Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 56770-56771 [2012-22727]
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56770
Federal Register / Vol. 77, No. 179 / Friday, September 14, 2012 / Rules and Regulations
Drug labeler code
Firm name and address
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061088 ...........................
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Eka Chemicals, Inc., 1850 Parkway Pl. SE., suite 1200, Marietta, GA 30067
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066104 ...........................
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Phibro Animal Health Corp., GlenPointe Centre East, 3d floor, 300 Frank W. Burr Blvd., suite 21, Teaneck, NJ 07666
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3. The authority citation for 21 CFR
part 520 continues to read as follows:
■
Authority: 21 U.S.C. 360b.
FOR FURTHER INFORMATION CONTACT:
[Amended]
4. In paragraph (b)(2) of § 520.1265,
remove ‘‘Nos. 057561, 059130, and
061623’’ and in its place add ‘‘Nos.
057561, 061623, and 066104’’.
■
§ 520.2220a
[Amended]
5. In paragraph (a)(2) of § 520.2220a,
remove ‘‘Nos. 000069, 054925, 057561,
058829, 059130, and 061623’’ and in its
place add ‘‘Nos. 000069, 054925,
057561, 058829, 061623, and 066104’’.
■
§ 520.2455
[Amended]
6. In paragraph (b)(2) of § 520.2455,
remove ‘‘No. 059130’’ and in its place
add ‘‘No. 066104’’.
■
Dated: September 6, 2012.
Bernadette Dunham,
Director, Center for Veterinary Medicine.
[FR Doc. 2012–22646 Filed 9–13–12; 8:45 am]
BILLING CODE 4160–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions
under the benefit payments regulation
for valuation dates in October 2012 and
interest assumptions under the asset
allocation regulation for valuation dates
in the fourth quarter of 2012. The
wreier-aviles on DSK5TPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
14:15 Sep 13, 2012
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interest assumptions are used for
valuing and paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective October 1, 2012.
PART 520—ORAL DOSAGE FORM
NEW ANIMAL DRUGS
§ 520.1265
*
Jkt 226001
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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR Part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR Part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions in the regulations are also
published on PBGC’s Web site (https://
www.pbgc.gov).
The interest assumptions in Appendix
B to Part 4044 are used to value benefits
for allocation purposes under ERISA
section 4044. 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 asset allocation
regulation are updated quarterly;
assumptions under the benefit payments
regulation are updated monthly. This
final rule updates the benefit payments
interest assumptions for October 2012
PO 00000
Frm 00016
Fmt 4700
*
Sfmt 4700
*
*
*
and updates the asset allocation interest
assumptions for the fourth quarter
(October through December) of 2012.
The fourth quarter 2012 interest
assumptions under the allocation
regulation will be 3.07 percent for the
first 20 years following the valuation
date and 3.00 percent thereafter. In
comparison with the interest
assumptions in effect for the third
quarter of 2012, these interest
assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
an increase of 0.12 percent in the select
rate, and a decrease of 0.66 percent in
the ultimate rate (the final rate).
The October 2012 interest
assumptions under the benefit payments
regulation will be 0.75 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 September
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 valuation
and payment of benefits under plans
with valuation dates during October
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).
E:\FR\FM\14SER1.SGM
14SER1
56771
Federal Register / Vol. 77, No. 179 / Friday, September 14, 2012 / Rules and Regulations
List of Subjects
29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
■
For plans with a valuation
date
*
228
Before
3. In appendix C to part 4022, an
entry for Rate Set 228 is added to the
table to read as follows:
*
228
Before
*
*
4.00
*
*
*
i3
n1
*
n2
*
*
4.00
7
8
n1
n2
i1
0.75
i2
*
4.00
*
11–1–12
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
10–1–12
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
For plans with a valuation
date
On or after
*
i2
*
4.00
0.75
*
Rate set
i1
*
11–1–12
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
10–1–12
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
1. The authority citation for part 4022
continues to read as follows:
Employee benefit plans, Pension
insurance, Pensions.
On or after
2. In appendix B to part 4022, an entry
for Rate Set 228 is added to the table to
read as follows:
■
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
29 CFR Part 4044
Rate set
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, an entry
for October—December 2012 is added to
the table to read as follows:
*
■
4. The authority citation for part 4044
continues to read as follows:
■
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
October—December 2012 ................................................
Issued in Washington, DC, on this 11th day
of September 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
for t =
it
for t =
1–20
*
0.0300
>20
*
0.0307
DEPARTMENT OF DEFENSE
Department of the Navy
32 CFR Part 701
[FR Doc. 2012–22727 Filed 9–13–12; 8:45 am]
[Docket ID USN–2012–0014]
BILLING CODE 7709–01–P
Privacy Act; Implementation
Department of the Navy, DoD.
Direct final rule with request for
comments.
wreier-aviles on DSK5TPTVN1PROD with RULES
AGENCY:
ACTION:
Department of the Navy is
updating the Navy Privacy Act Program
by adding the (k)(2) exemption to
accurately describe the basis for
exempting the records in the system of
SUMMARY:
VerDate Mar<15>2010
14:15 Sep 13, 2012
Jkt 226001
PO 00000
Frm 00017
Fmt 4700
Sfmt 4700
it
*
for t =
*
N/A
N/A
records notice N05800–2, Professional
Responsibility Files.
This direct final rule makes nonsubstantive changes to the Department
of the Navy’s Program rules. This will
improve the efficiency and effectiveness
of DoD’s program by ensuring the
integrity of the security and
investigative material compiled for law
enforcement purposes by the
Department of the Navy and the
Department of Defense. This rule is
being published as a direct final rule as
the Department of Defense does not
expect to receive any adverse
comments, and so a proposed rule is
unnecessary.
E:\FR\FM\14SER1.SGM
14SER1
]]>Agencies
[Federal Register Volume 77, Number 179 (Friday, September 14, 2012)]
[Rules and Regulations]
[Pages 56770-56771]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-22727]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe interest assumptions under the benefit payments regulation
for valuation dates in October 2012 and interest assumptions under the
asset allocation regulation for valuation dates in the fourth quarter
of 2012. The interest assumptions are used for valuing and paying
benefits under terminating single-employer plans covered by the pension
insurance system administered by PBGC.
DATES: Effective October 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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR Part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR Part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and 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 regulations are also published on PBGC's Web site
(https://www.pbgc.gov).
The interest assumptions in Appendix B to Part 4044 are used to
value benefits for allocation purposes under ERISA section 4044. 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 asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates the benefit payments interest assumptions for October 2012 and
updates the asset allocation interest assumptions for the fourth
quarter (October through December) of 2012.
The fourth quarter 2012 interest assumptions under the allocation
regulation will be 3.07 percent for the first 20 years following the
valuation date and 3.00 percent thereafter. In comparison with the
interest assumptions in effect for the third quarter of 2012, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), an
increase of 0.12 percent in the select rate, and a decrease of 0.66
percent in the ultimate rate (the final rate).
The October 2012 interest assumptions under the benefit payments
regulation will be 0.75 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 September 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 valuation
and payment of benefits under plans with valuation dates during October
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).
[[Page 56771]]
List of Subjects
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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, an entry for Rate Set 228 is added to
the table to read as follows:
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
228 10-1-12 11-1-12 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
3. In appendix C to part 4022, an entry for Rate Set 228 is added
to the table to read as follows:
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
228 10-1-12 11-1-12 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, an entry for October--December 2012 is
added to the table to read as follows:
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates -----------------------------------------------------------------------------------
occurring in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
October--December 2012...... 0.0307 1-20 0.0300 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 11th day of September 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-22727 Filed 9-13-12; 8:45 am]
BILLING CODE 7709-01-P
