Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 79476-79477 [2015-32225]

Download as PDF 79476 Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Rules and Regulations Bacitracin methylenedisalicylate amount Combination in grams per ton (g/ton) .............................. (xiv) To provide 70 mg per head per day. .............................. (xv) To provide 250 mg per head per day. .............................. (xvi) To provide 250 mg per head per day. .............................. * * * * * Dated: December 16, 2015. Bernadette Dunham, Director, Center for Veterinary Medicine. [FR Doc. 2015–32000 Filed 12–21–15; 8:45 am] BILLING CODE 4164–01–P PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4044 Allocation of Assets in SingleEmployer Plans; Interest Assumptions for Valuing Benefits Pension Benefit Guaranty Corporation. ACTION: Final rule. AGENCY: This final rule amends the Pension Benefit Guaranty Corporation’s regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the asset allocation regulation for valuation dates in the first quarter of 2016. The interest assumptions are used for valuing benefits under terminating singleemployer plans covered by the pension insurance system administered by PBGC. As discussed below, PBGC has published a separate final rule document dealing with interest assumptions under its regulation on Benefits Payable in Terminated SingleEmployer Plans for January 2016. DATES: Effective January 1, 2016. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion (Klion.Catherine@ PBGC.gov), Assistant General Counsel rmajette on DSK2TPTVN1PROD with RULES SUMMARY: VerDate Sep<11>2014 15:05 Dec 21, 2015 Jkt 238001 Limitations 2. Pregnant sows: For control of clostridial enteritis caused by C. perfringens in suckling piglets. (xiii) To provide 70 mg per head per day. Indications for use As the sole ration. Feed to sows from 14 days before through 21 days after farrowing on premises with a history of clostridial scours. Diagnosis should be confirmed by veterinarian when results are not satisfactory. Administer continuously throughout the feeding period. Feedlot beef cattle: For reduction in the number of liver condemnations due to abscesses. Beef steers and heifers fed in confinement for slaughter: For reduction in the number of liver condemnations due to abscesses. Feedlot beef cattle: For reduction in the number of liver condemnations due to abscesses. Beef steers and heifers fed in confinement for slaughter: For reduction in the number of liver condemnations due to abscesses. Frm 00018 Fmt 4700 Sfmt 4700 054771 Administer continuously throughout the feeding period. 069254 Administer continuously for 5 days then discontinue for subsequent 25 days, repeat the pattern during the feeding period. Administer continuously for 5 days then discontinue for subsequent 25 days, repeat the pattern during the feeding period. 054771 for Regulatory Affairs, Office of the General Counsel, 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 Allocation of Assets in Single-Employer Plans (29 CFR part 4044) prescribes actuarial assumptions—including interest assumptions—for valuing 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). The interest assumptions in Appendix B to Part 4044 are used to value benefits for allocation purposes under ERISA section 4044. Assumptions under the asset allocation regulation are updated quarterly and are intended to reflect current conditions in the financial and annuity markets. This final rule updates the asset allocation interest assumptions for the first quarter (January through March) of 2016. The first quarter 2016 interest assumptions under the allocation regulation will be 2.82 percent for the first 20 years following the valuation date and 2.95 percent thereafter. In comparison with the interest assumptions in effect for the fourth quarter of 2015, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), PO 00000 Sponsor 069254 an increase of 0.36 percent in the select rate, and a decrease of 0.03 percent in the ultimate rate (the final rate). 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 valuation of benefits under plans with valuation dates during the first quarter of 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 4044 Employee benefit plans, Pension insurance, Pensions. In consideration of the foregoing, 29 CFR part 4044 is amended as follows: PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS 1. The authority citation for part 4044 continues to read as follows: ■ E:\FR\FM\22DER1.SGM 22DER1 79477 Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Rules and Regulations Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362. 2. In appendix B to part 4044, a new entry for January–March 2016, as set forth below, is added to the table. Appendix B to Part 4044—Interest Rates Used to Value Benefits ■ * * * * * The values of it are: For valuation dates occurring in the month— it * * * January–March 2016 ........................................................ Issued in Washington, DC, on this 17th day of December, 2015. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2015–32225 Filed 12–21–15; 8:45 am] BILLING CODE 7709–02–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2013–0760] RIN 1625–AA11 Regulated Navigation Area; Reporting Requirements for Barges Loaded With Certain Dangerous Cargoes, Inland Rivers, Eighth Coast Guard District; Expiration of Stay (Suspension) and Administrative Changes Coast Guard, DHS. Interim rule; request for comments. AGENCY: ACTION: Through this interim rule, the Coast Guard is providing administrative changes to the existing reporting requirements under the Regulated Navigation Area (RNA) applicable to barges loaded with certain dangerous cargoes on the inland rivers in the Eighth District area of responsibility. The current stay of reporting requirements under the RNA is scheduled to expire on December 31, 2015. This interim rule limits the reporting requirements in that rule for an interim period while also requesting comments before proposing or finalizing any long term or permanent revisions to the existing reporting requirements. DATES: This interim rule is effective beginning January 1, 2016. Comments and related material must be received by the Coast Guard on or before June 20, 2016. See SUPPLEMENTARY INFORMATION for details on enforcement and compliance. ADDRESSES: The docket for this interim rule and request for comments, [USCG– rmajette on DSK2TPTVN1PROD with RULES SUMMARY: VerDate Sep<11>2014 15:05 Dec 21, 2015 Jkt 238001 for t = it for t = 1–20 * 0.0295 >20 * 0.0282 2013–0760] is available at https:// www.regulations.gov. You may submit comments identified by docket number USCG–2013–0760 using the Federal eRulemaking Portal at https:// www.regulations.gov. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section for further instructions on submitting comments. FOR FURTHER INFORMATION CONTACT: For information about this document email the Coast Guard via Shelley R. Miller at Shelley.R.Miller@uscg.mil or Captain Paul E. Dittman at Paul.E.Dittman@uscg.mil or call the Coast Guard at 504–671–2330. SUPPLEMENTARY INFORMATION: I. Table of Abbreviations CDC Certain Dangerous Cargo CFR Code of Federal Regulations DHS Department of Homeland Security E.O. Executive order FR Federal Register IRVMC Inland River Vessel Movement Center NOI Notice of intent NPRM Notice of proposed rulemaking Pub. L. Public Law RNA Regulated navigation area U.S.C. United States Code II. Background Information and Regulatory History The reporting requirements under 33 CFR 165.830, ‘‘Regulated Navigation Area; Reporting Requirements for Barges Loaded with Certain Dangerous Cargoes, Inland Rivers, Eighth Coast Guard District,’’ were initially suspended (‘‘stayed’’) in January 2011 due to the expiration of the contract for the Inland River Vessel Movement Center (IRVMC). The IRVMC was the Coast Guard office responsible for collecting the information required by the regulated navigation area (RNA) at § 165.830. Upon expiration of the contract for the IRVMC, the Coast Guard was not able to receive and process reports. Therefore, the suspension of reporting requirements was published in the Federal Register on January 10, 2011 and was due to expire on January 15, PO 00000 Frm 00019 Fmt 4700 Sfmt 4700 it * for t = * N/A N/A 2013 (76 FR 1360). On January 2, 2013 the Coast Guard extended the suspension through September 30, 2013 (78 FR 25) and on October 1, 2013 the Coast Guard extended the suspension once again through December 31, 2015 (78 FR 60216). In January 2015 the Coast Guard published a final rule, titled Vessel Requirements for Notices of Arrival and Departure, and Automatic Identification System (80 FR 5282). This rule implemented new and updated Notices of Arrival (NOA) reporting requirements under 33 CFR 160 Subpart C, providing an exemption, at 33 CFR 160.204(a)(3), for any vessel required to report movements, its cargo, or the cargo in barges it is towing under 33 CFR 165.830 after December 31, 2015. This rule, which was initially proposed in 2008 before the RNA reporting requirements were suspended, relied on the existing reporting requirements at 33 CFR 165.830 to support the exemption. Starting on January 1, 2016, a vessel would only be eligible for the exemption if it is required to report its movements or cargo as specified in § 160.204(a)(3). On November 24, 2015, the Coast Guard published a notice of intent (NOI) informing the public that the stay would expire on December 31, 2015, and that reporting would resume in a limited form (80 FR 73156). This rule makes changes to limit the suspended reporting requirements, which would otherwise come into effect in full on January 1, 2016. Also relevant to this interim rule and request for comments is the portion of the January 2015 rule requiring that all vessels engaged in the movement of Certain Dangerous Cargos (CDC) have Class A Automatic Information System (AIS) beginning in March 2016, pending Office of Management and Budget (OMB) approval of a collection of information associated with that regulatory requirement. These AIS requirements provided under 33 CFR 164.46, if enforced, may provide an alternative method of reporting that could potentially satisfy the requirements under 33 CFR 165.830 and E:\FR\FM\22DER1.SGM 22DER1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 80, Number 245 (Tuesday, December 22, 2015)]
[Rules and Regulations]
[Pages 79476-79477]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32225]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 4044


Allocation of Assets in Single-Employer Plans; Interest 
Assumptions for Valuing Benefits

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: This final rule amends the Pension Benefit Guaranty 
Corporation's regulation on Allocation of Assets in Single-Employer 
Plans to prescribe interest assumptions under the asset allocation 
regulation for valuation dates in the first quarter of 2016. The 
interest assumptions are used for valuing benefits under terminating 
single-employer plans covered by the pension insurance system 
administered by PBGC. As discussed below, PBGC has published a separate 
final rule document dealing with interest assumptions under its 
regulation on Benefits Payable in Terminated Single-Employer Plans for 
January 2016.

DATES: Effective January 1, 2016.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion 
(Klion.Catherine@PBGC.gov), Assistant General Counsel for Regulatory 
Affairs, Office of the General Counsel, 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 Allocation of Assets in 
Single-Employer Plans (29 CFR part 4044) prescribes actuarial 
assumptions--including interest assumptions--for valuing 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).
    The interest assumptions in Appendix B to Part 4044 are used to 
value benefits for allocation purposes under ERISA section 4044. 
Assumptions under the asset allocation regulation are updated quarterly 
and are intended to reflect current conditions in the financial and 
annuity markets. This final rule updates the asset allocation interest 
assumptions for the first quarter (January through March) of 2016.
    The first quarter 2016 interest assumptions under the allocation 
regulation will be 2.82 percent for the first 20 years following the 
valuation date and 2.95 percent thereafter. In comparison with the 
interest assumptions in effect for the fourth quarter of 2015, these 
interest assumptions represent no change in the select period (the 
period during which the select rate (the initial rate) applies), an 
increase of 0.36 percent in the select rate, and a decrease of 0.03 
percent in the ultimate rate (the final rate).
    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 valuation 
of benefits under plans with valuation dates during the first quarter 
of 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 4044

    Employee benefit plans, Pension insurance, Pensions.

    In consideration of the foregoing, 29 CFR part 4044 is amended as 
follows:

PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS

0
1. The authority citation for part 4044 continues to read as follows:


[[Page 79477]]


    Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.


0
2. In appendix B to part 4044, a new entry for January-March 2016, as 
set forth below, is added to the table.

Appendix B to Part 4044--Interest Rates Used to Value Benefits

* * * * *

----------------------------------------------------------------------------------------------------------------
                                                             The values of it are:
     For valuation dates     -----------------------------------------------------------------------------------
  occurring in the month--         it          for t =         it          for t =         it          for t =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
January-March 2016..........       0.0282          1-20        0.0295           >20           N/A           N/A
----------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC, on this 17th day of December, 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-32225 Filed 12-21-15; 8:45 am]
BILLING CODE 7709-02-P

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