Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 27189-27191 [2010-11494]
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Federal Register / Vol. 75, No. 93 / Friday, May 14, 2010 / Rules and Regulations
emcdonald on DSK2BSOYB1PROD with RULES
Institute (EEI), the association of
shareholder-owned electric companies.
See OSHA–H054A–2006–0064–0010.
EEI supported the DFR, commenting:
‘‘EEI has no objection to informing
employees of exposure determinations
regardless of the results. Indeed, EEI
members have long been sharing the
results of exposure monitoring with
their employees, regardless of whether
overexposures have been revealed.’’ EEI
went on, however, to ask OSHA for
clarification of the Cr(VI) standards’
requirements that employers provide
affected employees with notice of
exposure determination results within
15 work days in general industry, and
within 5 work days in construction.
These deadlines for providing required
notices were in the Cr(VI) standards as
originally promulgated in 2006, and are
not being changed in this direct final
rulemaking. OSHA noted as much in the
DFR notice. (See 75 FR at 12683 (‘‘[T]he
number of work days employers have to
provide notice to employees will remain
unchanged.’’).)
Because EEI’s interpretive request is
beyond the scope of this narrow direct
final rulemaking, and EEI did not
explain why the amendment to the
scope of the notification requirement
would be ineffective without
clarification on the timing issue, the
Agency has concluded that this is not a
significant adverse comment. (See 75 FR
at 12683 (‘‘OSHA will not consider a
comment recommending an additional
amendment to be a significant adverse
comment unless the comment states
why the direct final rule would be
ineffective without the addition.’’).)
Moreover, because the issues raised by
EEI are unrelated to this rulemaking,
OSHA will not be addressing them in
this notice. EEI may submit its inquiries
to OSHA via a written request for a
letter of interpretation from the
Directorate of Enforcement Programs.
As the Agency did not receive any
significant adverse comments, OSHA is
hereby confirming that the DFR
published on March 17, 2010, will
become effective on June 15, 2010.
II. OMB Review Under the Paperwork
Reduction Act of 1995
The DFR amends a notification
requirement that is subject to review by
the Office of Management and Budget
(OMB) under the Paperwork Reduction
Act of 1995 (PRA–95), 44 U.S.C. 3501 et
seq., and OMB’s regulations at 5 CFR
part 1320. The information collection
requirements (‘‘paperwork’’) currently
contained in the Chromium VI (Cr(VI))
standards are approved by OMB
(Information Collection Request (ICR),
Chromium (VI) Standards for General
VerDate Mar<15>2010
18:03 May 13, 2010
Jkt 220001
Industry (29 CFR 1910.1026), Shipyard
Employment (29 CFR 1915.1026), and
Construction (29 CFR 1926.1126)),
under OMB Control number 1218–0252.
The Department notes that a federal
agency cannot conduct or sponsor a
collection of information unless it is
approved by OMB under the PRA and
displays a currently valid OMB control
number. The public is not required to
respond to a collection of information
requirement unless it displays a
currently valid OMB control number.
Also, notwithstanding any other
provisions of law, no person shall be
subject to penalty for failing to comply
with a collection of information
requirement if the requirement does not
display a currently valid OMB control
number.
On June 22, 2009, OSHA published a
preclearance Federal Register notice,
Docket No. OSHA–2009–0015, as
specified in PRA–95 (44 U.S.C.
3506(c)(2)(A)), allowing the public 60
days to comment on a proposal to
extend OMB’s approval of the
information collection requirements in
the Cr(VI) standards (74 FR 29517). This
notice also informed the public that
OSHA was considering revising the
notification requirements in the Cr(VI)
standards to require employers to notify
employees of all exposure
determination results. OSHA estimated
the new burden hours and costs that
would result from this amendment to
the standard, and the public had 60
days to comment on those estimates in
accordance with the PRA, 44 U.S.C.
3506(c)(2). OSHA estimated that a
requirement to notify employees of all
exposure determination results would
result in an increase of 62,575 burden
hours and would increase employer
cost, in annualized terms, by
$1,526,731.
The preclearance comment period
closed on August 21, 2009. OSHA did
not receive public comments on that
notice. On October 30, 2009, OSHA
published a Federal Register notice
announcing that the Cr(VI) ICR had been
submitted to OMB (74 FR 56216) for
review and approval, and that interested
parties had until November 30, 2009, to
submit comments to OMB on that
submission. No comments were
received in response to that notice
either. OMB approved the Cr(VI) ICR,
but because this direct final rulemaking
was still ongoing, the total burden hours
approved did not include the additional
burden that OSHA had estimated would
need to be added to the ICR as a result
this DFR (75 FR 13783, Mar. 23, 2010).
In the DFR published on March 17,
2010, OSHA provided an additional 30
days for the public to comment on the
PO 00000
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27189
estimated paperwork implications of the
revised notification requirements. The
Agency did not receive any comments
on paperwork in response to that notice.
On April 23, 2010, OSHA submitted
a Change Worksheet to OMB requesting
modification of the Cr(VI) ICR to reflect
the additional paperwork burdens that
need to be added as a result of this DFR.
OMB approved OSHA’s request on May
4, 2010.
List of Subjects
29 CFR Part 1910
Exposure determination, General
industry, Health, Hexavalent chromium
(Cr(VI)), Notification of determination
results to employees, Occupational
safety and health.
29 CFR Part 1915
Exposure determination, Health,
Hexavalent chromium (Cr(VI)),
Notification of determination results to
employees, Occupational safety and
health, Shipyard employment.
29 CFR Part 1926
Construction, Exposure
determination, Health, Hexavalent
chromium (Cr(VI)), Notification of
determination results to employees,
Occupational safety and health.
Authority and Signature
David Michaels, PhD, MPH, Assistant
Secretary of Labor for Occupational
Safety and Health, U.S. Department of
Labor, 200 Constitution Avenue, NW.,
Washington, DC 20210, directed the
preparation of this direct final rule. The
Agency is issuing this rule under
Sections 4, 6, and 8 of the Occupational
Safety and Health Act of 1970 (29 U.S.C.
653, 655, 657), Secretary of Labor’s
Order 5–2007 (72 FR 31159), and 29
CFR part 1911.
Signed at Washington, DC, on May 11,
2010.
David Michaels,
Assistant Secretary of Labor for Occupational
Safety and Health.
[FR Doc. 2010–11586 Filed 5–13–10; 8:45 am]
BILLING CODE 4510–26–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.
E:\FR\FM\14MYR1.SGM
14MYR1
27190
Federal Register / Vol. 75, No. 93 / Friday, May 14, 2010 / Rules and Regulations
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 June 2010. Interest assumptions
are also published on PBGC’s Web site
(https://www.pbgc.gov).
DATES:
Effective June 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.)
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
SUPPLEMENTARY INFORMATION:
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 June 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
June 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 May 2010,
these interest assumptions represent a
decrease 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
For plans with a
valuation date
Before
Immediate
annuity rate
(percent)
7–1–10
*
2.75
Rate set
On or
after
*
*
*
200 ............................................................................................
3. In appendix C to part 4022, Rate Set
200, as set forth below, is added to the
table.
emcdonald on DSK2BSOYB1PROD with RULES
■
18:03 May 13, 2010
Jkt 220001
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
200, 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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*
*
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*
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*
i1
i2
i3
4.00
*
4.00
4.00
*
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*
Deferred annuities
(percent)
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
VerDate Mar<15>2010
*
6–1–10
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 June 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).
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7
8
27191
Federal Register / Vol. 75, No. 93 / Friday, May 14, 2010 / Rules and Regulations
For plans with a
valuation date
Rate set
On or
after
*
*
*
200 ....................................................................................................
Issued in Washington, DC, on this 10th day
of May 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. 2010–11494 Filed 5–13–10; 8:45 am]
BILLING CODE 7709–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Parts 51 and 52
[EPA–HQ–OAR–2003–0064, FRL–9151–3]
RIN 2060–AP80
Prevention of Significant Deterioration
(PSD) and Nonattainment New Source
Review (NSR): Aggregation
AGENCY: Environmental Protection
Agency (EPA).
ACTION: Notice of extension of comment
period.
emcdonald on DSK2BSOYB1PROD with RULES
SUMMARY: The EPA is announcing an
extension of the public comment period
on our proposed reconsideration of the
Prevention of Significant Deterioration
(PSD) and Nonattainment New Source
Review (NSR): Aggregation (April 15,
2010). The EPA is extending the
comment period that originally closed
on May 17, 2010, by an additional 30
days. The comment period will now
close on June 16, 2010. The EPA is
extending the comment period because
of the requests we received, which are
contained in the docket for this
rulemaking.
DATES: Comments. Comments on the
proposed rule published April 15, 2010
(75 FR 19567) must be received on or
before June 16, 2010.
ADDRESSES: Submit your comments,
identified by Docket ID No. EPA–HQ–
OAR–2003–0064, by one of the
following methods:
• https://www.regulations.gov. Follow
the on-line instructions for submitting
comments.
• E-mail: a-and-rdocket@epamail.epa.gov.
• Fax: 202–566–1741.
• Mail: Attention Docket ID No. EPA–
HQ–OAR–2003–0064, U.S.
VerDate Mar<15>2010
18:03 May 13, 2010
Jkt 220001
Before
*
6–1–10
7–1–10
Immediate
annuity
rate
(percent)
*
2.75
Environmental Protection Agency, EPA
West (Air Docket), 1200 Pennsylvania
Avenue, Northwest, Mailcode: 6102T,
Washington, DC 20460. Please include a
total of 2 copies.
• Hand Delivery: U.S. Environmental
Protection Agency, EPA West (Air
Docket), 1301 Constitution Avenue,
Northwest, Room 3334, Washington, DC
20004, Attention Docket ID No. EPA–
HQ–OAR–2003–0064. Such deliveries
are only accepted during the Docket’s
normal hours of operation, and special
arrangements should be made for
deliveries of boxed information.
Instructions. Direct your comments to
Docket ID No. EPA–HQ–OAR–2003–
0064. EPA’s policy is that all comments
received will be included in the public
docket without change and may be
made available online at https://
www.regulations.gov, including any
personal information provided, unless
the comment includes information
claimed to be Confidential Business
Information (CBI) or other information
whose disclosure is restricted by statute.
Do not submit information that you
consider to be CBI or otherwise
protected through https://
www.regulations.gov or e-mail. The
https://www.regulations.gov Web site is
an ‘‘anonymous access’’ system, which
means EPA will not know your identity
or contact information unless you
provide it in the body of your comment.
If you send an e-mail comment directly
to EPA without going through https://
www.regulations.gov, your e-mail
address will be automatically captured
and included as part of the comment
that is placed in the public docket and
made available on the Internet. If you
submit an electronic comment, EPA
recommends that you include your
name and other contact information in
the body of your comment and with any
disk or CD–ROM you submit. If EPA
cannot read your comment due to
technical difficulties and cannot contact
you for clarification, EPA may not be
able to consider your comment.
Electronic files should avoid the use of
special characters, any form of
encryption, and be free of any defects or
viruses. For additional instructions on
submitting comments, go to the
PO 00000
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Fmt 4700
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Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
4.00
n1
n2
*
7
8
SUPPLEMENTARY INFORMATION section of
this document.
Docket: All documents in the docket
are listed in the https://
www.regulations.gov index. Although
listed in the index, some information is
not publicly available, e.g., CBI or other
information whose disclosure is
restricted by statute. Certain other
material, such as copyrighted material,
will be publicly available only in hard
copy. Publicly available docket
materials are available either
electronically in https://
www.regulations.gov or in hard copy at
the U.S. Environmental Protection
Agency, Air Docket, EPA/DC, EPA West,
Room 3334, 1301 Constitution Ave.,
NW., Washington, DC. The Public
Reading Room is open from 8:30 a.m. to
4:30 p.m., Monday through Friday,
excluding legal holidays. The telephone
number for the Public Reading Room is
(202) 566–1744, and the telephone
number for the Air Docket is (202) 566–
1742.
FOR FURTHER INFORMATION CONTACT: For
general information, contact Dave
Svendsgaard, Air Quality Policy
Division, U.S. EPA, Office of Air Quality
Planning and Standards (C504–03),
Research Triangle Park, North Carolina
27711, telephone number (919) 541–
2380, facsimile number (919) 541–5509,
electronic mail e-mail address:
svendsgaard.dave@epa.gov.
SUPPLEMENTARY INFORMATION:
I. General Information
A. What should I consider as I prepare
my comments for EPA?
1. Submitting CBI. Do not submit this
information to EPA through https://
www.regulations.gov or e-mail. Clearly
mark the part or all of the information
that you claim to be CBI. For CBI
information in a disk or CD–ROM that
you mail to EPA, mark the outside of the
disk or CD–ROM as CBI and then
identify electronically within the disk or
CD–ROM the specific information that
is claimed as CBI. In addition to one
complete version of the comment that
includes information claimed as CBI, a
copy of the comment that does not
contain the information claimed as CBI
must be submitted for inclusion in the
E:\FR\FM\14MYR1.SGM
14MYR1
]]>Agencies
[Federal Register Volume 75, Number 93 (Friday, May 14, 2010)]
[Rules and Regulations]
[Pages 27189-27191]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-11494]
=======================================================================
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
[[Page 27190]]
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 June 2010. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective June 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 June 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 June
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 May 2010, these
interest assumptions represent a decrease 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 June 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 200, 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 Deferred annuities (percent)
valuation date Immediate --------------------------------------------
Rate set ------------------ annuity
On or rate i1 i2 i3 n1 n2
after Before (percent)
----------------------------------------------------------------------------------------------------------------
* * * * * * *
200................................. 6-1-10 7-1-10 2.75 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 200, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 27191]]
----------------------------------------------------------------------------------------------------------------
For plans with a Deferred annuities (percent)
valuation date Immediate --------------------------------------------
Rate set ------------------ annuity
On or rate i1 i2 i3 n1 n2
after Before (percent)
----------------------------------------------------------------------------------------------------------------
* * * * * * *
200................................... 6-1-10 7-1-10 2.75 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of May 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2010-11494 Filed 5-13-10; 8:45 am]
BILLING CODE 7709-01-P
