Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 74353-74355 [2012-30202]
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74353
Federal Register / Vol. 77, No. 241 / Friday, December 14, 2012 / Rules and Regulations
An example of how the fee is
calculated for one exchange, the
Chicago Board of Trade, is set forth
here:
a. Actual three-year average costs
equal $78,553.
b. The alternative computation is: (.5)
($78,553) + (.5) (.274) ($1,340,083) =
$222,868.
c. The fee is the lesser of a or b; in
this case $78,553.
As noted above, the alternative
calculation based on contracts traded is
not applicable to NFA because it is not
a DCM and has no contracts traded. The
Commission’s average annual cost for
conducting oversight review of the NFA
rule enforcement program during fiscal
years 2009 through 2011 was $577,549
(one-third of $1,732,647). The fee to be
paid by the NFA for the current fiscal
year is $577,549.
II. Schedule of Fees
Therefore, fees for the Commission’s
review of the rule enforcement programs
at the registered futures associations and
DCMs regulated by the Commission are
as follows:
2012 fee
lesser of actual or
calculated fee
CBOE Futures .............................................................................................................................................................................
Chicago Board of Trade ..............................................................................................................................................................
Chicago Climate Exchange .........................................................................................................................................................
Chicago Mercantile Exchange .....................................................................................................................................................
ICE Futures U.S. .........................................................................................................................................................................
Kansas City Board of Trade ........................................................................................................................................................
Minneapolis Grain Exchange .......................................................................................................................................................
New York Mercantile Exchange ..................................................................................................................................................
New York LIFFE ..........................................................................................................................................................................
$17,611
78,553
497
548,855
88,143
44,642
35,730
227,640
71,111
Subtotal .................................................................................................................................................................................
National Futures Association .......................................................................................................................................................
1,112,781
577,549
Total ...............................................................................................................................................................................
1,690,330
The Debt Collection Improvement Act
(DCIA) requires deposits of fees owed to
the government by electronic transfer of
funds (See 31 U.S.C. 3720). For
information about electronic payments,
please contact Jennifer Fleming at (202)
418–5034 or jfleming@cftc.gov, or see
the CFTC Web site at www.cftc.gov,
specifically, www.cftc.gov/cftc/
cftcelectronicpayments.htm.
VerDate Mar<15>2010
14:38 Dec 13, 2012
Jkt 229001
Issued in Washington, DC on this 11th day
of December 2012, by the Commission.
Sauntia S. Warfield,
Assistant Secretary of the Commission.
PENSION BENEFIT GUARANTY
CORPORATION
[FR Doc. 2012–30224 Filed 12–13–12; 8:45 am]
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
BILLING CODE P
PO 00000
29 CFR Part 4022
Pension Benefit Guaranty
Corporation.
AGENCY:
ACTION:
Frm 00007
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Final rule.
14DER1
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mstockstill on DSK4VPTVN1PROD with
III. Payment Method
74354
Federal Register / Vol. 77, No. 241 / Friday, December 14, 2012 / Rules and Regulations
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
January 2013. The interest assumptions
are used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC. As
discussed below, PBGC will publish a
separate final rule document dealing
with interest assumptions under its
regulation on Allocation of Assets in
Single-Employer Plans for the first
quarter of 2013.
DATES: Effective January 1, 2013.
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
For plans
with a
valuation
date
Rate set
On or after
*
1–1–13
*
2–1–13
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
231 is added to the table to read as
follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
i2
*
i3
Jkt 229001
*
0.75
*
*
n1
4.00
*
n2
4.00
*
4.00
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
mstockstill on DSK4VPTVN1PROD with
i1
*
3. In appendix C to part 4022, Rate Set
231 is added to the table to read as
follows:
14:38 Dec 13, 2012
List of Subjects in 29 CFR Part 4022
Before
■
VerDate Mar<15>2010
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 January 2013, 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).
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
231
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 January 2013.
PBGC normally updates the
assumptions under the benefit payments
regulation for January at the same time
as PBGC updates assumptions for the
first quarter of the year under its
regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) in a single rulemaking document.
Because of delays in obtaining data used
in setting assumptions under Part 4044
for the first quarter of 2013, PBGC is
publishing two separate rulemaking
documents to update the benefit
payments regulation for January 2013
and the allocation regulation for the first
quarter of 2013.
The January 2013 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 December
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
PO 00000
*
*
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Fmt 4700
*
Sfmt 4700
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14DER1
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8
Federal Register / Vol. 77, No. 241 / Friday, December 14, 2012 / Rules and Regulations
For plans
with a
valuation date
Rate set
On or after
*
231
1–1–13
i1
*
2–1–13
0.75
[FR Doc. 2012–30202 Filed 12–13–12; 8:45 am]
BILLING CODE 7709–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R09–OAR–2011–0589; FRL–9726–4]
Approval of Air Quality Implementation
Plans; California; San Joaquin Valley;
Attainment Plan for the 1997 8-Hour
Ozone Standards; Technical
Amendments
U.S. Environmental Protection
Agency (EPA).
ACTION: Final rule; technical
amendments.
AGENCY:
EPA is making a technical
amendment to the Code of Federal
Regulations (CFR) to reflect the
Agency’s March 1, 2012 final approval
of the California State Implementation
Plan for attainment of the 1997 8-hour
ozone National Ambient Air Quality
Standards in the San Joaquin Valley.
This technical amendment corrects the
CFR to properly codify the California
Air Resources Board’s commitment to
update the air quality modeling in the
San Joaquin Valley 8-Hour Ozone SIP by
December 31, 2014.
DATES: This technical amendment is
effective on December 14, 2012.
FOR FURTHER INFORMATION CONTACT:
Frances Wicher, Air Planning Office
(AIR–2), U.S. Environmental Protection
Agency, Region 9, (415) 972–3957,
wicher.frances@epa.gov.
SUPPLEMENTARY INFORMATION:
Throughout this document, ‘‘we’’, ‘‘us’’
and ‘‘our’’ refer to EPA.
On March 1, 2012, EPA fully
approved the California State
Implementation Plan (SIP) for
attainment of the 1997 8-hour ozone
National Ambient Air Quality Standards
(NAAQS) in the San Joaquin Valley and
included provisions of this SIP in the
mstockstill on DSK4VPTVN1PROD with
SUMMARY:
14:38 Dec 13, 2012
Jkt 229001
i2
*
Issued in Washington, DC, on this 11th day
of December 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
VerDate Mar<15>2010
Deferred
annuities
(percent)
Immediate
annuity rate
(percent)
Before
*
4.00
4.00
Environmental protection, Air
pollution control, Intergovernmental
relations, Nitrogen Dioxide, Ozone,
Volatile organic compounds.
Dated: December 4, 2012.
Jared Blumenfeld,
Regional Administrator, Region IX.
Part 52, Chapter I, Title 40 of the Code
of Federal Regulations is amended as
follows:
PART 52 [AMENDED]
1. The authority citation for part 52
continues to read as follows:
■
Authority: 42 U.S.C. 7401 et seq.
Fmt 4700
Sfmt 4700
n1
*
List of Subjects in 40 CFR Part 52
Frm 00009
i3
*
Code of Federal Regulations (CFR) at 40
CFR 52.220(c). See 77 FR 12652 (March
1, 2012).
The regulatory text for this final
action included paragraph
(c)(396)(ii)(A)(2)(ii) of 40 CFR 52.220.
This paragraph contains CARB’s
commitment to update the air quality
modeling in the San Joaquin Valley 8Hour Ozone SIP to reflect emissions
inventory improvements and any other
new information by December 31, 2014
or the date by which state
implementation plans are due for the
expected revision to the Federal 8-hour
ozone standard whichever comes first,
as provided on page 3 of CARB
Resolution No. 11–22 (dated July 21,
2011). CARB Resolution 11–22
documents CARB’s adoption of the 8Hour Ozone State Implementation Plan
Revisions and Technical Revisions to
the PM2.5 State Implementation Plan
Transportation Conformity Budgets for
the South Coast and San Joaquin Valley
Air Basins (dated June 20, 2011).
However, the amendatory language at
the beginning of this regulatory text (77
FR 12672) did not identify this
paragraph and as a result this paragraph
is not currently in the CFR. We are
issuing this technical amendment to 40
CFR 52.220 to correct this oversight.
This technical amendment makes no
change to the substance of our March 1,
2012 approval of the SJV 8-Hour Ozone
SIP.
PO 00000
74355
n2
*
4.00
7
8
Subpart F—California
2. Section 52.220 is amended by
adding paragraph (c)(396)(ii)(A)(2)(ii) to
read as follows:
■
§ 52.220
Identification of plan.
*
*
*
*
*
(c) * * *
(396) * * *
(ii) * * *
(A) * * *
(2) * * *
(ii) Commitment to update the air
quality modeling in the SJV 2007 Ozone
Plan to reflect the emissions inventory
improvements and any other new
information by December 31, 2014 or
the date by which state implementation
plans are due for the expected revision
to the Federal 8-hour ozone standard
whichever comes first, as provided on
page 3.
*
*
*
*
*
[FR Doc. 2012–30245 Filed 12–13–12; 8:45 am]
BILLING CODE 6560–50–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R08–OAR–2011–0114; FRL–9751–6]
Approval, Disapproval and
Promulgation of State Implementation
Plans; State of Utah; Regional Haze
Rule Requirements for Mandatory
Class I Areas Under 40 CFR 51.309
Environmental Protection
Agency (EPA).
ACTION: Final rule.
AGENCY:
SUMMARY: EPA is partially approving
and partially disapproving a State
Implementation Plan (SIP) revision
submitted by the State of Utah on May
26, 2011 that addresses regional haze.
EPA is also approving specific sections
of a State of Utah SIP revision submitted
on September 9, 2008 to address
regional haze. These SIP revisions were
submitted to address the requirements
of the Clean Air Act (CAA or Act) and
our rules that require states to prevent
any future and remedy any existing
man-made impairment of visibility in
E:\FR\FM\14DER1.SGM
14DER1
]]>Agencies
[Federal Register Volume 77, Number 241 (Friday, December 14, 2012)]
[Rules and Regulations]
[Pages 74353-74355]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30202]
=======================================================================
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
[[Page 74354]]
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 January 2013. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC. As discussed below,
PBGC will publish a separate final rule document dealing with interest
assumptions under its regulation on Allocation of Assets in Single-
Employer Plans for the first quarter of 2013.
DATES: Effective January 1, 2013.
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.
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 January 2013.
PBGC normally updates the assumptions under the benefit payments
regulation for January at the same time as PBGC updates assumptions for
the first quarter of the year under its regulation on Allocation of
Assets in Single-Employer Plans (29 CFR part 4044) in a single
rulemaking document. Because of delays in obtaining data used in
setting assumptions under Part 4044 for the first quarter of 2013, PBGC
is publishing two separate rulemaking documents to update the benefit
payments regulation for January 2013 and the allocation regulation for
the first quarter of 2013.
The January 2013 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 December 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 January 2013, 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 231 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
231 1-1-13 2-1-13 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 231 is added to the table to
read as follows:
Appendix C to Part 4022--Lump Sum Interest Rates For Private-Sector
Payments
* * * * *
[[Page 74355]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
231 1-1-13 2-1-13 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 11th day of December 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-30202 Filed 12-13-12; 8:45 am]
BILLING CODE 7709-01-P
