Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 2881-2882 [2013-00632]
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Federal Register / Vol. 78, No. 10 / Tuesday, January 15, 2013 / Rules and Regulations
§ 381.304
AMOUNT IN CONTROVERSY—
Continued
$10,000–29,999. (18 CFR
381.303(b)) ..............................
$30,000 or more. (18 CFR
381.303(a)) ..............................
[Amended]
4. In 381.304, paragraph (a) is
amended by removing ‘‘$19,030’’ and
adding ‘‘$18,650’’ in its place.
600
■
35,580
§ 381.305
[Amended]
5. In 381.305, paragraph (a) is
amended by removing ‘‘$7,130’’ and
adding ‘‘$6,990’’ in its place.
■
3. Review of a Department of Energy
denial of adjustment:
§ 381.403
AMOUNT IN CONTROVERSY
$0–9,999. (18 CFR 381.304(b))
$10,000–29,999. (18 CFR
381.304(b)) ..............................
$30,000 or more. (18 CFR
381.304(a)) ..............................
4. Written legal interpretations
by the Office of General
Counsel. (18 CFR 381.305(a))
$100
600
[Amended]
■
[FR Doc. 2013–00590 Filed 1–14–13; 8:45 am]
BILLING CODE 6717–01–P
* $1,000
Fees Applicable to Cogenerators and
Small Power Producers
1. Certification of qualifying
status as a small power production facility. (18 CFR
381.505(a)) ..............................
2. Certification of qualifying
status as a cogeneration facility. (18 CFR 381.505(a)) .........
§ 381.505
7. In 381.505, paragraph (a) is
amended by removing ‘‘$21,380’’ and
adding ‘‘$20,960’’ in its place and by
removing ‘‘$24,200’’ and adding
$6,990
‘‘$23,720’’ in its place.
18,650
Fees Applicable to Natural Gas
Pipelines
1. Pipeline certificate applications pursuant to 18 CFR
284.224. (18 CFR 381.207(b))
[Amended]
6. Section 381.403 is amended by
removing ‘‘$12,370’’ and adding
‘‘$12,130’’ in its place.
■
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
$20,960
$23,720
List of Subjects in 18 CFR Part 381
Electric power plants,Electric utilities,
Natural gas, Reporting and
recordkeeping requirements.
Anton Porter,
Executive Director.
In consideration of the foregoing, the
Commission amends Part 381, Chapter I,
Title 18, Code of Federal Regulations, as
set forth below.
PART 381—FEES
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
February 2013. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
1. The authority citation for Part 381
continues to read as follows:
DATES:
Authority: 15 U.S.C. 717–717w; 16 U.S.C.
791–828c, 2601–2645; 31 U.S.C. 9701; 42
U.S.C. 7101–7352; 49 U.S.C. 60502; 49 App.
U.S.C. 1–85.
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
■
§ 381.302
[Amended]
2. In 381.302, paragraph (a) is
amended by removing ‘‘$24,860’’ and
adding ‘‘$24,370’’ in its place.
wreier-aviles on DSK5TPTVN1PROD with
■
§ 381.303
[Amended]
3. In 381.303, paragraph (a) is
amended by removing ‘‘$36,290’’ and
adding ‘‘$35,580’’ in its place.
■
* This
fee has not been changed.
VerDate Mar<15>2010
16:33 Jan 14, 2013
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Effective February 1, 2013.
FOR FURTHER INFORMATION CONTACT:
PO 00000
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2881
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 February 2013.1
The February 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 January 2013,
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 February 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).
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.
E:\FR\FM\15JAR1.SGM
15JAR1
2882
Federal Register / Vol. 78, No. 10 / Tuesday, January 15, 2013 / Rules and Regulations
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:
For plans with a valuation
date
Rate set
On or after
*
Before
■
■
1. The authority citation for part 4022
continues to read as follows:
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
*
2–1–13
3. In appendix C to part 4022, Rate Set
232 is added to the table to read as
follows:
■
For plans with a valuation
date
On or after
*
Before
*
232
2–1–12
BILLING CODE 7709–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–HQ–OAR–2012–0943, FRL–9769–4]
RIN 2060
Findings of Failure To Submit a
Complete State Implementation Plan
for Section 110(a) Pertaining to the
2008 Ozone National Ambient Air
Quality Standard
Environmental Protection
Agency (EPA).
ACTION: Final rule.
AGENCY:
The EPA is finding that 28
states, the District of Columbia and the
Commonwealth of Puerto Rico have not
made complete state implementation
plan (SIP) submissions to address
certain SIP elements, as required by the
Clean Air Act (CAA). Specifically, the
EPA is determining that these states
have not submitted complete SIPs that
wreier-aviles on DSK5TPTVN1PROD with
SUMMARY:
VerDate Mar<15>2010
14:53 Jan 14, 2013
*
*
Jkt 229001
4.00
*
*
*
i3
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
[FR Doc. 2013–00632 Filed 1–14–13; 8:45 am]
*
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
3–1–13
Issued in Washington, DC, on this 8th day
of January 2013.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
i2
*
4.00
0.75
*
Rate set
i1
*
3–1–13
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
232
2. In appendix B to part 4022, Rate Set
232 is added to the table to read as
follows:
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
0.75
i1
i2
*
4.00
i3
4.00
*
provide the basic CAA program
elements as necessary to implement the
2008 8-hour ozone national ambient air
quality standards (NAAQS). The EPA
refers to these SIP submissions as
‘‘infrastructure’’ SIPs. By this action, the
EPA is identifying states that either have
not made any submission to address the
applicable elements or have made a
complete submission to address some
applicable elements but did not make a
complete submission for other
applicable elements. The EPA
recognizes that its efforts to reconsider
the 2008 8-hour ozone NAAQS delayed
and complicated the efforts of some
states to develop and submit these
infrastructure SIPs, but at this time the
EPA is nevertheless required by court
order to make these findings. These
findings of failure to submit establish a
24-month deadline for the EPA to
promulgate federal implementation
plans (FIPs) to address the outstanding
SIP elements unless, prior to that time,
the affected states submit and the EPA
approves, a SIP that corrects the
deficiency.
The effective date of this rule is
February 14, 2013.
FOR FURTHER INFORMATION CONTACT:
General questions concerning this
notice should be addressed to Dr. Karl
Pepple: telephone (919) 541–2683,
email pepple.karl@epa.gov; or Mr. Lynn
DATES:
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
*
4.00
*
7
8
Dail: telephone (919) 541–2363, email
dail.lynn@epa.gov, Office of Air Quality
Planning and Standards, Air Quality
Policy Division, Mail Code C539–02,
109 TW Alexander Drive, Research
Triangle Park, NC 27709.
SUPPLEMENTARY INFORMATION:
I. General Information
A. Notice and Comment Under the
Administrative Procedure Act (APA)
Section 553 of the APA, 5 U.S.C.
553(b)(B), provides that, when an
agency for good cause finds that notice
and public procedure are impracticable,
unnecessary, or contrary to the public
interest, the agency may issue a rule
without providing notice and an
opportunity for public comment. The
EPA has determined that there is good
cause for making this rule final without
prior proposal and opportunity for
comment because no significant EPA
judgment is involved in making a
finding of failure to submit SIPs, or
elements of SIPs, required by the CAA,
where states have made no submissions,
or incomplete submissions, to meet the
requirement. Thus, notice and public
procedure are unnecessary. The EPA
finds that this constitutes good cause
under 5 U.S.C. 553(b)(B).
E:\FR\FM\15JAR1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 10 (Tuesday, January 15, 2013)]
[Rules and Regulations]
[Pages 2881-2882]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00632]
=======================================================================
-----------------------------------------------------------------------
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 February 2013. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC.
DATES: Effective February 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 February 2013.\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 February 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 January 2013, 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 February 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).
[[Page 2882]]
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 232 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
232 2-1-13 3-1-13 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 232 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
232 2-1-12 3-1-13 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of January 2013.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-00632 Filed 1-14-13; 8:45 am]
BILLING CODE 7709-01-P
