Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 61761-61762 [2014-24440]
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61761
Rules and Regulations
Federal Register
Vol. 79, No. 199
Wednesday, October 15, 2014
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 13
[Docket No.: FAA–2014–0505; Amdt. No.
13–36 A]
RIN 2120–AK43
Orders of Compliance, Cease and
Desist Orders, Order of Denial, and
Other Orders
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; confirmation of
effective date; disposition of comments.
AGENCY:
On August 12, 2014, the FAA
published an immediate final rule (79
FR 46964) entitled ‘‘Orders of
Compliance, Cease and Desist Orders,
Orders of Denial, and Other Orders.’’
This action confirms the effective date
of the immediate final rule and
responds to the comments received on
that immediate final rule.
DATES: The immediate final rule
published August 12, 2014 (79 FR
46964) will become effective on October
14, 2014.
ADDRESSES: You may review the public
docket for this rulemaking (Docket No.
FAA–2014–0505) at the Docket
Management Facility in Room W12–140
of the West Building Ground Floor at
1200 New Jersey Avenue SE.,
Washington, DC 20590–0001 between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays. You
may also review the public docket on
the Internet at https://
www.regulations.gov.
wreier-aviles on DSK5TPTVN1PROD with RULES
SUMMARY:
For
technical or legal questions concerning
this action, contact Edmund Averman,
Office of the Chief Counsel (AGC–210),
Federal Aviation Administration, 800
Independence Avenue SW.,
FOR FURTHER INFORMATION CONTACT:
VerDate Sep<11>2014
15:21 Oct 14, 2014
Jkt 235001
Washington, DC 20591; telephone (202)
267–3147; email Ed.Averman@faa.gov.
SUPPLEMENTARY INFORMATION:
Background
On August 12, 2014, the FAA
published an immediate final rule
entitled ‘‘Orders of Compliance, Cease
and Desist Orders, Orders of Denial, and
Other Orders’’ (79 FR 46964). That
rulemaking provides the opportunity for
an informal conference with an FAA
attorney before an order is issued under
14 CFR 13.20, the FAA’s regulation
covering orders other than certificate
action and civil penalty orders. The
change is necessary to provide
additional fairness and process to those
persons who are subject to such an
order, and is consistent with the process
available in other enforcement actions.
These conferences may result in either
a resolution of the matter or a narrowing
of the issues, thereby conserving
resources for respondents and the FAA.
Discussion of Comments
The FAA received one comment on
the immediate final rule. The National
Business Aviation Association (NBAA)
welcomed the FAA’s amendment to
§ 13.20. The NBAA recognized this
change provides additional fairness to
those subject to an order. The NBAA
acknowledged this rule as a positive
change for the industry.
Conclusion
After consideration of the comments
submitted in response to the immediate
final rule, the FAA has determined that
no revisions to the rule are warranted
based on the comments received.
Issued under authority provided by 49
U.S.C. 106(f), 44701(a), and 44707 in
Washington, DC, on October 9, 2014.
Lirio Liu,
Director, Office of Rulemaking.
[FR Doc. 2014–24566 Filed 10–14–14; 8:45 am]
BILLING CODE 4910–13–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
AGENCY:
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
ACTION:
Final rule.
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
November 2014. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES: Effective November 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 tollfree 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 November 2014.1
SUMMARY:
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
E:\FR\FM\15OCR1.SGM
Continued
15OCR1
61762
Federal Register / Vol. 79, No. 199 / Wednesday, October 15, 2014 / Rules and Regulations
The November 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 October 2014,
these interest assumptions represent an
increase 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.
Rate set
For plans with a valuation
date
On or after
*
253
Before
Because of the need to provide
immediate guidance for the payment of
benefits under plans with valuation
dates during November 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.
3. In appendix C to part 4022, Rate Set
253, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
253
Before
*
11–1–14
*
*
4.00
*
*
i1
*
n1
*
n2
*
7
8
n1
*
4.00
1.25
i3
4.00
*
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
[Docket No. USCG–2014–0715]
RIN 1625–AA08
Special Local Regulation; Mavericks
Invitational Surf Competition, Half
Moon Bay, CA
wreier-aviles on DSK5TPTVN1PROD with RULES
*
4.00
i2
BILLING CODE 7709–01–P
Coast Guard, DHS.
Interim rule and request for
comments.
AGENCY:
ACTION:
The Coast Guard is
establishing a special local regulation in
SUMMARY:
Jkt 235001
*
i3
33 CFR Part 100
15:21 Oct 14, 2014
*
n2
Deferred annuities (percent)
[FR Doc. 2014–24440 Filed 10–14–14; 8:45 am]
VerDate Sep<11>2014
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
Immediate
annuity rate
(percent)
*
plans for purposes of allocation of assets under
2. In appendix B to part 4022, Rate Set
253, as set forth below, is added to the
table.
■
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
12–1–14
Issued in Washington, DC, on this 7th day
of October 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
i2
*
4.00
1.25
*
Rate set
1. The authority citation for part 4022
continues to read as follows:
■
*
i1
*
12–1–14
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
11–1–14
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
*
4.00
Frm 00002
Fmt 4700
Sfmt 4700
8
the navigable waters of Half Moon Bay,
CA near Pillar Point in support of the
Mavericks Invitational Surf Competition
to be held one day between November
1 of each year and March 31 of the
following year, from 6 a.m. until 6 p.m.
This special local regulation will
temporarily restrict vessel traffic in
vicinity of Pillar Point and prohibit
vessels not participating in the surfing
event from entering the dedicated
surfing area and a designated no-entry
area. This regulation is necessary to
provide for the safety of life on the
navigable waters immediately prior to,
during, and immediately after the
surfing competition.
This rule is effective November
1, 2014.
DATES:
ERISA section 4044. Those assumptions are
updated quarterly.
PO 00000
*
7
E:\FR\FM\15OCR1.SGM
15OCR1
]]>Agencies
[Federal Register Volume 79, Number 199 (Wednesday, October 15, 2014)]
[Rules and Regulations]
[Pages 61761-61762]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-24440]
=======================================================================
-----------------------------------------------------------------------
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 November 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 November 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 November 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.
---------------------------------------------------------------------------
[[Page 61762]]
The November 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 October 2014, these interest assumptions
represent an increase 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 November 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 253, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
253 11-1-14 12-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 253, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
253 11-1-14 12-1-14 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 7th day of October 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-24440 Filed 10-14-14; 8:45 am]
BILLING CODE 7709-01-P
