Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 41133-41135 [2014-16630]
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Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Rules and Regulations
Bureau aims to achieve the following
research initiatives: (1) Validating and
enhancing the Master Address File; (2)
Designing and assigning resources to
carry out the next decennial census; (3)
Un-duplicating public, private, and
census lists; and (4) Imputing missing
data. All administrative data from the
above sources, including return
information, will be integrated into the
Bureau’s data system that is used for the
next decennial census and housing
counts and will be done in a manner
such that the source (for example,
commercial vendor, IRS, or Social
Security Administration) will not be
associated with any data element in the
final decennial person-level census
records.
Thus, the Secretary of Commerce
asserted that good cause exists to amend
§ 301.6103(j)(1)–1 of the regulations to
add these items to the list of items of
return information that may be
disclosed to the Bureau. The Treasury
Department and the IRS agree that
amending existing regulations to permit
disclosure of these items to the Bureau
is appropriate to meet the needs of the
Bureau.
The text of the temporary regulations
also serves as the text of the proposed
regulations set forth in the notice of
proposed rulemaking on this subject in
the Proposed Rules section of this issue
of the Federal Register.
wreier-aviles on DSK5TPTVN1PROD with RULES
Explanation of Provisions
Section 6103(j)(1)–1T will authorize
the disclosure of the following
additional items of return information
from income tax returns (Form 1040):
(1) Electronic Filing System Indicator;
(2) Return Processing Indicator; and (3)
Paid Preparer Code. Section 6103(j)(1)–
1T will authorize the disclosure of the
following items of return information
from Form 1098: (1) Payee/Payer/
Employee Taxpayer Identification
Number; (2) Payee/Payer/Employee
Name (First, Middle, Last, Suffix); (3)
Street Address; (4) City; (5) State; (6) ZIP
Code (9 digit); (7) Posting Cycle Week;
(8) Posting Cycle Year; and (9)
Document Code.
Special Analyses
It has been determined that these
temporary regulations are not a
significant regulatory action as defined
in Executive Order 12866, as
supplemented by Executive Order
13563. Therefore, a regulatory
assessment is not required. It also has
been determined that section 553(b) of
the Administrative Procedures Act (5
U.S.C. chapter 5) does not apply to these
regulations and because the regulation
does not impose a collection of
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15:12 Jul 14, 2014
Jkt 232001
information on small entities, the
Regulatory Flexibility Act (5 U.S.C.
chapter 6) does not apply. Pursuant to
section 7805(f) of the Code, this
regulation has been submitted to the
Chief Counsel for Advocacy of the Small
Business Administration for comment
on its impact on small business.
Drafting Information
The principal author of these
regulations is Melissa Avrutine, Office
of the Associate Chief Counsel
(Procedure and Administration).
List of Subjects in 26 CFR Part 301
Employment taxes, Estate taxes,
Excise taxes, Gift taxes, Income taxes,
Penalties, Reporting and recordkeeping
requirements.
Amendments to the Regulations
Accordingly, 26 CFR part 301 is
amended as follows:
41133
(v) State;
(vi) ZIP Code (9 digit);
(vii) Posting Cycle Week;
(viii) Posting Cycle Year; and
(ix) Document Code.
(c) through (d)(3)(ii) [Reserved]. For
further guidance see § 301.6103(j)(1)–
1(c) through (d)(3)(ii).
(e) Effective/applicability date. This
section applies to disclosures to the
Bureau of the Census made on or after
July 15, 2014.
(f) Expiration date. The applicability
of this section expires on or before July
14, 2017.
John Dalrymple,
Deputy Commissioner for Services and
Enforcement.
Approved: June 9, 2014.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2014–16599 Filed 7–14–14; 8:45 am]
BILLING CODE 4830–01–P
PART 301—PROCEDURE AND
ADMINISTRATION
Paragraph 1. The authority citation
for part 301 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 301.6103(j)(1)–1T is
added to read as follows:
■
§ 301.6103(j)(1)–1T Disclosures of return
information reflected on returns to officers
and employees of the Department of
Commerce for certain statistical purposes
and related activities (temporary).
(a) through (b)(1)(xvii) [Reserved]. For
further guidance see § 301.6103(j)(1)–
1(a) through (b)(1)(xvii).
(xviii) Electronic Filing System
Indicator.
(xix) Return Processing Indicator.
(xx) Paid Preparer Code.
(b)(2) through (b)(6)(iii) [Reserved].
For further guidance see
§ 301.6103(j)(1)–1(b)(2) through
(b)(6)(iii).
(b)(7) Officers or employees of the
Internal Revenue Service will disclose
the following return information
reflected on Form 1098 ‘‘Mortgage
Interest Statement’’ to officers and
employees of the Bureau of the Census
for purposes of, but only to the extent
necessary in, conducting and preparing,
as authorized by chapter 5 of title 13,
United States Code, demographic
statistics programs, censuses, and
surveys—
(i) Payee/Payer/Employee Taxpayer
Identification Number;
(ii) Payee/Payer/Employee Name
(First, Middle, Last, Suffix);
(iii) Street Address;
(iv) City;
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Fmt 4700
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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
August 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 August 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
SUMMARY:
E:\FR\FM\15JYR1.SGM
15JYR1
41134
Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Rules and Regulations
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 August 2014.1
The August 2014 interest assumptions
under the benefit payments regulation
will be 1.25 percent for the period
Rate set
For plans with a valuation
date
On or after
*
250
Before
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 July 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 payment of
benefits under plans with valuation
dates during August 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.
8–1–14
3. In appendix C to part 4022, Rate Set
250, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
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250
Before
VerDate Mar<15>2010
15:12 Jul 14, 2014
*
*
*
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
250, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
n1
*
4.00
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
9–1–14
Jkt 232001
1. The authority citation for part 4022
continues to read as follows:
■
*
4.00
i1
*
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
8–1–14
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i2
*
1.25
*
Rate set
i1
*
9–1–14
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
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).
i2
*
1.25
i3
*
4.00
4.00
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00050
Fmt 4700
Sfmt 9990
*
4.00
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15JYR1.SGM
15JYR1
Federal Register / Vol. 79, No. 135 / Tuesday, July 15, 2014 / Rules and Regulations
Issued in Washington, DC, on this 10th day
of July 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2014–16630 Filed 7–14–14; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2014–0560]
Drawbridge Operation Regulations;
Narrow Bay, Smith Point, NY
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 Smith Point
Bridge across Narrow Bay, mile 6.1,
between Smith Point and Fire Island,
New York. The deviation is necessary to
facilitate the 5K Run for Literacy. This
deviation allows the bridge to remain
closed for one hour to facilitate public
safety during a public event.
DATES: This deviation is effective
between 9 a.m. and 10 a.m. on
September 6, 2014.
ADDRESSES: The docket for this
deviation, [USCG–2014–0560] 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 deviation. 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.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Ms. Judy LeungYee, Project Officer, First Coast Guard
District, judy.k.leung-yee@uscg.mil, or
(212) 668–7165. If you have questions
on viewing the docket, call Cheryl
Collins, Program Manager, Docket
Operations, telephone 202–366–9826.
SUPPLEMENTARY INFORMATION: The Smith
Point Bridge, mile 6.1, across Narrow
Bay, between Smith Point and Fire
Island, New York, has a vertical
clearance in the closed position of 18
feet at mean high water and 19 feet at
mean low water. The drawbridge
wreier-aviles on DSK5TPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
15:12 Jul 14, 2014
Jkt 232001
operation regulations are listed at 33
CFR 117.799(d).
The waterway users are recreational
vessels of various sizes.
The owner of the bridge, Suffolk
County Department of Public Works,
requested a temporary deviation from
the regulations to allow the bridge to
remain closed for one hour to facilitate
public safety during a public event, the
5K Run for Literacy.
Under this temporary deviation the
Smith Point Bridge across Narrow Bay,
mile 6.1, between Smith Point and Fire
Island, may remain in the closed
position between 9 a.m. and 10 a.m. on
September 6, 2014.
Vessels that can pass under the bridge
in the closed position may do so at any
time. There are no alternate routes;
however, the bridge can open in an
emergency. Vessel operators will be
notified of the bridge closure through a
Safety Marine Information Broadcast
(SMIB) issued by the Coast Guard.
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: July 2, 2014.
C.J. Bisignano,
Supervisory Bridge Management Specialist,
First Coast Guard District.
[FR Doc. 2014–16603 Filed 7–14–14; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2014–0566]
Drawbridge Operation Regulation;
Grassy Sound Channel, Middle
Township, NJ
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 Grassy Sound
Channel Bridge (Ocean Drive), mile 1.0,
at Middle Township, NJ. The deviation
is necessary to accommodate the ‘‘Tri
the Wildwoods Triathlon and 5k’’ event.
This temporary deviation allows the
bridge draw span to remain in the
closed to navigation position for 4 hours
during the event.
DATES: This deviation is effective from
6 a.m. until 10 a.m. on August 16, 2014.
SUMMARY:
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Frm 00051
Fmt 4700
Sfmt 4700
41135
The docket for this
deviation, [USCG–2014–0566] 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 deviation. 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.
FOR FURTHER INFORMATION CONTACT: 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 Cheryl Collins, Program Manager,
Docket Operations, (202) 366–9826.
SUPPLEMENTARY INFORMATION: Cape May
County Department of Public Works,
owner of the drawbridge, has requested
on behalf of DelMosports, Inc. a
temporary deviation from the current
operating schedule to accommodate the
‘‘Tri the Wildwoods Triathlon and 5K’’
event.
The existing drawbridge operation
regulations are listed at 33 CFR 117.721.
On the day of the event, the normal
operating schedule for the Grassy Sound
Channel Bridge (Ocean Drive), at mile
1.0, at Middle Township, NJ shall open
on signal from 6 a.m. to 8 p.m. Two
hours advance notice is required for all
other openings by calling (609) 368–
4591. The Grassy Sound Channel Bridge
(Ocean Drive) across the Grassy Sound
has a vertical clearance in the closed
position of 15 feet above mean high
water.
Under this temporary deviation, the
drawbridge will be allowed to remain in
the closed to navigation position from 6
a.m. to 10 a.m. on Saturday, August 16,
2014 to accommodate the ‘‘Tri the
Wildwoods Triathlon and 5K’’ event.
The bridge will operate under its normal
operating schedule at all other times.
Log books indicate there has only been
one opening request for this yearly
event in 9 years and waterway users are
accustomed to the temporary closure.
Vessels able to pass under the bridge
in the closed position may do so at any
time and are advised to proceed with
caution. The bridge will be able to open
for emergencies. The New Jersey
Intracoastal Waterway is an alternate
route for vessels transiting this area and
vessels may pass before and after the
closure. The Coast Guard will also
ADDRESSES:
E:\FR\FM\15JYR1.SGM
15JYR1
]]>Agencies
[Federal Register Volume 79, Number 135 (Tuesday, July 15, 2014)]
[Rules and Regulations]
[Pages 41133-41135]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-16630]
=======================================================================
-----------------------------------------------------------------------
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 August 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 August 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
[[Page 41134]]
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 August 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 August 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 July 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 payment
of benefits under plans with valuation dates during August 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 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 250, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
250 8-1-14 9-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 250, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
250 8-1-14 9-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 41135]]
Issued in Washington, DC, on this 10th day of July 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-16630 Filed 7-14-14; 8:45 am]
BILLING CODE 7709-02-P
