Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 64150-64152 [E7-22326]
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rfrederick on PROD1PC67 with RULES
64150
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Rules and Regulations
meaning of § 1.6033–2(h)(2)) with a
church or operated by a religious order.
(v) A State institution, the income of
which is excluded from gross income
under section 115(a);
(vi) An organization described in
section 501(c)(1).
(vii) An organization that is a
governmental unit or an affiliate of a
governmental unit exempt from Federal
income tax under section 501(a).
(3) If an organization exempt from
taxation under section 501(a) is not
described in paragraph (b)(1) or (2) of
this section, the organization must
submit an annual notification. Thus, a
black lung trust that normally has gross
receipts of $25,000 or less is not
required to file Form 990–BL but is
required to submit electronic
notification. A section 509(a)(3)
supporting organization of a religious
organization that normally has gross
receipts of $5,000 or less is not required
to file Form 990 or Form 990–EZ but is
required to submit electronic
notification.
(c) Additional notification
requirements—(1) In general. Any
organization described in paragraph
(a)(1) of this section shall submit an
annual notification described in section
6033(i)(1). The annual notification
shall—
(i) Be in electronic form; and
(ii) Set forth—
(A) The legal name of the
organization;
(B) Any name under which the
organization operates or does business;
(C) The organization’s mailing address
and Internet Web site address (if any);
(D) The organization’s taxpayer
identification number;
(E) The name and address of a
principal officer;
(F) Evidence of the continuing basis
for the organization’s exemption from
the filing requirements under section
6033(a)(1); and
(G) Additional information necessary
to process the notification.
(2) The mailing address required by
section 6033(i)(1)(C) and submitted in
the annual notification shall be the
organization’s last known address as
provided by § 301.6212–2(a) of this
chapter. This last known address may
be updated as provided under
§ 301.6212–2 of this chapter, or by clear
and concise notification. The Internal
Revenue Service will use this last
known address as the organization’s
address of record and will direct all
mailings to this address.
(3) By submitting the annual
notification described in this paragraph
(c)(1), an organization acknowledges
that it is not required to file a return
VerDate Aug<31>2005
15:27 Nov 14, 2007
Jkt 214001
under section 6033(a) because its annual
gross receipts are not normally in excess
of $25,000. In order to make this
determination, the organization must
keep records that enable it to calculate
its gross receipts. All organizations are
required to maintain records under
section 6001. These records will provide
evidence of the continuing basis for the
organization’s exemption from the filing
requirements under section 6033(a)(1).
(4) If an organization that is required
to submit an annual electronic
notification files a complete Form 990
or Form 990–EZ the annual notification
requirement shall be deemed satisfied.
The annual notification requirement is
not satisfied if the Form 990 or Form
990–EZ contains only those items of
information that would have been
required by submitting the notification
in electronic form. Also, the filing of a
complete Form 990 or Form 990–EZ,
rather than the submission of an annual
electronic notification, is the filing of a
return that starts the period of
limitations for assessment under section
6501(g)(2).
(d) No effect on other filing
requirements. An organization that is
relieved from filing an information
return under section 6033(a) is still
subject to the requirements of § 1.6033–
2(i) and (j), concerning notice regarding
changes in character, operations, or
purpose; providing additional
information; duty to file other returns of
information; and duty to file unrelated
business tax returns. If an organization
is required to file an unrelated business
tax return, Form 990–T, ‘‘Exempt
Organization Business Income Tax
Return,’’ the filing of that return does
not relieve the organization from the
requirement of submitting notification
under section 6033(i).
(e) Accounting period for submitting
electronic notification. An annual
notification required by this section
shall be on the basis of the established
annual accounting period of the
organization. If the organization has no
established accounting period, annual
notification shall be on the basis of the
calendar year.
(f) Time and place for submitting
electronic notification. The annual
notification required by this section
shall be submitted on or before the 15th
day of the fifth calendar month
following the close of the period for
which the notification is required to be
submitted. Thus, an organization with
an accounting period ending December
31, 2007, is required to submit annual
notification by May 15, 2008. The
notification shall be submitted in
accordance with instructions and
publications, including those provided
PO 00000
Frm 00032
Fmt 4700
Sfmt 4700
at the Internal Revenue Service Web site
for exempt organizations.
(g) Effective/applicability date. These
regulations are applicable to annual
periods beginning after 2006.
(h) Expiration date. These regulations
expire November 15, 2010.
Linda E. Stiff,
Deputy Commissioner for Services and
Enforcement.
Approved: November 6, 2007.
Eric Solomon,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. E7–22299 Filed 11–14–07; 8:45 am]
BILLING CODE 4830–01–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 December 2007. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective December 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.
E:\FR\FM\15NOR1.SGM
15NOR1
64151
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Rules and Regulations
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 December 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
December 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
December 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 5.37
percent for the first 20 years following
the valuation date and 5.04 percent
thereafter. These interest assumptions
Rate set
For plans with a valuation
date
On or after
*
170
Before
represent a decrease (from those in
effect for November 2007) of 0.09
percent for the first 20 years following
the valuation date and 0.09 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
partaves\rules.xml 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 a decrease (from
those in effect for November 2007) of
0.25% 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 December 2007,
the PBGC finds that good cause exists
for making the assumptions set forth in
this amendment effective less than 30
days after publication.
3. In appendix C to part 4022, Rate Set
170, as set forth below, is added to the
table.
I
For plans with a valuation
date
On or after
*
rfrederick on PROD1PC67 with RULES
170
VerDate Aug<31>2005
Before
*
12–1–07
15:27 Nov 14, 2007
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
I In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
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
170, as set forth below, is added to the
table.
I
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
*
*
*
i3
4.00
n1
*
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
Immediate
annuity rate
(percent)
*
01–1–08
Jkt 214001
29 CFR Part 4022
i2
*
4.00
3.00
*
Rate set
i1
*
01–1–08
List of Subjects
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
12–1–07
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).
PO 00000
3.00
Frm 00033
*
*
Deferred annuities (percent)
i1
i2
*
4.00
4.00
Fmt 4700
Sfmt 4700
i3
*
*
4.00
E:\FR\FM\15NOR1.SGM
15NOR1
*
7
8
64152
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 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 December 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
*
*
*
December 2007 ....................................................................
Issued in Washington, DC, on this 8th day
of November 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E7–22326 Filed 11–14–07; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[CGD08–07–032]
Drawbridge Operation Regulations;
Liberty Bayou, Slidell, LA
Coast Guard, DHS.
Notice of temporary deviation
from regulations; request for comments.
AGENCY:
rfrederick on PROD1PC67 with RULES
ACTION:
SUMMARY: The Commander, Eighth
Coast Guard District, has issued a
temporary deviation from the regulation
governing the operation of the State
Route 433 (S433) bridge across Liberty
Bayou, mile 2.0, at Slidell, St. Tammany
Parish, Louisiana. This deviation will
test a change to the drawbridge
operation schedule to determine
whether a permanent change to the
schedule is needed.
DATES: This deviation is effective from
November 15, 2007 until May 13, 2008.
ADDRESSES: You may mail comments
and related material to Commander
(dpb), Eighth Coast Guard District, 500
Poydras Street, New Orleans, Louisiana
70130–3310. The Commander, Eighth
Coast Guard District, Bridge
Administration Branch maintains the
public docket for this rulemaking.
Comments and material received from
the public, as well as documents
indicated in this preamble as being
available in the docket, will become part
of this docket and will be available for
inspection or copying at the Bridge
Administration office between 7 a.m.
VerDate Aug<31>2005
15:27 Nov 14, 2007
Jkt 214001
for t =
*
.0537
it
for t =
.0504
>20
*
1–20
*
and 3 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: Phil
Johnson, Bridge Administration Branch,
telephone (504) 671–2128.
SUPPLEMENTARY INFORMATION:
Request for Comments
We encourage you to participate in
evaluating this test schedule by
submitting comments and related
material. If you do so, please include
your name and address, identify the
docket number for this deviation
CGD08–07–032, indicate the specific
section of this document to which each
comment applies, and give the reason
for each comment. Please submit all
comments and related material in an
unbound format, no larger than 8W by 11
inches, suitable for copying. If you
would like to know they reached us,
please enclose a stamped, self-addressed
postcard or envelope. We will consider
all comments and material received
during the comment period. Comments
must be received by January 14, 2008.
Background and Purpose
The Louisiana Department of
Transportation and Development has
requested that the operating regulation
of the S433 pontoon span bridge,
located on Liberty Bayou at mile 2.0 in
Slidell, St. Tammany Parish, Louisiana,
be changed in order to make more
efficient use of operating resources.
Currently, the draw of the S433 Bridge
opens on signal, except that from 9 p.m.
to 5 a.m. the draw opens on signal if at
least 12 hours notice is given, as
required by 33 CFR 117.469. The Coast
Guard previously published a notice of
proposed rulemaking [CGD08–06–10]
on May 4, 2006 (86 FR 26290). The
proposed rule would have changed the
regulation governing the operation of
the (S433) pontoon span bridge across
Liberty Bayou, mile 2.0, at Slidell, St.
Tammany Parish, Louisiana. The rule,
as previously proposed, would have
changed the notice required for an
opening from 12 hours to 4 hours. A
PO 00000
Frm 00034
Fmt 4700
Sfmt 4700
it
N/A
for t =
*
N/A
final rule for that proposed change was
not published. Subsequently, the bridge
owner has requested that the notice for
an opening be changed so that the
bridge will open on signal, except that
from 7 p.m. to 7 a.m., the bridge will
open on signal if at least 2 hours notice
is given.
A Supplemental Notice of Proposed
Rulemaking [CGD08–06–010], is being
issued in conjunction with this
Temporary Deviation to obtain public
comments. The Coast Guard will
evaluate public comments from this
Test Deviation and the above referenced
Supplemental Notice of Proposed
Rulemaking to determine if a permanent
special drawbridge operating regulation
is warranted.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the designated time period. This
deviation from the operating regulations
is authorized under 33 CFR 117.35.
Dated: November 6, 2007.
David M. Frank,
Bridge Administrator.
[FR Doc. E7–22364 Filed 11–14–07; 8:45 am]
BILLING CODE 4910–15–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[CGD08–07–037]
Drawbridge Operation Regulations;
Tchefuncta River, Madisonville, LA
Coast Guard, DHS.
Notice of temporary deviation
from regulations; request for comments.
AGENCY:
ACTION:
SUMMARY: The Commander, Eighth
Coast Guard District, has issued a
temporary deviation from the regulation
governing the operation of the State
Route 22 (SR 22) Bridge across
Tchefuncta River, mile 2.5, at
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Rules and Regulations]
[Pages 64150-64152]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22326]
=======================================================================
-----------------------------------------------------------------------
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 December 2007. Interest assumptions
are also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective December 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.
[[Page 64151]]
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 December 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 December 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 December 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 5.37 percent for the first 20 years following the
valuation date and 5.04 percent thereafter. These interest assumptions
represent a decrease (from those in effect for November 2007) of 0.09
percent for the first 20 years following the valuation date and 0.09
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 partaves\rules.xml 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 a decrease (from those
in effect for November 2007) of 0.25% 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 December
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 170, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
170 12-1-07 01-1-08 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 170, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
170 12-1-07 01-1-08 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 64152]]
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 December 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 =
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
December 2007............................ .0537 1-20 .0504 >20 N/A N/A
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of November 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-22326 Filed 11-14-07; 8:45 am]
BILLING CODE 7709-01-P
