Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 11093-11094 [2013-03544]
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11093
Federal Register / Vol. 78, No. 32 / Friday, February 15, 2013 / Rules and Regulations
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
March 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 March 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
SUMMARY:
Rate set
For plans with a valuation
date
On or after
*
233
Before
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 March 2013.1
The March 2013 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 February 2013,
these interest assumptions represent an
increase of 0.25 percent in the
immediate annuity rate and are
otherwise 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
3. In appendix C to part 4022, Rate Set
233, as set forth below, is added to the
table.
wreier-aviles on DSK5TPTVN1PROD with RULES
On or after
Before
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
VerDate Mar<15>2010
15:00 Feb 14, 2013
Jkt 229001
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
233, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
4.00
*
n1
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
For plans with a valuation
date
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i2
*
4.00
1.00
■
Rate set
i1
*
4–1–13
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
3–1–13
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 March 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).
*
*
Immediate
annuity rate
(percent)
*
*
Deferred annuities
(percent)
i1
i2
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00005
Fmt 4700
Sfmt 4700
i3
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15FER1.SGM
15FER1
11094
Federal Register / Vol. 78, No. 32 / Friday, February 15, 2013 / Rules and Regulations
Rate set
For plans with a valuation
date
On or after
*
Before
*
233
3–1–13
*
4–1–13
1.00
Issued in Washington, DC, on this 7th day
of February 2013.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit
Guaranty Corporation.
[FR Doc. 2013–03544 Filed 2–14–13; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2013–0066]
Drawbridge Operation Regulation;
James River, Between Isle of Wight
and Newport News, VA
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the draw of the
James River Draw Bridge across the
James River, mile 5.0, between Isle of
Wight and Newport News, VA. This
deviation is necessary to facilitate
generator replacement on the James
River Draw Bridge. This temporary
deviation will allow the drawbridge to
remain in the closed-to-navigation
position on specific dates and times.
DATES: This deviation is effective from
12:01 a.m. on February 16, 2013, until
5 a.m. on February 18, 2013; from 12:01
a.m. on February 23, 2013, until 5 a.m.
on February 25, 2013; and from 12:01
a.m. on March 2, 2013, until 5 a.m. on
March 4, 2013.
ADDRESSES: The docket for this notice,
USCG–2013–0066, is available online at
www.regulations.gov by typing in the
docket number in the ‘‘SEARCH’’ box
and clicking ‘‘SEARCH.’’ Next, click on
the Open Docket Folder on the line
associated with this notice. 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.
wreier-aviles on DSK5TPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
15:00 Feb 14, 2013
Immediate
annuity rate
(percent)
Jkt 229001
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
If
you have questions on this temporary
deviation, call or email Mr. Jim
Rousseau, Bridge Administration
Branch Fifth District, Coast Guard;
telephone (757) 398–6557, email
James.L.Rousseau2@uscg.mil. If you
have questions on reviewing the docket,
call Barbara Hairston, Program Manager,
Docket Operations, 202–366–9826.
SUPPLEMENTARY INFORMATION: The
Virginia Department of Transportation,
who owns and operates this vertical lift
bridge, has requested a temporary
deviation from the current operating
regulations set out in 33 CFR 117.5, to
facilitate generator replacement on the
structure.
Under the regular operating schedule,
the James River Bridge, mile 5.0,
between Isle of Isle and Newport News,
VA opens on signal. The James River
Bridge has vertical clearances in the
open and closed position of 145 feet and
60 feet, above mean high water,
respectively.
Under this temporary deviation, the
drawbridge will be closed on weekends
to navigation from 12:01 a.m. on
February 16, 2013, until 5 a.m. on
February 18, 2013; from 12:01 a.m. on
February 23, 2013, until 5 a.m. on
February 25, 2013; and from 12:01 a.m.
on March 2, 2013 until 5 a.m. on March
4, 2013. If weather conditions are
favorable during the first two weekends
of the deviation, mariners will be
notified via a broadcast notice to
mariners and local media that the bridge
will return to its regular operating
schedule and that the third week of
closure is no longer necessary.
Only emergency openings will be
provided with up to a two-hour delay in
opening. There are no alternate routes
for vessels transiting this section of the
James River.
The James River is used by a variety
of vessels including freighters, tugs, and
recreational vessels. The Coast Guard
has carefully coordinated the
restrictions with commercial and
recreational waterway users. The Coast
Guard will inform all users of the
waterway through our Local and
Broadcast Notice to Mariners of the
closure periods for the bridge so that
vessels can arrange their transits to
minimize any impacts caused by the
temporary deviation. Mariners able to
FOR FURTHER INFORMATION CONTACT:
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
pass under the bridge in the closed
position may do so at any time.
Mariners are advised to proceed with
caution.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: February 5, 2013.
Waverly W. Gregory, Jr.,
Bridge Program Manager, Fifth Coast Guard
District.
[FR Doc. 2013–03546 Filed 2–14–13; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2013–0036]
RIN 1625–AA00
Safety Zone; Lake Worth Dredge
Operations, Lake Worth Inlet; West
Palm Beach, FL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone on
Lake Worth Inlet, West Palm Beach,
Florida, to provide for the safety of life
and vessels during dredge operations. A
safety zone will need to be enforced for
90 minutes on two separate occasions
during a two week period. The time of
enforcement will be publicized as soon
as practical. During the time of
enforcement, persons and vessels are
prohibited from entering, transiting
through, anchoring in, or remaining
within the safety zone unless authorized
by the Captain of the Port Miami or a
designated representative.
DATES: This rule is effective from
February 15, 2013, through February 20,
2013, but has been enforced with actual
notice since February 4, 2013. This rule
will be enforced for two 90 minute
periods which will occur during the
period of February 4, 2013, through
February 20, 2013. The public will be
SUMMARY:
E:\FR\FM\15FER1.SGM
15FER1
]]>Agencies
[Federal Register Volume 78, Number 32 (Friday, February 15, 2013)]
[Rules and Regulations]
[Pages 11093-11094]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-03544]
[[Page 11093]]
-----------------------------------------------------------------------
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 March 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 March 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 March 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 March 2013 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 February 2013, these interest assumptions
represent an increase of 0.25 percent in the immediate annuity rate and
are otherwise 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 March 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 233, 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 Deferred annuities (percent)
date Immediate -----------------------------------------------------------------------------
Rate set -------------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
233 3-1-13 4-1-13 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 233, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 11094]]
* * * * * * *
233 3-1-13 4-1-13 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 7th day of February 2013.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-03544 Filed 2-14-13; 8:45 am]
BILLING CODE 7709-01-P
