Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 62433-62434 [2012-25245]
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Federal Register / Vol. 77, No. 199 / Monday, October 15, 2012 / Rules and Regulations
DEPARTMENT OF LABOR
Occupational Safety and Health
Administration
29 CFR Parts 1910, 1915, and 1926
[Docket No. OSHA–H022K–2006–0062]
RIN 1218–AC20
Hazard Communication Standard;
Approval of Information Collection
Requirements
Occupational Safety and Health
Administration (OSHA), Labor.
ACTION: Final rule; notice of the Office
of Management and Budget’s (OMB)
approval of information collection
requirements.
AGENCY:
The Occupational Safety and
Health Administration (OSHA) is
announcing that the Office of
Management and Budget (OMB)
approved the revised information
collection requirements contained in the
Hazard Communication Standard (HCS)
(29 CFR parts 1910, 1915, and 1926)
under the Paperwork Reduction Act of
1995 (PRA–95). The OMB control
number is 1218–0072.
DATES: The collections of information
contained in the final rule published
March 26, 2012 (77 FR 17573) are
effective October 15, 2012.
FOR FURTHER INFORMATION CONTACT:
Theda Kenney or Todd Owen,
Directorate of Standards and Guidance,
OSHA, U.S. Department of Labor, Room
N–3609, 200 Constitution Avenue NW.,
Washington, DC 20210; telephone (202)
693–2222.
SUPPLEMENTARY INFORMATION: On March
26, 2012, OSHA published a final rule
that aligned the existing HCS with the
United Nations Globally Harmonized
System of Classification and Labeling of
Chemicals that benefits workers by
reducing confusion about chemical
hazards in the workplace, facilitating
safety training and improving the
understanding of hazards, especially for
low literacy workers. The final rule
revised existing collection of
information (paperwork) requirements
that were approved by the Office of
Management and Budget (OMB) under
PRA–95, 44 U.S.C. 3501 et seq., and
OMB’s regulations at 5 CFR part 1320.
Hazard communication is currently
addressed by many different
international, national, and State
authorities. These existing requirements
are not always consistent and often
contain different definitions of hazards
and varying provisions for what
information is required on labels and
safety data sheets (SDSs). The final
erowe on DSK2VPTVN1PROD with
SUMMARY:
VerDate Mar<15>2010
15:18 Oct 12, 2012
Jkt 229001
standard harmonizes the U.S. system
with international norms and as a result
would enhance worker safety and
facilitate international trade. The final
rule’s modifications to the Hazard
Communication Standard’s collection of
information requirements include: (1)
Revised criteria for classification of
chemical hazards; (2) revised labeling
provisions that include requirements for
use of standardized signal words,
pictograms, hazard statements, and
precautionary statements; (3) a specified
format for SDSs; and (4) related
revisions to definitions of terms used in
the Standard and to requirements for
employee training on labels and SDSs.
As required by PRA–95, the Federal
Register notice for the Hazard
Communication final rule stated that the
Department of Labor would publish a
notice in the Federal Register
announcing the results of OMB’s
reviews. On March 26, 2012, OSHA
submitted a revised Hazard
Communication ICR for the final rule to
OMB for approval in accordance with
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520). On June 11,
2012, OMB approved the revised
collections of information contained in
the final rule. This approval expires on
June 30, 2015.
In accordance with the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501–
3520), OMB approved the collections of
information contained in the HCS, and
assigned these collections of
information OMB control number 1218–
0072. This approval expires on June 30,
2015. In accordance with 5 CFR
1320.5(b), an Agency may not conduct
or sponsor, and a person need not
respond to, a collection of information
unless the collection displays a valid
OMB control number. Also,
notwithstanding any other provision of
law, no employer shall be subject to
penalty for failing to comply with a
collection of information if the
collection of information does not
display a currently valid OMB control
number.
Authority and Signature
David Michaels, Ph.D., MPH,
Assistant Secretary of Labor for
Occupational Safety and Health,
directed the preparation of this notice.
The authority for this notice is the
Paperwork Reduction Act of 1995 (44
U.S.C. 3506 et seq.) and Secretary of
Labor’s Order No. 1–2012 (77 FR 3912).
PO 00000
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62433
Signed at Washington, DC on October 2,
2012.
David Michaels,
Assistant Secretary of Labor for Occupational
Safety and Health.
[FR Doc. 2012–24595 Filed 10–12–12; 8:45 am]
BILLING CODE 4510–26–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 2012. 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, 2012.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion
(Klion.Catherine@pbgc.gov), Assistant
General Counsel for Regulatory Affairs,
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.
SUMMARY:
E:\FR\FM\15OCR1.SGM
15OCR1
62434
Federal Register / Vol. 77, No. 199 / Monday, October 15, 2012 / 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 November 2012.1
The November 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 October 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
Rate set
For plans with a valuation
date
On or after
*
229
Before
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 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).
11–1–12
3. In appendix C to part 4022, Rate Set
229, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
229
Before
*
11–1–12
BILLING CODE 7709–01–P
4.00
*
*
*
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*
*
*
*
n1
*
n2
*
7
8
n1
n2
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
i1
i2
*
0.75
i3
*
4.00
4.00
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 104
AGENCY:
Jkt 229001
*
*
Policy Letters on the International
Convention on Standards of Training,
Certification and Watchkeeping for
Seafarers, 1978
15:18 Oct 12, 2012
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
4.00
[Docket No. USCG–2012–0917]
VerDate Mar<15>2010
2. In appendix B to part 4022, Rate Set
229, as set forth below, is added to the
table.
■
i3
46 CFR Parts 10, 11, 12, and 15
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
12–1–12
[FR Doc. 2012–25245 Filed 10–12–12; 8:45 am]
1. The authority citation for part 4022
continues to read as follows:
■
*
4.00
*
Issued in Washington, DC, on this 9th day
of October 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
i2
*
0.75
*
Rate set
i1
*
12–1–12
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)
*
List of Subjects in 29 CFR Part 4022
Coast Guard, DHS.
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
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*
4.00
ACTION:
*
7
8
Notice of availability.
The Coast Guard announces
the availability of three policy letters
providing guidance to vessels and
mariners subject to the International
Convention on Standards of Training,
Certification and Watchkeeping for
Seafarers, 1978, as amended (STCW).
These letters provide guidance on: The
hours of rest requirements of the 2010
amendments to the STCW Convention
and Code; issuance of endorsements and
approval of training for Vessel
Personnel with Designated Security
Duties (VPDSD) and vessel personnel
SUMMARY:
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15OCR1.SGM
15OCR1
]]>Agencies
[Federal Register Volume 77, Number 199 (Monday, October 15, 2012)]
[Rules and Regulations]
[Pages 62433-62434]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-25245]
=======================================================================
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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 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 November 1, 2012.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion
(Klion.Catherine@pbgc.gov), Assistant General Counsel for Regulatory
Affairs, 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 62434]]
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 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 November 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 October 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 November 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 229, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
229 11-1-12 12-1-12 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 229, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
229 11-1-12 12-1-12 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of October 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-25245 Filed 10-12-12; 8:45 am]
BILLING CODE 7709-01-P
