Estate Tax; Estates of Decedents Dying After August 16, 1954, 2147 [06-55501]

Download as PDF Federal Register / Vol. 71, No. 9 / Friday, January 13, 2006 / Rules and Regulations Food and Drug Administration 21 CFR Part 510 New Animal Drugs CFR Correction In Title 21 of the Code of Federal Regulations, parts 500 to 599, revised as of April 1, 2005, on page 46, in § 510.600, paragraph (c)(1), the entry for ‘‘Intervet, Inc.’’ is corrected by adding ‘‘Millsboro, DE 19966’’ at the end of the entry. [FR Doc. 06–55502 Filed 1–12–06; 8:45 am] BILLING CODE 1505–01–D DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 20 Estate Tax; Estates of Decedents Dying After August 16, 1954 CFR Correction In Title 26 of the Code of Federal Regulations, parts 2 to 29, revised as of April 1, 2005, on page 269, in § 20.2031–2, the equation in paragraph (b)(3), Example (2) is corrected to read as follows: § 20.2031–2 bonds. * Valuation of stocks and * * (b) * * * (3) * * * Example 2. * * * * * * * ( 3 ×15) + ( 2 ×10 ) ⋅ 5 [FR Doc. 06–55501 Filed 1–12–06; 8:45 am] BILLING CODE 1505–01–D PENSION BENEFIT GUARANTY CORPORATION 29 CFR Parts 4022 and 4044 hsrobinson on PROD1PC70 with RULES 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: The Pension Benefit Guaranty Corporation’s regulations on Benefits SUMMARY: VerDate Aug<31>2005 13:51 Jan 12, 2006 Jkt 208001 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 February 2006. Interest assumptions are also published on the PBGC’s Web site (https://www.pbgc.gov). DATES: Effective February 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 February 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 February 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 February 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 5.60 PO 00000 Frm 00013 Fmt 4700 Sfmt 4700 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 January 2006) of 0.10 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:// www.pbgc.gov/docs/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 January 2006. 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 February 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. E:\FR\FM\13JAR1.SGM 13JAR1 ER13JA06.003</MATH> DEPARTMENT OF HEALTH AND HUMAN SERVICES 2147

Agencies

[Federal Register Volume 71, Number 9 (Friday, January 13, 2006)]
[Rules and Regulations]
[Page 2147]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-55501]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 20


Estate Tax; Estates of Decedents Dying After August 16, 1954

CFR Correction

    In Title 26 of the Code of Federal Regulations, parts 2 to 29, 
revised as of April 1, 2005, on page 269, in Sec.  20.2031-2, the 
equation in paragraph (b)(3), Example (2) is corrected to read as 
follows:


Sec.  20.2031-2  Valuation of stocks and bonds.

* * * * *
    (b) * * *
    (3) * * *
    Example 2.
* * * * *
[GRAPHIC] [TIFF OMITTED] TR13JA06.003


[FR Doc. 06-55501 Filed 1-12-06; 8:45 am]
BILLING CODE 1505-01-D

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.