Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 41270-41271 [2012-17165]
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41270
Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Rules and Regulations
07–52 and adding in its place ‘‘CBP Dec.
12–13’’.
Thomas Winkowski,
Acting Commissioner, U.S. Customs and
Border Protection.
Approved: July 5, 2012.
Timothy E. Skud,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 2012–16989 Filed 7–12–12; 8:45 am]
BILLING CODE 9111–14–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9590]
RIN 1545–BJ82
Health Insurance Premium Tax Credit
Correction
In rule document 2012–12421
appearing on pages 30377–30400 in the
issue of Wednesday, May 23, 2012,
make the following corrections:
■ 1. On page 30385, in the third column,
in the third line, ‘‘Washington, DC All’’
should read ‘‘Washington DC. All’’.
§ 1.36B–4
[Corrected]
2. On page 30399, in the second
column, in § 1.36B–4(b)(6), in Example
9, in the last two lines of paragraph (ii),
the equation in parentheses should read
‘‘($60,000 × .095)’’.
■
[FR Doc. C1–2012–12421 Filed 7–12–12; 8:45 am]
BILLING CODE 1505–01–D
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
tkelley on DSK3SPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
16:29 Jul 12, 2012
Jkt 226001
prescribe interest assumptions under
the regulation for valuation dates in
August 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 August 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
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 August 2012.1
The August 2012 interest assumptions
under the benefit payments regulation
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.
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will be 1.00 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 July 2012,
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 August 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
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
226, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
E:\FR\FM\13JYR1.SGM
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13JYR1
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41271
Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
226
9–1–12
3. In appendix C to part 4022, Rate Set
226, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
Before
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2012–0538]
RIN 1625–AA00
Safety Zone; Newburgh to Beacon
Swim, Newburgh, Hudson River, NY
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone on
the navigable waters of the Hudson
River, NY in the vicinity of Newburgh,
NY for the annual Newburgh Beacon
Swim event. This temporary safety zone
is necessary to protect swimmers,
spectators and vessels from the hazards
associated with swimmers competing in
a swim across the Hudson River.
Persons and vessels are prohibited from
entering into, transiting through, or
anchoring within the safety zone unless
authorized by the Captain of the Port
(COTP) New York or the designated
representative.
tkelley on DSK3SPTVN1PROD with RULES
SUMMARY:
This rule is effective from 9:30
a.m. until 11:30 a.m. on July 21, 2012.
DATES:
VerDate Mar<15>2010
16:29 Jul 12, 2012
*
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[FR Doc. 2012–17165 Filed 7–12–12; 8:45 am]
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Deferred annuities
(percent)
Immediate
annuity rate
(percent)
9–1–12
Issued in Washington, DC, on this 10th day
of July 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
i3
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
8–1–12
i2
*
4.00
1.00
*
226
i1
*
8–1–12
Rate set
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
1.00
i1
i2
*
4.00
i3
4.00
*
Documents mentioned in
this preamble are part of docket [USCG–
2012–0538]. To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type the docket
number in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rulemaking. You may also visit the
Docket Management Facility in Room
W12–140 on the ground floor of the
Department of Transportation West
Building, 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
email Ensign Kimberly Farnsworth,
Coast Guard; Telephone (718) 354–4163,
email Kimberly.A.Farnsworth@uscg.mil.
If you have questions on viewing or
submitting material to the docket, call
Renee V. Wright, Program Manager,
Docket Operations, telephone (202)
366–9826.
SUPPLEMENTARY INFORMATION:
ADDRESSES:
Table of Acronyms
DHS Department of Homeland Security
FR Federal Register
CFR Code of Federal Regulations
NPRM Notice of Proposed Rulemaking
COTP Captain of the Port
A. Regulatory History and Information
The Newburgh Beacon Swim is an
annual recurring event that has a
permanent safety zone found at 33 CFR
165.160. The effective date for the
permanent safety zone is the last
weekend in July with a rain date as the
first weekend in August each year.
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*
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8
The Coast Guard is issuing this 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
delaying this event would be contrary to
the public interest.
The Newburgh Beacon Swim event
will occur this year on July 21, 2012. On
May 24, 2012, the sponsor of the event
advised the Coast Guard that due to
optimal tide, current, and weather
conditions needed to promote the safety
of the swim participants, they were
changing the date of the event from the
last weekend in July (with a rain date as
the first weekend in August) to July 21,
2012, thereby rendering the permanent
safety zone set forth in 33 CFR 165.160
inapplicable for this year’s event.
Any delay in the effective date of this
rule would be contrary to the public
interest because immediate action is
needed to provide for the safety of life
on the navigable waters from the
hazards of swimming in the Hudson
River, particularly in the vicinity of the
shipping channel. The safety zone is
necessary to provide for the safety of
event participants, spectator crafts, and
other vessels operating near the event
area. For the safety concerns noted, it is
in the public interest to have this
E:\FR\FM\13JYR1.SGM
13JYR1
]]>Agencies
[Federal Register Volume 77, Number 135 (Friday, July 13, 2012)]
[Rules and Regulations]
[Pages 41270-41271]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17165]
=======================================================================
-----------------------------------------------------------------------
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 August 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 August 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 August 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 August 2012 interest assumptions under the benefit payments
regulation will be 1.00 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 July 2012, 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 August 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 226, as set forth below, is
added to the table.
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
[[Page 41271]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
226 8-1-12 9-1-12 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 226, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
226 8-1-12 9-1-12 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of July 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-17165 Filed 7-12-12; 8:45 am]
BILLING CODE 7709-01-P
