Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 50413-50414 [2011-20649]
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50413
Federal Register / Vol. 76, No. 157 / Monday, August 15, 2011 / Rules and Regulations
Dated: August 4, 2011.
Kevin J. Wolf
Assistant Secretary for Export
Administration.
[FR Doc. 2011–20602 Filed 8–12–11; 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 Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
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
September 2011. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
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. The interest assumptions in
the regulation are also published on
PBGC’s Web site (https://www.pbgc.gov).
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 September 2011.1
The September 2011 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 August 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
SUPPLEMENTARY INFORMATION:
Effective September 1, 2011.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion
(Klion.Catherine@pbgc.gov), 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 tollfree at 1–800–877–8339 and ask to be
connected to 202–326–4024.)
For plans with a valuation date
Rate set
On or after
*
*
215 ................................................................
3. In appendix C to part 4022, Rate Set
215, as set forth below, is added to the
table.
■
*
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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
215, 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
i2
i3
4.00
*
4.00
4.00
n1
n2
*
7
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
Before
Immediate
annuity rate
(percent)
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 September 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).
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15AUR1.SGM
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50414
Federal Register / Vol. 76, No. 157 / Monday, August 15, 2011 / Rules and Regulations
For plans with a valuation date
Immediate
annuity rate
(percent)
Rate set
On or after
*
*
215 ................................................................
Issued in Washington, DC, on this 10th day
of August 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
[FR Doc. 2011–20649 Filed 8–12–11; 8:45 am]
BILLING CODE 7709–01–P
POSTAL SERVICE
39 CFR Part 20
Postal Explorer® Internet site at https://
pe.usps.com.
List of Subjects in 39 CFR Part 20
Foreign relations; Incorporation by
reference.
In view of the considerations
discussed above, the Postal Service
hereby amends 39 CFR part 20 as
follows:
i3
4.00
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4.00
4.00
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8
§ 20.2 Effective date of the International
Mail Manual.
The provisions of the International
Mail Manual dated April 17, 2011,
updated with Postal Bulletin revisions
through June 2, 2011, effective June 6,
2011, are applicable with respect to the
international mail services of the Postal
Service.
Stanley F. Mires,
Chief Counsel, Legislative.
[FR Doc. 2011–20618 Filed 8–12–11; 8:45 am]
BILLING CODE 7710–12–P
The Postal Service announces
the issuance of the Mailing Standards of
the United States Postal Service,
International Mail Manual (IMM®)
dated April 17, 2011, updated with
Postal Bulletin revisions through June 2,
2011, effective June 6, 2011, and its
incorporation by reference in the Code
of Federal Regulations.
DATES: Effective Date: This final rule is
effective on August 15, 2011. The
incorporation by reference of the IMM is
approved by the Director of the Federal
Register as of August 15, 2011.
FOR FURTHER INFORMATION CONTACT:
Lizbeth Dobbins, (202) 268–3789.
SUPPLEMENTARY INFORMATION: The
International Mail Manual was issued
on April 17, 2011, and was updated
with postal bulletin revisions through
June 2, 2011. It replaced all previous
editions. This issue of the IMM removes
the issue number, replacing it with the
issue date to mirror the format used for
the Domestic Mail Manual (DMM®). It
also continues to enable the Postal
Service to fulfill its long-standing
mission of providing affordable,
universal mail service. It continues to:
(1) increase the user’s ability to find
information; (2) increase the users’
confidence that they have found the
information they need; and (3) reduce
the need to consult multiple sources to
locate necessary information. The
provisions throughout this issue support
the standards and mail preparation
changes implemented since the version
of May 11, 2009. The International Mail
Manual is available to the public on the
SUMMARY:
srobinson on DSK4SPTVN1PROD with RULES
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1. The authority citation for part 20
continues to read as follows:
Postal ServiceTM.
Final rule.
17:41 Aug 12, 2011
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i1
■
AGENCY:
VerDate Mar<15>2010
9–1–11
PART 20—INTERNATIONAL POSTAL
SERVICE
International Mail Manual;
Incorporation by Reference
ACTION:
*
Before
Deferred annuities
(percent)
Jkt 223001
Authority: 5 U.S.C. 552(a); 13 U.S.C. 301–
307; 18 U.S.C. 1692–1737; 39 U.S.C. 101,
401, 403, 404, 407, 414, 416, 3001–3011,
3201–3219, 3403–3406, 3621, 3622, 3626,
3632, 3633, and 5001.
ENVIRONMENTAL PROTECTION
AGENCY
2. Amend § 20.1 by revising paragraph
(a), and adding a new entry at the end
of the table in paragraph (b), to read as
follows:
[EPA–HQ–SFUND–1983–0002; FRL–9451–7]
■
§ 20.1 International Mail Manual;
incorporation by reference.
(a) Section 552(a) of title 5, U.S.C.,
relating to the public information
requirements of the Administrative
Procedure Act, provides in pertinent
part that matter reasonably available to
the class of persons affected thereby is
deemed published in the Federal
Register when incorporated by reference
therein with the approval of the Director
of the Federal Register. In conformity
with that provision and 39 U.S.C.
410(b)(1), and as provided in this part,
the Postal Service hereby incorporates
by reference its International Mail
Manual (IMM), dated April 17, 2011,
updated with Postal Bulletin revisions
through June 2, 2011, effective June 6,
2011. The Director of the Federal
Register approves this incorporation by
reference in accordance with 5 U.S.C.
552(a) and 1 CFR Part 51.
(b) * * *
Date of
issuance
International Mail Manual
*
*
*
IMM ....................................
■
*
*
April 17, 2011.
3. Revise § 20.2 to read as follows:
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40 CFR Part 300
National Oil and Hazardous
Substances Pollution Contingency
Plan; National Priorities List: Deletion
of the Sayreville Landfill Superfund
Site
Environmental Protection
Agency (EPA).
ACTION: Direct final rule.
AGENCY:
EPA, Region 2, is publishing
a direct final Notice of Deletion of the
Sayreville Landfill Superfund Site
(Site), located in the Borough of
Sayreville, Middlesex County, New
Jersey, from the National Priorities List
(NPL). The NPL, promulgated pursuant
to section 105 of the Comprehensive
Environmental Response,
Compensation, and Liability Act
(CERCLA) of 1980, as amended, is an
appendix of the National Oil and
Hazardous Substances Pollution
Contingency Plan (NCP). This direct
final Notice of Deletion is being
published by EPA with the concurrence
of the State of New Jersey, through the
Department of Environmental Protection
(NJDEP). EPA and NJDEP have
determined that all appropriate
remedial actions under CERCLA, other
than operation, maintenance and fiveyear reviews, have been completed.
However, this deletion does not
preclude future actions under
Superfund.
SUMMARY:
E:\FR\FM\15AUR1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 157 (Monday, August 15, 2011)]
[Rules and Regulations]
[Pages 50413-50414]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20649]
=======================================================================
-----------------------------------------------------------------------
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 the 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 September 2011. The interest assumptions are
used for paying benefits under terminating single-employer plans
covered by the pension insurance system administered by PBGC.
DATES: Effective September 1, 2011.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion
(Klion.Catherine@pbgc.gov), 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. The interest
assumptions in the regulation are also published on PBGC's Web site
(https://www.pbgc.gov).
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 September 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 September 2011 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 August 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 September 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 215, 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 Deferred annuities (percent)
date Immediate --------------------------------------------
Rate set -------------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
215........................................................ 9-1-11 10-1-11 2.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 215, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 50414]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate --------------------------------------------
Rate set -------------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
215........................................................ 9-1-11 10-1-11 2.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of August 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2011-20649 Filed 8-12-11; 8:45 am]
BILLING CODE 7709-01-P
