Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 54477-54478 [05-18328]
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Federal Register / Vol. 70, No. 178 / Thursday, September 15, 2005 / Rules and Regulations
Overhaul and Upper Fitting Overhaul and
Bolt Replacement’’ of the service bulletin.
PENSION BENEFIT GUARANTY
CORPORATION
Alternative Methods of Compliance
(AMOCs)
29 CFR Parts 4022 and 4044
(l)(1) The Manager, Seattle Aircraft
Certification Office (ACO), FAA, has the
authority to approve AMOCs for this AD, if
requested in accordance with the procedures
found in 14 CFR 39.19.
(2) An AMOC that provides an acceptable
level of safety may be used for any repair
required by this AD, if it is approved by an
Authorized Representative for the Boeing
Commercial Airplanes Delegation Option
Authorization Organization who has been
authorized by the Manager, Seattle ACO, to
make those findings. For a repair method to
be approved, the repair must meet the
certification basis of the airplane, and the
approval must specifically refer to this AD.
(3) The actions identified in paragraphs (g)
and (j) of this AD are approved as an AMOC
to paragraphs (c) and (d) of AD 2004–07–22,
amendment 39–13566, for the inspections of
structural significant item S–2, for the thrust
links only, of Boeing Supplemental
Structural Inspection Document D6–35022,
Revision G, dated December 2000. All
provisions of AD 2004–07–22 that are not
specifically referenced in this paragraph,
including the initial inspection threshold
required by paragraph (d) of AD 2004–07–22,
remain fully applicable and must be
complied with.
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits
Material Incorporated by Reference
(m) You must use Boeing Alert Service
Bulletin 747–71A2309, dated August 18,
2005, to perform the actions that are required
by this AD, unless the AD specifies
otherwise. The Director of the Federal
Register approved the incorporation by
reference of this document in accordance
with 5 U.S.C. 552(a) and 1 CFR part 51.
Contact Boeing Commercial Airplanes, P.O.
Box 3707, Seattle, Washington 98124–2207,
for a copy of this service information. You
may review copies at the Docket Management
Facility, U.S. Department of Transportation,
400 Seventh Street SW., room PL–401, Nassif
Building, Washington, DC; on the Internet at
https://dms.dot.gov; or at the National
Archives and Records Administration
(NARA). For information on the availability
of this material at the NARA, call (202) 741–
6030, or go to https://www.archives.gov/
federal_register/code_of_federal_regulations/
ibr_locations.html.
Issued in Renton, Washington, on
September 6, 2005.
Kalene C. Yanamura,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 05–18212 Filed 9–14–05; 8:45 am]
BILLING CODE 4910–13–P
VerDate Aug<18>2005
14:34 Sep 14, 2005
Jkt 205001
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 October 2005. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective October 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 October 2005, (2)
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
54477
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
October 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 October 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 3.50 percent for
the first 20 years following the valuation
date and 4.75 percent thereafter. These
interest assumptions represent a
decrease (from those in effect for August
2005) of 0.10 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 2.25 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 a decrease (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 October 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).
E:\FR\FM\15SER1.SGM
15SER1
54478
Federal Register / Vol. 70, No. 178 / Thursday, September 15, 2005 / Rules and Regulations
List of Subjects
29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
For plans with a
valuation date
On or after
*
*
3. In appendix C to part 4022, Rate Set
144, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
I
For plans with a
valuation date
Rate set
On or after
*
144
*
i2
*
4.00
2.25
*
*
*
i3
4.00
n1
*
n2
*
*
4.00
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
*
*
*
*
i1
2.25
i2
*
4.00
*
11–1–05
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
10–1–05
i1
*
11–1–05
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
10–1–05
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
1. The authority citation for part 4022
continues to read as follows:
I
Employee benefit plans, Pension
insurance, Pensions.
Rate set
2. In appendix B to part 4022, Rate Set
144, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
I
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
29 CFR Part 4044
144
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
I
i3
4.00
*
*
*
4.00
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:
I
*
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
October 2005 ....................................................................
for t =
it
for t =
1–20
*
.0475
>20
*
.0350
Issued in Washington, DC, on this 9th day
of September, 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–18328 Filed 9–14–05; 8:45 am]
DEPARTMENT OF HOMELAND
SECURITY
BILLING CODE 7708–01–P
[CGD05–05–110]
Coast Guard
33 CFR Part 100
RIN 1625–AA08
Special Local Regulations for Marine
Events; Wrightsville Channel,
Wrightsville Beach, NC
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
VerDate Aug<18>2005
14:34 Sep 14, 2005
Jkt 205001
PO 00000
Frm 00010
Fmt 4700
Sfmt 4700
it
*
for t =
*
N/A
N/A
SUMMARY: The Coast Guard is
implementing the special local
regulations at 33 CFR 100.513 during
the Wilmington YMCA Triathlon to be
held September 24, 2005, on the waters
of Wrightsville Channel, Wrightsville
Beach, North Carolina. This action is
necessary to provide for the safety of life
on navigable waters during the event.
The effect will be to restrict general
navigation in the regulated area for the
safety of participants and vessels
transiting the event area.
Enforcement Dates: 33 CFR 100.513
will be enforced from 6:30 a.m. to 8:30
a.m. on September 24, 2005.
FOR FURTHER INFORMATION CONTACT:
D.M. Sens, Project Manager, Fifth Coast
E:\FR\FM\15SER1.SGM
15SER1
]]>Agencies
[Federal Register Volume 70, Number 178 (Thursday, September 15, 2005)]
[Rules and Regulations]
[Pages 54477-54478]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-18328]
=======================================================================
-----------------------------------------------------------------------
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 October 2005. Interest assumptions
are also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective October 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 October 2005, (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 October 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 October 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 3.50 percent for the first 20 years following the
valuation date and 4.75 percent thereafter. These interest assumptions
represent a decrease (from those in effect for August 2005) of 0.10
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 2.25
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 a decrease (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 October
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).
[[Page 54478]]
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 144, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
144 10-1-05 11-1-05 2.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 144, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
144 10-1-05 11-1-05 2.25 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
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates -----------------------------------------------------------------------------------
occurring in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
October 2005................ .0350 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of September, 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-18328 Filed 9-14-05; 8:45 am]
BILLING CODE 7708-01-P
