Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 77569-77570 [2015-31568]
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77569
Rules and Regulations
Federal Register
Vol. 80, No. 240
Tuesday, December 15, 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.
Correction
The Code of Federal Regulations is sold by
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new books are listed in the first FEDERAL
REGISTER issue of each week.
Authority: 16 U.S.C. 1431 et seq.; 16 U.S.C.
470.
Dated: December 3, 2015.
John Armor,
Acting Director for the Office of National
Marine Sanctuaries.
DEPARTMENT OF COMMERCE
[FR Doc. 2015–31494 Filed 12–14–15; 8:45 am]
National Oceanic and Atmospheric
Administration
BILLING CODE 3510–NK–P
15 CFR Part 922
PENSION BENEFIT GUARANTY
CORPORATION
[Docket No. 130405335–5999–03]
29 CFR Part 4022
RIN 0648–BD18
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Notice of Delay of Discharge
Requirements for U.S. Coast Guard
Activities in Greater Farallones and
Cordell Bank National Marine
Sanctuaries; Correction
Office of National Marine
Sanctuaries (ONMS), National Ocean
Service (NOS), National Oceanic and
Atmospheric Administration (NOAA),
Department of Commerce (DOC).
ACTION: Final rule; delay of effectiveness
for discharge requirements with regard
to Coast Guard activities; correction.
The National Oceanic and
Atmospheric Administration (NOAA)
published a document in the Federal
Register of December 1, 2015
concerning the postponement of the
discharge requirements for U.S. Coast
Guard activities for another 6 months to
provide adequate time for completion of
an environmental assessment, and
subsequent rulemaking, as appropriate.
That document was missing the
associated Rule Identification Number
(RIN).
SUMMARY:
Effective on December 15, 2015.
asabaliauskas on DSK5VPTVN1PROD with RULES
FOR FURTHER INFORMATION CONTACT:
Maria Brown, Greater Farallones
National Marine Sanctuary
Superintendent, at Maria.Brown@
noaa.gov or 415–561–6622; or Dan
Howard, Cordell Bank National Marine
Sanctuary Superintendent, at
Dan.Howard@noaa.gov or 415–464–
5260.
SUPPLEMENTARY INFORMATION:
VerDate Sep<11>2014
16:23 Dec 14, 2015
Jkt 238001
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
AGENCY:
DATES:
In the Federal Register of December 1,
2015 (80 FR 74985), on page 74985, in
the second column, the agency title
should have been followed by the RIN
0648–BD18.
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
January 2016. The interest assumptions
are used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC. As
discussed below, PBGC will publish a
separate final rule document dealing
with interest assumptions under its
regulation on Allocation of Assets in
Single-Employer Plans for the first
quarter of 2016.
DATES: Effective January 1, 2016.
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
SUMMARY:
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
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 January 2016.1
PBGC normally updates the
assumptions under the benefit payments
regulation for January at the same time
as PBGC updates assumptions for the
first quarter of the year under its
regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) in a single rulemaking document.
Because of delays in obtaining data used
in setting assumptions under Part 4044
for the first quarter of 2016, PBGC is
publishing two separate rulemaking
documents to update the benefit
payments regulation for January 2016
and the allocation regulation for the first
quarter of 2016.
The January 2016 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 December
2015, these interest assumptions are
unchanged.
PBGC has determined that notice and
public comment on this amendment are
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\15DER1.SGM
15DER1
77570
Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Rules and Regulations
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 January 2016, 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).
For plans with a valuation
date
*
267 ....................................
Before
*
2–1–16
1.25
1–1–16
3. In appendix C to part 4022, Rate Set
267, as set forth below, is added to the
table.
■
*
267 ....................................
1–1–16
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2015–1031]
asabaliauskas on DSK5VPTVN1PROD with RULES
RIN 1625–AA00
Safety Zone, Great Egg Harbor Bay;
Somers Point, NJ
Coast Guard, DHS.
Temporary final rule.
The Coast Guard is extending
the dates for a temporary safety zone on
the waters of Great Egg Harbor Bay in
SUMMARY:
16:23 Dec 14, 2015
Jkt 238001
*
*
i2
*
i3
*
4.00
4.00
*
*
n1
*
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
i1
*
1.25
i2
4.00
This rule is effective without
actual notice from December 15, 2015
through December 31, 2015. For
purposes of enforcement, actual notice
will be used from October 5, 2015
through December 15, 2015.
Frm 00002
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*
4.00
the vicinity of the Garden State Parkway
Bridge in Somers Point, NJ. Due to the
severe weather felt in the Mid-Atlantic
region in the past month the project has
been delayed by a number of weeks and
more time is needed to complete the
critical repairs for the Garden State
Parkway Bridge. The safety zone will
continue to restrict vessel traffic on a
portion of the Great Egg Harbor Bay
while critical girder erection work is
being conducted as part of the
rehabilitation project of the main
navigational channel section of the
bridge. This extension of the temporary
safety zone is necessary to protect the
surrounding public and vessels from the
hazards associated with the bridge
construction operations.
PO 00000
i3
*
DATES:
AGENCY:
*
4.00
Immediate
annuity rate
(percent)
2–1–16
[FR Doc. 2015–31568 Filed 12–14–15; 8:45 am]
VerDate Sep<11>2014
*
*
Issued in Washington, DC, on this 9th day
of December, 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
ACTION:
*
Before
*
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
i1
*
For plans with a valuation
date
On or after
2. In appendix B to part 4022, Rate Set
267, as set forth below, is added to the
table.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
Rate set
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
1. The authority citation for part 4022
continues to read as follows:
■
■
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:
On or after
Rate set
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
4.00
*
7
8
To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2015–
1031 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rule.
ADDRESSES:
If
you have questions on this rule, call or
email Lieutenant Brennan Dougherty,
U.S. Coast Guard, Sector Delaware Bay,
Chief Waterways Management Division,
Coast Guard; telephone (215) 271–4851,
email Brennan.P.Dougherty@uscg.mil.
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
I. Table of Abbreviations
CFR Code of Federal Regulations
DHS Department of Homeland Security
E.O. Executive order
FR Federal Register
Pub. L. Public Law
§ Section
U.S.C. United States Code
COTP Captain of the Port
E:\FR\FM\15DER1.SGM
15DER1
]]>Agencies
[Federal Register Volume 80, Number 240 (Tuesday, December 15, 2015)]
[Rules and Regulations]
[Pages 77569-77570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31568]
=======================================================================
-----------------------------------------------------------------------
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 January 2016. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC. As discussed below,
PBGC will publish a separate final rule document dealing with interest
assumptions under its regulation on Allocation of Assets in Single-
Employer Plans for the first quarter of 2016.
DATES: Effective January 1, 2016.
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 January 2016.\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.
---------------------------------------------------------------------------
PBGC normally updates the assumptions under the benefit payments
regulation for January at the same time as PBGC updates assumptions for
the first quarter of the year under its regulation on Allocation of
Assets in Single-Employer Plans (29 CFR part 4044) in a single
rulemaking document. Because of delays in obtaining data used in
setting assumptions under Part 4044 for the first quarter of 2016, PBGC
is publishing two separate rulemaking documents to update the benefit
payments regulation for January 2016 and the allocation regulation for
the first quarter of 2016.
The January 2016 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 December 2015, these interest assumptions are
unchanged.
PBGC has determined that notice and public comment on this
amendment are
[[Page 77570]]
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 January 2016, 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 267, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
267..................................... 1-1-16 2-1-16 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 267, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
267..................................... 1-1-16 2-1-16 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of December, 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-31568 Filed 12-14-15; 8:45 am]
BILLING CODE 7709-02-P
