Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 41091-41092 [2010-17200]
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41091
Federal Register / Vol. 75, No. 135 / Thursday, July 15, 2010 / Rules and Regulations
forecasts of Federal cash requirements
in the ‘‘Remarks’’ section of the report.
(2) Cash in hands of subgrantees.
When considered necessary and feasible
HUD may require grantees to report the
amount of cash advances in excess of
three days’ needs in the hands of their
subgrantees or contractors and to
provide short narrative explanations of
actions taken by the grantee to reduce
the excess balances.
■ 12. In § 85.50, revise paragraph (b)(2),
remove paragraph (b)(3), and
redesignate paragraph (b)(4) as
paragraph (b)(3) and paragraph (b)(5) as
paragraph (b)(4) to read as follows:
§ 85.50
Closeout.
*
*
*
*
*
(b) * * *
(2) The Federal financial report form,
as well as other forms prescribed by the
program.
*
*
*
*
*
Dated: June 16, 2010.
Shaun Donovan,
Secretary.
[FR Doc. 2010–17328 Filed 7–14–10; 8:45 am]
BILLING CODE 4210–67–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
dates in August 2010. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective August 1, 2010.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Manager, Regulatory
and Policy Division, Legislative and
Regulatory Department, Pension Benefit
erowe on DSK5CLS3C1PROD with RULES
SUMMARY:
For plans with a valuation date
Rate set
On or after
VerDate Mar<15>2010
15:24 Jul 14, 2010
Jkt 220001
status. In comparison with the interest
assumptions in effect for July 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 August 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).
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 August 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
August 2010.
The interest assumptions that PBGC
will use for its own lump-sum payments
(set forth in Appendix B to part 4022)
will be 2.25 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
Before
PO 00000
Frm 00019
Immediate annuity
rate
(percent)
Fmt 4700
Sfmt 4700
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
202, 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
E:\FR\FM\15JYR1.SGM
i2
15JYR1
i3
n1
n2
41092
Federal Register / Vol. 75, No. 135 / Thursday, July 15, 2010 / Rules and Regulations
For plans with a valuation date
On or after
*
202
Before
*
8–1–10
*
3. In appendix C to part 4022, Rate Set
202, as set forth below, is added to the
table.
On or after
*
*
8–1–10
DEPARTMENT OF VETERANS
AFFAIRS
38 CFR Part 3
RIN 2900–AN32
erowe on DSK5CLS3C1PROD with RULES
Stressor Determinations for
Posttraumatic Stress Disorder
VerDate Mar<15>2010
17:05 Jul 14, 2010
Jkt 220001
n2
4.00
*
7
8
i3
n1
n2
4.00
*
7
8
Deferred annuities
(percent)
i2
2.25
*
4.00
4.00
6. On the same page, in the second
column, under the DATES section, in the
first bulleted paragraph in the column,
in the second line, ‘‘July 12, 2010’’
should read ‘‘July 13, 2010’’.
7. On page 39851, in the second
column, in the sixth line from the
bottom, ‘‘July 12, 2010’’ should read
‘‘July 13, 2010’’.
8. On the same page, in the third
column, in the 15th line from the top,
‘‘July 12, 2010’’ should read ‘‘July 13,
2010’’.
9. On page 39852, in the third
column, in the file line, the file date ‘‘7–
9–10’’ is corrected to read ‘‘7–12–10’’.
[FR Doc. C1–2010–16885 Filed 7–14–10; 8:45 am]
Correction
In rule document 2010–16885
beginning on page 39843 in the issue of
Tuesday, July 13, 2010 make the
following corrections:
1. On page 39843, in the first column,
under the DATES section, in the second
line, ‘‘July 12, 2010’’ should read ‘‘July
13, 2010’’.
2. On the same page, in the same
column, under the DATES section, in the
first bulleted paragraph, in the first and
second lines, ‘‘July 12, 2010’’ should
read ‘‘July 13, 2010’’.
3. On the same page, in the same
column, under the DATES section, in the
second bulleted paragraph, in the first
and second lines, ‘‘July 12, 2010’’ should
read ‘‘July 13, 2010’’.
4. On the same page, in the same
column, under the DATES section, in the
third bulleted paragraph, in the third
line, ‘‘July 12, 2010’’ should read ‘‘July
13, 2010’’.
5. On the same page, in the same
column, under the DATES section, in the
fourth bulleted paragraph, in the second
line, ‘‘July 12, 2010’’ should read ‘‘July
13, 2010’’.
n1
*
i1
*
9–1–10
BILLING CODE 7709–01–P
4.00
Immediate
annuity
rate
(percent)
Before
[FR Doc. 2010–17200 Filed 7–14–10; 8:45 am]
i3
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
For plans with a valuation date
Issued in Washington, DC, on this 7th day
of July 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
i2
*
2.25
Rate set
*
202
i1
4.00
*
9–1–10
■
Deferred annuities
(percent)
Immediate annuity
rate
(percent)
Rate set
BILLING CODE 1505–01–D
FEDERAL COMMUNICATIONS
COMMISSION
47 CFR Part 73
[DA 10–1146; MB Docket No. 09–180; RM–
11569; RM–11570]
FM TABLE OF ALLOTMENTS,
Kingsland, Texas
AGENCY: Federal Communications
Commission
ACTION: Final rule.
SUMMARY: The Audio Division grants a
Petition for Rule Making issued at the
request of Katherine Pyeatt, proposing
the allotment of Channel 284A at
Kingsland, Texas, as its first local aural
transmission service. The reference
coordinates for Channel 284A at
Kingsland are 30–40–03 NL and 98–28–
29 WL, located 3.5 kilometers (2.2
miles) west of Kingsland. Kingsland is
located within 320 kilometers (199
miles) of the U.S.–Mexican border.
Although concurrence has been
PO 00000
Frm 00020
Fmt 4700
Sfmt 4700
*
requested for Channel 284A at
Kingsland, notification has not been
received. If a construction permit is
granted prior to the receipt of formal
concurrence in the allotment by the
Mexican government, the construction
permit will include the following
condition: ‘‘Operation with the facilities
specified for Kingsland herein is subject
to modification, suspension or,
termination without right to hearing, if
found by the Commission to be
necessary in order to conform to the
1992 USA–Mexico FM Broadcast
Agreement.’’
DATES: Effective August 12, 2010.
ADDRESSES: Federal Communications
Commission, 445 12th Street, SW,
Washington, DC 20554.
FOR FURTHER INFORMATION CONTACT:
Rolanda F. Smith, Media Bureau, (202)
418–2180.
SUPPLEMENTARY INFORMATION: This is a
summary of the Commission’s Report
and Order, MB Docket No. 09–180,
adopted June 25, 2010, and released
June 28, 2010. The full text of this
Commission document is available for
inspection and copying during normal
business hours in the FCC Reference
Information Center (Room CY–A257),
445 12th Street, SW., Washington, DC.
The complete text of this decision
may also be purchased from the
Commission’s copy contractor, Best
Copy and Printing, Inc., 445 12th Street,
SW, Room CY–B402, Washington, DC
20554, 800–378–3160 or via the
company’s website, <https://
www.bcpiweb.com>.
The Commission will send a copy of
this Report and Order in a report to be
sent to Congress and the Government
Accountability Office pursuant to the
Congressional Review Act, see 5 U.S.C.
§ 801(a)(1)(A).
E:\FR\FM\15JYR1.SGM
15JYR1
]]>Agencies
[Federal Register Volume 75, Number 135 (Thursday, July 15, 2010)]
[Rules and Regulations]
[Pages 41091-41092]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-17200]
=======================================================================
-----------------------------------------------------------------------
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 August 2010. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective August 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 August 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 August
2010.
The interest assumptions that PBGC will use for its own lump-sum
payments (set forth in Appendix B to part 4022) will be 2.25 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 July 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 August
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 202, 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
----------------------------------------------------------------------------------------------------------------
[[Page 41092]]
* * * * * * *
202 8-1-10 9-1-10 2.25 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 202, 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)
------------------------------------ annuity -----------------------------------------------
Rate set rate
On or after Before (percent) i1 i2 i3 n1 n2
----------------------------------------------------------------------------------------------------------------
* * * * * * *
202 8-1-10 9-1-10 2.25 4.00 4.00 4.00 7 8
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 7th day of July 2010.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2010-17200 Filed 7-14-10; 8:45 am]
BILLING CODE 7709-01-P
