Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 22192-22193 [2013-08743]
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Federal Register / Vol. 78, No. 72 / Monday, April 15, 2013 / Rules and Regulations
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Issued in Washington, DC, on April 8,
2013.
Gary A. Norek,
Manager, Airspace Policy and ATC
Procedures Group.
[FR Doc. 2013–08599 Filed 4–12–13; 8:45 am]
BILLING CODE 4910–13–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
May 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 May 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.)
SUMMARY:
Rate set
For plans with a valuation
date
On or after
*
235
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 May 2013.1
The May 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 April 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
SUPPLEMENTARY INFORMATION:
Before
3. In appendix C to part 4022, Rate Set
235, as set forth below, is added to the
table.
■
mstockstill on DSK4VPTVN1PROD with RULES
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
16:10 Apr 12, 2013
Jkt 229001
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
235, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
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1.00
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Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
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VerDate Mar<15>2010
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6–1–13
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
5–1–13
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 May 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).
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benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15APR1.SGM
15APR1
22193
Federal Register / Vol. 78, No. 72 / Monday, April 15, 2013 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
235
*
5–1–13
6–1–13
Issued in Washington, DC, on this 9th day
of April 2013.
Leslie Kramerich,
Acting Chief Policy Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. 2013–08743 Filed 4–12–13; 8:45 am]
BILLING CODE 7709–01–P
33 CFR Part 100
[Docket No. USCG–2012–0552]
RIN 1625–AA08
Special Local Regulations; West Palm
Beach Triathlon Championship,
Intracoastal Waterway; West Palm
Beach, FL
Coast Guard, DHS.
ACTION: Temporary Final Rule.
AGENCY:
The Coast Guard is
establishing a special local regulation on
the Intracoastal Waterway, in West Palm
Beach, Florida, during the West Palm
Beach Triathlon Championship, on
Saturday, June 1, 2013. Approximately
1,500 participants are anticipated to
participate in the triathlon. The special
local regulation is necessary to ensure
the safety of the triathlon participants
and the general public during the swim
portion of the event. Persons and
vessels, except those participating in the
event, are prohibited from entering,
transiting through, anchoring in, or
remaining within the regulated area
unless authorized by the Captain of the
Port Miami or a designated
representative.
SUMMARY:
This rule is effective from 6:30
a.m. until 8:30 a.m. on June 1, 2013.
ADDRESSES: Documents mentioned in
this preamble are part of docket USCG–
2012–0552. To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type the docket
number in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rulemaking. You may also visit the
Docket Management Facility in Room
DATES:
mstockstill on DSK4VPTVN1PROD with RULES
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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.
If
you have questions on this rule, call or
email Lieutenant Junior Grade Mike H.
Wu, Sector Miami Prevention
Department, Coast Guard; telephone
(305) 535–7576, email
Mike.H.Wu@uscg.mil. If you have
questions on viewing the docket, call
Barbara Hairston, Program Manager,
Docket Operations, telephone (202)
366–9826.
Coast Guard
16:10 Apr 12, 2013
1.00
i1
FOR FURTHER INFORMATION CONTACT:
DEPARTMENT OF HOMELAND
SECURITY
VerDate Mar<15>2010
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Jkt 229001
SUPPLEMENTARY INFORMATION:
Table of Acronyms
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
A. Regulatory History and Information
On January 15, 2013, the Coast Guard
published a Notice of Proposed
Rulemaking (NPRM) entitled, ‘‘Special
Local Regulation; West Palm Beach
Triathlon Championship, Intracoastal
Waterway, West Palm Beach, FL’’ in the
Federal Register (78 FR 2916). We
received no comments on the proposed
rule. No public meeting was requested,
and none was held.
B. Basis and Purpose
The legal basis for this rule is the
Coast Guard’s authority to establish
special local regulations: 33 U.S.C.
1233. The purpose of the rule is to
ensure the safety of life on navigable
waters of the United States during the
West Palm Beach Triathlon
Championship.
On June 1, 2013, Game One Sports
Marketing Group is hosting the West
Palm Beach Triathlon Championship.
The race will be held on the waters of
the Intracoastal Waterway, in West Palm
Beach, Florida. Approximately 1,500
participants are anticipated to
participate in the triathlon. No spectator
vessels are anticipated to be present
during the race.
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C. Discussion of Comments, Changes
and the Final Rule
The Coast Guard did not receive any
comments to the proposed rule, and no
changes were made to the regulatory
text.
This temporary final rule establishes
a special local regulation that will
encompass certain waters of the
Intracoastal Waterway in West Palm
Beach, Florida. The special local
regulation will be enforced from 6:30
a.m. until 8:30 a.m. on June 1, 2013. All
persons and vessels, except those
participating in the race, are prohibited
from entering, transiting through,
anchoring in, or remaining within the
regulated area unless authorized by the
Captain of the Port Miami or a
designated representative.
Persons and vessels desiring to enter,
transit through, anchor in, or remain
within the regulated area may contact
the Captain of the Port Miami by
telephone at (305) 535–4472, or a
designated representative via VHF radio
on channel 16, to request authorization.
If authorization to enter, transit through,
anchor in, or remain within the
regulated area is granted by the Captain
of the Port Miami or a designated
representative, all persons and vessels
receiving such authorization must
comply with the instructions of the
Captain of the Port Miami or a
designated representative. The Coast
Guard will provide notice of the special
local regulation by Local Notice to
Mariners, Broadcast Notice to Mariners,
and on-scene designated
representatives.
D. Regulatory Analyses
We developed this rule after
considering numerous statutes and
executive orders related to rulemaking.
Below we summarize our analyses
based on these statutes and executive
orders.
1. Regulatory Planning and Review
This rule is not a significant
regulatory action under section 3(f) of
Executive Order 12866, Regulatory
Planning and Review, as supplemented
by Executive Order 13563, Improving
Regulation and Regulatory Review, and
does not require an assessment of
potential costs and benefits under
E:\FR\FM\15APR1.SGM
15APR1
]]>Agencies
[Federal Register Volume 78, Number 72 (Monday, April 15, 2013)]
[Rules and Regulations]
[Pages 22192-22193]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08743]
=======================================================================
-----------------------------------------------------------------------
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 May 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 May 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 May 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 May 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 April 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 May 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 235, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
235 5-1-13 6-1-13 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 235, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 22193]]
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For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
235 5-1-13 6-1-13 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of April 2013.
Leslie Kramerich,
Acting Chief Policy Officer, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-08743 Filed 4-12-13; 8:45 am]
BILLING CODE 7709-01-P
