Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 7967-7968 [2015-03050]
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7967
Rules and Regulations
Federal Register
Vol. 80, No. 30
Friday, February 13, 2015
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.
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
March 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 March 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.)
SUMMARY:
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 March 2015.1
The March 2015 interest assumptions
under the benefit payments regulation
will be 0.50 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 February 2015,
these interest assumptions represent a
decrease of 0.50 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
SUPPLEMENTARY INFORMATION:
For plans with a valuation
date
On or after
Rate set
Rmajette on DSK2VPTVN1PROD with RULES
*
257 ................................
Before
*
4–1–15
0.50
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
VerDate Sep<11>2014
11:18 Feb 12, 2015
Jkt 235001
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
257, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
i2
*
i3
4.00
*
4.00
4.00
*
Frm 00001
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i1
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
List of Subjects in 29 CFR Part 4022
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
3–1–15
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 March 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).
Fmt 4700
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*
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7
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\13FER1.SGM
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7968
Federal Register / Vol. 80, No. 30 / Friday, February 13, 2015 / Rules and Regulations
3. In appendix C to part 4022, Rate Set
257, 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
*
*
*
On or after
Rate set
*
257 ................................
Before
*
4–1–15
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
3–1–15
*
0.50
Issued in Washington, DC, on this 6th day
of February 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
i1
i2
i3
4.00
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4.00
4.00
*
[Docket No. USCG–2014–0751]
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 rule, contact
MST1 Joseph McCollum, Prevention
Department, Coast Guard Sector Lake
Michigan, Milwaukee, WI at (414) 747–
7148 or by email at
Joseph.P.McCollum@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.
SUPPLEMENTARY INFORMATION:
RIN 1625–AA00
Table of Acronyms
Safety Zone; Triathlon National
Championships, Milwaukee Harbor,
Milwaukee, Wisconsin
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
TFR Temporary Final Rule
[FR Doc. 2015–03050 Filed 2–12–15; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
Coast Guard, DHS.
Final rule.
AGENCY:
A. Regulatory History and Information
ACTION:
On December 30, 2014, The Coast
Guard published an NPRM entitled
Safety Zone; Triathlon National
Championships, Milwaukee Harbor,
Milwaukee, Wisconsin in the Federal
Register (79 FR 78369). We did not
receive any comments in response to the
proposed rule. No public meeting was
requested and none was held.
The Coast Guard is
establishing a safety zone within
Milwaukee Harbor in Milwaukee,
Wisconsin. This zone is intended to
restrict vessels from a portion of
Milwaukee Harbor due to the 2015
Olympic and Sprint Distance National
Championships. This safety zone is
necessary to protect the surrounding
public and vessels from the hazards
associated with the 2015 Olympic and
Sprint Distance National
Championships.
SUMMARY:
This final rule is effective from
August 1, 2015, until August 30, 2015.
ADDRESSES: Documents mentioned in
this preamble are part of docket USCG–
2014–0751. 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
Rmajette on DSK2VPTVN1PROD with RULES
DATES:
VerDate Sep<11>2014
11:18 Feb 12, 2015
Jkt 235001
B. Basis and Purpose
The legal basis for this rule is the
Coast Guard’s authority to establish
safety zones: 33 U.S.C. 1231; 33 CFR
1.05–1, 160.5; Department of Homeland
Security Delegation No. 0170.1.
In 2014, the Coast Guard was
informed that the Olympic and Sprint
Distance National Championships are
scheduled to return to Milwaukee
Harbor in 2015. Within and around
Milwaukee Harbor at Lakeshore inlet,
this event is expected to involve
thousands of participants competing in
a swim race surrounded by thousands of
spectators. The swim portion of this
event is anticipated to occur on three
days during the second week of August,
2015. The Captain of the Port Lake
Michigan has determined that the
PO 00000
Frm 00002
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8
likelihood of transiting watercraft
during the swim competition involving
a large number of competitors presents
a significant risk of serious injuries or
fatalities.
C. Discussion of Comments, Changes
and the Final Rule
The Captain of the Port Lake
Michigan has determined that a safety
zone is necessary to mitigate the
aforementioned safety risks. Thus, this
rule establishes a safety zone that
encompasses all waters of Milwaukee
Harbor, including Lakeshore inlet and
the Marina at Pier Wisconsin, west of an
imaginary line across the entrance to the
Marina at Pier Wisconsin connecting
coordinates 43°02.253′ N., 087°53.623′
W. and 43°01.737′ N., 087°53.727′ W.
(NAD 83).
This rule will be effective from
August 1, 2015, until August 30, 2015.
Additionally, the Coast Guard
anticipates that this safety zone will be
enforced from 10:30 a.m. until 2:30 p.m.
on August 7; from 6:30 a.m. until 4:30
p.m. on August 8, and from 6:30 a.m.
until 11:30 a.m. on August 9, 2015. This
2015 enforcement schedule may change,
and in the event of a change, the
Captain of the Port Lake Michigan will
issue a Notice of Enforcement with an
updated enforcement schedule.
The Captain of the Port Lake
Michigan will notify the public that the
zone in this rule is or will be enforced
by all appropriate means to the affected
segments of the public including
publication in the Federal Register as
practicable, in accordance with 33 CFR
165.7(a). Such means of notification
may also include, but are not limited to
Broadcast Notice to Mariners or Local
Notice to Mariners.
All persons and vessels shall comply
with the instructions of the Captain of
the Port Lake Michigan or her
designated on-scene representative.
Entry into, transiting, or anchoring
within the safety zone is prohibited
unless authorized by the Captain of the
Port Lake Michigan or her designated
on-scene representative. The Captain of
E:\FR\FM\13FER1.SGM
13FER1
]]>Agencies
[Federal Register Volume 80, Number 30 (Friday, February 13, 2015)]
[Rules and Regulations]
[Pages 7967-7968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-03050]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
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.
========================================================================
Federal Register / Vol. 80, No. 30 / Friday, February 13, 2015 /
Rules and Regulations
[[Page 7967]]
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 March 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 March 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 March 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 March 2015 interest assumptions under the benefit payments
regulation will be 0.50 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 February 2015, these interest assumptions
represent a decrease of 0.50 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 March 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:
Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344.
0
2. In appendix B to part 4022, Rate Set 257, 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 Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
257.................................. 3-1-15 4-1-15 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 7968]]
0
3. In appendix C to part 4022, Rate Set 257, 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 Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
257.................................. 3-1-15 4-1-15 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of February 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-03050 Filed 2-12-15; 8:45 am]
BILLING CODE 7709-02-P
