Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 13742-13744 [2016-05733]
Download as PDF
<![CDATA[
13742
Federal Register / Vol. 81, No. 50 / Tuesday, March 15, 2016 / Rules and Regulations
TABLE 1—MIRE FUNDAMENTAL DATA ELEMENTS FOR NON-LOCAL (BASED ON FUNCTIONAL CLASSIFICATION) PAVED
ROADS
MIRE name (MIRE No.) 1
Roadway segment
Intersection
Segment Identifier (12) .............................................................................
Route Number (8) 2 ..................................................................................
Route/street Name (9) 2 ............................................................................
Federal Aid/Route Type (21) 2 ..................................................................
Rural/Urban Designation (20) 2 ................................................................
Surface Type (23) 2 ..................................................................................
Begin Point Segment Descriptor (10) 2 ....................................................
End Point Segment Descriptor (11) 2
Segment Length (13) 2
Direction of Inventory (18) ........................................................................
Functional Class (19) 2
Median Type (54)
Access Control (22) 2
One/Two-Way Operations (91) 2 ..............................................................
Number of Through Lanes (31) 2 .............................................................
Average Annual Daily Traffic (79) 2 ..........................................................
AADT Year (80) 2 ......................................................................................
Type of Governmental Ownership (4) 2 ....................................................
Unique Junction Identifier (120).
Location Identifier for Road 1 Crossing Point (122).
Location Identifier for Road 2 Crossing Point (123).
Intersection/Junction Geometry (126).
Intersection/Junction Traffic Control (131).
AADT (79) [for Each Intersecting Road].
AADT Year (80) [for Each Intersecting Road].
Unique Approach Identifier (139).
Interchange/Ramp.
Unique Interchange Identifier (178).
Location Identifier for Roadway at Beginning Ramp Terminal (197).
Location Identifier for Roadway at Ending Ramp Terminal (201).
Ramp Length (187).
Roadway Type at Beginning Ramp Terminal (195).
Roadway Type at Ending Ramp Terminal (199).
Interchange Type (182).
Ramp AADT (191).2
Year of Ramp AADT (192).2
Functional Class (19).2
Type of Governmental Ownership (4).2
1 Model Inventory of Roadway Elements—MIRE, Version 1.0, Report No. FHWA–SA–10–018, October 2010, https://safety.fhwa.dot.gov/tools/
data_tools/mirereport/mirereport.pdf.
2 Highway Performance Monitoring System full extent elements are required on all Federal-aid highways and ramps located within grade-separated interchanges, i.e., National Highway System (NHS) and all functional systems excluding rural minor collectors and locals.
TABLE 2—MIRE FUNDAMENTAL DATA
ELEMENTS FOR LOCAL (BASED ON
FUNCTIONAL
CLASSIFICATION)
PAVED ROADS
TABLE 3—MIRE FUNDAMENTAL DATA PENSION BENEFIT GUARANTY
ELEMENTS FOR UNPAVED ROADS— CORPORATION
Continued
29 CFR Parts 4022 and 4044
MIRE name (MIRE No.) 1
MIRE name (MIRE No.) 1
Type of Governmental Ownership (4).2
Begin Point Segment Descriptor (10).2
End Point Segment Descriptor (11).2
Roadway segment:
Segment Identifier (12).
Functional Class (19).2
Surface Type (23).2
Type of Governmental Ownership (4).2
Number of Through Lanes (31).2
Average Annual Daily Traffic (79).2
Begin Point Segment Descriptor (10).2
End Point Segment Descriptor (11).2
Rural/Urban Designation (20).2
asabaliauskas on DSK3SPTVN1PROD with RULES
1 Model Inventory of Roadway Elements—
MIRE, Version 1.0, Report No. FHWA-SA-10018, October 2010, https://safety.fhwa.dot.gov/
tools/data_tools/mirereport/mirereport.pdf.
2 Highway Performance Monitoring System
full extent elements are required on all Federal-aid highways and ramps located within
grade-separated interchanges, i.e., National
Highway System (NHS) and all functional systems excluding rural minor collectors and
locals.
1 Model Inventory of Roadway Elements—
MIRE, Version 1.0, Report No. FHWA–SA–
10–018,
October
2010,
https://safety.fhwa.dot.gov/tools/data_tools/mirereport/
mirereport.pdf.
2 Highway Performance Monitoring System
full extent elements are required on all Federal-aid highways and ramps located within
grade-separated interchanges, i.e., National
Highway System (NHS) and all functional systems excluding rural minor collectors and
locals.
[FR Doc. 2016–05190 Filed 3–14–16; 8:45 am]
BILLING CODE 4910–22–P
TABLE 3—MIRE FUNDAMENTAL DATA
ELEMENTS FOR UNPAVED ROADS
MIRE name (MIRE No.) 1
Roadway segment:
Segment Identifier (12).
Functional Class (19).2
VerDate Sep<11>2014
16:19 Mar 14, 2016
Jkt 238001
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions
under the benefit payments regulation
for valuation dates in April 2016 and
interest assumptions under the asset
allocation regulation for valuation dates
in the second quarter of 2016. The
interest assumptions are used for
valuing and paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective April 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion (Klion.Catherine@
PBGC.gov), Assistant General Counsel
SUMMARY:
E:\FR\FM\15MRR1.SGM
15MRR1
13743
Federal Register / Vol. 81, No. 50 / Tuesday, March 15, 2016 / Rules and Regulations
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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions in the regulations 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. 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 asset allocation
regulation are updated quarterly;
assumptions under the benefit payments
regulation are updated monthly. This
Rate set
For plans with a valuation
date
On or after
*
270
Before
final rule updates the benefit payments
interest assumptions for April 2016 and
updates the asset allocation interest
assumptions for the second quarter
(April through June) of 2016.
The second quarter 2016 interest
assumptions under the allocation
regulation will be 2.77 percent for the
first 20 years following the valuation
date and 2.86 percent thereafter. In
comparison with the interest
assumptions in effect for the first
quarter of 2016, these interest
assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
a decrease of 0.05 percent in the select
rate, and a decrease of 0.09 percent in
the ultimate rate (the final rate).
The April 2016 interest assumptions
under the benefit payments regulation
will be 1.00 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 March 2016,
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 valuation
and payment of benefits under plans
with valuation dates during April 2016,
3. In appendix C to part 4022, Rate Set
270, as set forth below, is added to the
table.
asabaliauskas on DSK3SPTVN1PROD with RULES
On or after
VerDate Sep<11>2014
16:19 Mar 14, 2016
Before
Jkt 238001
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are 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
270, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
*
*
*
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
29 CFR Part 4022
i2
*
4.00
1.00
■
Rate set
i1
*
5–1–16
List of Subjects
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
4–1–16
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).
*
*
Immediate
annuity rate
(percent)
PO 00000
Frm 00031
*
*
Deferred annuities (percent)
i2
i1
Fmt 4700
Sfmt 4700
E:\FR\FM\15MRR1.SGM
i3
15MRR1
13744
Federal Register / Vol. 81, No. 50 / Tuesday, March 15, 2016 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
270
Deferred annuities (percent)
Immediate
annuity rate
(percent)
i1
*
4.00
*
4–1–16
5–1–16
1.00
i2
i3
4.00
n1
*
n2
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, a new
entry for April–June 2016, as set forth
below, is added to the table.
*
■
4. The authority citation for part 4044
continues to read as follows:
■
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
for t =
it
*
*
*
April–June 2016 ................................................................
Issued in Washington, DC, on this 9th day
of March 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–05733 Filed 3–14–16; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF TRANSPORTATION
Saint Lawrence Seaway Development
Corporation
33 CFR Part 401
[Docket No. SLSDC–2016–0004]
RIN 2135–AA39
Seaway Regulations and Rules:
Periodic Update, Various Categories
Saint Lawrence Seaway
Development Corporation, DOT.
ACTION: Final rule.
AGENCY:
The Saint Lawrence Seaway
Development Corporation (SLSDC) and
the St. Lawrence Seaway Management
Corporation (SLSMC) of Canada, under
international agreement, jointly publish
and presently administer the St.
Lawrence Seaway Regulations and
Rules (Practices and Procedures in
Canada) in their respective jurisdictions.
Under agreement with the SLSMC, the
SLSDC is amending the joint regulations
by updating the Seaway Regulations and
Rules in various categories. The changes
will update the following sections of the
Regulations and Rules: Condition of
Vessels; Seaway Navigation; and,
Information and Reports. These
amendments are necessary to take
account of updated procedures and will
asabaliauskas on DSK3SPTVN1PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:19 Mar 14, 2016
Jkt 238001
it
*
0.0277
*
1–20
0.0286
enhance the safety of transits through
the Seaway. Several of the amendments
are merely editorial or for clarification
of existing requirements.
DATES: This final rule will be effective
on March 21, 2016.
ADDRESSES: Docket: For access to the
docket to read background documents
or comments received, go to https://
www.Regulations.gov; or in person at
the Docket Management Facility; U.S.
Department of Transportation, 1200
New Jersey Avenue SE., West Building
Ground Floor, Room W12–140,
Washington, DC 20590–001, between 9
a.m. and 5 p.m., Monday through
Friday, except Federal Holidays.
FOR FURTHER INFORMATION CONTACT:
Carrie Mann Lavigne, Chief Counsel,
Saint Lawrence Seaway Development
Corporation, 180 Andrews Street,
Massena, New York 13662; 315/764–
3200.
SUPPLEMENTARY INFORMATION: The Saint
Lawrence Seaway Development
Corporation (SLSDC) and the St.
Lawrence Seaway Management
Corporation (SLSMC) of Canada, under
international agreement, jointly publish
and presently administer the St.
Lawrence Seaway Regulations and
Rules (Practices and Procedures in
Canada) in their respective jurisdictions.
Under agreement with the SLSMC, the
SLSDC is amending the joint regulations
by updating the Regulations and Rules
in various categories. The changes will
update the following sections of the
Regulations and Rules: Condition of
Vessels; Seaway Navigation; and,
Information and Reports. These updates
are necessary to take account of updated
procedures which will enhance the
safety of transits through the Seaway.
PO 00000
Frm 00032
Fmt 4700
for t =
Sfmt 4700
*
>20
it
for t =
*
N/A
N/A
Many of these changes are to clarify
existing requirements in the regulations.
Where new requirements or regulations
are made, an explanation for such a
change is provided below. A Notice of
Proposed Rulemaking was published in
the Federal Register on February 5,
2016 (81 FR 6198). No comments were
received. The joint regulations will
become effective in Canada on March
21, 2016. For consistency, because these
are joint regulations under international
agreement, and to avoid confusion
among users of the Seaway, the SLSDC
finds that there is good cause to make
the U.S. version of the amendments
effective on the same date.
Regulatory Notices: Privacy Act:
Anyone is able to search the electronic
form of all comments received into any
of our dockets by the name of the
individual submitting the comment (or
signing the comment, if submitted on
behalf of an association, business, labor
union, etc.). You may review DOT’s
complete Privacy Act Statement in the
Federal Register published on April 11,
2000 (Volume 65, Number 70; Pages
19477–78) or you may visit https://
www.Regulations.gov.
The SLSDC is amending four sections
of the Condition of Vessels portion of
the joint Seaway regulations. In
§ 401.10, ‘‘Mooring lines’’, the two
Corporations are permitting vessels not
greater than 200 m in overall length to
use soft lines instead of wire lines. Over
the past 3 years, vessels greater than 150
m in overall length have been permitted
to use type approved soft lines on a test
basis, with successful results. Based on
these same results, the SLSDC is
amending § 401.11, ‘‘Minimum
Requirements—mooring lines and
fairleads’’ to permit the operator of
E:\FR\FM\15MRR1.SGM
15MRR1
]]>Agencies
[Federal Register Volume 81, Number 50 (Tuesday, March 15, 2016)]
[Rules and Regulations]
[Pages 13742-13744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05733]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe interest assumptions under the benefit payments regulation
for valuation dates in April 2016 and interest assumptions under the
asset allocation regulation for valuation dates in the second quarter
of 2016. The interest assumptions are used for valuing and paying
benefits under terminating single-employer plans covered by the pension
insurance system administered by PBGC.
DATES: Effective April 1, 2016.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion
(Klion.Catherine@PBGC.gov), Assistant General Counsel
[[Page 13743]]
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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and 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 regulations 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. 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 asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates the benefit payments interest assumptions for April 2016 and
updates the asset allocation interest assumptions for the second
quarter (April through June) of 2016.
The second quarter 2016 interest assumptions under the allocation
regulation will be 2.77 percent for the first 20 years following the
valuation date and 2.86 percent thereafter. In comparison with the
interest assumptions in effect for the first quarter of 2016, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), a
decrease of 0.05 percent in the select rate, and a decrease of 0.09
percent in the ultimate rate (the final rate).
The April 2016 interest assumptions under the benefit payments
regulation will be 1.00 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 March 2016, 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 valuation
and payment of benefits under plans with valuation dates during April
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
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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 270, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
270 4-1-16 5-1-16 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 270, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 13744]]
* * * * * * *
270 4-1-16 5-1-16 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, a new entry for April-June 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 =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
April-June 2016................... 0.0277 1-20 0.0286 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of March 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-05733 Filed 3-14-16; 8:45 am]
BILLING CODE 7709-02-P
