Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 68739-68741 [2013-27385]
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emcdonald on DSK67QTVN1PROD with RULES
Federal Register / Vol. 78, No. 221 / Friday, November 15, 2013 / Rules and Regulations
(f) * * * (1) * * * In addition, except
as provided in paragraph (h) of this
section or in guidance of general
applicability published in the Internal
Revenue Bulletin (see
§ 601.601(d)(2)(ii)(b) of this chapter), a
plan which includes provisions that
satisfy the rules of this section will not
satisfy the requirements of § 1.401(m)–
1(b) if it is amended to change such
provisions for that plan year. * * *
*
*
*
*
*
(4) * * *
(i) The plan would satisfy the
requirements of paragraph (h) of this
section, treating the termination of the
plan as a reduction or suspension of safe
harbor contributions, other than the
requirements of paragraph (h)(1)(i)(A) or
(h)(1)(ii)(A) of this section (relating to
the employer’s financial condition and
information included in the initial
notice for the plan year) and paragraph
(h)(1)(i)(D) or (h)(1)(ii)(D) of this section
(requiring that employees have a
reasonable opportunity to change their
cash or deferred elections and, if
applicable, employee contribution
elections); or
(ii) The plan termination is in
connection with a transaction described
in section 410(b)(6)(C) or the employer
incurs a substantial business hardship,
comparable to a substantial business
hardship described in section 412(c).
*
*
*
*
*
(h) Permissible reduction or
suspension of safe harbor
contributions—(1) General rule—(i)
Matching contributions. A plan that
provides for safe harbor matching
contributions intended to satisfy the
requirements of paragraph (c) of this
section for a plan year will not fail to
satisfy the requirements of section
401(m)(2) merely because the plan is
amended during the plan year to reduce
or suspend safe harbor matching
contributions on future elective
deferrals (and, if applicable, employee
contributions) provided that—
(A) In the case of plan years beginning
on or after January 1, 2015, the
employer either—
(1) Is operating at an economic loss as
described in section 412(c)(2)(A) for the
plan year; or
(2) Includes in the notice described in
paragraph (e) of this section, a statement
that the plan may be amended during
the plan year to reduce or suspend safe
harbor matching contributions and that
the reduction or suspension will not
apply until at least 30 days after all
eligible employees are provided notice
of the reduction or suspension;
(B) All eligible employees are
provided a supplemental notice that
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19:51 Nov 14, 2013
Jkt 232001
satisfies the requirements of paragraph
(h)(2) of this section;
(C) The reduction or suspension of
safe harbor matching contributions is
effective no earlier than the later of the
date the amendment is adopted or 30
days after eligible employees are
provided the supplemental notice
described in paragraph (h)(2) of this
section;
(D) Eligible employees are given a
reasonable opportunity (including a
reasonable period after receipt of the
supplemental notice) prior to the
reduction or suspension of safe harbor
matching contributions to change their
cash or deferred elections and, if
applicable, their employee contribution
elections;
(E) The plan is amended to provide
that the ACP test will be satisfied for the
entire plan year in which the reduction
or suspension occurs using the current
year testing method described in
§ 1.401(m)–2(a)(2)(ii); and
(F) The plan satisfies the requirements
of this section (other than this paragraph
(h)) with respect to amounts deferred
through the effective date of the
amendment.
(ii) Nonelective contributions. For
plan amendments adopted after May 18,
2009, a plan that provides for safe
harbor nonelective contributions
intended to satisfy the requirements of
paragraph (b) of this section will not fail
to satisfy the requirements of section
401(m)(2) for the plan year merely
because the plan is amended during the
plan year to reduce or suspend safe
harbor nonelective contributions
provided that—
(A) The employer either—
(1) Is operating at an economic loss as
described in section 412(c)(2)(A) for the
plan year; or
(2) Includes in the notice described in
paragraph (e) of this section a statement
that the plan may be amended during
the plan year to reduce or suspend safe
harbor nonelective contributions and
that the reduction or suspension will
not apply until at least 30 days after all
eligible employees are provided notice
of the reduction or suspension;
(B) All eligible employees are
provided a supplemental notice that
satisfies the requirements of paragraph
(h)(2) of this section;
(C) The reduction or suspension of
safe harbor nonelective contributions is
effective no earlier than the later of the
date the amendment is adopted or 30
days after eligible employees are
provided the supplemental notice
described in paragraph (h)(2) of this
section;
(D) Eligible employees are given a
reasonable opportunity (including a
PO 00000
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68739
reasonable period after receipt of the
supplemental notice) prior to the
reduction or suspension of nonelective
contributions to change their cash or
deferred elections and, if applicable,
their employee contribution elections;
(E) The plan is amended to provide
that the ACP test will be satisfied for the
entire plan year in which the reduction
or suspension occurs using the current
year testing method described in
§ 1.401(m)–2(a)(2)(ii); and
(F) The plan satisfies the requirements
of this section (other than this paragraph
(h)) with respect to safe harbor
compensation paid through the effective
date of the amendment.
(2) Supplemental notice. The
supplemental notice requirement of this
paragraph (h)(2) is satisfied if each
eligible employee is given a notice that
satisfies the requirements of § 1.401(k)–
3(g)(2).
*
*
*
*
*
Beth Tucker,
Deputy Commissioner for Operations
Support.
Approved: June 17, 2013.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2013–27452 Filed 11–14–13; 8:45 am]
BILLING CODE 4830–01–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
December 2013. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
Effective December 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–
E:\FR\FM\15NOR1.SGM
15NOR1
68740
Federal Register / Vol. 78, No. 221 / Friday, November 15, 2013 / Rules and Regulations
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
Rate set
For plans with a
valuation date
On or after
*
242
payments regulation are updated
monthly. This final rule updates the
benefit payments interest assumptions
for December 2013.1
The December 2013 interest
assumptions under the benefit payments
regulation will be 1.75 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 November
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 December 2013, PBGC
finds that good cause exists for making
the assumptions set forth in this
amendment effective less than 30 days
after publication.
*
12–1–13
3. In appendix C to part 4022, Rate Set
242, as set forth below, is added to the
table.
■
For plans with a
valuation date
On or after
*
emcdonald on DSK67QTVN1PROD with RULES
242
*
12–1–13
VerDate Mar<15>2010
19:51 Nov 14, 2013
*
*
*
01–1–14
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
Jkt 232001
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
242, 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
Immediate
annuity rate
percent)
Before
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
1.75
*
Rate set
i1
*
01–1–14
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
percent)
Before
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).
1.75
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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*
4.00
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15NOR1.SGM
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Federal Register / Vol. 78, No. 221 / Friday, November 15, 2013 / Rules and Regulations
Issued in Washington, DC, on this day of
November 12, 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2013–27385 Filed 11–14–13; 8:45 am]
BILLING CODE 7709–02–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 180
[EPA–HQ–OPP–2012–0427; FRL–9392–1]
Tebuconazole; Pesticide Tolerances
Environmental Protection
Agency (EPA).
ACTION: Final rule.
AGENCY:
This regulation establishes
tolerances for residues of tebuconazole
in or on the fruiting vegetable group 8–
10 and amends the existing tolerances
for barley grain and the cucurbit
vegetable group 9. Interregional
Research Project Number 4 (IR–4)
requested this tolerance and amendment
under the Federal Food, Drug, and
Cosmetic Act (FFDCA).
DATES: This regulation is effective
November 15, 2013. Objections and
requests for hearings must be received
on or before January 14, 2014, and must
be filed in accordance with the
instructions provided in 40 CFR part
178 (see also Unit I.C. of the
SUPPLEMENTARY INFORMATION).
ADDRESSES: The docket for this action,
identified by docket identification (ID)
number EPA–HQ–OPP–2012–0427, is
available at https://www.regulations.gov
or at the Office of Pesticide Programs
Regulatory Public Docket (OPP Docket)
in the Environmental Protection Agency
Docket Center (EPA/DC), EPA West
Bldg., Rm. 3334, 1301 Constitution Ave.
NW., Washington, DC 20460–0001. The
Public Reading Room is open from 8:30
a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The
telephone number for the Public
Reading Room is (202) 566–1744, and
the telephone number for the OPP
Docket is (703) 305–5805. Please review
the visitor instructions and additional
information about the docket available
at https://www.epa.gov/dockets.
FOR FURTHER INFORMATION CONTACT: Lois
Rossi, Registration Division (7505P),
Office of Pesticide Programs,
Environmental Protection Agency, 1200
Pennsylvania Ave. NW., Washington,
DC 20460–0001; telephone number:
(703) 305–7090; email address:
RDFRNotices@epa.gov.
SUPPLEMENTARY INFORMATION:
emcdonald on DSK67QTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
19:51 Nov 14, 2013
Jkt 232001
I. General Information
A. Does this action apply to me?
You may be potentially affected by
this action if you are an agricultural
producer, food manufacturer, or
pesticide manufacturer. The following
list of North American Industrial
Classification System (NAICS) codes is
not intended to be exhaustive, but rather
provides a guide to help readers
determine whether this document
applies to them. Potentially affected
entities may include:
• Crop production (NAICS code 111).
• Animal production (NAICS code
112).
• Food manufacturing (NAICS code
311).
• Pesticide manufacturing (NAICS
code 32532).
B. How can I get electronic access to
other related information?
You may access a frequently updated
electronic version of EPA’s tolerance
regulations at 40 CFR part 180 through
the Government Printing Office’s eCFR
site at https://www.ecfr.gov/cgi-bin/textidx?&c=ecfr&tpl=/ecfrbrowse/Title40/
40tab_02.tpl.
C. How can I file an objection or hearing
request?
Under FFDCA section 408(g), 21
U.S.C. 346a, any person may file an
objection to any aspect of this regulation
and may also request a hearing on those
objections. You must file your objection
or request a hearing on this regulation
in accordance with the instructions
provided in 40 CFR part 178. To ensure
proper receipt by EPA, you must
identify docket ID number EPA–HQ–
OPP–2012–0427 in the subject line on
the first page of your submission. All
objections and requests for a hearing
must be in writing, and must be
received by the Hearing Clerk on or
before January 14, 2014. Addresses for
mail and hand delivery of objections
and hearing requests are provided in 40
CFR 178.25(b).
In addition to filing an objection or
hearing request with the Hearing Clerk
as described in 40 CFR part 178, please
submit a copy of the filing (excluding
any Confidential Business Information
(CBI)) for inclusion in the public docket.
Information not marked confidential
pursuant to 40 CFR part 2 may be
disclosed publicly by EPA without prior
notice. Submit the non-CBI copy of your
objection or hearing request, identified
by docket ID number EPA–HQ–OPP–
2012–0427, by one of the following
methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the online
PO 00000
Frm 00055
Fmt 4700
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68741
instructions for submitting comments.
Do not submit electronically any
information you consider to be CBI or
other information whose disclosure is
restricted by statute.
• Mail: OPP Docket, Environmental
Protection Agency Docket Center (EPA/
DC), (28221T), 1200 Pennsylvania Ave.
NW., Washington, DC 20460–0001.
• Hand Delivery: To make special
arrangements for hand delivery or
delivery of boxed information, please
follow the instructions at https://
www.epa.gov/dockets/contacts.htm.
Additional instructions on commenting
or visiting the docket, along with more
information about dockets generally, is
available at https://www.epa.gov/
dockets.
II. Summary of Petitioned-for Tolerance
In the Federal Register of August 22,
2012 (77 FR 50661) (FRL–9358–9), EPA
issued a document pursuant to FFDCA
section 408(d)(3), 21 U.S.C. 346a(d)(3),
announcing the filing of a pesticide
petition (PP 2E8012) by Interregional
Research Project Number 4 (IR–4), 500
College Road East, Suite 201W.,
Princeton, NJ 08540. The petition
requested that 40 CFR 180.474 be
amended by establishing tolerances for
residues of the fungicide tebuconazole,
alpha-[2-(4-chlorophenyl)ethyl]-alpha(1,1-dimethylethyl)-1H-1,2,4-triazole-1ethanol, including its metabolites and
degradates, in or on barley, grain at 0.3
parts per million (ppm); vegetable,
cucurbit group 9 at 0.4 ppm; and
vegetable, fruiting group 8–10 at 1.3
ppm. The petition also requested the
removal of the established tolerance, in
or on vegetable, fruiting, group 8 at 1.3
ppm once the proposed tolerance for
vegetable, fruiting group 8–10 at 1.3
ppm, has been established since the
proposed new tolerance will supersede
the existing tolerance. That document
referenced a summary of the petition
prepared by Bayer CropScience, the
registrant, which is available in the
docket, https://www.regulations.gov.
There were no comments received in
response to the notice of filing.
III. Aggregate Risk Assessment and
Determination of Safety
Section 408(b)(2)(A)(i) of FFDCA
allows EPA to establish a tolerance (the
legal limit for a pesticide chemical
residue in or on a food) only if EPA
determines that the tolerance is ‘‘safe.’’
Section 408(b)(2)(A)(ii) of FFDCA
defines ‘‘safe’’ to mean that ‘‘there is a
reasonable certainty that no harm will
result from aggregate exposure to the
pesticide chemical residue, including
all anticipated dietary exposures and all
other exposures for which there is
E:\FR\FM\15NOR1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 221 (Friday, November 15, 2013)]
[Rules and Regulations]
[Pages 68739-68741]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-27385]
=======================================================================
-----------------------------------------------------------------------
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 December 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 December 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-
[[Page 68740]]
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 December 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 December 2013 interest assumptions under the benefit payments
regulation will be 1.75 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 November 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 December 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 242, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
242 12-1-13 01-1-14 1.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 242, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
242 12-1-13 01-1-14 1.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 68741]]
Issued in Washington, DC, on this day of November 12, 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-27385 Filed 11-14-13; 8:45 am]
BILLING CODE 7709-02-P
