; Inseason Action #5 – Adjustments of the Recreational Fishery from Cape Alava, Washington, to Cape Falcon, OR National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce. ACTION: Modification of fishing seasons; request for comments. AGENCY: SUMMARY: NMFS announces two regulatory modifications in the recreational fishery from Cape Alava, WA, to Cape Falcon, OR. Effective Friday, July 29, 2005, the La Push, Westport, and Columbia River Subarea’s will be open seven days per week, with a modified daily bag limit as follows: ‘‘All salmon, two fish per day, and all retained coho must have a healed adipose fin clip.’’ All other restrictions remain in effect as announced for 2005 Ocean Salmon Fisheries. This action was necessary to conform to the 2005 management goals, and the intended effect is to allow the fishery to operate within the seasons and quotas specified in the 2005 annual management measures. DATES: Effective 0001 hours local time (l.t.), Friday, July 29, 2005, until the Chinook quota or coho quota are taken, or 2359 hours l.t., September 30, 2005, which ever is earlier; after which the fisheries will remain closed until opened through an additional inseason action for the west coast salmon fisheries, which will be published in the VerDate jul<14>2003 13:13 Aug 12, 2005 Jkt 205001 it for t = 1–20 it * .0475 >20 * .0360 Federal Register, or until the effective date of the next scheduled open period announced in the 2005 annual management measures. Comments will be accepted through August 30, 2005. ADDRESSES: Comments on these actions must be mailed to D. Robert Lohn, Regional Administrator, Northwest Region, NMFS, NOAA, 7600 Sand Point Way N.E., Bldg. 1, Seattle, WA 98115– 0070; or faxed to 206–526–6376; or Rod McInnis, Regional Administrator, Southwest Region, NMFS, NOAA, 501 W. Ocean Blvd., Suite 4200, Long Beach, CA 90802–4132; or faxed to 562– 980–4018. Comments can also be submitted via e-mail at the 2005salmonIA5.nwr@noaa.gov address, or through the internet at the Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments, and include [050426117–5117–01 and/ or I.D. 080805A] in the subject line of the message. Information relevant to this document is available for public review during business hours at the Office of the Regional Administrator, Northwest Region, NMFS. FOR FURTHER INFORMATION CONTACT: Christopher Wright, 206–526–6140. SUPPLEMENTARY INFORMATION: The NMFS Regional Administrator (RA) has adjusted the recreational fishery from Cape Alava, WA, to Cape Falcon, OR, with two regulatory modifications. Effective Friday, July 29, 2005, the La Push, Westport, and Columbia River Subarea’s will be open seven days per week, with a modified daily bag limit as follows: ‘‘All salmon, two fish per day, and all retained coho must have a healed adipose fin clip.’’ All other restrictions remain in effect as announced for 2005 Ocean Salmon Fisheries. On July 25, 2005, the Regional Administrator had determined that the catch was less than anticipated preseason and that provisions designed to slow the catch of Chinook could be modified. All other restrictions remained in effect as announced for 2005 Ocean Salmon Fisheries. These actions were necessary to conform to the 2005 management goals, and the intended effect is to allow the fishery to operate within the seasons and quotas specified PO 00000 Frm 00017 Fmt 4700 Sfmt 4700 it * for t = * N/A N/A in the 2005 annual management measures. Modification in recreational bag limits and recreational fishing days per calendar week is authorized by regulations at 50 CFR 660.409(b)(1)(iii). In the 2005 annual management measures for ocean salmon fisheries (70 FR 23054, May 4, 2005), NMFS announced the recreational fisheries: the area from the U.S.-Canada Border to Cape Alava, WA (Neah Bay Subarea) opened July 1 through the earlier of September 18 or a 12,667 marked coho subarea quota with a subarea guideline of 4,300 Chinook; the area from Cape Alava to Queets River, WA (La Push Subarea) opened July 1 through the earlier of September 18 or a 3,067 marked coho subarea quota with a subarea guideline of 1,900 Chinook; the area from Queets River to Leadbetter Point, WA (Westport Subarea) opened June 26 through the earlier of September 18 or a 45,066 marked coho subarea quota with a subarea guideline of 28,750 Chinook; the area from Leadbetter Point, WA to Cape Falcon, OR (Columbia River Subarea) opened July 3 through the earlier of September 30 or a 60,900– marked coho subarea quota with a subarea guideline of 8,200 Chinook. The Neah Bay and La Push Subareas were opened Tuesday through Saturday, and the Westport and Columbia River Subareas were opened Sunday through Thursday. All subareas had a provision that there may be a conference call no later than July 27 to consider opening seven days per week. All subareas were restricted to a Chinook minimum size limit of 24 inches (61.0 cm) total length. In addition, all of the subarea bag limits were for all salmon, two fish per day, no more than one of which may be a Chinook, with all retained coho required to have a healed adipose fin clip. On July 25, 2005, the RA consulted with representatives of the Pacific Fishery Management Council, Washington Department of Fish and Wildlife, and Oregon Department of Fish and Wildlife by conference call. Information related to catch to date, the Chinook and coho catch rates, and effort data indicated that the catch was less than anticipated preseason and that provisions designed to slow the catch of Chinook could be modified, by relaxing the bag limits and fishing days per E:\FR\FM\15AUR1.SGM 15AUR1

Agencies

[Federal Register Volume 70, Number 156 (Monday, August 15, 2005)]
[Rules and Regulations]
[Pages 47725-47727]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-16097]


=======================================================================
-----------------------------------------------------------------------

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 September 2005. Interest assumptions 
are also published on the PBGC's Web site (https://www.pbgc.gov).

DATES: Effective September 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 September 2005,

[[Page 47726]]

(2) 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 September 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 September 
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 3.60 percent for the first 20 years following the 
valuation date and 4.75 percent thereafter. These interest assumptions 
represent an increase (from those in effect for August 2005) of 0.20 
percent for the first 20 years following the valuation date and are 
otherwise unchanged.
    The interest assumptions that the PBGC will use for its own lump-
sum payments (set forth in Appendix B to part 4022) will be 2.50 
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. These interest assumptions represent an increase (from those in 
effect for August 2005) of 0.25 percent for the period during which a 
benefit is in pay status and are otherwise unchanged.
    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 September 
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 143, 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  valuation date     Immediate                                Deferred annuities  (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i1               i2               i3               n1               n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          143            9-1-05          10-1-05             2.50             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, Rate Set 143, 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  valuation date     Immediate                                Deferred annuities  (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i1               i2               i3               n1               n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          143            9-1-05          10-1-05             2.50             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, 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 47727]]



----------------------------------------------------------------------------------------------------------------
                                                             The values of it are:
     For valuation dates     -----------------------------------------------------------------------------------
  occurring in the month--         it          for t =         it          for t =         it          for t =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
September 2005..............        .0360          1-20         .0475           >20           N/A           N/A
----------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC, on this 8th day of August 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-16097 Filed 8-12-05; 8:45 am]
BILLING CODE 7708-01-P
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