Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 2010-2011 [2015-00556]
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2010
Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Rules and Regulations
amendment will not have a significant
economic impact on a substantial
number of small entities under the
criteria of the Regulatory Flexibility Act.
List of Subjects in 14 CFR Part 97
Air Traffic Control, Airports,
Incorporation by reference, and
Navigation (Air).
New York, NY, West 30th St, Takeoff
Minimums and Obstacle DP, Orig
Toledo, OH, Toledo Express, ILS OR LOC
RWY 25, Amdt 8
Clemson, SC, Oconee County Rgnl, RNAV
(GPS) RWY 7, Amdt 3
Wendover, UT, Wendover, RNAV (GPS)
RWY 8, Amdt 1
La Crosse, WI, La Crosse Rgnl, RNAV (GPS)
RWY 4, Amdt 1B
Issued in Washington, DC, on November
21, 2014.
John Duncan,
Director, Flight Standards Service.
[FR Doc. 2014–30838 Filed 1–14–15; 8:45 am]
Adoption of the Amendment
Accordingly, pursuant to the
authority delegated to me, Title 14,
Code of Federal Regulations, Part 97 (14
CFR part 97) is amended by
establishing, amending, suspending, or
revoking Standard Instrument Approach
Procedures and/or Takeoff Minimums
and/or Obstacle Departure Procedures
effective at 0902 UTC on the dates
specified, as follows:
PENSION BENEFIT GUARANTY
CORPORATION
PART 97—STANDARD INSTRUMENT
APPROACH PROCEDURES
SUMMARY:
1. The authority citation for part 97
continues to read as follows:
■
Authority: 49 U.S.C. 106(g), 40103, 40106,
40113, 40114, 40120, 44502, 44514, 44701,
44719, 44721–44722.
2. Part 97 is amended to read as
follows:
rljohnson on DSK3VPTVN1PROD with RULES
■
Effective 8 January 2015
Santa Rosa, CA, Charles M. Schulz—Sonoma
County, RNAV (GPS) RWY 14, Amdt 2A
South Lake Tahoe, CA, Lake Tahoe, Takeoff
Minimums and Obstacle DP, Amdt 7
St Petersburg-Clearwater, FL, St PeteClearwater Intl, VOR/DME RWY 36R,
Amdt 2
Baton Rouge, LA, Baton Rouge Metropolitan,
Ryan Field, ILS OR LOC RWY 13, Amdt
27E
Baton Rouge, LA, Baton Rouge Metropolitan,
Ryan Field, ILS OR LOC RWY 22R, Amdt
11B
Baton Rouge, LA, Baton Rouge Metropolitan,
Ryan Field, NDB RWY 31, Amdt 2D
Baton Rouge, LA, Baton Rouge Metropolitan,
Ryan Field, VOR RWY 4L, Amdt 17C
Baton Rouge, LA, Baton Rouge Metropolitan,
Ryan Field, VOR/DME RWY 22R, Amdt 8H
Elkton, MD, Claremont, Takeoff Minimums
and Obstacle DP, Amdt 1
Bellaire, MI, Antrim County, VOR RWY 2,
Amdt 2A, CANCELED
Columbus/W Point/Starkville, MS, Golden
Triangle Rgnl, ILS OR LOC RWY 36, Amdt
1
Siler City, NC, Siler City Muni, RNAV (GPS)
RWY 4, Orig
Siler City, NC, Siler City Muni, RNAV (GPS)
RWY 22, Amdt 1
Siler City, NC, Siler City Muni, Takeoff
Minimums and Obstacle DP, Amdt 2
Siler City, NC, Siler City Muni, VOR–A,
Amdt 3
VerDate Sep<11>2014
13:52 Jan 14, 2015
Jkt 235001
BILLING CODE 4910–13–P
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
February 2015. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES:
Effective February 1, 2015.
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
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Fmt 4700
Sfmt 4700
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 February 2015.1
The February 2015 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 January 2015,
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 February 2015, 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
1. The authority citation for part 4022
continues to read as follows:
■
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\15JAR1.SGM
15JAR1
2011
Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Rules and Regulations
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
256 is added to the table to read as
follows:
■
For plans with a valuation
date
Rate set
On or after
*
Before
2–1–15
3. In appendix C to part 4022, Rate Set
256 is added to the table to read as
follows:
■
For plans with a valuation
date
On or after
*
Before
*
256
2–1–15
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 110
[Docket No. USCG–2013–0018]
Anchorage Regulations; Port of New
York
Coast Guard, DHS.
Final rule.
AGENCY:
The Coast Guard is
establishing and modifying anchorage
grounds within the Port of New York.
This action is necessary to facilitate safe
navigation and provide safe and secure
anchorages for vessels operating in the
area. This rule is intended to increase
the safety of life and property of both
the anchored vessels and those
operating in the area, as well as provide
for the overall safe and efficient flow of
commerce.
DATES: This rule is effective February
17, 2015.
ADDRESSES: Documents mentioned in
this preamble are part of docket [USCG–
rljohnson on DSK3VPTVN1PROD with RULES
SUMMARY:
VerDate Sep<11>2014
13:52 Jan 14, 2015
4.00
Jkt 235001
*
i3
*
*
*
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
1.00
i1
i2
*
4.00
4.00
i3
*
2013–0018]. To view documents
mentioned in this preamble as being
available in the docket, go to 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
rulemaking. 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.
If
you have questions on this rule, call or
email Mr. Jeff Yunker, Sector New York,
Waterways Management Division, U.S.
Coast Guard; telephone 718–354–4195,
Email Jeff.M.Yunker@uscg.mil or Chief
Craig Lapiejko, Coast Guard First
District Waterways Management
Branch, telephone 617–223–8385, Email
Craig.D.Lapiejko@uscg.mil. If you have
questions on viewing or submitting
material to the docket, call Cheryl
Collins, Program Manager, Docket
Operations, telephone 202–366–9826.
FOR FURTHER INFORMATION CONTACT:
RIN 1625–AA01
ACTION:
*
*
[FR Doc. 2015–00556 Filed 1–14–15; 8:45 am]
*
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
3–1–15
Issued in Washington, DC, on this 12th day
of January 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
*
i2
*
4.00
1.00
*
Rate set
i1
*
3–1–15
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
256
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
SUPPLEMENTARY INFORMATION:
Table of Acronyms
COTP Captain of the Port
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
WAMS Waterways Analysis and
Management System
PO 00000
Frm 00015
Fmt 4700
Sfmt 4700
*
4.00
*
7
8
A. Regulatory History and Information
On July 25, 2013, we published a
notice of proposed rulemaking (NPRM)
entitled Anchorage Regulations; Port of
New York in the Federal Register (78
FR 44917). We received no comments
on the proposed rule. No public meeting
was requested, and none was held.
B. Basis and Purpose
The legal basis for this rule is 33
U.S.C. 471, 1221 through 1236, 2071; 33
CFR 1.05–1; and Department of
Homeland Security Delegation No.
0170.1, which collectively authorize the
Coast Guard to define anchorage
grounds.
This rule was assessed as part of a
Waterways Analysis and Management
System (WAMS) review of the New
York Vessel Traffic Lanes and
Approaches to New York Harbor with
the intent of optimizing the waterway
and aids to navigation. The Coast Guard
received six responses to the survey
included in the WAMS review. The
survey responses reported that
Anchorage Ground No. 27(ii) Romer
Shoal and Anchorage Ground No. 27(iii)
Flynns Knoll, near Sandy Hook, NJ are
not used because their locations leave
vessels exposed to swells and that there
are safer anchorage grounds available in
Lower New York and Sandy Hook Bays.
The New York District Army Corps of
Engineers (USACE) was consulted on
this regulation and had no objections.
In addition, the Hudson River Pilots
Association requested the Coast Guard
E:\FR\FM\15JAR1.SGM
15JAR1
]]>Agencies
[Federal Register Volume 80, Number 10 (Thursday, January 15, 2015)]
[Rules and Regulations]
[Pages 2010-2011]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00556]
=======================================================================
-----------------------------------------------------------------------
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 February 2015. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC.
DATES: Effective February 1, 2015.
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 February 2015.\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 February 2015 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 January 2015, 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 February 2015, 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:
[[Page 2011]]
Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and
1344.
0
2. In appendix B to part 4022, Rate Set 256 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
256 2-1-15 3-1-15 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 256 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
256 2-1-15 3-1-15 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 12th day of January 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-00556 Filed 1-14-15; 8:45 am]
BILLING CODE 7709-02-P
