Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 27731-27732 [2014-11209]

Download as PDF Federal Register / Vol. 79, No. 94 / Thursday, May 15, 2014 / Rules and Regulations Environmental Review The FAA has determined that this action qualifies for categorical exclusion under the National Environmental Policy Act in accordance with FAA Order 1050.1E, Environmental Impacts: Policies and Procedures, paragraph 311d. This airspace action is an administrative change to correct and update the descriptions of restricted areas R–5001A and R–5001B to reflect current information. It does not alter the actual location, charted dimensions or use of the airspace; therefore, it is not expected to cause any potentially significant environmental impacts, and no extraordinary circumstances exists that warrant preparation of an environmental assessment. 74°24′59″ W.; to lat. 39°57′30″ N., long. 74°25′16″ W.; to lat. 39°57′23″ N., long. 74°25′49″ W.; to lat. 39°58′45″ N., long. 74°27′59″ W.; to lat. 39°58′45″ N., long. 74°31′24″ W.; to lat. 40°01′53″ N., long. 74°33′29″ W.; to lat. 40°02′45″ N., long. 74°32′29″ W.; to the point of beginning. Designated altitudes. 4,000 feet MSL to 8,000 feet MSL. Time of designation. Continuous, sunrise Friday to sunset Sunday, other times by NOTAM at least 48 hours in advance. Controlling agency. U.S. Air Force, McGuire Radar Approach Control. Using agency. Commanding Officer, U.S. Army Support Activity, Joint Base McGuireDix-Lakehurst, NJ. List of Subjects in 14 CFR Part 73 Airspace, Navigation (air), Security measures. [FR Doc. 2014–11104 Filed 5–14–14; 8:45 am] Adoption of the Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 73, as follows: PENSION BENEFIT GUARANTY CORPORATION PART 73—SPECIAL USE AIRSPACE Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions for Paying Benefits BILLING CODE 4910–13–P 1. The authority citation for part 73 continues to read as follows: ■ Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959– 1963 Comp., p. 389. § 73.50 2. Section 73.50 is amended as follows: TKELLEY on DSK3SPTVN1PROD with RULES ■ R–5001A Joint Base McGuire-DixLakehurst, NJ [Amended] Boundaries. Beginning at Lat. 40°02′45″ N., long. 74°26′59″ W.; to lat. 40°00′00″ N., long. 74°26′19″ W.; to lat. 39°59′00″ N., long. 74°25′07″ W.; to lat. 39°58′00″ N., long. 74°24′59″ W.; to lat. 39°57′30″ N., long. 74°25′16″ W.; to lat. 39°57′23″ N., long. 74°25′49″ W.; to lat. 39°58′45″ N., long. 74°27′59″ W.; to lat. 39°58′45″ N., long. 74°31′24″ W.; to lat. 39°59′15″ N., long. 74°33′29″ W.; to lat. 40°01′53″ N., long. 74°33′29″ W.; to lat. 40°02′45″ N., long. 74°32′29″ W.; to the point of beginning. Designated altitudes. Surface to 4,000 feet MSL. Time of designation. 0600 to 2330 local time, daily; other times by NOTAM issued at least four hours in advance. Controlling agency. U.S. Air Force, McGuire Radar Approach Control. Using agency. Commanding Officer, U.S. Army Support Activity, Joint Base McGuireDix-Lakehurst, NJ. R–5001B Joint Base McGuire-DixLakehurst, NJ [Amended] Boundaries. Beginning at Lat. 40°02′45″ N., long. 74°26′59″ W.; to lat. 40°00′00″ N., long. 74°26′19″ W.; to lat. 39°59′00″ N., long. 74°25′07″ W.; to lat. 39°58′00″ N., long. 16:15 May 14, 2014 29 CFR Part 4022 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 June 2014. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective June 1, 2014. 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 SUMMARY: [Amended] VerDate Mar<15>2010 Issued in Washington, DC on May 8, 2014. Gary A. Norek, Manager, Airspace Policy and Regulations Group. Jkt 232001 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 27731 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 June 2014.1 The June 2014 interest assumptions under the benefit payments regulation will be 1.25 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 May 2014, these interest assumptions represent a decrease 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 June 2014, 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\15MYR1.SGM 15MYR1 27732 Federal Register / Vol. 79, No. 94 / Thursday, May 15, 2014 / Rules and Regulations List of Subjects in 29 CFR Part 4022 In consideration of the foregoing, 29 CFR part 4022 is amended as follows: ■ ■ Employee benefit plans, Pension insurance, Pensions, Reporting and recordkeeping requirements. 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. * For plans with a valuation date On or after Before * 3. In appendix C to part 4022, Rate Set 248, as set forth below, is added to the table. ■ 1.25 * For plans with a valuation date Before * 7–1–14 [FR Doc. 2014–11209 Filed 5–14–14; 8:45 am] BILLING CODE 7709–02–P DEPARTMENT OF DEFENSE Office of the Secretary 32 CFR Part 68 [Docket No. DOD–2013–OS–0093] RIN 0790–AJ06 Voluntary Education Programs Office of the Under Secretary of Defense for Personnel and Readiness, DoD. ACTION: Final rule. AGENCY: The Department of Defense (DoD) is publishing this final rule to implement new policy, responsibilities, and procedures for the operation of voluntary education programs within DoD. The new policies discussed in the rule include the following: All educational institutions providing education programs through the DoD Tuition Assistance (TA) Program will provide meaningful information to students about the financial cost and TKELLEY on DSK3SPTVN1PROD with RULES SUMMARY: 17:03 May 14, 2014 * * 6–1–14 Issued in Washington, DC, on this 8th day of May 2014. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. VerDate Mar<15>2010 * Jkt 232001 * i2 i3 * 4.00 n1 4.00 * n2 * 7 8 n1 n2 * Deferred annuities (percent) Immediate annuity rate (percent) Rate set * 248 * Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * On or after i1 * 7–1–14 * 4.00 * 6–1–14 * Deferred annuities (percent) Immediate annuity rate (percent) Rate set * 248 2. In appendix B to part 4022, Rate Set 248, as set forth below, is added to the table. PART 4022—BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS i1 i2 i3 4.00 * 4.00 4.00 * 1.25 attendance at an institution so military students can make informed decisions on where to attend school; not use unfair, deceptive, and abusive recruiting practices; and provide academic and student support services to Service members and their families. New criteria are created to strengthen existing procedures for access to DoD installations by educational institutions. An annual review and notification process is required if there are changes made to the uniform semester-hour (or equivalent) TA caps and annual TA ceilings. Military Departments will be required to provide their Service members with a joint services transcript (JST). The DoD Postsecondary Education Complaint System is implemented for Service members, spouses, and adult family members to register student complaints. The Military Departments are authorized to establish Service-specific TA eligibility criteria and management controls. The requirement to sign a new DoD Voluntary Education Partnership Memorandum of Understanding (MOU) for all participating educational institutions will be effective 60 days following the publication of this final rule in the Federal Register. Additionally, educational institutions with a current DoD Voluntary Education Partnership MOU that have initiated their application for Title IV eligibility PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 * * 7 8 with the Department of Education will have 18 months following the publication of this final rule in the Federal Register to successfully meet the Title IV requirement. New applicants will be required to meet the Title IV requirement before signing a DoD Voluntary Education Partnership MOU. DATES: This rule is effective July 14, 2014. For general information concerning DoD Voluntary Education Programs, send a written inquiry to Ms. Dawn Bilodeau, at the Office of the Under Secretary of Defense (Personnel & Readiness), Military Community & Family Policy, State Liaison and Educational Opportunities, 4800 Mark Center Drive, Suite 14E08, Alexandria, Virginia 22350–2300 (email: dawn.a.bilodeau.civ@mail.mil). SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: Executive Summary This final rule implements Voluntary Education Programs for Military Service members. This rule includes educational programs that enable Service members to earn a degree on their off-duty time. Congress has held that men and women serving in the Armed Forces should have at least the same opportunity to advance E:\FR\FM\15MYR1.SGM 15MYR1

Agencies

[Federal Register Volume 79, Number 94 (Thursday, May 15, 2014)]
[Rules and Regulations]
[Pages 27731-27732]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-11209]


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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 June 2014. The interest assumptions are used for 
paying benefits under terminating single-employer plans covered by the 
pension insurance system administered by PBGC.

DATES: Effective June 1, 2014.

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 June 2014.\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 June 2014 interest assumptions under the benefit payments 
regulation will be 1.25 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 May 2014, these interest assumptions 
represent a decrease 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 June 2014, 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 27732]]

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 248, 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                                                 Deferred annuities (percent)
    Rate set     ---------------------------------------  Immediate  annuity ---------------------------------------------------------------------------
                      On or after           Before         rate  (percent)          i1              i2             i3             n1             n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          248               6-1-14            7-1-14                 1.25            4.00            4.00           4.00              7              8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, Rate Set 248, 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                                                 Deferred annuities (percent)
    Rate set     ---------------------------------------  Immediate  annuity ---------------------------------------------------------------------------
                      On or after           Before         rate  (percent)          i1              i2             i3             n1             n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      * * * * * * *
          248               6-1-14            7-1-14                 1.25            4.00            4.00           4.00              7              8
--------------------------------------------------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC, on this 8th day of May 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-11209 Filed 5-14-14; 8:45 am]
BILLING CODE 7709-02-P
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