Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 17395-17396 [E9-8674]
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Federal Register / Vol. 74, No. 71 / Wednesday, April 15, 2009 / Rules and Regulations
PART 145—COMMISSION RECORDS
AND INFORMATION
11. The authority citation for part 145
continues to read as follows:
■
Authority: Public Law 99–570, 100 Stat.
3207; Public Law 89–554, 80 Stat. 383; Public
Law 90–23, 81 Stat. 54; Public Law 98–502,
88 Stat. 1561–1564 (5 U.S.C. 552); Sec.
101(a), Public Law 93–463, 88 Stat. 1389 (5
U.S.C. 4a(j)), unless otherwise noted.
12. Section 145.9 is amended by
revising paragraph (b) to read as follows:
■
§ 145.9 Petition for confidential treatment
of information submitted to the
Commission.
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*
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*
(b) Scope. The provisions of this
section shall apply only where the
Commission has not specified that an
alternative procedure be utilized in
connection with a particular study,
report, investigation, or other matter.
See 40.8 for procedures to be utilized in
connection with filing information
required to be filed pursuant to 17 CFR
parts 40 and 41.
*
*
*
*
*
Issued in Washington, DC on April 3, 2009
by the Commission.
David Stawick,
Secretary of the Commission.
[FR Doc. E9–8024 Filed 4–14–09; 8:45 am]
BILLING CODE 6351–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Valuing and Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
rwilkins on PROD1PC63 with RULES
SUMMARY: Pension Benefit Guaranty
Corporation’s regulation on Benefits
Payable in Terminated Single-Employer
Plans prescribes interest assumptions
for valuing and paying certain benefits
under terminating single-employer
plans. This final rule amends the benefit
payments regulation to adopt interest
assumptions for plans with valuation
dates in May 2009. Interest assumptions
are also published on PBGC’s Web site
(https://www.pbgc.gov).
DATES: Effective Date: May 1, 2009.
VerDate Nov<24>2008
16:06 Apr 14, 2009
Jkt 217001
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: 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.
These interest assumptions are found
in two PBGC regulations: The regulation
on Benefits Payable in Terminated
Single-Employer Plans (29 CFR part
4022) and the regulation on Allocation
of Assets in Single-Employer Plans (29
CFR part 4044). Assumptions under the
asset allocation regulation are updated
quarterly; assumptions under the benefit
payments regulation are updated
monthly. This final rule updates only
the assumptions under the benefit
payments regulation.
Two sets of interest assumptions are
prescribed under the benefit payments
regulation: (1) A set for PBGC to use to
determine whether a benefit is payable
as a lump sum and to determine lumpsum amounts to be paid by PBGC (found
in Appendix B to Part 4022), and (2) a
set for private-sector pension
practitioners to refer to if they wish to
use lump-sum interest rates determined
using PBGC’s historical methodology
(found in Appendix C to Part 4022).
This amendment (1) adds to
Appendix B to Part 4022 the interest
assumptions for PBGC to use for its own
lump-sum payments in plans with
valuation dates during May 2009, and
(2) 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 PBGC’s historical
methodology for valuation dates during
May 2009.
The interest assumptions that 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
PO 00000
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17395
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 April 2009) 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 PBGC for
determining and paying lump sums (set
forth in Appendix B to part 4022).
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 May 2009, PBGC
finds that good cause exists for making
the assumptions set forth in this
amendment effective less than 30 days
after publication.
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 in 29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
■
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
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.
2. In appendix B to part 4022, the
entry for Rate Set 187 is added to the
table to read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
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E:\FR\FM\15APR1.SGM
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15APR1
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17396
Federal Register / Vol. 74, No. 71 / Wednesday, April 15, 2009 / Rules and Regulations
Rate set
For plans with a valuation
date
On or after
*
187 ....................................
Before
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6–1–09
5–1–09
*
Before
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BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[USCG–2009–0234]
Drawbridge Operation Regulations;
Intracoastal Waterway (ICW); Albany
Avenue, Atlantic City, NJ
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
rwilkins on PROD1PC63 with RULES
ACTION:
SUMMARY: The Commander, Fifth Coast
Guard District, has issued a temporary
deviation from the regulations
governing the operation of the US40–
322 Albany Avenue Bridge, at ICW mile
70.0, across Inside Thorofare at Atlantic
City, NJ. This deviation is necessary to
facilitate traffic control during the
Atlantic City Air Show. This deviation
will cause the bridge to be maintained
in the closed-to-navigation position for
a brief period of time.
DATES: This deviation is effective from
10 a.m. to 5 p.m. on August 19, 2009.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2009–
0234 and are available online at
www.regulations.gov. They are also
16:06 Apr 14, 2009
Jkt 217001
i2
*
i3
*
3.25
*
4.00
*
n1
*
4.00
4.00
n2
*
7
8
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
6–1–09
5–1–09
Issued in Washington, DC, on this 10th day
of April 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E9–8674 Filed 4–14–09; 8:45 am]
VerDate Nov<24>2008
*
For plans with a valuation
date
On or after
*
187 ....................................
i1
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
3. In appendix C to part 4022, the
entry for Rate Set 187 is added to the
table to read as follows:
■
Rate set
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
i2
i1
*
3.25
*
4.00
available for inspection or copying at
two locations: the Docket Management
Facility (M–30), 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,
and the Commander (dpb), Fifth Coast
Guard District, Federal Building, 1st
Floor, 431 Crawford Street, Portsmouth,
VA 23704–5004 between 8 a.m. and 4
p.m., Monday through Friday, except
Federal holidays.
FOR FURTHER INFORMATION CONTACT: Mrs.
Sandra S. Elliott, Bridge Management
Specialist, Fifth Coast Guard District, at
(757) 398–6557.
SUPPLEMENTARY INFORMATION:
The Greater Atlantic City Chamber of
Commerce on behalf of the bridge
owner, the New Jersey Department of
Transportation, has requested a
temporary deviation for the current
operating regulation set out in 33 CFR
117.733 (f) to close the US40–322
(Albany Avenue) Bridge to navigation
for the sole purpose of traffic control
during the Atlantic City Air Show
scheduled for Wednesday, August 19,
2009, from 10 a.m. to 5 p.m.
The US40–322 (Albany Avenue
Bridge) at ICW mile 70.0, across Inside
Thorofare at Atlantic City, NJ, is a lift
drawbridge and has a vertical clearance
in the closed position of 10 feet, above
mean high water. The current operating
regulation set out in 33 CFR 117.733 (f)
requires the draw shall open on signal
except that: Year-round from 11 p.m. to
7 a.m. and from November 1 through
March 31 from 3 p.m. to 11 p.m., the
draw need only open if at least four
hours notice is given, From June 1
PO 00000
Frm 00026
Fmt 4700
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4.00
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4.00
n2
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7
8
through September 30: from 9 a.m. to 4
p.m. and from 6 p.m. to 9 p.m., the draw
need only open on the hour and half
hour; and from 4 p.m. to 6 p.m., the
draw need not open.
During the event, vessel operators
with mast height lower than 10 feet will
continue to be able to transit through
the drawbridge. The Atlantic Ocean is
an alternate route for vessels with a
mast height greater than 10 feet. In the
event of a maritime emergency, the
drawbridge will be available for vessel
openings.
The Coast Guard will inform the users
of the waterway through our Local and
Broadcast Notices to Mariners of the
closure period for the bridge so that
vessels can arrange their transits and to
minimize any impact caused by the
temporary deviation.
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: April 1, 2009.
Waverly W. Gregory, Jr.,
Chief, Bridge Administration Branch Fifth
Coast Guard District.
[FR Doc. E9–8618 Filed 4–14–09; 8:45 am]
BILLING CODE 4910–15–P
E:\FR\FM\15APR1.SGM
15APR1
]]>Agencies
[Federal Register Volume 74, Number 71 (Wednesday, April 15, 2009)]
[Rules and Regulations]
[Pages 17395-17396]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-8674]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated Single-Employer Plans; Interest
Assumptions for Valuing and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: Pension Benefit Guaranty Corporation's regulation on Benefits
Payable in Terminated Single-Employer Plans prescribes interest
assumptions for valuing and paying certain benefits under terminating
single-employer plans. This final rule amends the benefit payments
regulation to adopt interest assumptions for plans with valuation dates
in May 2009. Interest assumptions are also published on PBGC's Web site
(https://www.pbgc.gov).
DATES: Effective Date: May 1, 2009.
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: 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.
These interest assumptions are found in two PBGC regulations: The
regulation on Benefits Payable in Terminated Single-Employer Plans (29
CFR part 4022) and the regulation on Allocation of Assets in Single-
Employer Plans (29 CFR part 4044). Assumptions under the asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates only the assumptions under the benefit payments regulation.
Two sets of interest assumptions are prescribed under the benefit
payments regulation: (1) A set for PBGC to use to determine whether a
benefit is payable as a lump sum and to determine lump-sum amounts to
be paid by PBGC (found in Appendix B to Part 4022), and (2) a set for
private-sector pension practitioners to refer to if they wish to use
lump-sum interest rates determined using PBGC's historical methodology
(found in Appendix C to Part 4022).
This amendment (1) adds to Appendix B to Part 4022 the interest
assumptions for PBGC to use for its own lump-sum payments in plans with
valuation dates during May 2009, and (2) 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 PBGC's historical methodology for valuation dates during May
2009.
The interest assumptions that 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 (from those in effect for
April 2009) 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 PBGC for determining and paying lump sums (set forth in
Appendix B to part 4022).
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 May 2009,
PBGC finds that good cause exists for making the assumptions set forth
in this amendment effective less than 30 days after publication.
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 in 29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
0
In consideration of the foregoing, 29 CFR part 4022 is 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, the entry for Rate Set 187 is added to
the table to read as follows:
Appendix B to Part 4022--Lump Sum Interest Rates For PBGC Payments
* * * * *
[[Page 17396]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i 1 i 2 i 3 n 1 n 2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
187............................................. 5-1-09 6-1-09 3.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, the entry for Rate Set 187 is added to
the table to read as follows:
Appendix C to Part 4022--Lump Sum Interest Rates For Private-Sector
Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i 1 i 2 i 3 n 1 n 2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
187............................................. 5-1-09 6-1-09 3.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of April 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. E9-8674 Filed 4-14-09; 8:45 am]
BILLING CODE 7709-01-P
