Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 54904-54905 [2014-21963]
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54904
Federal Register / Vol. 79, No. 178 / Monday, September 15, 2014 / Rules and Regulations
§ 1204.1102
Responsibilities.
(a) The Center Directors of NASA
installations and the Executive Director
for Headquarters Operations over which
the United States has exclusive or
concurrent legislative jurisdiction, and
consistent with the foregoing, are
delegated the authority to establish
additional vehicular and pedestrian
traffic rules and regulations for their
installations.
(b) All persons on a NASA Center or
component facility are responsible for
compliance with locally established
vehicular and pedestrian traffic rules
and regulations.
§ 1204.1103
Procedures.
The Center Directors and the
Executive Director for Headquarters
Operations shall issue local policies and
procedural requirements, subject to
prior NASA Office of Protective
Services approval, which will
implement this regulation for their
respective NASA Centers and
component facilities.
§ 1204.1104
Violations.
A person found in violation, on a
NASA installation, of any vehicular or
pedestrian traffic law, or local
installation vehicular or pedestrian
traffic rule or regulation made
applicable to the installation under the
provisions of this subpart, is subject to
punishment as provided for by 18
U.S.C. 799 (violation of regulations of
NASA).
Nanette Jennings,
NASA Federal Register Liaison Officer.
[FR Doc. 2014–21784 Filed 9–12–14; 8:45 am]
BILLING CODE 7510–13–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 October 2014 and
interest assumptions under the asset
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SUMMARY:
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15:35 Sep 12, 2014
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allocation regulation for valuation dates
in the fourth 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 October 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
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
final rule updates the benefit payments
interest assumptions for October 2014
and updates the asset allocation interest
assumptions for the fourth quarter
(October through December) of 2014.
The fourth quarter 2014 interest
assumptions under the allocation
regulation will be 3.10 percent for the
first 20 years following the valuation
date and 3.29 percent thereafter. In
comparison with the interest
assumptions in effect for the third
quarter of 2014, these interest
PO 00000
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Fmt 4700
Sfmt 4700
assumptions represent no change in the
select period, (the period during which
the select rate (the initial rate) applies),
a decrease of 0.33 percent in the select
rate, and a decrease of 0.37 percent in
the ultimate rate (the final rate).
The October 2014 interest
assumptions under the benefit payments
regulation will be 1.00 percent for the
period during which a benefit is in pay
status and 4.00 percent during any years
preceding the benefit’s placement in pay
status. In comparison with the interest
assumptions in effect for September
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 valuation
and payment of benefits under plans
with valuation dates during October
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
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.
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15SER1
54905
Federal Register / Vol. 79, No. 178 / Monday, September 15, 2014 / Rules and Regulations
2. In appendix B to part 4022, Rate Set
252, as set forth below, is added to the
table.
■
For plans with a valuation
date
Rate set
On or after
*
Before
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
10–1–14
3. In appendix C to part 4022, Rate Set
252, as set forth below, is added to the
table.
For plans with a valuation
date
*
Before
10–1–14
i1
i2
*
4.00
i3
4.00
n1
*
n2
*
*
4.00
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
*
*
i1
1.00
i2
*
4.00
*
11–1–14
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
252
*
Deferred annuities
(percent)
1.00
*
On or after
*
*
11–1–14
■
Rate set
*
Immediate
annuity rate
(percent)
*
252
*
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, a new
entry for October–December 2014, as set
forth below, is added to the table.
*
■
4. The authority citation for part 4044
continues to read as follows:
■
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
October–December 2014 .....................................................
Issued in Washington, DC, on this 9th day
of September 2014.
Philip Hertz,
Deputy General Counsel, Pension Benefit
Guaranty Corporation.
[FR Doc. 2014–21963 Filed 9–12–14; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
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[Docket No. USCG–2012–0714]
RIN 1625–AA08
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
15:35 Sep 12, 2014
*
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it
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The Coast Guard will enforce
the special local regulation regulating
vessel movement in all U.S. navigable
waters of the Maumee River, Toledo,
OH, from the Norfolk and Southern
Railway Bridge at River Mile 1.80 to the
Anthony Wayne Bridge at River Mile
5.16. This special local regulated area is
necessary to ensure the safety of life and
property on navigable waters
immediately prior to, during, and
immediately after the Frogtown Races.
During the aforementioned period, the
Coast Guard will enforce restrictions
upon, and control movement of, vessels
in a portion of the Captain of the Port
Detroit zone.
SUMMARY:
The regulations in 33 CFR
100.928 will be enforced from 5 a.m. to
7 p.m. on September 27, 2014.
If
you have questions on this notice, call
or email MST2 Daniel O’Leary, Marine
Safety Unit Toledo, 420 Madison Ave.
FOR FURTHER INFORMATION CONTACT:
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for t =
*
1–20
DATES:
Special Local Regulation; Frogtown
Races, Maumee River; Toledo, OH
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>20
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it
N/A
for t =
*
N/A
Suite 700, Toledo, OH, 43604; telephone
(419) 418–6028; email daniel.s.oleary@
uscg.mil.
The Coast
Guard will enforce the special local
regulations listed in 33 CFR 100.928
Special Local Regulation; Frogtown
Races, Maumee River, Toledo, OH. This
special local regulation will be enforced
from 5 a.m. until 7 p.m. on September
27, 2014. This special local regulation
will encompass all navigable waters of
the United States on the Maumee River,
Toledo, OH, from the Norfolk and
Southern Railway Bridge at River Mile
1.80 to the Anthony Wayne Bridge at
River Mile 5.16.
Under the provisions of 33 CFR
100.928, vessels transiting within the
regulated area shall travel at a no-wake
speed and remain vigilant for event
participants and safety craft. Frogtown
participants and event safety vessels
will yield right of way to commercial
SUPPLEMENTARY INFORMATION:
E:\FR\FM\15SER1.SGM
15SER1
]]>Agencies
[Federal Register Volume 79, Number 178 (Monday, September 15, 2014)]
[Rules and Regulations]
[Pages 54904-54905]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21963]
=======================================================================
-----------------------------------------------------------------------
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 October 2014 and interest assumptions under the
asset allocation regulation for valuation dates in the fourth 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 October 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 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 October 2014 and
updates the asset allocation interest assumptions for the fourth
quarter (October through December) of 2014.
The fourth quarter 2014 interest assumptions under the allocation
regulation will be 3.10 percent for the first 20 years following the
valuation date and 3.29 percent thereafter. In comparison with the
interest assumptions in effect for the third 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 0.33 percent in the select rate, and a decrease of 0.37
percent in the ultimate rate (the final rate).
The October 2014 interest assumptions under the benefit payments
regulation will be 1.00 percent for the period during which a benefit
is in pay status and 4.00 percent during any years preceding the
benefit's placement in pay status. In comparison with the interest
assumptions in effect for September 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 valuation
and payment of benefits under plans with valuation dates during October
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.
[[Page 54905]]
0
2. In appendix B to part 4022, Rate Set 252, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
252 10-1-14 11-1-14 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 252, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
252 10-1-14 11-1-14 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
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, a new entry for October-December 2014,
as set forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
October-December 2014........ 0.0310 1-20 0.0329 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of September 2014.
Philip Hertz,
Deputy General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-21963 Filed 9-12-14; 8:45 am]
BILLING CODE 7709-02-P
