Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 21252-21253 [2011-8926]
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21252
Federal Register / Vol. 76, No. 73 / Friday, April 15, 2011 / Rules and Regulations
The Voting Section maintains a current list
of those jurisdictions that have maintained
successful declaratory judgments from the
United States District Court for the District of
Columbia pursuant to section 4 of the Act on
its Web site at https://www.justice.gov/crt/
voting.
Dated: April 8, 2011.
Eric H. Holder, Jr.,
Attorney General.
[FR Doc. 2011–9083 Filed 4–14–11; 8:45 am]
BILLING CODE 4410–13–P
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
May 2011. PBGC’s regulation on
Benefits Payable in Terminated SingleEmployer Plans 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.
DATES: Effective May 1, 2011.
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–
SUMMARY:
Rate set
For plans with a valuation
date
On or after
*
211
Before
3. In appendix C to part 4022, Rate Set
211, as set forth below, is added to the
table.
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
15:03 Apr 14, 2011
Jkt 223001
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
211, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
i2
*
4.00
2.50
*
*
*
i3
4.00
*
n1
*
4.00
n2
*
7
8
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
VerDate Mar<15>2010
i1
*
6–1–11
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 May 2011, 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).
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
5–1–11
■
jlentini on DSKJ8SOYB1PROD with RULES
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: Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
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 May 2011.1
The May 2011 interest assumptions
under the benefit payments regulation
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 April 2011,
these interest assumptions are
unchanged.
PBGC has determined that notice and
public comment on this amendment are
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15APR1.SGM
15APR1
21253
Federal Register / Vol. 76, No. 73 / Friday, April 15, 2011 / Rules and Regulations
Rate set
For plans with a valuation
date
On or after
*
Before
*
211
5–1–11
*
6–1–11
Issued in Washington, DC, on this 7th day
of April 2011.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension
Benefit Guaranty Corporation.
[FR Doc. 2011–8926 Filed 4–14–11; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2011–0252]
Drawbridge Operation Regulation;
Company Canal, Lockport, LA
Coast Guard, DHS.
ACTION: Notice of temporary deviation
from regulations.
AGENCY:
The Commander, Eighth
Coast Guard District, has issued a
temporary deviation from the regulation
governing the operation of the LA 1
vertical lift span bridge across Company
Canal, mile 0.4, at Lockport, Lafourche
Parish, Louisiana. The deviation is
necessary to perform electrical
rehabilitation work on the bridge. This
deviation allows the bridge to remain
closed to navigation for twelve
consecutive hours each day from
Monday through Thursday for three
weeks.
DATES: This deviation is effective from
6 a.m. on Monday, June 27, 2011
through 6 p.m. on Thursday, July 14,
2011.
ADDRESSES: Documents mentioned in
this preamble as being available in the
docket are part of docket USCG–2011–
0252 and are available online by going
to https://www.regulations.gov, inserting
USCG–2011–0252 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 rule, call or
jlentini on DSKJ8SOYB1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
15:03 Apr 14, 2011
Jkt 223001
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
2.50
i1
i2
*
4.00
i3
4.00
*
e-mail David Frank, Bridge
Administration Branch, Coast Guard;
telephone 504–671–2128, e-mail
David.M.Frank@uscg.mil. If you have
questions on viewing the docket, call
Renee V. Wright, Program Manager,
Docket Operations, telephone 202–366–
9826.
SUPPLEMENTARY INFORMATION: The
Louisiana Department of Transportation
and Development has requested a
temporary deviation from the operating
schedule of the vertical lift span bridge
across Company Canal at mile 0.4 in
Lockport, Lafourche Parish, Louisiana.
The vertical clearance of the bridge is
5 feet above Mean High Water in the
closed-to-navigation position and 50
feet above Mean High Water in the
open-to-navigation position.
In accordance with 33 CFR
117.438(a), the vertical lift span of the
bridge currently opens on signal except
that, from 6 p.m. to 10 a.m. the draw
opens on signal if at least 4 hours notice
is given. This deviation allows the
vertical lift span of the bridge to remain
closed to navigation from 6 a.m. until
6 p.m. Monday through Thursday from
Monday, June 27, 2011 through
Thursday July 14, 2011.
The closure is necessary in order to
replace electrical conductors and
conduit throughout the bridge structure,
including the removal and replacement
of all navigation lights on the span and
fender system. This maintenance is
essential for the continued operation of
the bridge. Temporary navigational
lighting will be provided during the
closure and power outage period.
Notices will be published in the Eighth
Coast Guard District Local Notice to
Mariners and will be broadcast via the
Coast Guard Broadcast Notice to
Mariners System.
Navigation on the waterway consists
of commercial and recreational fishing
vessels, small to medium crew boats,
and small tugs with and without tows.
The bridge opens for the passage of
navigation an average of 16 times per
month. There are two alternate
waterway routes available via the Gulf
Intracoastal Waterway east to Bayou
Lafourche and west to Navigation Canal.
Small vessels may pass under the bridge
while in the closed-to-navigation
position provided caution is exercised.
PO 00000
Frm 00029
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
Due to prior experience and
coordination with waterway users, it
has been determined that this closure
will not have a significant effect on
vessels that use the waterway.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the designated time period. This
deviation from the operating regulations
is authorized under 33 CFR 117.35.
Dated: April 5, 2011.
David M. Frank,
Bridge Administrator.
[FR Doc. 2011–9147 Filed 4–14–11; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2010–0939]
RIN 1625–AA00
Safety Zone; M/V DAVY CROCKETT,
Columbia River
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The U.S. Coast Guard is
extending and expanding the emergency
safety zone established on the waters of
the Columbia River surrounding the
M/V DAVY CROCKETT at
approximately river mile 117 on January
28, 2011. The safety zone is necessary
to help ensure the safety of the response
workers and maritime public from the
hazards associated with deleterious
state of and ongoing response operations
involving the M/V DAVY CROCKETT.
All persons and vessels are prohibited
from entering or remaining in the safety
zone unless authorized by the Captain
of the Port, Columbia River or his
designated representative.
DATES: This rule is effective from April
15, 2011 through May 17, 2011. This
rule is effective with actual notice for
purposes of enforcement on March 28,
2011. This rule will remain in effect
through May 17, 2011.
ADDRESSES: Documents indicated in this
preamble as being available in the
SUMMARY:
E:\FR\FM\15APR1.SGM
15APR1
]]>Agencies
[Federal Register Volume 76, Number 73 (Friday, April 15, 2011)]
[Rules and Regulations]
[Pages 21252-21253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-8926]
=======================================================================
-----------------------------------------------------------------------
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 May 2011. PBGC's regulation on Benefits Payable in Terminated
Single-Employer Plans 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.
DATES: Effective May 1, 2011.
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: Interest assumptions are also published on
PBGC's Web site (https://www.pbgc.gov). 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 May 2011.\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 May 2011 interest assumptions under the benefit payments
regulation 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 April 2011, these interest assumptions are
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 May 2011, 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 211, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
211 5-1-11 6-1-11 2.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 211, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 21253]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
211 5-1-11 6-1-11 2.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 7th day of April 2011.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension Benefit Guaranty Corporation.
[FR Doc. 2011-8926 Filed 4-14-11; 8:45 am]
BILLING CODE 7709-01-P
