Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 63836-63837 [2011-26657]
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63836
Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Rules and Regulations
By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 2011–26463 Filed 10–13–11; 8:45 am]
BILLING CODE 6750–01–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
November 2011. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES: Effective November 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.)
SUPPLEMENTARY INFORMATION: PBGC’s
regulation on Benefits Payable in
SUMMARY:
Rate set
For plans with a valuation
date
Before
*
11–1–11
3. In appendix C to part 4022, Rate Set
217, as set forth below, is added to the
table.
■
1.50
tkelley on DSK3SPTVN1PROD with RULES
VerDate Mar<15>2010
14:14 Oct 13, 2011
Jkt 226001
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
217, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
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
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 November 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)
*
12–1–11
On or after
*
217 ....................................
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 November 2011.1
The November 2011 interest
assumptions under the benefit payments
regulation will be 1.50 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 October 2011,
these interest assumptions represent a
decrease of 0.25 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
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00020
Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\14OCR1.SGM
14OCR1
8
63837
Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Rules and Regulations
Rate set
For plans with a valuation
date
Before
*
12–1–11
1.50
On or after
*
217 ....................................
*
11–1–11
Issued in Washington, DC, on this 11th day
of October 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
[FR Doc. 2011–26657 Filed 10–13–11; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket No. USCG–2011–0934]
RIN 1625–AA08
Special Local Regulation for Marine
Events; Chesapeake Bay Workboat
Race; Back River, Messick Point,
Poquoson, VA
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard will
establish special local regulation during
the Chesapeake Bay Workboat Race, a
series of boat races to be held on the
waters of Back River, Poquoson,
Virginia. These special local regulations
are necessary to provide for the safety of
life on navigable waters during the
events. This action is intended to
restrict vessel traffic during the power
boat races on the Back River in the
vicinity of Messick Point, in Poquoson,
Virginia.
DATES: This rule is effective October 30,
2011 from 1 p.m. to 4 p.m.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2011–
0934 and are available online by going
to https://www.regulations.gov, inserting
USCG–2011–0934 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 temporary
tkelley on DSK3SPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
14:14 Oct 13, 2011
Jkt 226001
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
i1
i2
i3
4.00
*
4.00
4.00
*
rule, call or e-mail LCDR Christopher A.
O’Neal, Waterways Management
Division Chief, Sector Hampton Roads,
Coast Guard; telephone 757–668–5580,
e-mail Christopher.A.ONeal@uscg.mil. If
you have questions on viewing the
docket, call Renee V. Wright, Program
Manager, Docket Operations, telephone
202–366–9826.
SUPPLEMENTARY INFORMATION:
Regulatory Information
The Coast Guard is issuing this
temporary final rule without prior
notice and opportunity to comment
pursuant to authority under section 4(a)
of the Administrative Procedure Act
(APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because the
Coast Guard published a temporary final
rule in the Federal Register on
September 8, 2011, for the original date
of this event, which was September 18,
2011. Inclement weather forced the
cancellation of the event, the sponsor
did not include a make-up date in the
original application for approval of
marine event, and the Coast Guard did
not receive the new application for the
make-up date in sufficient time to allow
for publication of an NPRM. Any delay
encountered in this regulation’s
effective date by publishing an NPRM
would require either the cancellation of
the event, or require that the event be
held without a special local regulation.
Either course of action would be
contrary to public interest since
immediate action is needed to provide
for the safety of life and property on
navigable waters. Additionally, this
special local regulation will be enforced
for approximately three hours on
October 30, 2011 while the boat races
are in progress. This regulated area
should have a minimal impact on
transiting vessels because mariners are
not precluded from using any portion of
the waterway except the area within the
regulated area.
PO 00000
Frm 00021
Fmt 4700
Sfmt 4700
n1
*
n2
*
7
8
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. The Coast Guard published a
temporary final rule in the Federal
Register on September 8, 2011, for the
original date of this event, which was
September 18, 2011. Inclement weather
forced the cancellation of the event, the
sponsor did not include a make-up date
in the original application for approval
of marine event, and the Coast Guard
did not receive the new application for
the make-up date in sufficient time to
allow for publication more than 30 days
prior to the date scheduled for the
event, and delaying the effective date
would be contrary to the public interest
since immediate action is needed to
ensure the safety of the event
participants, patrol vessels, and other
vessels transiting the event area.
Background and Purpose
On October 30, 2011 the Chesapeake
Bay Watermen will sponsor a workboat
race on the navigable waters of the Back
River in Poquoson, Virginia.
A fleet of spectator vessels is expected
to gather near the event site to view the
competition. Due to the need for vessel
control during the event, the Coast
Guard will temporarily restrict vessel
traffic in the event area to provide for
the safety of participants, spectators,
and other transiting vessels. The
regulated area shall be enforced from
1 p.m. to 4 p.m. October 30, 2011.
During this enforcement period,
vessels may not enter the regulated area
unless they receive permission from the
Coast Guard Patrol Commander.
Discussion of Rule
This special local regulation will
restrict general navigation in the
regulated area during the marine event,
from 1 p.m. to 4 p.m. on October 30,
2011. Except for persons or vessels
authorized by the Coast Guard Patrol
Commander, no person or vessel may
enter or remain in the regulated area
during the effective period. The
regulated area is needed to control
vessel traffic during the event to
enhance the safety of participants in and
spectators to the Chesapeake Bay
Workboat Race.
E:\FR\FM\14OCR1.SGM
14OCR1
]]>Agencies
[Federal Register Volume 76, Number 199 (Friday, October 14, 2011)]
[Rules and Regulations]
[Pages 63836-63837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26657]
=======================================================================
-----------------------------------------------------------------------
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 November 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 November 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 November 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 November 2011 interest assumptions under the benefit payments
regulation will be 1.50 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 October 2011, these interest assumptions
represent a decrease of 0.25 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 November 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 217, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
217..................................... 11-1-11 12-1-11 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 217, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 63837]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
217..................................... 11-1-11 12-1-11 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 11th day of October 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2011-26657 Filed 10-13-11; 8:45 am]
BILLING CODE 7709-01-P
