Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 69588-69589 [2010-28570]
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69588
Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Rules and Regulations
does not contain policies that have
substantial direct effects on the States,
on the relationship between the national
government and the States, or on the
distribution of power and
responsibilities among the various
levels of government. Accordingly, the
Agency has concluded that the rule does
not contain policies that have
federalism implications as defined in
the Executive order and, consequently,
a federalism summary impact statement
is not required.
§ 516.3
VII. Paperwork Reduction Act of 1995
*
This direct final rule contains
information collection provisions that
are subject to review by the Office of
Management and Budget (OMB) under
the Paperwork Reduction Act of 1995
(the PRA) (44 U.S.C. 3501–3520). The
collections of information addressed in
the direct final rule have been approved
by OMB in accordance with the PRA
under the regulations governing
designation of new animal drugs for
MUMS (part 516, OMB control number
0910–0605). Thus, § 516.20 as amended,
does not constitute a new or additional
paperwork burden requiring OMB
approval.
Dated: November 3, 2010.
Leslie Kux,
Acting Assistant Commissioner for Policy.
List of Subjects in 21 CFR Part 516
Administrative practice and
procedure, Animal drugs, Confidential
business information, Reporting and
recordkeeping requirements.
Therefore under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs, 21 CFR part 516 is
amended as follows:
■
jdjones on DSK8KYBLC1PROD with RULES
PART 516—NEW ANIMAL DRUGS FOR
MINOR USE AND MINOR SPECIES
1. The authority citation for 21 CFR
part 516 continues to read as follows:
■
Authority: 21 U.S.C. 360ccc–1, 360ccc–2,
371.
2. Amend § 516.3(b) by revising the
introductory text of the definition of
‘‘Same dosage form’’ to read as follows:
■
15:26 Nov 12, 2010
§ 516.20 Content and format of a request
for MUMS-drug designation.
*
*
*
*
(b) * * *
(2) The name and address of the
sponsor; the name of the sponsor’s
primary contact person and/or
permanent-resident U.S. agent including
title, address, and telephone number;
the established name (and proprietary
name, if any) of the active
pharmaceutical ingredient of the drug;
and the name and address of the source
of the active pharmaceutical ingredient
of the drug.
*
*
*
*
*
BILLING CODE 4160–01–P
Interested persons may submit to the
Division of Dockets Management (see
ADDRESSES) either electronic or written
comments regarding this document. It is
only necessary to send one set of
comments. It is no longer necessary to
send two copies of mailed comments.
Identify comments with the docket
number found in brackets in the
heading of this document. Received
comments may be seen in the Division
of Dockets Management between 9 a.m.
and 4 p.m., Monday through Friday.
Jkt 223001
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends
Pension Benefit Guaranty Corporation’s
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
December 2010. Interest assumptions
are also published on PBGC’s Web site
(https://www.pbgc.gov).
DATES: Effective December 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.)
SUMMARY:
PO 00000
Frm 00014
Fmt 4700
PBGC’s
regulation on Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribes actuarial
assumptions—including interest
assumptions—for paying plan benefits
under terminating single-employer
plans covered by title IV of the
Employee Retirement Income Security
Act of 1974.
PBGC uses the interest assumptions in
Appendix B to Part 4022 to determine
whether a benefit is payable as a lump
sum and to determine the amount to
pay. Appendix C to Part 4022 contains
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. Currently, the rates in
Appendices B and C of the benefit
payment regulation are the same.
The interest assumptions are intended
to reflect current conditions in the
financial and annuity markets.
Assumptions under the benefit
payments regulation are updated
monthly. This final rule updates the
benefit payments interest assumptions
for December 2010.1
The December 2010 interest
assumptions under the benefit payments
regulation 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 November
2010, these interest assumptions
represent an increase of 0.50 percent in
the immediate annuity rate and are
otherwise unchanged.
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 payment of
benefits under plans with valuation
dates during December 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’’
SUPPLEMENTARY INFORMATION:
*
*
*
*
(b) * * *
Same dosage form means the same as
one of the dosage form categories
specified in the following parts of this
chapter:
*
*
*
*
*
■ 3. Amend § 516.20 by revising
paragraph (b)(2) to read as follows:
[FR Doc. 2010–28550 Filed 11–12–10; 8:45 am]
VIII. Request for Comments
VerDate Mar<15>2010
Definitions.
*
Sfmt 4700
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15NOR1.SGM
15NOR1
69589
Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Rules and Regulations
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).
*
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
1. The authority citation for part 4022
continues to read as follows:
Before
12–1–10
*
Before
*
206
12–1–10
BILLING CODE 7709–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[Docket No. EPA–R02–OAR–2010–0659;
FRL–9225–6]
Approval and Promulgation of Air
Quality Implementation Plans; New
York, New Jersey, and Connecticut;
Determination of Attainment of the
1997 Fine Particle Standard
Environmental Protection
Agency (EPA).
ACTION: Final rule.
AGENCY:
jdjones on DSK8KYBLC1PROD with RULES
Immediate
annuity rate
(percent)
2.25
[FR Doc. 2010–28570 Filed 11–12–10; 8:45 am]
The Environmental Protection
Agency (EPA) is determining that the
New York-Northern New Jersey-Long
Island, NY-NJ-CT fine particle (PM2.5)
nonattainment area for the 1997 fine
particle National Ambient Air Quality
15:26 Nov 12, 2010
*
*
Issued in Washington, DC, on November 8,
2010.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension
Benefit Guaranty Corporation.
VerDate Mar<15>2010
*
1–1–11
SUMMARY:
Jkt 223001
*
*
*
i3
4.00
*
n1
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
For plans with a valuation
date
i2
*
4.00
2.25
3. In appendix C to part 4022, Rate Set
206, as set forth below, is added to the
table.
On or after
i1
*
1–1–11
■
Rate set
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
206
*
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
For plans with a valuation
date
On or after
2. In appendix B to part 4022, Rate Set
206, as set forth below, is added to the
table.
■
■
List of Subjects in 29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Rate set
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
■
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
4.00
i3
*
*
4.00
*
7
8
related to Connecticut, please contact
Standard (NAAQS) has attained the
Alison C. Simcox, (617) 918–1684, or by
1997 PM2.5 NAAQS.
e-mail at simcox.alison@epa.gov.
DATES: Effective Date: This rule will
become effective on December 15, 2010. SUPPLEMENTARY INFORMATION:
Throughout this document whenever
ADDRESSES: EPA has established a
‘‘we’’, ‘‘us’’, or ‘‘our’’ is used, we mean
docket for this action under Docket ID
EPA.
Number EPA–R02–OAR–2010–0659. All
The SUPPLEMENTARY INFORMATION
documents in the docket are listed in
section is arranged as follows:
the https://www.regulations.gov Web
I. What action is EPA taking?
site. Although listed in the electronic
docket, some information is not publicly II. What comments were received and what
is EPA’s response?
available, i.e., confidential business
III. What is the effect of this action?
information (CBI) or other information
IV. Final Action
whose disclosure is restricted by statute. V. Statutory and Executive Order Reviews
Certain other material, such as
I. What action is EPA taking?
copyrighted material, is not placed on
the Internet and will be publicly
EPA is determining that the New
available only in hard copy form.
York-Northern New Jersey-Long Island,
Publicly available docket materials are
NY-NJ-CT fine particle (PM2.5)
available either electronically through
nonattainment area, referred to from this
https://www.regulations.gov or in hard
point forward as the NY-NJ-CT fine
copy for public inspection during
particle (PM2.5) nonattainment area, for
normal business hours at the Air
the 1997 PM2.5 NAAQS has attained the
Programs Branch, U.S. Environmental
1997 PM2.5 NAAQS. This determination
Protection Agency, Region II, 290
is based upon quality assured, quality
Broadway, New York, New York 10007. controlled and certified ambient air
monitoring data that show the area has
FOR FURTHER INFORMATION CONTACT:
monitored attainment of the 1997 PM2.5
Henry Feingersh, (212) 637–3382, or by
e-mail at feingersh.henry@epa.gov if you NAAQS for the 2007–2009 monitoring
have questions related to New York or
period. Other specific requirements of
New Jersey. If you have questions
the determination and the rationale for
PO 00000
Frm 00015
Fmt 4700
Sfmt 4700
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 75, Number 219 (Monday, November 15, 2010)]
[Rules and Regulations]
[Pages 69588-69589]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28570]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated Single-Employer Plans; Interest
Assumptions for Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends Pension Benefit Guaranty Corporation's
regulation on Benefits Payable in Terminated Single-Employer Plans to
prescribe interest assumptions under the regulation for valuation dates
in December 2010. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective December 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 regulation on Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribes
actuarial assumptions--including interest assumptions--for paying plan
benefits under terminating single-employer plans covered by title IV of
the Employee Retirement Income Security Act of 1974.
PBGC uses the interest assumptions in Appendix B to Part 4022 to
determine whether a benefit is payable as a lump sum and to determine
the amount to pay. Appendix C to Part 4022 contains 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. Currently, the rates in Appendices B and C of
the benefit payment regulation are the same.
The interest assumptions are intended to reflect current conditions
in the financial and annuity markets. Assumptions under the benefit
payments regulation are updated monthly. This final rule updates the
benefit payments interest assumptions for December 2010.\1\
---------------------------------------------------------------------------
\1\ Appendix B to PBGC's regulation on Allocation of Assets in
Single-Employer Plans (29 CFR Part 4044) prescribes interest
assumptions for valuing benefits under terminating covered single-
employer plans for purposes of allocation of assets under ERISA
section 4044. Those assumptions are updated quarterly.
---------------------------------------------------------------------------
The December 2010 interest assumptions under the benefit payments
regulation 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 November 2010, these interest assumptions
represent an increase of 0.50 percent in the immediate annuity rate and
are otherwise unchanged.
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 payment
of benefits under plans with valuation dates during December 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''
[[Page 69589]]
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 206, 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) i 1 i 2 i 3 n 1 n 2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
206 12-1-10 1-1-11 2.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 206, 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) i 1 i 2 i 3 n 1 n 2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
206 12-1-10 1-1-11 2.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on November 8, 2010.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension Benefit Guaranty Corporation.
[FR Doc. 2010-28570 Filed 11-12-10; 8:45 am]
BILLING CODE 7709-01-P
