Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 22215-22216 [2012-8916]
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22215
Federal Register / Vol. 77, No. 72 / Friday, April 13, 2012 / Rules and Regulations
Signed at Washington, DC, this 4th of April
2012.
M. Patricia Smith,
Solicitor of Labor, U.S. Department of Labor.
[FR Doc. 2012–8741 Filed 4–12–12; 8:45 am]
BILLING CODE 4510–23–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
May 2012. The interest assumptions are
used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective May 1, 2012.
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
On or after
*
223 ....................................
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 May 2012.1
The May 2012 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 April 2012,
these interest assumptions represent an
increase 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
Before
*
3. In appendix C to part 4022, Rate Set
223, as set forth below, is added to the
table.
■
pmangrum on DSK3VPTVN1PROD with RULES
VerDate Mar<15>2010
12:58 Apr 12, 2012
Jkt 226001
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
223, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i2
i1
*
i3
*
1.50
4.00
4.00
n1
*
4.00
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
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
6–1–12
5–1–12
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 2012, 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
Frm 00031
Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\13APR1.SGM
13APR1
8
22216
Federal Register / Vol. 77, No. 72 / Friday, April 13, 2012 / Rules and Regulations
Rate set
For plans with a valuation
date
On or after
*
223 ....................................
Before
*
*
6–1–12
5–1–12
Issued in Washington, DC, on this 6th day
of April 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
[FR Doc. 2012–8916 Filed 4–12–12; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2012–0176]
Drawbridge Operation Regulations;
Atlantic Intracoastal Waterway, Fort
Lauderdale, FL
Coast Guard, DHS.
Notice of temporary deviations
from regulations.
AGENCY:
ACTION:
The Commander, Seventh
Coast Guard District, has issued
temporary deviations from the
regulations governing the operation of
the following two bridges that span
across the Atlantic Intracoastal
Waterway in Fort Lauderdale, Florida:
The East Sunrise Boulevard (SR 838)
Bridge, mile 1062.6; and the East Las
Olas Bridge, mile 1064. The deviations
are necessary due to the high volume of
vessel and vehicle traffic anticipated
during the Lauderdale Air Show. With
the exception of opening for passage of
public vessels of the United States,
vessels in distress, and tugs with tows,
the bridges will not open in the evening
during during the Lauderdale Air Show.
DATES: These deviations are effective
from 4 p.m. on April 28, 2012 through
6 p.m. on April 29, 2012.
ADDRESSES: Documents mentioned in
this preamble as being available in the
docket are part of docket USCG–2012–
0176 and are available online by going
to https://www.regulations.gov, inserting
USCG–2012–0176 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,
pmangrum on DSK3VPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
12:58 Apr 12, 2012
Jkt 226001
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
i1
i2
*
1.50
*
4.00
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
email Michael Lieberum, Seventh
District Bridge Branch, Coast Guard;
telephone (305) 415–6744, email
Michael.B.Lieberum@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 City
of Fort Lauderdale Police Department
has requested temporary modifications
to the operating schedules of the East
Sunrise Boulevard (SR 838) Bridge and
the East Las Olas Bridge in Fort
Lauderdale, Florida.
The Lauderdale Air Show generates a
high volume of vessel and vehicle
traffic. In past years, opening these
bridges has resulted in significant
vehicle congestion. By allowing the
bridges to remain closed to navigation
from 4 p.m. until 6 p.m. during the
Lauderdale Air Show, traffic congestion
will be reduced.
The details and regular operating
schedule for each bridge are set forth
below.
1. East Sunrise Boulevard (SR 838)
Bridge, mile 1062.6. The vertical
clearance of the East Sunrise Boulevard
(SR 838) Bridge, across the Atlantic
Intracoastal Waterway, is 21 feet. The
normal operating schedule for the East
Sunrise Boulevard (SR 838) Bridge is set
forth in 33 CFR 117.261(bb)(6) requires
the draw to open on the hour and halfhour. On the first weekend in May, the
draw need not open from 4 p.m. to 6
p.m. on Saturday and Sunday, and, on
the first Saturday in May, the draw need
not open from 9:45 p.m. to 10:45 p.m.
2. East Las Olas Bridge, mile 1064.
The vertical clearance of the East Las
Olas Bridge, across the Atlantic
Intracoastal Waterway, is 24 feet. The
normal operating schedule for the East
Last Olas Bridge is set forth in 33 CFR
117.261(bb)(7) and requires the bridge to
open on the quarter-hour and threequarter hour. On the first weekend in
May, the draw need not open from 4
p.m. to 6 p.m. on Saturday and Sunday,
and, on the first Saturday in May, the
draw need not open from 9:45 p.m. to
10:45 p.m.
PO 00000
Frm 00032
Fmt 4700
i3
Sfmt 4700
n1
*
4.00
4.00
n2
*
7
8
As a result of these temporary
deviations, the East Sunrise Boulevard
(SR 838) Bridge and the East Las Olas
Bridge will remain closed to navigation
from 4 p.m. to 6 p.m. on Saturday, April
28, 2012 and Sunday, April 29, 2012.
However, the drawspans will open as
soon as possible at any time for the
passage of public vessels of the United
States, vessels in distress, and tugs with
tows.
In accordance with 33 CFR 117.35(e),
the drawbridges must return to their
regular operating schedules
immediately at the end of the
designated time period. These
deviations from the operating
regulations are authorized under 33 CFR
117.35.
Dated: March 6, 2012.
B.L. Dragon,
Bridge Program Director, Seventh Coast
Guard District.
[FR Doc. 2012–8874 Filed 4–12–12; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2012–0243]
Drawbridge Operation Regulation;
Sacramento River, Sacramento, CA
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Tower
Drawbridge across the Sacramento
River, mile 59.0, at Sacramento, CA. The
deviation is necessary to allow the
community to participate in the Capitol
City Classic run. This deviation allows
the bridge to remain in the closed-tonavigation position during the event.
DATES: This deviation is effective from
8 a.m. to 9 a.m. on April 22, 2012.
ADDRESSES: Documents mentioned in
this preamble as being available in the
docket are part of docket USCG–2012–
0243 and are available online by going
to https://www.regulations.gov, inserting
SUMMARY:
E:\FR\FM\13APR1.SGM
13APR1
]]>Agencies
[Federal Register Volume 77, Number 72 (Friday, April 13, 2012)]
[Rules and Regulations]
[Pages 22215-22216]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-8916]
=======================================================================
-----------------------------------------------------------------------
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 May 2012. The interest assumptions are used for
paying benefits under terminating single-employer plans covered by the
pension insurance system administered by PBGC.
DATES: Effective May 1, 2012.
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 May 2012.\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 2012 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 April 2012, these interest assumptions
represent an increase 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 May 2012, 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 223, 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 Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
223............................................. 5-1-12 6-1-12 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 223, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 22216]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
223............................................. 5-1-12 6-1-12 1.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of April 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-8916 Filed 4-12-12; 8:45 am]
BILLING CODE 7709-01-P
