Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 33860-33862 [2014-13896]
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33860
Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations
2. In § 922.3:
a. Remove the definition of ‘‘Active
Candidate’’;
■ b. Add a definition of ‘‘inventory’’;
and
■ c. Remove the definition of ‘‘Site
Evaluation List (SEL)’’.
The addition reads as follows:
■
■
§ 922.3
Definitions.
*
*
*
*
*
Inventory means a list of nominated
areas selected by the Director as
qualifying for future consideration of
designation as a national marine
sanctuary.
*
*
*
*
*
■ 3. Revise subpart B to read as follows:
Subpart B—Sanctuary Nomination
Process
Sec.
922.10 General.
922.11 Selection of nominated areas for
national marine sanctuary designation.
mstockstill on DSK4VPTVN1PROD with RULES
§ 922.10
General.
(a) Nomination process. The
sanctuary nomination process (see
National Marine Sanctuaries Web site
www.sanctuaries.noaa.gov) is the means
by which the public can submit areas of
the marine and Great Lakes
environments for consideration by
NOAA as a national marine sanctuary.
(b) National significance criteria. The
Director will consider the following in
determining if a nominated area is of
special national significance:
(1) The area’s natural resources and
ecological qualities are of special
significance and contribute to:
Biological productivity or diversity;
maintenance or enhancement of
ecosystem structure and function;
maintenance of ecologically or
commercially important species or
species assemblages; maintenance or
enhancement of critical habitat,
representative biogeographic
assemblages, or both; or maintenance or
enhancement of connectivity to other
ecologically significant resources.
(2) The area contains submerged
maritime heritage resources of special
historical, cultural, or archaeological
significance, that: Individually or
collectively are consistent with the
criteria of eligibility or listing on the
National Register of Historic Places;
have met or which would meet the
criteria for designation as a National
Historic Landmark; or have special or
sacred meaning to the indigenous
people of the region or nation.
(3) The area supports present and
potential economic uses, such as:
Tourism; commercial and recreational
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16:24 Jun 12, 2014
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fishing; subsistence and traditional uses;
diving; and other recreational uses that
depend on conservation and
management of the area’s resources.
(4) The publicly-derived benefits of
the area, such as aesthetic value, public
recreation, and access to places depend
on conservation and management of the
area’s resources.
(c) Management considerations. The
Director will consider the following in
determining the manageability of a
nominated area:
(1) The area provides or enhances
opportunities for research in marine
science, including marine archaeology.
(2) The area provides or enhances
opportunities for education, including
the understanding and appreciation of
the marine and Great Lakes
environments.
(3) Adverse impacts from current or
future uses and activities threaten the
area’s significance, values, qualities, and
resources.
(4) A national marine sanctuary
would provide unique conservation and
management value for this area that also
have beneficial values for adjacent
areas.
(5) The existing regulatory and
management authorities for the area
could be supplemented or
complemented to meet the conservation
and management goals for the area.
(6) There are commitments or possible
commitments for partnerships
opportunities such as cost sharing,
office space or exhibit space, vessel
time, or other collaborations to aid
conservation or management programs
for the area.
(7) There is community-based support
for the nomination expressed by a broad
range of interests, such as: Individuals
or locally-based groups (e.g., friends of
group, chamber of commerce); local,
tribal, state, or national agencies; elected
officials; or topic-based stakeholder
groups, at the local, regional or national
level (e.g., a local chapter of an
environmental organization, a
regionally-based fishing group, a
national-level recreation or tourism
organization, academia or science-based
group, or an industry association).
(d) Following evaluation of a
nomination against the national
significance criteria and management
considerations, the Director may place
nominated areas in a publicly available
inventory for future consideration of
designation as a national marine
sanctuary.
(e) A determination that a site is
eligible for national marine sanctuary
designation, by itself shall not subject
the site to any regulatory control under
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the Act. Such controls may only be
imposed after designation.
§ 922.11 Selection of nominated areas for
national marine sanctuary designation.
(a) The Director may select a
nominated area from the inventory for
future consideration as a national
marine sanctuary.
(b) Selection of a nominated area from
the inventory shall begin the formal
sanctuary designation process. A notice
of intent to prepare a draft
environmental impact statement shall
be published in the Federal Register
and posted on the Office of National
Marine Sanctuaries Web site. Any
designation process will follow the
procedures for designation and
implementation set forth in section 304
of the Act.
§ 922.21
■
[Removed and Reserved]
4. Remove and reserve § 922.21.
§ 922.23
[Removed and Reserved]
■ 5. Remove and reserve § 922.23.
[FR Doc. 2014–13807 Filed 6–12–14; 8:45 am]
BILLING CODE 3510–NK–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions
under the benefit payments regulation
for valuation dates in July 2014 and
interest assumptions under the asset
allocation regulation for valuation dates
in the third quarter of 2014. The interest
assumptions are used for valuing and
paying benefits under terminating
single-employer plans covered by the
pension insurance system administered
by PBGC.
DATES: Effective July 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
SUMMARY:
E:\FR\FM\13JNR1.SGM
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33861
Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations
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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR Part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions in the regulations are also
published on PBGC’s Web site (https://
www.pbgc.gov).
The interest assumptions in Appendix
B to Part 4044 are used to value benefits
for allocation purposes under ERISA
section 4044. 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 asset allocation
regulation are updated quarterly;
assumptions under the benefit payments
regulation are updated monthly. This
Rate set
For plans with a valuation
date
On or after
*
249
Before
final rule updates the benefit payments
interest assumptions for July 2014 and
updates the asset allocation interest
assumptions for the third quarter (July
through September) of 2014.
The third quarter 2014 interest
assumptions under the allocation
regulation will be 3.43 percent for the
first 20 years following the valuation
date and 3.66 percent thereafter. In
comparison with the interest
assumptions in effect for the second
quarter of 2014, these interest
assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
a decrease of 0.04 percent in the select
rate, and an increase of 0.02 percent in
the ultimate rate (the final rate).
The July 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 June 2014,
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 valuation
and payment of benefits under plans
with valuation dates during July 2014,
PBGC finds that good cause exists for
3. In appendix C to part 4022, Rate Set
249 is added to the table to read as
follows:
■
mstockstill on DSK4VPTVN1PROD with RULES
For plans with a valuation
date
On or after
*
249
VerDate Mar<15>2010
Before
*
7–1–14
16:24 Jun 12, 2014
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are 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
249 is added to the table to read as
follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
4.00
i3
*
n1
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
8–1–14
Jkt 232001
29 CFR Part 4022
i2
*
4.00
1.25
*
Rate set
i1
*
8–1–14
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
7–1–14
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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4.00
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i3
*
*
4.00
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7
8
33862
Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, an entry
for July–September 2014 is added to the
table to read as follows:
*
4. The authority citation for part 4044
continues to read as follows:
For valuation
dates occurring in
the month—
The values of it are:
it
for t =
it
for t =
it
for t =
*
July–September
2014
*
0.0343
*
1–20
*
0.0366
*
>20
*
N/A
*
N/A
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
■
■
Issued in Washington, DC, on this 10th day
of June 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2014–13896 Filed 6–12–14; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
A. Regulatory History and Information
Coast Guard
33 CFR Part 117
[Docket No. USCG–2014–0197]
RIN 1625–AA09
Drawbridge Operation Regulation;
West Pearl River, Pearl River, LA
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
The Coast Guard is removing
the existing drawbridge operation
regulation for the Norfolk Southern
Railroad Bridge across the West Pearl
River, mile 22.1 at Pearl River Station,
St. Tammany Parish, Louisiana. The
bridge was modified from a swing
bridge to a fixed bridge and the current
operating regulation is no longer
necessary.
SUMMARY:
DATES:
This rule is effective June 13,
2014.
The docket for this final
rule, [USCG–2014–0197] is available at
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 final rule. 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.
mstockstill on DSK4VPTVN1PROD with RULES
ADDRESSES:
VerDate Mar<15>2010
16:24 Jun 12, 2014
Jkt 232001
If
you have questions on this rule, call or
email Donna Gagliano, Coast Guard;
telephone 504–671–2128, email
Donna.Gagliano@uscg.mil. If you have
questions on viewing the docket, call
Cheryl Collins, Program Manager,
Docket Operations, telephone 202–366–
9826.
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:
The Coast Guard is issuing this final
rule without prior notice and
opportunity to comment pursuant to
authority under section 4(a) of the
Administrative Procedure Act (APA)
(5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b), the Coast Guard finds that good
cause exists for not publishing a notice
of proposed rulemaking (NPRM) with
respect to this rule because the Norfolk
Southern Railroad Bridge, that once
required draw operations in 33 CFR
117.511(a), crossing the West Pearl
River, was modified from a swing bridge
to a fixed bridge in February 2014.
Therefore, the regulation is no longer
applicable and shall be removed from
publication. It is unnecessary to publish
an NPRM because this regulatory action
does not purport to place any
restrictions on mariners but rather
removes a restriction that has no further
use or value.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective in less than 30
days after publication in the Federal
Register. The bridge has been a fixed
bridge on the West Pearl River since
February and this rule merely requires
an administrative change to the Federal
Register, in order to omit a regulatory
requirement that is no longer applicable
or necessary. The modification has
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*
*
*
*
already taken place and the removal of
the regulation will not affect mariners
currently operating on this waterway.
Therefore, a delayed effective date is
unnecessary.
B. Basis and Purpose
The Norfolk Southern Railroad Bridge
across the West Pearl River, mile 22.1,
was modified into a fixed bridge in
February of 2014. The modification of
this bridge from a drawbridge to a fixed
bridge necessitates the removal of the
drawbridge operation regulation
governing this bridge as published in 33
CFR 117.511.
The purpose of this rule is to remove
the section of 33 CFR 117.511 that refers
to the Norfolk Southern Railroad Bridge
over West Pearl River at mile 22.1,
which is paragraph (a), from the CFR
since it governs a bridge that is no
longer able to open.
C. Discussion of Final Rule
The Coast Guard is changing the
regulation in 33 CFR 117.511 by
removing restrictions and the regulatory
burden related to the draw operations
for the Norfolk Southern Railroad
Bridge, which has been modified from
a swing bridge to a fixed bridge. The
bridge was modified based on the
known needs of existing vessel traffic in
the area and no requests to open for over
10 years. The change removes paragraph
(a) from 33 CFR 117.511, which is the
section of the regulation governing the
Norfolk Southern Railroad Bridge since
the bridge is no longer be a drawbridge.
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 or executive
orders.
1. Regulatory Planning and Review
This rule is not a significant
regulatory action under section 3(f) of
Executive Order 12866, Regulatory
E:\FR\FM\13JNR1.SGM
13JNR1
]]>Agencies
[Federal Register Volume 79, Number 114 (Friday, June 13, 2014)]
[Rules and Regulations]
[Pages 33860-33862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-13896]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe interest assumptions under the benefit payments regulation
for valuation dates in July 2014 and interest assumptions under the
asset allocation regulation for valuation dates in the third quarter of
2014. The interest assumptions are used for valuing and paying benefits
under terminating single-employer plans covered by the pension
insurance system administered by PBGC.
DATES: Effective July 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
[[Page 33861]]
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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR Part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and 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 regulations are also published on PBGC's Web site
(https://www.pbgc.gov).
The interest assumptions in Appendix B to Part 4044 are used to
value benefits for allocation purposes under ERISA section 4044. 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 asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates the benefit payments interest assumptions for July 2014 and
updates the asset allocation interest assumptions for the third quarter
(July through September) of 2014.
The third quarter 2014 interest assumptions under the allocation
regulation will be 3.43 percent for the first 20 years following the
valuation date and 3.66 percent thereafter. In comparison with the
interest assumptions in effect for the second quarter of 2014, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), a
decrease of 0.04 percent in the select rate, and an increase of 0.02
percent in the ultimate rate (the final rate).
The July 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 June 2014, 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 valuation
and payment of benefits under plans with valuation dates during July
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).
List of Subjects
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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 249 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
249 7-1-14 8-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 249 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
249 7-1-14 8-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 33862]]
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, an entry for July-September 2014 is
added to the table to read as follows:
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
For valuation The values of it are:
dates occurring ------------------------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
July-September 0.0343 1-20 0.0366 >20 N/A N/A
2014
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 10th day of June 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-13896 Filed 6-12-14; 8:45 am]
BILLING CODE 7709-02-P
