Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 74200-74202 [05-24088]
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<![CDATA[
74200
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Rules and Regulations
§ 31.3121(a)(2)–1(d)(3) for payments
made on or after December 15, 2005), or
*
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Mark E. Matthews,
Deputy Commissioner of Services and
Enforcement.
Approved: December 1, 2005.
Eric Solomon,
Acting Deputy Assistant of the Treasury (Tax
Policy).
[FR Doc. 05–23945 Filed 12–14–05; 8:45 am]
BILLING CODE 4830–01–U
NATIONAL CRIME PREVENTION AND
PRIVACY COMPACT COUNCIL
28 CFR Part 906
[NCPPC 113]
Outsourcing of Noncriminal Justice
Administrative Functions
National Crime Prevention and
Privacy Compact Council.
ACTION: Final rule.
AGENCY:
SUMMARY: The Compact Council,
established pursuant to the National
Crime Prevention and Privacy Compact
Act of 1998 (Compact), is adopting, as
a final rule, without change, an interim
final rule which permits the outsourcing
of noncriminal justice administrative
functions involving access to criminal
history record information (CHRI).
Procedures established to permit
outsourcing are required to conform
with the Compact Council’s
interpretation of Articles IV and V of the
Compact.
DATES: This rule is effective December
15, 2005.
FOR FURTHER INFORMATION CONTACT: Ms.
Donna M. Uzzell, Compact Council
Chairman, Florida Department of Law
Enforcement, 2331 Phillips Road,
Tallahassee, Florida 32308–5333,
telephone number (850) 410–7100.
SUPPLEMENTARY INFORMATION:
I. Background
The Compact, 42 U.S.C. 14616,
establishes uniform standards and
processes for the interstate and FederalState exchange of criminal history
records for noncriminal justice
purposes. The Compact was approved
by the Congress on October 9, 1998,
(Pub. L. 105–251) and became effective
on April 28, 1999, when ratified by the
second state. Article VI of the Compact
provides for a Compact Council that has
the authority to promulgate rules and
procedures governing the use of the
Interstate Identification Index (III)
System for noncriminal justice
VerDate Aug<31>2005
12:19 Dec 14, 2005
Jkt 208001
purposes. On December 16, 2004, the
Compact Council published in the
Federal Register, 69 FR 75243, an
interim final rule with request for
comments. This rule permits a third
party to perform noncriminal justice
administrative functions relating to the
processing of CHRI maintained in the III
System, subject to appropriate controls,
when acting as an agent for a
governmental agency or other
authorized recipient of CHRI. Published
in a notice elsewhere in today’s edition
of the Federal Register is the Security
and Management Control Outsourcing
Standard which establishes the
appropriate controls.
II. Discussion of Comments on the
Interim Final Rule
The 60-day comment period for the
interim final rule closed on February 14,
2005. Two comments were received
from a state agency.
The first comment concerned section
906.2(b). The state agency questioned
the clarity of what specifically was
contemplated in the exceptions to the
provision that contractors, agencies, or
organizations shall not be permitted to
have terminal access to the III System
and suggested further explanation or
examples of what situations would
permit contractors to have direct
terminal access to the III System. The
Compact, at Article V (c), provides
‘‘Direct access to the National
Identification Index by entities other
than the FBI and State criminal history
record repositories shall not be
permitted for noncriminal justice
purposes’’ and 42 U.S.C. 14614(b)
provides that ‘‘Nothing in the Compact
shall interfere in any manner with—(1)
access, direct or otherwise, to records
pursuant to—(the various laws specified
in that section) or (2) any direct access
to Federal criminal history records
authorized by law.’’ Therefore,
authorized agencies (i.e., FBI, state
repositories, and certain agencies
performing the background checks
authorized under 42 U.S.C. 14614(b))
require direct access to III in order to
perform their authorized functions.
Although these agencies may choose not
to outsource these functions, the
exception language in the rule was
intended to not prohibit that option.
The second comment questioned
whether the Outsourcing Rule has any
affect on a specific provision of the
Security Clearance Information Act
(SCIA) (5 U.S.C. 9101) which authorizes
a State criminal history record
repository to require that fingerprints
accompany a SCIA record check request
if certain requirements are met.
Pursuant to the SCIA, the six covered
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federal agencies may have direct
terminal access to the III to conduct
record checks of individuals being
considered for assignment or retention
in a position with access to classified
information, a critical or sensitive
position, a position of public trust, etc.
The SCIA also provides that ‘‘Such a
request to a State criminal history
record repository shall be accompanied
by the fingerprints of the individual
who is the subject of the request if
required by State law and if the
repository uses the fingerprints in an
automated fingerprint identification
system.’’ Accordingly, the Outsourcing
Rule has no impact on this SCIA
provision nor does the rule affect the
state law requiring fingerprints for use
in conducting a state automated
fingerprint identification system record
check for such purposes.
The Compact Council did not believe
that any changes to the rule were
necessary based on the comments;
therefore, the interim final rule is being
adopted as final without change.
List of Subjects in 28 CFR Part 906
Administrative practice and
procedure, Intergovernmental relations,
Law Enforcement, Privacy.
PART 906—OUTSOURCING OF
NONCRIMINAL JUSTICE
ADMINISTRATIVE FUNCTIONS
Accordingly, the interim final rule
adding part 906 which was published at
69 FR 75243 on December 16, 2004, is
adopted as a final rule without change.
Dated: November 23, 2005.
Donna M. Uzzell,
Compact Council Chairman.
[FR Doc. 05–24055 Filed 12–14–05; 8:45 am]
BILLING CODE 4410–02–P
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
E:\FR\FM\15DER1.SGM
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74201
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Rules and Regulations
benefits under terminating singleemployer plans. This final rule amends
the regulations to adopt interest
assumptions for plans with valuation
dates in January 2006. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective January 1, 2006.
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).
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 January 2006, (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
Rate set
For plans with a valuation
date
On or after
*
147
Before
January 2006, 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 January 2006.
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 5.70
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 December 2005) of 1.70
percent for the first 20 years following
the valuation date and are otherwise
unchanged. These interest assumptions
reflect the PBGC’s recently updated
mortality assumptions, which are
effective for terminations on or after
January 1, 2006. See the PBGC’s final
rule published December 2, 2005 (70 FR
72205), which is available at https://
edocket.access.gpo.gov/2005/pdf/0523554.pdf. Because the updated
mortality assumptions reflect
improvements in mortality, these
interest assumptions are higher than
they would have been using the old
mortality assumptions.
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
represent no change from those in effect
for December 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
Jkt 208001
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
I In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
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
147, as set forth below, is added to the
table.
I
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
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Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
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16:06 Dec 14, 2005
29 CFR Part 4022
i2
*
4.00
2.75
3. In appendix C to part 4022, Rate Set
147, as set forth below, is added to the
table.
I
VerDate Aug<31>2005
i1
*
2–1–06
List of Subjects
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
1–1–06
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 January 2006, 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).
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74202
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
147
Deferred annuities (percent)
Immediate
annuity rate
(percent)
i1
*
4.00
*
1–1–06
2–1–06
2.75
i2
i3
4.00
n1
*
n2
*
*
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
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, a new
entry for January 2006, as set forth
below, is added to the table.
*
I
4. The authority citation for part 4044
continues to read as follows:
I
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The values of t are:
For valuation dates occurring in the month—
it
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January 2006 ........................................................................
Issued in Washington, DC, on this 12th day
of December 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–24088 Filed 12–14–05; 8:45 am]
BILLING CODE 7708–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[CGD09–05–135]
RIN 1625–AA00
Safety Zone; Chicago New Year’s
Celebration, Lake Michigan, Chicago,
IL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
SUMMARY: The Coast Guard is
establishing a temporary safety zone for
the Chicago New Year’s Celebration
fireworks display. This safety zone is
necessary to protect vessels and
spectators from potential airborne
hazards during a planned fireworks
display over Lake Michigan. The safety
zone is intended to restrict vessels from
a portion of Lake Michigan off Chicago,
Illinois.
DATES: This rule is effective from 11:59
p.m. (local time) on December 31, 2005
through 12:15 a.m. (local time) on
January 1, 2006.
ADDRESSES: Comments and material
from the public, as well as documents
indicated in this preamble as being
VerDate Aug<31>2005
12:19 Dec 14, 2005
Jkt 208001
for t =
*
.5700
it
*
1–20
available in the docket, are part of the
docket (CGD09–05–135], and are
available for inspection or copying at
Commanding Officer, U.S. Coast Guard
Marine Safety Unit Chicago, 215 W.
83rd Street, Suite D, Burr Ridge, IL,
60527, between 8 a.m. and 3 p.m.,
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT:
MST1 Kenneth Brockhouse, U.S. Coast
Guard Marine Safety Unit Chicago, at
(630) 986–2155.
SUPPLEMENTARY INFORMATION:
Regulatory Information
We did not publish a notice of
proposed rulemaking (NPRM) for this
regulation. Under 5 U.S.C. 553(b)(B), the
Coast Guard finds that good cause exists
for not publishing a NPRM. The Coast
Guard was not made aware that this
event was to take place with sufficient
time to allow for publication of a NPRM
followed by a final rule. Under 5 U.S.C.
553(d)(3), the Coast Guard finds that
good cause exists for making this rule
effective less than 30 days after
publication in the Federal Register.
Delaying this rule would be
impracticable and immediate action is
necessary to ensure the safety of
spectators and vessels during this event.
During the enforcement of this safety
zone, comments will be accepted and
reviewed and may result in a
modification to the rule.
Background and Purpose
This temporary safety zone is
necessary to ensure the safety of vessels
and spectators from hazards associated
with a fireworks display. Based on
accidents that have occurred in other
PO 00000
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Fmt 4700
for t =
Sfmt 4700
*
>20
.0475
it
N/A
for t =
*
N/A.
Captain of the Port zones and the
explosive hazards of fireworks, the
Captain of the Port Lake Michigan has
determined fireworks launches in close
proximity to watercraft pose significant
risk to public safety and property. The
likely combination of large numbers of
recreation vessels, congested waterways,
darkness punctuated by bright flashes of
light, alcohol use, and debris falling into
the water could easily result in serious
injuries or fatalities. Establishing a
safety zone to control vessel movement
around the location of the launch
platform will help ensure the safety of
persons and property at these events
and help minimize the associated risks.
Discussion of Rule
The safety zone for the Chicago New
Year’s Celebration fireworks display
will encompass all waters of Lake
Michigan bounded by the arc of a circle
with a 700-foot radius with its center in
the approximate position 41°52′41″ N,
087°36′37″ W (inside the breakwall of
Monroe Harbor). These coordinates are
based upon the North American Datum
1983 (NAD 83). The size of this zone
was determined using the National Fire
Prevention Association guidelines and
local knowledge concerning wind,
waves, and currents.
All persons shall comply with the
instructions of the Captain of the Port
Lake Michigan or his designated onscene representative. Entry into,
transiting, or anchoring within the
safety zone is prohibited unless
authorized by the Captain of the Port
Lake Michigan, or his designated onscene representative. The designated onscene representative is the Patrol
E:\FR\FM\15DER1.SGM
15DER1
]]>Agencies
[Federal Register Volume 70, Number 240 (Thursday, December 15, 2005)]
[Rules and Regulations]
[Pages 74200-74202]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-24088]
=======================================================================
-----------------------------------------------------------------------
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
[[Page 74201]]
benefits under terminating single-employer plans. This final rule
amends the regulations to adopt interest assumptions for plans with
valuation dates in January 2006. Interest assumptions are also
published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective January 1, 2006.
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).
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 January 2006, (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 January 2006, 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 January 2006.
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 5.70 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 December 2005) of 1.70
percent for the first 20 years following the valuation date and are
otherwise unchanged. These interest assumptions reflect the PBGC's
recently updated mortality assumptions, which are effective for
terminations on or after January 1, 2006. See the PBGC's final rule
published December 2, 2005 (70 FR 72205), which is available at https://
edocket.access.gpo.gov/2005/pdf/05-23554.pdf. Because the updated
mortality assumptions reflect improvements in mortality, these interest
assumptions are higher than they would have been using the old
mortality assumptions.
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 represent no change from those in
effect for December 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 January
2006, 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 147, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
147 1-1-06 2-1-06 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 147, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 74202]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
147 1-1-06 2-1-06 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 for January 2006, as set
forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of t are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
January 2006................. .5700 1-20 .0475 >20 N/A N/A.
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 12th day of December 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-24088 Filed 12-14-05; 8:45 am]
BILLING CODE 7708-01-P
