Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 40464-40465 [E8-16150]
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40464
Federal Register / Vol. 73, No. 136 / Tuesday, July 15, 2008 / Rules and Regulations
Reform Act of 1995, 2 U.S.C. 1501 et
seq.
Congressional Review Act
This rule is not a major rule as
defined by section 251 of the Small
Business Regulatory Enforcement
Fairness Act of 1996, 5 U.S.C. 804
(Congressional Review Act). This rule
will not result in an annual effect on the
economy of $100 million or more; a
major increase in costs or prices; or
significant adverse effects on
competition, employment, investment,
productivity, innovation, or the ability
of United States-based companies to
compete with foreign-based companies
in domestic and export markets.
The Drug Enforcement
Administration has determined that this
action is a rule relating to agency
organization, procedure or practice that
does not substantially affect the rights or
obligation of non-agency parties and,
accordingly, is not a ‘‘rule’’ as that term
is used by the Congressional Review Act
(Subtitle E of the Small Business
Regulatory Enforcement Fairness Act of
1966). Therefore, the reporting
requirement of 5 U.S.C. 801 does not
apply.
List of Subjects in 28 CFR Part 0
Authority delegations (Government
agencies), Government employees,
Organization and functions
(Government agencies), Privacy,
Reporting and recordkeeping
requirements, Whistleblowing.
I Accordingly, and for the reasons set
forth above, 28 CFR Part 0 is amended
as follows:
PART 0—ORGANIZATION OF THE
DEPARTMENT OF JUSTICE
[AMENDED]
1. The authority citation for Part 0
continues to read as follows:
I
Authority: 5 U.S.C. 301; 28 U.S.C. 509,
510, 515–519.
2. In section 4 of the Appendix to
Subpart R, paragraph (a) is revised to
read as follows:
I
ebenthall on PRODPC60 with RULES
Appendix to Subpart R of Part 0—
Redelegation of Functions
Sec. 4. Issuance of subpoenas. (a) The
Chief Inspector of the DEA; the Deputy Chief
Inspectors and Associate Deputy Chief
Inspectors of the Office of Inspections and
the Office of Professional Responsibility of
the DEA; all Special Agents-in-Charge of the
DEA and the FBI; DEA Inspectors assigned to
the Inspection Division; DEA Associate
Special Agents-in-Charge; DEA and FBI
Assistant Special Agents-in-Charge; DEA
Resident Agents-in-Charge; DEA Diversion
Program Managers; FBI Supervisory Senior
Resident Agents; DEA Special Agent Group
VerDate Aug<31>2005
13:23 Jul 14, 2008
Jkt 214001
Supervisors; those FBI Special Agent Squad
Supervisors who have management
responsibility over Organized Crime/Drug
Program Investigations; and DEA Regional
Directors, Assistant Regional Directors, and
´
Country Attaches, are authorized to sign and
issue subpoenas with respect to controlled
substances, listed chemicals, tableting
machines or encapsulating machines under
21 U.S.C. 875 and 876 in regard to matters
within their respective jurisdictions.
*
*
*
*
*
Dated: July 1, 2008.
Michele M. Leonhart,
Acting Administrator.
[FR Doc. E8–16012 Filed 7–14–08; 8:45 am]
BILLING CODE 4410–09–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 2008. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective August 1, 2008.
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.
PO 00000
Frm 00012
Fmt 4700
Sfmt 4700
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 August 2008, (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 2008, 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 2008.
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 6.05
percent for the first 20 years following
the valuation date and 5.12 percent
thereafter. These interest assumptions
represent an increase (from those in
effect for July 2008) of 0.10 percent for
the first 20 years following the valuation
date and 0.10 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 3.25 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 July 2008) 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.
E:\FR\FM\15JYR1.SGM
15JYR1
40465
Federal Register / Vol. 73, No. 136 / Tuesday, July 15, 2008 / Rules and Regulations
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during August 2008, 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
Rate set
For plans with a valuation
date
On or after
*
178
Before
Act of 1980 does not apply. See 5 U.S.C.
601(2).
List of Subjects
I
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
29 CFR Part 4044
I
For plans with a valuation
date
On or after
*
178
Before
i1
i2
*
4.00
3.25
*
*
*
*
i3
4.00
n1
*
n2
*
*
4.00
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
08–1–08
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
Rate set
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
I
*
3. In appendix C to part 4022, Rate Set
178, as set forth below, is added to the
table.
2. In appendix B to part 4022, Rate Set
178, as set forth below, is added to the
table.
Employee benefit plans, Pension
insurance, Pensions.
09–1–08
I
1. The authority citation for part 4022
continues to read as follows:
29 CFR Part 4022
*
08–1–08
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
i1
*
4.00
*
09–1–08
3.25
i2
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1320(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 2008, 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 2008 ......................................................................
Issued in Washington, DC, on this 8th day
of July 2008.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension
Benefit Guaranty Corporation.
[FR Doc. E8–16150 Filed 7–14–08; 8:45 am]
it
for t =
1–20
*
.0512
>20
*
.0605
DEPARTMENT OF VETERANS
AFFAIRS
38 CFR Part 3
RIN 2900–AM89
Eligibility Reporting Requirements
BILLING CODE 7709–01–P
ebenthall on PRODPC60 with RULES
for t =
Department of Veterans Affairs.
Final rule.
AGENCY:
ACTION:
SUMMARY: This document amends the
Department of Veterans Affairs (VA)
VerDate Aug<31>2005
13:23 Jul 14, 2008
Jkt 214001
PO 00000
Frm 00013
Fmt 4700
Sfmt 4700
it
*
for t =
*
N/A
N/A
adjudication regulations regarding
eligibility verification reports for certain
parents receiving dependency and
indemnity compensation. This
amendment is necessary to conform the
regulation to statutory provisions.
EFFECTIVE DATE: This amendment is
effective July 15, 2008.
FOR FURTHER INFORMATION CONTACT:
Maya Ferrandino, Regulations Staff
(211D), Compensation and Pension
Service, Veterans Benefits
E:\FR\FM\15JYR1.SGM
15JYR1
]]>Agencies
[Federal Register Volume 73, Number 136 (Tuesday, July 15, 2008)]
[Rules and Regulations]
[Pages 40464-40465]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16150]
=======================================================================
-----------------------------------------------------------------------
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 2008. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective August 1, 2008.
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 August 2008, (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 2008, 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 2008.
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 6.05 percent for the first 20 years following the
valuation date and 5.12 percent thereafter. These interest assumptions
represent an increase (from those in effect for July 2008) of 0.10
percent for the first 20 years following the valuation date and 0.10
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 3.25
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 July 2008) 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.
[[Page 40465]]
Because of the need to provide immediate guidance for the valuation
and payment of benefits in plans with valuation dates during August
2008, 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 178, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
178 08-1-08 09-1-08 3.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 178, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
178 08-1-08 09-1-08 3.25 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), 1320(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, a new entry for August 2008, 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 2008................. .0605 1-20 .0512 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of July 2008.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension Benefit Guaranty Corporation.
[FR Doc. E8-16150 Filed 7-14-08; 8:45 am]
BILLING CODE 7709-01-P
