Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 70639-70640 [2011-29461]
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Federal Register / Vol. 76, No. 220 / Tuesday, November 15, 2011 / Rules and Regulations
apprehension, which would undermine the
entire investigative process.
(b) From subsection (d) (Access to Records)
because access to the records contained in
this system of records could inform the
subject of an investigation of an actual or
potential criminal, civil, or regulatory
violation to the existence of that investigation
and/or reveal investigative interest on the
part of DHS or another agency. Access to the
records could permit the individual who is
the subject of a record to impede the
investigation, to tamper with witnesses or
evidence, and to avoid detection or
apprehension. Amendment of the records
could interfere with ongoing investigations
and law enforcement activities and would
impose an unreasonable administrative
burden by requiring investigations to be
continually reinvestigated. In addition,
permitting access and amendment to such
information could disclose security-sensitive
information that could be detrimental to
homeland security.
(c) From subsection (e)(1) (Relevancy and
Necessity of Information) because in the
course of investigations into potential
violations of federal law, the accuracy of
information obtained or introduced
occasionally may be unclear, or the
information may not be strictly relevant or
necessary to a specific investigation. In the
interests of effective law enforcement, it is
appropriate to retain all information that may
aid in establishing patterns of unlawful
activity.
(d) From subsections (e)(4)(G), (e)(4)(H),
and (e)(4)(I) (Agency Requirements) and (f)
(Agency Rules) because portions of this
system are exempt from the individual access
provisions of subsection (d) for the reasons
noted above, and therefore DHS is not
required to establish requirements, rules, or
procedures with respect to such access.
Providing notice to individuals with respect
to existence of records pertaining to them in
the system of records, or otherwise setting up
procedures pursuant to which individuals
may access and view records pertaining to
themselves in the system, would undermine
investigative efforts and reveal the identities
of witnesses, and potential witnesses, and
confidential informants.
Dated: November 2, 2011.
Mary Ellen Callahan,
Chief Privacy Officer, Department of
Homeland Security.
[FR Doc. 2011–29452 Filed 11–9–11; 8:45 am]
BILLING CODE 9111–97–P
DEPARTMENT OF AGRICULTURE
Office of Advocacy and Outreach
jlentini on DSK4TPTVN1PROD with RULES
7 CFR Part 2502
RIN 0503–AA49
Agricultural Career and Employment
Grants Program; Correction
Office of Advocacy and
Outreach, Departmental Management,
USDA.
AGENCY:
VerDate Mar<15>2010
16:12 Nov 14, 2011
Jkt 226001
Interim rule with request for
comments; correction.
ACTION:
On November 8, 2011, the
Office of Advocacy and Outreach
published an interim rule concerning
grants to assist agricultural employers
and farmworkers by improving the
supply, stability, safety, and training of
the agricultural labor force. The
effective date for the rule was
inadvertently omitted. This document
establishes the effective date of that
November 8 interim final rule.
DATES: The effective date for the interim
rule published November 8, 2011, at 76
FR 69114, is November 15, 2011, and is
applicable beginning November 8, 2011.
Comments on the November 8 interim
rule must still be received by the agency
on or before December 8, 2011, to be
assured of consideration.
ADDRESSES: You may submit comments
on the interim rule, identified by RIN
0503–AA49 by any of the following
methods:
Federal e-Rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Email:
christine.chavez@osec.usda.gov. Include
Regulatory Information Number (RIN)
number 0503–AA49 in the subject line
of the message.
Fax: (202) 720–7136
Mail: Comments may be mailed to the
Office of Advocacy and Outreach, U.S.
Department of Agriculture, 1400
Independence Avenue SW., Room 520–
A, Stop 9801, Washington DC 20250–
9821.
Hand Delivery/Courier: Office of
Advocacy and Outreach, U.S.
Department of Agriculture, 1400
Independence Avenue SW., Room 520–
A, Washington, DC 20250.
Instructions: All submissions received
must include the agency name and the
RIN for this rulemaking. All comments
received will be posted without change
to https://www.regulations.gov, including
any personal information provided.
FOR FURTHER INFORMATION CONTACT:
Christine Chavez, Program Leader,
Farmworker Coordination, Office of
Advocacy and Outreach, U.S.
Department of Agriculture, 1400
Independence Avenue SW., Stop 9801,
Washington, DC 20250, Voice: (202)
205–4215, Fax: (202) 720–7136, Email:
christine.chavez@osec.usda.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Need for Correction
On November 8, 2011 (76 FR 69114),
the Office of Advocacy and Outreach
published an interim rule. Due to an
editing error, the effective date for the
rule was omitted.
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
70639
Dated: November 8, 2011.
Christine Chavez,
Program Leader, Farmworker Coordination.
[FR Doc. 2011–29389 Filed 11–14–11; 8:45 am]
BILLING CODE 3412–89–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
December 2011. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
Effective December 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
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.
E:\FR\FM\15NOR1.SGM
15NOR1
70640
Federal Register / Vol. 76, No. 220 / Tuesday, November 15, 2011 / Rules and Regulations
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 2011.1
The December 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 November
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
Rate set
For plans with a valuation
date
On or after
*
218
Before
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 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).
3. In appendix C to part 4022, Rate Set
218, as set forth below, is added to the
table.
On or after
*
218
Before
*
12–1–11
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
218, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
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
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
i2
*
4.00
1.50
■
Rate set
i1
*
1–1–12
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
12–1–11
List of Subjects in 29 CFR Part 4022
*
*
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
i1
1.50
i2
*
4.00
*
1–1–12
*
4.00
i3
*
Issued in Washington, DC, on this 4th day
of November 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
DEPARTMENT OF THE TREASURY
[FR Doc. 2011–29461 Filed 11–14–11; 8:45 am]
RIN 1505–AC33
Office of the Secretary
31 CFR Part 1
BILLING CODE 7709–01–P
Privacy Act of 1974; Implementation
Internal Revenue Service,
Treasury.
ACTION: Final rule.
AGENCY:
*
4.00
*
7
8
consolidation of existing Internal
Revenue Service (IRS) systems of
records and to continue to exempt the
resulting revised systems of records
from certain provisions of the Privacy
Act. The Office of Chief Counsel has
consolidated twelve systems of records
into six systems of records. This final
rule migrates the previously approved
exemptions to the newly revised,
renamed, and renumbered systems of
records.
This rule is effective November
15, 2011.
ADDRESSES: Inquiries may be addressed
to Sarah Tate, Office of Associate Chief
Counsel, Procedure & Administration,
jlentini on DSK4TPTVN1PROD with RULES
SUMMARY:
In accordance with the
requirements of the Privacy Act of 1974,
as amended, 5 U.S.C. 552a, the
Department of the Treasury gives notice
of an amendment to this part to reflect
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
VerDate Mar<15>2010
17:29 Nov 14, 2011
Jkt 223001
DATES:
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
ERISA section 4044. Those assumptions are
updated quarterly.
PO 00000
Frm 00004
Fmt 4700
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15NOR1
]]>Agencies
[Federal Register Volume 76, Number 220 (Tuesday, November 15, 2011)]
[Rules and Regulations]
[Pages 70639-70640]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-29461]
=======================================================================
-----------------------------------------------------------------------
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 December 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 December 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.
[[Page 70640]]
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 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 December 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 November 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 December 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 218, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
218 12-1-11 1-1-12 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 218, 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
218 12-1-11 1-1-12 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 4th day of November 2011.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2011-29461 Filed 11-14-11; 8:45 am]
BILLING CODE 7709-01-P
