Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 20158-20159 [2015-08636]
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Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Rules and Regulations
assets, total assets, Tier 1 capital and
total capital of the institution on a pro
forma basis;
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■ 9. In appendix C to part 225, revise
the heading and, under section 1, revise
the first undesignated paragraph to read
as follows:
Appendix C to Part 225—Small Bank
Holding Company and Savings and
Loan Holding Company Policy
Statement
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1. Applicability of Policy Statement
This policy statement applies only to bank
holding companies with pro forma
consolidated assets of less than $1 billion
that (i) are not engaged in significant
nonbanking activities either directly or
through a nonbank subsidiary; (ii) do not
conduct significant off-balance sheet
activities (including securitization and asset
management or administration) either
directly or through a nonbank subsidiary;
and (iii) do not have a material amount of
debt or equity securities outstanding (other
than trust preferred securities) that are
registered with the Securities and Exchange
Commission. The Board may in its discretion
exclude any bank holding company,
regardless of asset size, from the policy
statement if such action is warranted for
supervisory purposes.1 With the exception of
section 4 (Additional Application
Requirements for Expedited/Waived
Processing), the policy statement applies to
savings and loan holding companies as if
they were bank holding companies.
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PART 238—SAVINGS AND LOAN
HOLDING COMPANIES (REGULATION
LL)
10. The authority citation for part 238
continues to read as follows:
■
Authority: 5 U.S.C. 552, 559; 12 U.S.C.
1462, 1462a, 1463, 1464, 1467, 1467a, 1468,
1813, 1817, 1829e, 1831i, 1972; 15 U.S.C. 78l.
11. Add § 238.9 to subpart A to read
as follows:
■
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§ 238.9 Small Bank Holding Company
Policy Statement.
(a) The Board’s Small Bank Holding
Company Policy Statement (12 CFR part
225, appendix C) (Policy Statement)
applies to savings and loan holding
companies as if they were bank holding
companies. To qualify or rely on the
Policy Statement, savings and loan
holding companies must meet all
qualifying requirements in the Policy
Statement as if they were a bank holding
company. For purposes of applying the
Policy Statement, the term ‘‘nonbank
subsidiary’’ as used in the Policy
1 Footnote
1: [Reserved]
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16:28 Apr 14, 2015
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Statement refers to a subsidiary of a
savings and loan holding company other
than a savings association or a
subsidiary of a savings association.
(b) The Board may exclude any
savings and loan holding company,
regardless of asset size, from the Policy
Statement under paragraph (a) of this
section if the Board determines that
such action is warranted for supervisory
purposes.
By order of the Board of Governors of the
Federal Reserve System, April 9, 2015.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2015–08513 Filed 4–14–15; 8:45 am]
BILLING CODE 6210–01–P
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
May 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 May 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
SUMMARY:
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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 May 2015.1
The May 2015 interest assumptions
under the benefit payments regulation
will be 0.75 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 April 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 May 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:
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\15APR1.SGM
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Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Rules and Regulations
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
1. The authority citation for part 4022
continues to read as follows:
■
Rate set
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
2. In appendix B to part 4022, Rate Set
259, as set forth below, is added to the
table.
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■
For plans with a valuation
date
On or after
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259 ....................................
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
Before
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3. In appendix C to part 4022, Rate Set
259, as set forth below, is added to the
table.
■
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259 ....................................
*
For plans with a valuation
date
On or after
Before
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Issued in Washington, DC, on this 7th day
of April 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2015–08636 Filed 4–14–15; 8:45 am]
BILLING CODE 7709–02–P
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[Docket No. USCG–2013–0491]
RIN 1625–AB88
Consolidation of Officer in Charge,
Marine Inspection for Outer
Continental Shelf Activities; Eighth
Coast Guard District; Technical,
Organizational, and Conforming
Amendments
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
The Coast Guard is issuing a
final rule establishing a consolidated
Officer in Charge, Marine Inspection
(OCMI) for the purposes of inspecting
mobile offshore drilling units, and fixed
and floating facilities, engaged in OCS
activities in the Eighth Coast Guard
District. This final rule also addresses
comments submitted in response to our
mstockstill on DSK4VPTVN1PROD with RULES
SUMMARY:
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Deferred annuities
(percent)
Immediate
annuity rate
(percent)
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0.75
This rule is effective May 1,
Documents mentioned in
this preamble as being available in the
docket, are part of docket USCG–2013–
0491 and are available for inspection or
copying at the Docket Management
Facility (M–30), U.S. Department of
Transportation, West Building Ground
Floor, Room W12–140, 1200 New Jersey
Avenue, Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
You may also view the docket on the
Internet by going to https://
www.regulations.gov, inserting USCG–
2013–0491 in the ‘‘Search’’ box, and
then clicking ‘‘Search.’’
FOR FURTHER INFORMATION CONTACT: If
you have questions on this notice, call
or email Commander Steven Keel, U.S.
Coast Guard Headquarters, Office of
Commercial Vessel Compliance;
telephone (202) 372–1230, email
steven.r.keel@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:
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ADDRESSES:
33 CFR Parts 3 and 141
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2015.
Coast Guard
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notice and request for comments related
to the consolidation of the OCMI, for
OCS activities, and makes other nonsubstantive changes. This rule will have
no substantive effect on the regulated
public.
DATES:
DEPARTMENT OF HOMELAND
SECURITY
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6–1–15
5–1–15
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Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
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Rate set
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Deferred annuities
(percent)
Immediate
annuity rate
(percent)
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6–1–15
5–1–15
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Table of Contents for Preamble
I. Abbreviations
II. Regulatory History and Information
III. Basis and Purpose
IV. Discussion of Comments Received
V. Discussion of the Rule
VI. Regulatory Analysis
A. Regulatory Planning and Review
B. Small Entities
C. Assistance for Small Business
D. Collection of Information
E. Federalism
F. Unfunded mandates Reform Act
G. Taking of Private Property
H. Civil Justice Reform
I. Protection of Children
J. Indian Tribal Governments
K. Energy Effects
L. Technical Standards
M. Environment
I. Abbreviations
CFR Code of Federal Regulations
DHS Department of Homeland Security
E.O. Executive Order
FR Federal Register
NCOE National Center of Expertise
OCMI Officer in Charge, Marine Inspection
OMB Office of Management and Budget
OCS Outer Continental Shelf
Pub. L. Public Law
§ Section Symbol
U.S.C. United States Code
II. Regulatory History and Information
This rule reflects the internal
organization of the Coast Guard’s Eighth
District, and affects administrative
procedures such as contact information.
It is a rule of agency organization,
E:\FR\FM\15APR1.SGM
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[Federal Register Volume 80, Number 72 (Wednesday, April 15, 2015)]
[Rules and Regulations]
[Pages 20158-20159]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08636]
=======================================================================
-----------------------------------------------------------------------
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 May 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 May 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 May 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 May 2015 interest assumptions under the benefit payments
regulation will be 0.75 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 April 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 May 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:
[[Page 20159]]
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 259, 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 Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
259............................................. 5-1-15 6-1-15 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 259, 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 Immediate Deferred annuities (percent)
valuation date annuity ----------------------------------------------------------------
Rate set -------------------------- rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
259............................................. 5-1-15 6-1-15 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 7th day of April 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-08636 Filed 4-14-15; 8:45 am]
BILLING CODE 7709-02-P
