Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 38484-38486 [E7-13594]
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38484
Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations
(2) Employers are prohibited from
accepting a substitute form developed
by an employee, and the employee
submitting such form will be treated as
failing to furnish a withholding
exemption certificate. For further
guidance regarding the employer’s
obligations when an employee is treated
as failing to furnish a withholding
exemption certificate, see
§ 31.3402(f)(2)–1.
(3) Effective/applicability date.
Paragraph (a)(1) applies on April 14,
2005. Paragraph (a)(2) applies to any
substitute withholding exemption
certificate furnished to an employer on
or after October 11, 2007.
*
*
*
*
*
the same paragraph. This document
corrects those omissions.
EFFECTIVE DATE: Effective on August 16,
2007.
FOR FURTHER INFORMATION CONTACT: Kay
H. Oshel, Director, Office of Policy,
Reports, and Disclosure, Office of LaborManagement Standards, U.S.
Department of Labor, 200 Constitution
Avenue NW., Room N–5609,
Washington, DC 20210, olmspublic@dol.gov, (202) 693–1233 (this is
not a toll-free number). Individuals with
hearing impairments may call 1–800–
877–8339 (TTY/TDD).
SUPPLEMENTARY INFORMATION:
§ 31.3402(f)(5)–1T
The final rule that is the subject of
this correction appeared in the Federal
Register of July 2, 2007, (72 FR 36106);
the final rule revised the Form LM–30,
Labor Organization Officer and
Employee Report, its instructions, and
related provisions in the Department’s
regulations. The rule implemented
section 202 of the Labor-Management
Reporting and Disclosure Act of 1959,
29 U.S. 432, whose purpose is to require
officers and employees of labor
organizations to report specified
financial transactions and holdings to
effect public disclosure of any possible
conflicts of interest with their duty to
the labor organization and its members.
A paragraph in the preamble to the final
rule, at 72 FR 36113, left blank the
effective date of the rule and the
beginning date for the mandatory
submission of Form LM–30 reports filed
under the rule. This correction remedies
this inadvertent omission by inserting
the appropriate dates.
[Removed]
Par. 5. Section 31.3402(f)(5)–1T is
removed.
I
Kevin Brown,
Deputy Commissioner for Services and
Enforcement.
Approved: July 2, 2007.
Eric Solomon,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. E7–13492 Filed 7–12–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF LABOR
Office of Labor-Management
Standards
29 CFR Part 404
RIN 1215–AB49
Labor Organization Officer and
Employee Report, Form LM–30
Background
Need for Correction
Office of Labor-Management
Standards, Employment Standards
Administration, Department of Labor.
ACTION: Final rule; correction.
mstockstill on PROD1PC66 with RULES
AGENCY:
As published, the final rule omits the
pertinent dates from the paragraph, at
72 FR 36113 (col. 3), that describes the
prospective effect of the final rule.
SUMMARY: The Employment Standards
Administration’s Office of LaborManagement Standards (‘‘OLMS’’) of the
Department of Labor is correcting a final
rule that appeared in the Federal
Register of July 2, 2007, (72 FR 36106).
That document revised the Form LM–
30, Labor Organization Officer and
Employee Report, its instructions, and
related provisions in the Department’s
regulations. In that document, the
effective date of the final rule (August
16, 2007) was omitted from one
paragraph in the preamble and the
beginning date for the mandatory
submission of Form LM–30 reports filed
under the final rule (November 16,
2008) was inadvertently omitted from
Correction
VerDate Aug<31>2005
16:47 Jul 12, 2007
Jkt 211001
Accordingly, the preamble to the final
rule (FR Doc. 07–3155), is corrected as
follows:
Section II, Subsection A [Corrected]
On page 36113, in the third column,
the last paragraph of Section II,
subsection A, is corrected to read:
DOL is applying these changes
prospectively only. This final rule will
apply to fiscal years beginning on or
after August 16, 2007. Therefore, no
report subject to today’s rule will be due
until at least November 16, 2008. There
is ample time from publication of this
final rule until November 16, 2008 for
all filers to obtain any information they
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need to comply with the filing
requirements.
Signed at Washington, DC this 9th day of
July, 2007.
Dixon M. Wilson,
Deputy Assistant Secretary for Employment
Standards.
[FR Doc. E7–13534 Filed 7–12–07; 8:45 am]
BILLING CODE 4510–CP–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
benefits under terminating singleemployer plans. This final rule amends
the regulations to adopt interest
assumptions for plans with valuation
dates in August 2007. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective August 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
E:\FR\FM\13JYR1.SGM
13JYR1
38485
Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations
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 August 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
August 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 August 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 5.49
percent for the first 20 years following
the valuation date and 5.16 percent
thereafter. These interest assumptions
represent an increase (from those in
effect for July 2007) of 0.16 percent for
the first 20 years following the valuation
date and 0.16 percent for all years
thereafter.
Rate set
For plans with a valuation
date
On or after
*
166
Before
The interest assumptions that the
PBGC will use for its own lump-sum
payments (set forth in Appendix B to
part 4022) will be 3.50 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 of 0.25 percent in
the immediate rate from those in effect
for July 2007 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 August 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
3. In appendix C to part 4022, Rate Set
166, as set forth below, is added to the
table.
I
For plans with a valuation
date
On or after
mstockstill on PROD1PC66 with RULES
*
166
VerDate Aug<31>2005
Before
16:47 Jul 12, 2007
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
166, as set forth below, is added to the
table.
I
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
4.00
*
*
*
*
*
*
*
i3
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
9–1–07
Jkt 211001
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
8–1–07
29 CFR Part 4022
i2
*
4.00
3.50
*
Rate set
i1
*
9–1–07
List of Subjects
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
8–1–07
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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38486
Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations
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 August 2007, 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
*
*
*
August 2007 ......................................................................
Issued in Washington, DC, on this 9th day
of July 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E7–13594 Filed 7–12–07; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 105
[Docket Nos. TSA–2006–24191; USCG–
2006–24196]
RIN 1652–AA41
United States Coast Guard,
Department of Homeland Security
(DHS).
ACTION: Final rule; extension of
compliance date.
AGENCY:
The Department of Homeland
Security (DHS), through the United
States Coast Guard (Coast Guard), issues
this final rule to extend compliance
dates for the redesignation of secure
areas. The Coast Guard is delaying the
date by which facilities wishing to
redefine their secure areas must submit
an amendment to their facility security
plan. Amendments to facility security
plans are now due by September 4,
2007.
SUMMARY:
This final rule is effective July
13, 2007.
ADDRESSES: Comments and material
received from the public, as well as
documents mentioned in this preamble
as being available in the docket, are part
of dockets TSA–2006–24191 and
mstockstill on PROD1PC66 with RULES
DATES:
16:47 Jul 12, 2007
it
*
for t =
*
.0549
1–20
Jkt 211001
USCG–2006–24196, and are available
for inspection or copying at the Docket
Management Facility, U.S. Department
of Transportation, West Building
Ground Floor, Room W12–140, 1200
New Jersey Avenue, SE., Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
holidays. You may also find this docket
on the Internet at https://dms.dot.gov.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call
LCDR Jonathan Maiorine, telephone 1–
877–687–2243. If you have questions on
viewing the docket, call Renee V.
Wright, Program Manager, Docket
Operations, telephone 202–493–0402.
SUPPLEMENTARY INFORMATION:
On May 22, 2006, The Department of
Homeland Security (DHS) through the
United States Coast Guard (Coast Guard)
and the Transportation Security
Administration (TSA) published a joint
notice of proposed rulemaking entitled
‘‘Transportation Worker Identification
Credential (TWIC) Implementation in
the Maritime Sector; Hazardous
Materials Endorsement for a
Commercial Driver’s License’’ in the
Federal Register (71 FR 29396). This
was followed by a 45 day comment
period and four public meetings. The
Coast Guard and TSA issued a joint
final rule, under the same title, on
January 25, 2007 (72 FR 3492)
(hereinafter referred to as the original
TWIC final rule). The preamble to that
final rule contains a discussion of all the
comments received on the NPRM, as
well as a discussion of the provisions
found in the original TWIC final rule,
which became effective on March 26,
2007.
II. Background and Purpose
A complete discussion of the
background and purpose of the original
TWIC final rule may be found beginning
at 72 FR 3494. This final rule is being
PO 00000
Frm 00024
Fmt 4700
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*
>20
.0516
I. Regulatory History
Transportation Worker Identification
Credential (TWIC) Implementation in
the Maritime Sector; Hazardous
Materials Endorsement for a
Commercial Driver’s License
VerDate Aug<31>2005
for t =
it
for t =
*
N/A
N/A
issued in order to amend the original
TWIC final rule to reflect delays in the
issuance of guidance.
III. Discussion of Change
The Coast Guard is delaying the date
by which facilities wishing to redefine
their secure areas must submit an
amendment to their facility security
plan. The original final rule required
these submissions to be made to the
appropriate Captain of the Port (COTP)
by July 25, 2007. The Coast Guard
issued its Navigation and Vessel
Inspection Circular (NVIC) containing
guidance on which facilities are eligible
for this redefinition, and what would be
an acceptable new definition of ‘‘secure
area,’’ on July 6, 2007. In order to
provide facility owners and operators
time to take this guidance into account
before submitting their revised plan, we
are delaying the deadline for these
submission until September 4, 2007.
This amendment may be found at 33
CFR 105.115.
IV. Regulatory Requirements
A. Administrative Procedure Act
We did not publish a notice of
proposed rulemaking (NPRM) for this
final rule. Under 5 U.S.C. 553(b)(B), the
Coast Guard finds that good cause exists
for not publishing an NPRM, because
providing opportunity for public
comment is unnecessary and would be
contrary to the public interest. The
provision being amended by this final
rule without prior notice and comment
eases a restriction on the public by
providing the public (owners and
operators of facilities regulated by 33
CFR part 105) with more time to comply
with the regulatory requirements. For
the same reason, 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.
E:\FR\FM\13JYR1.SGM
13JYR1
]]>Agencies
[Federal Register Volume 72, Number 134 (Friday, July 13, 2007)]
[Rules and Regulations]
[Pages 38484-38486]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13594]
=======================================================================
-----------------------------------------------------------------------
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 August 2007. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective August 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
[[Page 38485]]
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 August 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 August 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 August 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 5.49 percent for the first 20 years following the
valuation date and 5.16 percent thereafter. These interest assumptions
represent an increase (from those in effect for July 2007) of 0.16
percent for the first 20 years following the valuation date and 0.16
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 3.50
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 of 0.25
percent in the immediate rate from those in effect for July 2007 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 August
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 166, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
166 8-1-07 9-1-07 3.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 166, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
166 8-1-07 9-1-07 3.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 38486]]
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 August 2007, as set
forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used to Value Benefits
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring in -----------------------------------------------------------------------------
the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
August 2007....................... .0549 1-20 .0516 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of July 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-13594 Filed 7-12-07; 8:45 am]
BILLING CODE 7709-01-P
