Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 58544-58545 [E9-27221]
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58544
Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Rules and Regulations
received a presumptive parole date
under the parole determination that
preceded the hearing under this
paragraph, the prisoner shall not forfeit
the presumptive parole date unless the
presumptive date is rescinded for
institutional misconduct, new criminal
conduct, or for new adverse
information.
(6) Decisions resulting from hearings
under this paragraph may not be
appealed to the Commission.
Dated: November 6, 2009.
Isaac Fulwood,
Chairman, United States Parole Commission.
[FR Doc. E9–27308 Filed 11–12–09; 8:45 am]
BILLING CODE 4410–31–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.
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 December 2009. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective December 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
mstockstill on DSKH9S0YB1PROD with RULES
Rate set
For plans with a valuation
date
On or after
*
194
VerDate Nov<24>2008
Before
*
12–1–09
17:06 Nov 12, 2009
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 December 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
December 2009.
The interest assumptions that PBGC
will use for its own lump-sum payments
(set forth in Appendix B to part 4022)
will be 2.50 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. In comparison with the interest
assumptions in effect for November
2009, these interest assumptions
represent an increase of 0.25 percent in
Immediate
annuity rate
(percent)
*
1–1–10
Jkt 220001
2.50
PO 00000
Frm 00008
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 December 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
194, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
4.00
Fmt 4700
Sfmt 4700
i3
n1
*
*
4.00
E:\FR\FM\13NOR1.SGM
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58545
Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Rules and Regulations
3. In appendix C to part 4022, Rate Set
194, 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
Rate set
On or after
*
Before
*
194
2.50
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2009–0942]
RIN 1625–AA11
Safety Zone and Regulated Navigation
Area, Chicago Sanitary and Ship
Canal, Romeoville, IL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
mstockstill on DSKH9S0YB1PROD with RULES
SUMMARY: The Coast Guard is
establishing a safety zone and regulated
navigation area on the Chicago Sanitary
and Ship Canal near Romeoville, IL.
This temporary final rule places
navigational and operational restrictions
on all vessels transiting the navigable
waters located adjacent to and over the
U.S. Army Corps of Engineers’ (USACE)
electrical dispersal fish barrier system.
DATES: This temporary final rule is
effective from 5 p.m. on November 13,
2009, until 5 p.m. on November 20,
2009. This temporary final rule is
enforceable with actual notice by Coast
Guard personnel beginning October 16,
2009.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2009–
0942 and are available online by going
to https://www.regulations.gov, inserting
USCG–2009–0942 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
17:06 Nov 12, 2009
Immediate
annuity rate
(percent)
1–1–10
BILLING CODE 7709–01–P
VerDate Nov<24>2008
*
*
12–1–09
Issued in Washington, DC, on this 5th day
of November 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E9–27221 Filed 11–12–09; 8:45 am]
ACTION:
*
Jkt 220001
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
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
final rule, call CDR Tim Cummins,
Deputy Prevention Division, Ninth
Coast Guard District, telephone 216–
902–6045. If you have questions on
viewing the docket, call Renee V.
Wright, Program Manager, Docket
Operations, telephone 202–366–9826.
SUPPLEMENTARY INFORMATION:
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
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 the
U.S. Army Corps of Engineers (USACE)
made the decision, without time for a
proper notice period, to permanently
increase the voltage of the fish barrier to
two-volts per inch in response to data
which indicates that Asian carp are
closer to the Great Lakes waterway
system than originally thought. The
electric current in the water created by
the electrical dispersal barriers coupled
with the uncertainty of the effects of the
increased voltage poses a safety risk to
commercial vessels and recreational
boaters who transit the area. Therefore,
it would be against the public interest
to delay the issuing of this rule.
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 because of the safety risk to
commercial vessels and recreational
PO 00000
Frm 00009
Fmt 4700
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*
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8
boaters who transit the area. The
following discussion and the
Background and Purpose section below
provide additional support of the Coast
Guard’s determination that good cause
exists for not publishing a NPRM and
for making this rule effective less than
30 days after publication.
In 2002, the USACE energized a
demonstration electrical dispersal
barrier located in the Chicago Sanitary
and Ship Canal. The demonstration
barrier, commonly referred to as
‘‘Barrier I,’’ generates a low-voltage
electric field (one-volt per inch) across
the canal, which connects the Illinois
River to Lake Michigan. Barrier I was
built to block the passage of aquatic
nuisance species, such as Asian carp,
and prevent them from moving between
the Mississippi River basin and Great
Lakes via the canal. In 2006, the USACE
completed construction of a new barrier,
‘‘Barrier IIA.’’ Because of its design,
Barrier IIA can generate a more
powerful electric field (up to four-volts
per inch), over a larger area within the
Chicago Sanitary and Ship Canal, than
Barrier I. Testing was conducted by the
USACE which indicated that two-volts
per inch is the optimal voltage to deter
aquatic nuisance species. The USACE’s
original plan was to perform testing on
the effects of the increased voltage on
vessels passing through the fish barrier
prior to permanently increasing the
voltage. However, after receiving data
that the Asian carp were closer to the
Great Lakes than expected, the decision
was made to immediately energize the
barrier to two-volts per inch without
prior testing.
A comprehensive, independent
analysis of Barrier IIA, conducted in
2008 by the USACE at the one-volt per
inch level, found a serious risk of injury
or death to persons immersed in the
water located adjacent to and over the
barrier. Additionally, sparking between
barges transiting the barrier (a risk to
flammable cargoes) occurred at the onevolt per inch level. The Coast Guard and
USACE developed regulations and
safety guidelines, with stakeholder
E:\FR\FM\13NOR1.SGM
13NOR1
]]>Agencies
[Federal Register Volume 74, Number 218 (Friday, November 13, 2009)]
[Rules and Regulations]
[Pages 58544-58545]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-27221]
=======================================================================
-----------------------------------------------------------------------
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 December 2009. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective December 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 December 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 December 2009.
The interest assumptions that PBGC will use for its own lump-sum
payments (set forth in Appendix B to part 4022) will be 2.50 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. In
comparison with the interest assumptions in effect for November 2009,
these interest assumptions represent an increase 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 December
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
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 194, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
194 12-1-09 1-1-10 2.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 58545]]
0
3. In appendix C to part 4022, Rate Set 194, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
194 12-1-09 1-1-10 2.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 5th day of November 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. E9-27221 Filed 11-12-09; 8:45 am]
BILLING CODE 7709-01-P
