Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 27857-27858 [2015-11858]
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Federal Register / Vol. 80, No. 94 / Friday, May 15, 2015 / Rules and Regulations
approving it, certifies that the rule will
not have a significant economic impact
on a substantial number of small entities
as defined in 5 U.S.C. 601(6).
Unfunded Mandates Act of 1995
This rule will not result in the
expenditure by state, local, tribal, or
territorial governments, in the aggregate,
or by the private sector, of $100 million
or more in any year and it will not
significantly or uniquely affect small
governments. Therefore, no actions were
deemed necessary under the provisions
of the Unfunded Mandates Reform Act
of 1995, 2 U.S.C. 1501 et seq.
Small Business Regulatory Enforcement
Fairness Act of 1996
This rule is not a major rule as
defined by section 804 of the Small
Business Regulatory Enforcement
Fairness Act of 1996, since it will not
result in an annual effect on the
economy of $100 million or more. See
5 U.S.C. 804(2).
Executive Orders 12866 and 13563
This rule is not economically
significant under Executive Order
12866, section 3(f)(1), because it will not
have an annual effect on the economy
of $100 million or more. The
Department expects the rule’s impact on
the public to be minimal. The
Department has reviewed this rule to
ensure its consistency with the
regulatory philosophy and principles set
forth in the Executive Orders.
Executive Order 13132
This rule will not have substantial
direct effects on the states, on the
relationship between the national
government and the states, or on the
distribution of power and
responsibilities among the various
levels of government. Therefore, in
accordance with section 6 of Executive
Order 13132, the Department has
determined that this rule does not have
sufficient federalism implications to
require consultations or warrant the
preparation of a federalism summary
impact statement.
requirements under the Paperwork
Reduction Act.
List of Subjects in 22 CFR Part 51
Passports.
Accordingly, for the reasons stated in
the preamble, 22 CFR part 51 is
amended as follows:
PART 51—PASSPORTS
1. The authority citation for part 51
continues to read as follows:
■
Authority: 8 U.S.C. 1504; 18 U.S.C. 1621;
22 U.S.C. 211a, 212, 213, 213n (Pub. L. 106–
113 Div. B, Sec. 1000(a)(7) [Div. A, Title II,
Sec. 236], 113 Stat. 1536, 1501A–430); 214,
214a, 217a, 218, 2651a, 2671(d)(3), 2705,
2714, 2721, & 3926; 26 U.S.C. 6039E; 31
U.S.C. 9701; 42 U.S.C. 652(k) [Div. B, Title
V of Pub. L. 103–317, 108 Stat. 1760]; E.O.
11295, Aug. 6, 1966, FR 10603, 3 CFR, 1966–
1970 Comp., p. 570; Sec. 1 of Pub. L. 109–
210, 120 Stat. 319; Sec. 2 of Pub. L. 109–167,
119 Stat. 3578; Sec. 5 of Pub. L. 109–472, 120
Stat. 3554; Pub. L. 108–447, Div. B, Title IV,
Dec. 8, 2004, 118 Stat. 2809; Pub. L. 108–458,
118 Stat. 3638, 3823 (Dec. 17, 2004).
2. Revise paragraph (b) of § 51.3 to
read as follows:
■
§ 51.3
Types of passports.
*
*
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(b) Official passport. When authorized
by the Department, an official passport
may be issued to:
(1) An official or employee of the U.S.
government traveling abroad to carry
out official duties, and family members
of such persons;
(2) A U.S. government contractor
traveling abroad to carry out official
duties on behalf of the U.S. government;
or
(3) An official or employee of a state,
local, tribal, or territorial government
traveling abroad to carry out official
duties in support of the U.S.
government.
*
*
*
*
*
Patrick F. Kennedy,
Undersecretary For Management.
[FR Doc. 2015–11687 Filed 5–14–15; 8:45 am]
BILLING CODE 4710–24–P
mstockstill on DSK4VPTVN1PROD with RULES
Executive Order 13175—Effect on Tribes
The Department of State has
determined that this rulemaking will
not have tribal implications, will not
impose substantial direct compliance
costs on Indian tribal governments, and
will not preempt tribal law.
Accordingly, Executive Order 13175
does not apply to this rulemaking.
PENSION BENEFIT GUARANTY
CORPORATION
Paperwork Reduction Act
AGENCY:
This rule does not impose or alter any
reporting or record-keeping
VerDate Sep<11>2014
15:07 May 14, 2015
Jkt 235001
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
PO 00000
Frm 00005
Fmt 4700
Sfmt 4700
27857
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
June 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 June 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 June 2015.1
The June 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
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
plans for purposes of allocation of assets under
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15MYR1.SGM
15MYR1
27858
Federal Register / Vol. 80, No. 94 / Friday, May 15, 2015 / Rules and Regulations
assumptions in effect for May 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 June 2015, PBGC finds that
good cause exists for making the
assumptions set forth in this
Rate set
For plans with a valuation
date
On or after
*
Before
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:
6–1–15
3. In appendix C to part 4022, Rate Set
260, as set forth below, is added to the
table.
On or after
*
Before
*
260
6–1–15
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
mstockstill on DSK4VPTVN1PROD with RULES
[Docket No. USCG–2015–0252]
Special Local Regulation; Annual
Marine Events on the Colorado River,
Between Davis Dam (Bullhead City,
Arizona) and Headgate Dam (Parker,
Arizona) Within the San Diego Captain
of the Port Zone
Coast Guard, DHS.
15:07 May 14, 2015
Immediate
annuity rate
(percent)
0.75
BILLING CODE 7709–01–P
VerDate Sep<11>2014
*
*
[FR Doc. 2015–11858 Filed 5–14–15; 8:45 am]
AGENCY:
*
7–1–15
Issued in Washington, DC, on this 6th day
of May 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
Jkt 235001
2. In appendix B to part 4022, Rate Set
260, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
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*
*
i3
4.00
n1
*
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
For plans with a valuation
date
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
i2
*
4.00
0.75
■
Rate set
i1
*
7–1–15
1. The authority citation for part 4022
continues to read as follows:
■
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
260
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
Notice of enforcement of
regulation.
ACTION:
The Coast Guard will enforce
the Great Western Parker Tube Float
marine event and associated waterway
special local regulations from 7 a.m.
through 4 p.m. on June 6, 2015. This
annual marine event occurs in the
navigable waters of the Colorado River
in Parker, Arizona, covering eight miles
of the waterway from the La Paz County
Park to the Headgate Dam. This action
is necessary to provide for the safety of
the participants, crew, spectators, safety
vessels, and general users of the
waterway. During the enforcement
period, persons and vessels are
prohibited from entering into, transiting
through, or anchoring within this
regulated area unless authorized by the
Captain of the Port, or his designated
representative.
SUMMARY:
The regulations in 33 CFR
100.1102, Table 1, item 9 will be
DATES:
PO 00000
Frm 00006
Fmt 4700
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enforced from 7 a.m. through 4 p.m. on
June 6, 2015.
If
you have questions on this document,
call or email Petty Officer Nick
Bateman, Waterways Management, U.S.
Coast Guard Sector San Diego, CA;
telephone 619–278–7656, D11-PFMarineEventsSanDiego@uscg.mil.
FOR FURTHER INFORMATION CONTACT:
The Coast
Guard will enforce the special local
regulations for the annual Great Western
Parker Tube Float in 33 CFR 100.1102,
Table 1, Item 9 from 7 a.m. to 4 p.m. on
June 6, 2015.
Under the provisions of 33 CFR
100.1102, persons and vessels are
prohibited from entering into, transiting
through, or anchoring within this
regulated area of the Colorado River
unless authorized by the Captain of the
Port, or his designated representative.
The Coast Guard may be assisted by
other Federal, State, or local law
SUPPLEMENTARY INFORMATION:
E:\FR\FM\15MYR1.SGM
15MYR1
]]>Agencies
[Federal Register Volume 80, Number 94 (Friday, May 15, 2015)]
[Rules and Regulations]
[Pages 27857-27858]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11858]
=======================================================================
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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 June 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 June 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 June 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 June 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
[[Page 27858]]
assumptions in effect for May 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 June 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 260, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
260 6-1-15 7-1-15 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 260, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
260 6-1-15 7-1-15 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of May 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-11858 Filed 5-14-15; 8:45 am]
BILLING CODE 7709-01-P
