Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 48688-48689 [2015-20064]
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48688
Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Rules and Regulations
allow those students to receive
continued educational and cultural
programming offered by the Department
for a period of one additional year.
Mara Tekach,
Deputy Assistant Secretary for Professional
Exchanges, Bureau of Educational and
Cultural Affairs.
[FR Doc. 2015–19586 Filed 8–13–15; 8:45 am]
BILLING CODE 4710–05–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
September 2015. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
Effective September 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–
Rate set
For plans with a
valuation date
On or after
*
263
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 September 2015.1
The September 2015 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 August 2015,
these interest assumptions represent a
decrease 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
*
9–1–15
3. In appendix C to part 4022, Rate Set
263, as set forth below, is added to the
table.
■
tkelley on DSK3SPTVN1PROD with RULES
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
20:18 Aug 13, 2015
Jkt 235001
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:
■
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
263, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
i2
*
4.00
1.25
*
*
*
i3
4.00
n1
*
*
4.00
n2
*
7
8
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
VerDate Sep<11>2014
i1
*
10–1–15
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
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 September 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).
*
*
*
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\14AUR1.SGM
14AUR1
48689
Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Rules and Regulations
For plans with a
valuation date
Rate set
On or after
*
Before
*
263
9–1–15
*
10–1–15
Issued in Washington, DC, on this 6th day
of August 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2015–20064 Filed 8–13–15; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2015–0710]
Drawbridge Operation Regulation;
Narrow Bay, Suffolk County, NY
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the operation of
the Smith Point Bridge across Narrow
Bay, mile 6.1, at Suffolk County, New
York. This deviation is necessary to
accommodate the 5K Run for Literacy.
This deviation allows the bridge to
remain in the closed position for one
hour.
SUMMARY:
This deviation is effective from
9 a.m. through 10 a.m. on September 12,
2015.
ADDRESSES: The docket for this
deviation, [USCG–2015–0710] is
available at 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 deviation. 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.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Ms. Judy K.
Leung-Yee, Project Officer, First Coast
Guard District, telephone (212) 514–
4330, judy.k.leung-yee@uscg.mil. If you
tkelley on DSK3SPTVN1PROD with RULES
DATES:
VerDate Sep<11>2014
20:18 Aug 13, 2015
Jkt 235001
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
1.25
i1
i2
*
4.00
i3
4.00
n1
*
*
4.00
n2
*
7
have questions on viewing the docket,
call Ms. Cheryl Collins, Program
Manager, Docket Operations, telephone
(202) 366–9826.
DEPARTMENT OF HOMELAND
SECURITY
The Smith
Point Bridge, mile 6.1, across Narrow
Bay, has a vertical clearance in the
closed position of 18 feet at mean high
water and 19 feet at mean low water.
The existing bridge operating
regulations are found at 33 CFR
117.799(d).
The waterway is transited by seasonal
recreational vessels of various sizes.
The Community Family Literacy
Project, Inc. requested a temporary
deviation from the normal operating
schedule to facilitate the 5K Run for
Literacy.
Under this temporary deviation the
Smith Point Bridge may remain in the
closed position for one hour between 9
a.m. and 10 a.m. on Saturday September
12, 2015.
There are no alternate routes for
vessel traffic; however, vessels that can
pass under the closed draws during this
closure may do so at all times. The
bridge may be opened in the event of an
emergency.
The Coast Guard will inform the users
of the waterways through our Local and
Broadcast Notice to Mariners of the
change in operating schedule for the
bridge so that vessels can arrange their
transits to minimize any impact caused
by the temporary deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
8
33 CFR Part 117
SUPPLEMENTARY INFORMATION:
Dated: August 5, 2015.
C.J. Bisignano,
Supervisory Bridge Management Specialist,
First Coast Guard District.
[FR Doc. 2015–20117 Filed 8–13–15; 8:45 am]
BILLING CODE 9110–04–P
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
Coast Guard
[Docket No. USCG–2015–0765]
Drawbridge Operation Regulation;
Townsend Gut, Boothbay and
Southport, Maine
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Southport (SR
27) Bridge, across Townsend Gut, mile
0.7, at Boothbay and Southport, Maine.
This deviation is necessary to facilitate
replacement of the bridge wedge motor.
This deviation allows the bridge to
remain in the closed position for 24
hours.
SUMMARY:
This deviation is effective from
7 a.m. on October 5, 2015 through 7 a.m.
on October 6, 2015.
ADDRESSES: The docket for this
deviation, [USCG–2015–0765] is
available at 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 deviation. 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.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, contact Mr. Joe M. Arca,
Project Officer, First Coast Guard
District, telephone (212) 514–4336,
email joe.m.arca@uscg.mil. If you have
questions on viewing the docket, call
Ms. Cheryl Collins, Program Manager,
Docket Operations, telephone (202)
366–9826.
SUPPLEMENTARY INFORMATION: The
Southport (SR 27) Bridge, mile 0.7,
across the Townsend Gut has a vertical
clearance in the closed position of 10
DATES:
E:\FR\FM\14AUR1.SGM
14AUR1
]]>Agencies
[Federal Register Volume 80, Number 157 (Friday, August 14, 2015)]
[Rules and Regulations]
[Pages 48688-48689]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-20064]
=======================================================================
-----------------------------------------------------------------------
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 September 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 September 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 September 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 September 2015 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 August 2015, these interest assumptions
represent a decrease 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 September 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 263, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
263 9-1-15 10-1-15 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 263, as set forth below, is
added to the table.
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
[[Page 48689]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
263 9-1-15 10-1-15 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of August 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-20064 Filed 8-13-15; 8:45 am]
BILLING CODE 7709-01-P
