Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 2437-2438 [2010-583]
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Federal Register / Vol. 75, No. 10 / Friday, January 15, 2010 / Rules and Regulations
final form. Although there is no formal
comment period, public comments on
this regulation are welcome on a
continuing basis. Comments should be
submitted to Sheila Quarterman,
Regulatory Policy Division, Bureau of
Industry and Security, U.S. Department
of Commerce, 14th Street &
Pennsylvania Avenue, NW., Room 2705,
Washington, DC 20230.
List of Subjects in 15 CFR Part 748
Administrative practice and
procedure, Exports, Reporting and
recordkeeping requirements.
Country
Accordingly, part 748 of the Export
Administrative Regulations (15 CFR
Parts 730–774) is amended as follows:
2. Supplement No. 7 to Part 748 is
amended by adding an entry under
‘‘China (People’s Republic of)’’ in
alphabetical order to read as follows:
■
■
PART 748—[AMENDED]
1. The authority citation for 15 CFR
part 748 continues to read as follows:
■
Authority: 50 U.S.C. app. 2401 et seq.; 50
U.S.C. 1701 et seq.; E.O. 13026, 61 FR 58767,
3 CFR, 1996 Comp., p. 228; E.O. 13222, 66
FR 44025, 3 CFR, 2001 Comp., p. 783; Notice
of August 13, 2009, 74 FR 41325 (August 14,
2009).
SUPPLEMENT NO. 7 TO PART 748—
AUTHORIZATION VALIDATED ENDUSER (VEU); LIST OF VALIDATED
END-USERS, RESPECTIVE ITEMS
ELIGIBLE FOR EXPORT, REEXPORT
AND TRANSFER AND ELIGIBLE
DESTINATIONS
Validated end-user
Eligible items (by ECCN)
Eligible destination
*
*
*
Grace Semiconductor Manufacturing Corporation.
*
*
*
1C350.c.3, 1C350.d.7, 2B230, 2B350.d.2, 2B350.g.3,
2B350.i.4, 3B001.a.1, 3B001.b, 3B001.c, 3B001.d,
3B001.e, 3B001.f, 3B001.h, 3C002, 3C004, 5B002,
and 5E002 (limited to production technology for integrated circuits controlled by ECCNs 5A002 or 5A992
that have been successfully reviewed under the
encryption review process specified in sections
740.17(b)(2) or 740.17(b)(3) and 742.15 of the EAR;
Note also the guidance on cryptographic interfaces
(OCI) in section 740.17(b) of the EAR).
*
1399 Zuchongzhi Road
Zhangjiang Hi-Tech Park
Shanghai, PR China
201203.
*
*
China (People’s Republic
of)
*
Dated: January 12, 2010.
Matthew S. Borman,
Deputy Assistant Secretary for Export
Administration.
[FR Doc. 2010–725 Filed 1–14–10; 8:45 am]
BILLING CODE 3510–33–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Valuing and Paying Benefits
erowe on DSK5CLS3C1PROD with RULES
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 February 2010. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective February 1, 2010.
VerDate Nov<24>2008
12:39 Jan 14, 2010
Jkt 220001
*
*
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.
PO 00000
Frm 00005
Fmt 4700
Sfmt 4700
*
*
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 February 2010,
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
February 2010.
The interest assumptions that PBGC
will use for its own lump-sum payments
(set forth in Appendix B to part 4022)
will be 2.75 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 January 2010,
these interest assumptions represent an
E:\FR\FM\15JAR1.SGM
15JAR1
2438
Federal Register / Vol. 75, No. 10 / Friday, January 15, 2010 / Rules and Regulations
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 February 2010,
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.
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
For plans with a valuation
date
Rate set
On or after
*
*
*
196 ............................................................................
3. In appendix C to part 4022, Rate Set
196, as set forth below, is added to the
table.
■
*
2–1–10
*
*
*
On or after
*
*
*
196 ............................................................................
Issued in Washington, DC, on this 8th day
of January 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. 2010–583 Filed 1–14–10; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
erowe on DSK5CLS3C1PROD with RULES
[Docket No. USCG–2009–1060]
RIN 1625–AA00
Safety Zone; Havasu Landing Annual
Regatta; Colorado River, Lake Havasu
Landing, CA
Coast Guard, DHS.
12:39 Jan 14, 2010
Jkt 220001
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
196, as set forth below, is added to the
table.
■
*
Immediate
annuity rate
(percent)
*
2.75
*
*
*
*
Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
n1
4.00
n2
*
7
8
*
For plans with a valuation
date
Rate set
VerDate Nov<24>2008
3–1–10
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
AGENCY:
Before
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
Before
*
2–1–10
ACTION:
3–1–10
Immediate
annuity rate
(percent)
*
2.75
Temporary final rule.
SUMMARY: The Coast Guard is
establishing a temporary safety zone on
Lake Havasu, California in support of
the Havasu Landing Annual Regatta.
This temporary safety zone is necessary
to provide for the safety of the
participants, crew, spectators,
participating vessels, and other vessels
and users of the waterway. Persons and
vessels are prohibited from entering
into, transiting through, or anchoring
within this safety zone unless
authorized by the Captain of the Port, or
his designated representative.
DATES: This rule is effective from 8 a.m.
until 4 p.m., on January 16 and 17,
2010.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2009–
1060 and are available online by going
to https://www.regulations.gov, inserting
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
n1
4.00
n2
*
7
8
USCG–2009–1060 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 Petty Officer Corey
McDonald, Waterways Management,
U.S. Coast Guard Sector San Diego,
Coast Guard; telephone 619–278–7262,
e-mail Corey.R.McDonald@uscg.mil. If
you have questions on viewing the
docket, call Renee V. Wright, Program
Manager, Docket Operations, telephone
202–366–9826.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\15JAR1.SGM
15JAR1
]]>Agencies
[Federal Register Volume 75, Number 10 (Friday, January 15, 2010)]
[Rules and Regulations]
[Pages 2437-2438]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-583]
=======================================================================
-----------------------------------------------------------------------
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 February 2010. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective February 1, 2010.
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 February 2010, 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 February 2010.
The interest assumptions that PBGC will use for its own lump-sum
payments (set forth in Appendix B to part 4022) will be 2.75 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 January 2010,
these interest assumptions represent an
[[Page 2438]]
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 February
2010, 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 196, 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 Immediate Deferred annuities (percent)
valuation date annuity --------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
----------------------------------------------------------------------------------------------------------------
* * * * * * *
196......................... 2-1-10 3-1-10 2.75 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 196, 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 Immediate Deferred annuities (percent)
valuation date annuity --------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
----------------------------------------------------------------------------------------------------------------
* * * * * * *
196......................... 2-1-10 3-1-10 2.75 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of January 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2010-583 Filed 1-14-10; 8:45 am]
BILLING CODE 7709-01-P
