Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 2088-2089 [2016-00725]
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2088
Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Rules and Regulations
Sections 12.104 through 12.104i also
issued under 19 U.S.C. 2612;
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§ 12.104g
[Amended]
2. In § 12.104g, paragraph (a), the table
is amended in the entry for Italy by
removing the reference to ‘‘CBP Dec.
11–03’’ and adding in its place ‘‘CBP
Dec. 16–02’’.
■
R. Gil Kerlikowske,
Commissioner, U.S. Customs and Border
Protection.
Approved: January 12, 2016.
Timothy E. Skud,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 2016–00735 Filed 1–14–16; 8:45 am]
under section 36B of the Internal
Revenue Code.
insurance system administered by
PBGC.
Need for Correction
As published, the final regulations
(TD 9745) contains an error that may
prove to be misleading and is in need
of clarification.
DATES:
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
PART 1—INCOME TAXES
BILLING CODE 9111–14–P
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
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DEPARTMENT OF THE TREASURY
Authority: 26 U.S.C. 7805 * * *
Internal Revenue Service
Par. 2. Section 1.36B–3 is amended by
revising paragraph (d)(2)(i)(A) to read as
follows:
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26 CFR Part 1
[TD 9745]
RIN 1545–BL43
§ 1.36B–3 Computing the premium
assistance credit amount.
Minimum Value of Eligible EmployerSponsored Plans and Other Rules
Regarding the Health Insurance
Premium Tax Credit; Correction
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Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations; correcting
amendment.
AGENCY:
This document contains
corrections to final regulations (TD
9745) that were published in the
Federal Register on Friday, December
18, 2015 (80 FR 78971). The final
regulations are on the health insurance
premium tax credit enacted by the
Patient Protection and Affordable Care
Act and the Health Care and Education
Reconciliation Act of 2010, as amended
by the Medicare and Medicaid
Extenders Act of 2010, the
Comprehensive 1099 Taxpayer
Protection and Repayment of Exchange
Subsidy Overpayments Act of 2011, and
the Department of Defense and Full
Year Continuing Appropriations Act,
2011.
DATES: This correction is effective
January 15, 2016 and applicable
December 18, 2015.
FOR FURTHER INFORMATION CONTACT:
Shareen Pflanz at (202) 317–4718 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Lhorne on DSK5TPTVN1PROD with RULES
SUMMARY:
Background
The final regulations (TD 9745) that
are the subject of this correction are
VerDate Sep<11>2014
15:13 Jan 14, 2016
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(d) * * *
(2) * * *
(i) * * *
(A) The enrollment premiums for the
month (reduced by any amounts that
were refunded); or
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Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. 2016–00701 Filed 1–14–16; 8:45 am]
BILLING CODE 4830–01–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
February 2016. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
SUMMARY:
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Effective February 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 February 2016.1
The February 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 January 2016,
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
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\15JAR1.SGM
15JAR1
2089
Federal Register / Vol. 81, No. 10 / Friday, January 15, 2016 / Rules and Regulations
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 February 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.
Rate set
For plans with a valuation
date
On or after
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Before
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
2–1–16
For plans with a valuation
date
On or after
*
Before
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268
2–1–16
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
Lhorne on DSK5TPTVN1PROD with RULES
[Docket No. USCG–2016–0021]
Drawbridge Operation Regulation;
Lake Washington Ship Canal, Seattle,
WA
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
SUMMARY:
15:13 Jan 14, 2016
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Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
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Immediate
annuity rate
(percent)
3–1–16
[FR Doc. 2016–00725 Filed 1–14–16; 8:45 am]
VerDate Sep<11>2014
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Deferred annuities
(percent)
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Issued in Washington, DC, on this 11th day
of January 2016.
Philip R. Hertz,
Deputy General Counsel, Pension Benefit
Guaranty Corporation.
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1.25
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Rate set
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
3–1–16
3. In appendix C to part 4022, Rate Set
268, as set forth below, is added to the
table.
2. In appendix B to part 4022, Rate Set
268, as set forth below, is added to the
table.
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1. The authority citation for part 4022
continues to read as follows:
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Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
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268
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
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1.25
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schedule that governs the Montlake
Bridge across the Lake Washington Ship
Canal, mile 5.2, at Seattle, WA. The
deviation is necessary to allow the
bridge to operate in single leaf mode
during day light hours, and a full
closure (both bascule leafs in the closedto-navigation position) during night
time hours while work crews replace
bridge decking. This deviation allows a
single leaf opening with a one hour
advance notice during the day, and
remains in the closed-to-navigation
position at night.
DATES: This deviation is effective from
6 a.m. on February 27, 2016 to 6 p.m.
on February 28, 2016.
ADDRESSES: The docket for this
deviation, [USCG–2016–0021] 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.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
PO 00000
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deviation, call or email Mr. Steven
Fischer, Bridge Administrator,
Thirteenth Coast Guard District;
telephone 206–220–7282, email d13-pfd13bridges@uscg.mil.
SUPPLEMENTARY INFORMATION:
Washington Department of
Transportation has requested a
temporary deviation from the operating
schedule for the Montlake Bridge across
the Lake Washington Ship Canal, at
mile 5.2, at Seattle, WA. The deviation
is necessary to accommodate work
crews conducting timely bridge deck
repairs.
The Montlake Bridge in the closed
position provides 30 feet of vertical
clearance throughout the navigation
channel, and 46 feet of vertical
clearance throughout the center 60 feet
of the bridge; vertical clearance
references to the Mean Water Level of
Lake Washington. When half the span is
open with a single leaf, 46 feet of
vertical clearance will be reduced
E:\FR\FM\15JAR1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 10 (Friday, January 15, 2016)]
[Rules and Regulations]
[Pages 2088-2089]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00725]
=======================================================================
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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 February 2016. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC.
DATES: Effective February 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 February 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.
---------------------------------------------------------------------------
The February 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 January 2016, 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
[[Page 2089]]
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 February 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 268, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
268 2-1-16 3-1-16 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 268, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
268 2-1-16 3-1-16 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 11th day of January 2016.
Philip R. Hertz,
Deputy General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-00725 Filed 1-14-16; 8:45 am]
BILLING CODE 7709-02-P
