Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 41039-41040 [E9-19437]
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Federal Register / Vol. 74, No. 156 / Friday, August 14, 2009 / Rules and Regulations
Title 18, Code of Federal Regulations, as
follows:
PART 385—RULES OF PRACTICE AND
PROCEDURE
1. The authority citation for part 385
continues to read as follows:
■
Authority: 5 U.S.C. 551–557; 15 U.S.C.
717–717z, 3301–3432; 16 U.S.C. 791a–825v,
2601–2645; 28 U.S.C. 2461; 31 U.S.C. 3701,
9701; 42 U.S.C. 7101–7352, 16441, 16451–
16463; 49 U.S.C. 60502; 49 App. U.S.C. 1–85
(1988).
2. Section 385.715, paragraph (c)(1), is
revised to read as follows:
■
§ 385.715 Interlocutory appeals to the
Commission from rulings of presiding
officers (Rule 715).
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(c) Appeal of a presiding officer’s
denial of motion to permit appeal. (1) If
a motion to permit appeal is denied by
the presiding officer, the participant
who made the motion may appeal the
denial to the Commissioner who is
designated Motions Commissioner, in
accordance with this paragraph. For
purposes of this section, ‘‘Motions
Commissioner’’ means the Chairman or
a member of the Commission designated
by the Chairman to rule on motions to
permit interlocutory appeal. Any person
filing an appeal under this paragraph
must serve separate copies of the appeal
on the Motions Commissioner and on
the General Counsel by Express Mail or
by hand delivery.
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*
[FR Doc. E9–19471 Filed 8–13–09; 8:45 am]
BILLING CODE 6717–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Valuing and Paying Benefits
AGENCY: Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
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
mstockstill on DSKH9S0YB1PROD with RULES
SUMMARY:
VerDate Nov<24>2008
16:09 Aug 13, 2009
Jkt 217001
dates in September 2009. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective September 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 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 September 2009,
and (2) adds to Appendix C to Part 4022
the interest assumptions for privatesector pension practitioners to refer to if
they wish to use lump-sum interest rates
determined using PBGC’s historical
methodology for valuation dates during
September 2009.
The interest assumptions that PBGC
will use for its own lump-sum payments
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
41039
(set forth in Appendix B to part 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 no change from those in effect
for August 2009. 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 September 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, Rate Set
191, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
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E:\FR\FM\14AUR1.SGM
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14AUR1
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41040
Federal Register / Vol. 74, No. 156 / Friday, August 14, 2009 / Rules and Regulations
For plans with a valuation date
On or after
Before
Immediate
annuity rate
(percent)
*
9–1–09
*
10–1–09
3.00
Rate set
*
*
191 ................................................................
3. In appendix C to part 4022, Rate Set
191, as set forth below, is added to the
table.
■
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For plans with a valuation date
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2009–0523]
RIN 1625–AA00
Safety Zones: Swim Events in Lake
Champlain, NY, and VT; Casco Bay,
Rockland Harbor, Linekin Bay, ME
Coast Guard, DHS.
Temporary final rule.
AGENCY:
mstockstill on DSKH9S0YB1PROD with RULES
ACTION:
SUMMARY: The Coast Guard is
establishing 5 temporary safety zones
for various swim events within the
Coast Guard Sector Northern New
England area, including: the ‘‘Tri for a
Cure Triathlon’’ in South Portland,
Maine; the ‘‘Y-Tri for a Cure Triathlon’’
in Plattsburg, New York; the ‘‘Greater
Burlington YMCA Lake Swim’’ in
Burlington, Vermont; the ‘‘Rockland
Breakwater Swim’’ in Rockland, Maine
and the ‘‘Cabbage Island Swim’’ in
Boothbay Harbor, Maine. These
temporary safety zones are necessary to
provide for the safety of life on the
navigable waters by prohibiting
spectators, vessels, and other users of
the waterway from entering an area
surrounding the participants of the
VerDate Nov<24>2008
16:09 Aug 13, 2009
Jkt 217001
i3
n1
4.00
*
4.00
4.00
7
8
n2
*
On or after
BILLING CODE 7709–01–P
i2
n2
*
*
Before
Immediate
annuity rate
(percent)
*
9–1–09
*
10–1–09
3.00
Rate set
Issued in Washington, DC, on this 6th day
of August 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E9–19437 Filed 8–13–09; 8:45 am]
i1
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
191 ................................................................
Deferred annuities
(percent)
Regulatory Information
The Coast Guard is issuing this
temporary final rule without prior
notice and opportunity to comment
pursuant to authority under section 4(a)
of the Administrative Procedure Act
(APA) (5 U.S.C. 553(b)). This provision
Frm 00008
Fmt 4700
Sfmt 4700
i1
i2
i3
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4.00
*
4.00
4.00
7
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swim events due to the hazards
associated with multiple swimmers in
close proximity to operating vessels.
DATES: This rule is effective from 8 a.m.
on August 8, 2009 until 12:30 p.m. on
August 29, 2009.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2009–
0523 and are available online by going
to https://www.regulations.gov, selecting
the Advanced Docket Search option on
the right side of the screen, inserting
USCG–2009–0523 in the ‘‘Keyword’’
box, and then clicking ‘‘Search.’’ They
are also available for inspection or
copying at 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.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
rule, call or e-mail Chief Petty Officer
Randy Bucklin, Coast Guard Sector
Northern New England, Waterways
Management Division; telephone
207–741–5440, e-mail
Randy.Bucklin@uscg.mil. If you have
questions on viewing the docket, call
Renee V. Wright, Program Manager,
Docket Operations, telephone 202–366–
9826.
SUPPLEMENTARY INFORMATION:
PO 00000
Deferred annuities
(percent)
*
8
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because a
notice and comment period would be
impracticable due to the time
constraints resulting from the
immediacy of the upcoming events. The
Coast Guard did not receive notification
of the exact location or proposed dates
for the swim events in sufficient time to
issue a NPRM for this rulemaking.
Further, the expeditious
implementation of this rule is in the
public interest because it will help
ensure the safety of those involved in
participating in the swim event, the
spectators, and users of the waterway
during the swim events. Finally, a delay
or cancellation of the swim events in
order to accommodate a notice and
comment period is contrary to the
public’s interest in this event occurring
as scheduled.
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. As noted above, the Coast
Guard finds that it is both impractical
and contrary to public interest to delay
the effective date of this rule for 30 days
after publication. Immediate action is
needed in order to ensure the safety of
the participants of the swim events,
spectators and users of the waterway.
The public will have some notice after
publication in the Federal Register for
E:\FR\FM\14AUR1.SGM
14AUR1
]]>Agencies
[Federal Register Volume 74, Number 156 (Friday, August 14, 2009)]
[Rules and Regulations]
[Pages 41039-41040]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-19437]
=======================================================================
-----------------------------------------------------------------------
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 September 2009. Interest assumptions are also published on PBGC's
Web site (https://www.pbgc.gov).
DATES: Effective September 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 September 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 September 2009.
The interest assumptions that PBGC will use for its own lump-sum
payments (set forth in Appendix B to part 4022) will be 3.00 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 no change from those in effect for
August 2009. 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 September
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, Rate Set 191, as set forth below, is
added to the table.
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
[[Page 41040]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate -------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
191................................................ 9-1-09 10-1-09 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 191, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
191................................................ 9-1-09 10-1-09 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of August 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. E9-19437 Filed 8-13-09; 8:45 am]
BILLING CODE 7709-01-P
