Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 1460-1461 [E7-336]
Download as PDF
<![CDATA[
1460
Federal Register / Vol. 72, No. 8 / Friday, January 12, 2007 / Rules and Regulations
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
PENSION BENEFIT GUARANTY
CORPORATION
Food and Drug Administration
29 CFR Parts 4022 and 4044
21 CFR Parts 807, 868, 870, 872, 874,
876, 878, 880, 882, 884, 886, and 892
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits
[Docket No. 2006N–0335]
Medical Devices; Reprocessed SingleUse Devices; Requirement for
Submission of Validation Data;
Withdrawal
ACTION:
Direct final rule; withdrawal.
rmajette on PROD1PC67 with RULES
SUMMARY: The Food and Drug
Administration (FDA) published a
direct final rule that appeared in the
Federal Register of September 25, 2006
(71 FR 55729), that would have
amended certain classification
regulations for reprocessed single-use
devices (SUDs) whose exemption from
premarket notification (510(k))
requirements have been terminated and
other reprocessed SUDs already subject
to premarket notification for which
validation data, as specified under the
Medical Device User Fee and
Modernization Act of 2002, are
necessary in a 510(k). FDA stated in the
direct final rule that, if it received a
significant adverse comment by
December 11, 2006, FDA would publish
a notice of withdrawal. FDA received
two comments and considers at least
one of these comments a significant
adverse comment and, therefore, is
withdrawing the direct final rule.
Accordingly, the agency will consider
the comments received under our usual
procedures for notice and comment in
connection with the notice of proposed
rulemaking that was published in the
Federal Register of September 25, 2006
(71 FR 55748) as a companion to the
direct final rule.
DATES: The direct final rule published at
71 FR 55729 on September 25, 2006, is
withdrawn as of January 12, 2007.
FOR FURTHER INFORMATION CONTACT:
Heather S. Rosecrans, Center for Devices
and Radiological Health (HFZ–404),
Food and Drug Administration, 9200
Corporate Blvd., Rockville, MD 20850,
240–276–4040.
Authority: Therefore, under the
Federal Food, Drug, and Cosmetic Act
and under authority delegated to the
Commissioner of Food and Drugs, the
direct final rule published on September
25, 2006 (71 FR 55729), is withdrawn.
Dated: January 9, 2007.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 07–105 Filed 1–9–07; 2:49 pm]
BILLING CODE 4160–01–S
VerDate Aug<31>2005
15:29 Jan 11, 2007
Jkt 211001
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 February 2007. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective February 1, 2007.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Manager, Regulatory
and Policy Division, 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
PO 00000
Frm 00046
Fmt 4700
Sfmt 4700
valuation dates during February 2007,
(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 2007, 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 2007.
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 5.13
percent for the first 20 years following
the valuation date and 4.80 percent
thereafter. These interest assumptions
represent an increase (from those in
effect for January 2007) of 0.25 percent
for the first 20 years following the
valuation date and 0.25 percent for all
years thereafter.
The interest assumptions that the
PBGC will use for its own lump-sum
payments (set forth in Appendix B to
part 4022) will be 3.00 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 January 2007) of 0.25 percent
in the immediate annuity rate 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 current
market conditions as accurately as
possible.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during February 2007,
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\12JAR1.SGM
12JAR1
1461
Federal Register / Vol. 72, No. 8 / Friday, January 12, 2007 / Rules and Regulations
List of Subjects
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
29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
On or after
*
1. The authority citation for part 4022
continues to read as follows:
Before
3–1–07
3. In appendix C to part 4022, Rate Set
160, as set forth below, is added to the
table.
I
For plans with a valuation
date
On or after
*
Before
*
*
4.00
*
*
*
i3
n1
*
n2
*
*
4.00
7
8
n1
n2
3–1–07
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
i1
3.00
i2
*
4.00
*
2–1–07
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
160
*
i2
*
4.00
3.00
*
Rate set
i1
*
2–1–07
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
160
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
I
For plans with a valuation
date
Rate set
2. In appendix B to part 4022, Rate Set
160, as set forth below, is added to the
table.
I
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 2007, as set forth
below, is added to the table.
*
I
4. The authority citation for part 4044
continues to read as follows:
I
*
*
*
*
For valuation
dates occurring in
the month—
The values of it are:
it
for t =
it
for t =
it
for t =
*
February 2007
*
.0513
*
1–20
*
.0480
*
>20
*
N/A
*
N/A
Issued in Washington, DC, on this 9th day
of January 2007.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E7–336 Filed 1–11–07; 8:45 am]
44 CFR Part 67
Final Flood Elevation Determinations
BILLING CODE 7709–01–P
floodplain management measures that
each community is required either to
adopt or to show evidence of being
already in effect in order to qualify or
remain qualified for participation in the
National Flood Insurance Program
(NFIP).
DATES:
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
Federal Emergency
Management Agency, DHS.
ACTION: Final rule.
rmajette on PROD1PC67 with RULES
AGENCY:
SUMMARY: Base (1% annual chance)
Flood Elevations (BFEs) and modified
BFEs are made final for the
communities listed below. The BFEs
and modified BFEs are the basis for the
VerDate Aug<31>2005
15:29 Jan 11, 2007
Jkt 211001
PO 00000
Frm 00047
Fmt 4700
Sfmt 4700
The date of issuance of the Flood
Insurance Rate Map (FIRM) showing
BFEs and modified BFEs for each
community. This date may be obtained
by contacting the office where the maps
are available for inspection as indicated
on the table below.
ADDRESSES: The final BFEs for each
community are available for inspection
at the office of the Chief Executive
Officer of each community. The
E:\FR\FM\12JAR1.SGM
12JAR1
]]>Agencies
[Federal Register Volume 72, Number 8 (Friday, January 12, 2007)]
[Rules and Regulations]
[Pages 1460-1461]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-336]
=======================================================================
-----------------------------------------------------------------------
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 February 2007. Interest assumptions
are also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective February 1, 2007.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager,
Regulatory and Policy Division, 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 February 2007, (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 2007, 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 2007.
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 5.13 percent for the first 20 years following the
valuation date and 4.80 percent thereafter. These interest assumptions
represent an increase (from those in effect for January 2007) of 0.25
percent for the first 20 years following the valuation date and 0.25
percent for all years thereafter.
The interest assumptions that the PBGC will use for its own lump-
sum payments (set forth in Appendix B to part 4022) will be 3.00
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 January 2007) of 0.25 percent in the immediate annuity rate
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 current market
conditions as accurately as possible.
Because of the need to provide immediate guidance for the valuation
and payment of benefits in plans with valuation dates during February
2007, 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 1461]]
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 160, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
160 2-1-07 3-1-07 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 160, as set forth below, is
added to the table.
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
160 2-1-07 3-1-07 3.00 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 February 2007, as set
forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
For valuation The values of it are:
dates occurring ------------------------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
February 2007 .0513 1-20 .0480 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of January 2007.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-336 Filed 1-11-07; 8:45 am]
BILLING CODE 7709-01-P
