Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 12087-12088 [E7-4680]
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Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Rules and Regulations
(c) Suicide watch log. Observers are to
document significant observed behavior
in a log book.
(d) Termination. Based upon clinical
findings, the Program Coordinator or
designee will:
(1) Remove the inmate from suicide
watch when the inmate is no longer at
imminent risk for suicide, or
(2) Arrange for the inmate’s transfer to
a medical referral center or
health care facility.
[FR Doc. E7–4684 Filed 3–14–07; 8:45 am]
BILLING CODE 4410–05–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:
rmajette on PROD1PC67 with RULES
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 April 2007. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective April 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
VerDate Aug<31>2005
14:08 Mar 14, 2007
Jkt 211001
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 April 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 April
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 April 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 4.99
percent for the first 20 years following
the valuation date and 4.66 percent
thereafter. These interest assumptions
represent a decrease (from those in
effect for March 2007) of 0.23 percent
for the first 20 years following the
valuation date and 0.23 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 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 a decrease (from those in
effect for March 2007) of 0.25 percent in
the immediate annuity rate and are
otherwise unchanged. For private-sector
payments, the interest assumptions (set
PO 00000
Frm 00057
Fmt 4700
Sfmt 4700
12087
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 April 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).
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.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
I
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
162, as set forth below, is added to the
table.
I
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
E:\FR\FM\15MRR1.SGM
*
*
15MRR1
*
*
12088
Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Rules and Regulations
For plans with a
valuation date
Rate set
On or after
*
Before
*
162
5–1–07
3. In appendix C to part 4022, Rate Set
162, as set forth below, is added to the
table.
On or after
*
*
*
Immediate
annuity rate
(percent)
Before
*
*
4–1–07
i3
4.00
n1
*
n2
*
*
4.00
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
For plans with a
valuation date
i2
*
4.00
2.75
I
162
i1
*
4–1–07
Rate set
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
5–1–07
2.75
*
*
Deferred annuities
(percent)
i1
i2
i3
*
4.00
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 April 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 =
*
April 2007
*
.0499
*
1–20
*
.0466
*
>20
*
N/A
*
N/A
Issued in Washington, DC, on this 8th day
of March 2007.
Vincent K. Snowbarger,
Interim Director Pension Benefit Guaranty
Corporation.
[FR Doc. E7–4680 Filed 3–14–07; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF THE INTERIOR
Minerals Management Service
30 CFR Part 250
RIN 1010–AD24
Oil and Gas and Sulphur Operations in
the Outer Continental Shelf—Update of
New and Reaffirmed Documents
Incorporated by Reference
Minerals Management Service
(MMS), Interior.
ACTION: Final rule.
rmajette on PROD1PC67 with RULES
AGENCY:
SUMMARY: This final rule incorporates 33
new editions and 37 reaffirmed editions
of documents previously incorporated
by reference in regulations governing oil
VerDate Aug<31>2005
14:08 Mar 14, 2007
Jkt 211001
and gas and sulphur operations in the
Outer Continental Shelf (OCS). The new
and reaffirmed editions of these
documents will ensure that lessees use
the best and safest technologies
available while operating in the OCS.
The final rule also updates citations for
documents that were incorporated by
reference in recent final rules.
DATES: Effective Date: April 16, 2007.
The incorporation by reference of
publications listed in the regulation is
approved by the Director of the Federal
Register as of April 16, 2007.
FOR FURTHER INFORMATION CONTACT:
Wilbon Rhome at (703) 787–1587.
SUPPLEMENTARY INFORMATION: The MMS
uses standards, specifications, and
recommended practices developed by
standard-setting organizations and the
oil and gas industry as a means of
establishing requirements for activities
on the OCS. This practice, known as
incorporation by reference, allows us to
incorporate the provisions of technical
standards into the regulations. The legal
effect of incorporation by reference is
that the material is treated as if the
entire document were published in the
PO 00000
Frm 00058
Fmt 4700
Sfmt 4700
Federal Register. This material, like any
other properly issued regulation, then
has the force and effect of law. We hold
operators/lessees accountable for
complying with the documents
incorporated by reference in our
regulations. We currently incorporate by
reference 93 private sector consensus
standards into the offshore operating
regulations.
The regulations at 1 CFR part 51
govern how we and other Federal
agencies incorporate various documents
by reference. Agencies may only
incorporate a document by reference by
publishing the document title and
affirmation/reaffirmation date in the
Federal Register. Agencies must also
gain approval from the Director of the
Federal Register for each publication
incorporated by reference. Incorporation
by reference of a document or
publication is limited to the specific
edition, supplement, or addendum cited
in the regulations.
Under 5 U.S.C. 553, MMS may update
documents without an opportunity for
public comment when we determine
that the revisions to a document result
E:\FR\FM\15MRR1.SGM
15MRR1
]]>Agencies
[Federal Register Volume 72, Number 50 (Thursday, March 15, 2007)]
[Rules and Regulations]
[Pages 12087-12088]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4680]
=======================================================================
-----------------------------------------------------------------------
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 April 2007. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective April 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 April 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 April 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 April 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 4.99 percent for the first 20 years following the
valuation date and 4.66 percent thereafter. These interest assumptions
represent a decrease (from those in effect for March 2007) of 0.23
percent for the first 20 years following the valuation date and 0.23
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 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 a decrease (from those in
effect for March 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 April
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).
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 162, as set forth below, is
added to the table.
Appendix B to Part 4022--Lump Sum Interest Rates For PBGC Payments
* * * * *
[[Page 12088]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
162 4-1-07 5-1-07 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 162, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
162 4-1-07 5-1-07 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 April 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 =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
April 2007 .0499 1-20 .0466 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of March 2007.
Vincent K. Snowbarger,
Interim Director Pension Benefit Guaranty Corporation.
[FR Doc. E7-4680 Filed 3-14-07; 8:45 am]
BILLING CODE 7709-01-P
