Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits; Correction, 2148-2149 [06-330]
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2148
Federal Register / Vol. 71, No. 9 / Friday, January 13, 2006 / Rules and Regulations
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
Rate set
For plans with a valuation
date
On or after
*
148
Before
I
I
1. The authority citation for part 4022
continues to read as follows:
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
*
3. In appendix C to part 4022, Rate Set
148, as set forth below, is added to the
table.
I
For plans with a valuation
date
On or after
*
148
Before
*
*
*
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
2.75
i2
*
4.00
*
3–1–06
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
2–1–06
i2
*
4.00
2.75
*
Rate set
i1
*
3–1–06
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
2–1–06
2. In appendix B to part 4022, Rate Set
148, as set forth below, is added to the
table.
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
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
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, a new
entry for February 2006, as set forth
below, is added to the table.
*
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
*
*
*
*
February 2006 ...............................................................................................................
Issued in Washington, DC, on this 9th day
of January 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 06–329 Filed 1–12–06; 8:45 am]
BILLING CODE 7708–01–P
for t
*
.0560
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits; Correction
Pension Benefit Guaranty
Corporation.
ACTION: Final rule; correction.
hsrobinson on PROD1PC70 with RULES
AGENCY:
SUMMARY: The Pension Benefit Guaranty
Corporation published in the Federal
Register of December 15, 2005, a final
rule amending its regulation on
Allocation of Assets in Single-Employer
Plans to adopt interest assumptions for
VerDate Aug<31>2005
13:51 Jan 12, 2006
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plans with valuation dates in January
2006. This document corrects an
inadvertent error in that final rule.
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. (TYY/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
Pension Benefit Guaranty Corporation
published a document in the December
15, 2005, Federal Register (70 FR
74200), amending its regulation on
Allocation of Assets in Single-Employer
Plans (29 CFR part 4044) to adopt
E:\FR\FM\13JAR1.SGM
13JAR1
2149
Federal Register / Vol. 71, No. 9 / Friday, January 13, 2006 / Rules and Regulations
interest assumptions for plans with
valuation dates in January 2006. This
documents corrects an inadvertent error
in the January 2006 entry to Appendix
B to part 4044. (There was no
corresponding error in the preamble to
the document.)
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
Accordingly 29 CFR part 4044 is
corrected by making the following
correcting amendments:
I
2. In appendix B to part 4044, correct
the entry for January 2006, as set forth
below, To read as follows:
I
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
1. The authority citation for part 4044
continues to read as follows:
I
*
*
*
*
*
The values of ic are:
For valuation dates occurring in the month—
for t =
it
*
*
*
January 2006 ....................................................................
Issued in Washington, DC, on this 10th day
of January 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 06–330 Filed 1–12–06; 8:45 am]
BILLING CODE 7708–01–M
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 215
RIN 1510–AB06
Withholding of District of Columbia,
State, City and County Income or
Employment Taxes by Federal
Agencies
Financial Management Service,
Fiscal Service, Treasury.
ACTION: Final rule.
hsrobinson on PROD1PC70 with RULES
AGENCY:
SUMMARY: The Financial Management
Service is issuing this final rule which
governs the withholding of District of
Columbia, State, City and County
income or employment taxes by Federal
agencies. This rule revises the office
within the Department of the Treasury
which will correspond with government
entities requesting that the Secretary of
the Treasury enter into an agreement
with them for the mandatory
withholding of the requesting entity’s
taxes from Federal employees’ salaries.
The revision is necessary in order to
streamline the process by which
Treasury receives such requests and
responds to them. The revision also
updates the regulation by removing
outdated provisions no longer
applicable.
EFFECTIVE DATE:
January 13, 2006.
FOR FURTHER INFORMATION CONTACT:
James E. Knox, Financial Program
VerDate Aug<31>2005
13:51 Jan 12, 2006
Jkt 208001
it
for t =
1–20
*
.0475
>20
*
.0570
Specialist, at (202) 874–6809; or Marc I.
Seldin, Senior Attorney, at (202) 874–
6863.
SUPPLEMENTARY INFORMATION:
Background
Pursuant to 5 U.S.C. 5516, 5 U.S.C.
5517, 5 U.S.C. 5520 and Executive
Order 11997, the Secretary of the
Treasury enters into withholding
agreements with the District of
Columbia, States, cities, and counties
for the mandatory withholding of a
jurisdiction’s taxes from the salaries of
Federal employees within a taxing
jurisdiction. When a taxing jurisdiction
wishes to enter into such a withholding
agreement, it forwards a request to the
Department of the Treasury (Treasury).
Treasury reviews the request,
determines whether it meets the
statutory and regulatory requirements
for such an agreement, and notifies the
requesting taxing jurisdiction of
Treasury’s determination as to whether
it will enter into a withholding
agreement with the requesting taxing
jurisdiction. Currently, Treasury’s
governing regulation, 31 CFR part 215,
lists Treasury’s Fiscal Assistant
Secretary as the point of contact for
such requests. Following receipt of such
requests by that office, the requests are
forwarded to Treasury’s Financial
Management Service (FMS), to which
the Fiscal Assistant Secretary has
delegated the authority to enter into
such withholding agreements. In order
to streamline the process by which
Treasury receives and responds to
requests to enter into withholding
agreements, the revised rule amends
§ 215.4 (which is redesignated as
§ 215.3, as described below) to provide
that requesting taxing jurisdictions will
forward their requests directly to FMS,
and FMS will respond to the requests.
The revised rule also makes a
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conforming change to a definition set
forth in § 215.2(l).
Additionally, the revised rule updates
§§ 215.1, 215.3, 215.4, and 215.5 by
deleting several outdated provisions
which are no longer effective. Section
215.3, codified on July 1, 1977 and
effective on that date, provided actions
which could be taken within 90 days of
that date. Section 215.5 provided details
on the actions set forth in § 215.3. The
last sentence of § 215.1 referenced the
actions described in §§ 215.3 and 215.5.
Since the time for any such actions has
long since expired, and for clarity, the
revised rule deletes outdated provisions
from §§ 215.1 and 215.3, deletes § 215.5
in its entirety (as it is no longer
applicable), and makes conforming
changes to § 215.4. For convenience to
the reader, § 215.3 and § 215.4 are
redesignated as § 215.4 and § 215.3,
respectively. As a result of § 215.5 being
deleted, subsequent sections § 215.6
through § 215.13 are redesignated as
§ 215.5 through § 215.12. In addition,
the current rule references a ‘‘Standard
Agreement’’ for withholding, and a
long-since expired opportunity in 1977
for requesting entities to request
deviations from the Standard
Agreement. Since there is only one
withholding agreement which
requesting entities may seek currently,
for clarity, the term ‘‘Standard
Agreement’’ has been replaced by the
term ‘‘Withholding Agreement.’’
The revised rule also updates two
definitions in § 215.2 in order to
conform to revisions made to an
underlying statute, 5 U.S.C. 5517, since
the rule was last revised. The definition
of ‘‘State’’ now specifically includes a
territory, possession, or commonwealth
of the United States. The citations
referenced in the definition of
‘‘Members of the Armed Forces’’ are
also updated. Neither of these
E:\FR\FM\13JAR1.SGM
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]]>Agencies
[Federal Register Volume 71, Number 9 (Friday, January 13, 2006)]
[Rules and Regulations]
[Pages 2148-2149]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-330]
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Benefits Payable in Terminated Single-Employer Plans; Allocation
of Assets in Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits; Correction
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation published in the
Federal Register of December 15, 2005, a final rule amending its
regulation on Allocation of Assets in Single-Employer Plans to adopt
interest assumptions for plans with valuation dates in January 2006.
This document corrects an inadvertent error in that final rule.
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.
(TYY/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 Pension Benefit Guaranty Corporation
published a document in the December 15, 2005, Federal Register (70 FR
74200), amending its regulation on Allocation of Assets in Single-
Employer Plans (29 CFR part 4044) to adopt
[[Page 2149]]
interest assumptions for plans with valuation dates in January 2006.
This documents corrects an inadvertent error in the January 2006 entry
to Appendix B to part 4044. (There was no corresponding error in the
preamble to the document.)
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
0
Accordingly 29 CFR part 4044 is corrected by making the following
correcting amendments:
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
1. 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
2. In appendix B to part 4044, correct the entry for January 2006, as
set forth below, To read as follows:
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of ic are:
For valuation dates -----------------------------------------------------------------------------------
occurring in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
January 2006................ .0570 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of January 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 06-330 Filed 1-12-06; 8:45 am]
BILLING CODE 7708-01-M
