Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 45969-45971 [2016-16728]
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Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Rules and Regulations
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systems architecture requiring isolation
or protection from unauthorized
internal access.
Discussion
Networks, both in safety-related and
non-safety-related applications, have
been implemented in existing
commercial-production airplanes.
However, network security
considerations and functions have
played a relatively minor role in the
certification of such systems because of
the isolation, protection mechanisms,
and limited connectivity between these
networks.
To provide an understanding of the
airplane electronic equipment, systems,
and assets, these special conditions use
the concept of domains. However, this
does not prescribe any particular
architecture.
The aircraft-control domain consists
of the airplane electronic systems,
equipment, instruments, networks,
servers, software and hardware
components, databases, etc., which are
part of the type design of the airplane
and are installed in the airplane to
enable the safe operation of the airplane.
These can also be referred to as flightsafety-related systems, and include
flight controls, communication, display,
monitoring, navigation, and related
systems.
The airline-information-services
domain generally consists of functions
that the airplane operator manages or
controls, such as administrative
functions, cabin-support functions, etc.
The passenger-information-services
domain consists of all functions
required to provide the passengers with
information.
The Gulfstream Model GVII–G500
airplane design introduces the potential
for access to aircraft-control domain and
airline-information-services domain by
unauthorized persons through the
passenger-information-services domain;
and the security vulnerabilities related
to the introduction of viruses, worms,
user mistakes, and intentional sabotage
of airplane networks, systems, and
databases.
For electronic systems-and-assets
security in these domains, the level of
protection provided against security
threats should be based on a securityrisk assessment, noting that the level of
protection could differ between
domains and within domains,
depending on the security threat. For
each security vulnerability and airplane
electronic asset, Gulfstream should
identify in which domain the asset will
be addressed.
In addition, the operating systems for
current airplane systems are usually and
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historically proprietary. Therefore, they
are not as susceptible to corruption from
worms, viruses, and other malicious
actions as are more-widely used
commercial operating systems, such as
Microsoft Windows NT, because access
to the design details of these proprietary
operating systems is limited to the
system developer and airplane
integrator. Some systems installed on
the Gulfstream Model GVII–500 will use
operating systems that are widely used
and commercially available from thirdparty software suppliers. The security
vulnerabilities of these operating
systems may be more widely known
than are the vulnerabilities of
proprietary operating systems that the
avionics manufacturers currently use.
Applicability
As discussed above, these special
conditions are applicable to the
Gulfstream Model GVII–G500 airplane.
Should Gulfstream apply at a later date
for a change to the type certificate to
include another model incorporating the
same novel or unusual design feature,
these special conditions would apply to
that model as well.
Conclusion
This action affects only a certain
novel or unusual design feature on one
model series of airplanes. It is not a rule
of general applicability.
The substance of these special
conditions has been subjected to the
notice and comment period in several
prior instances and has been derived
without substantive change from those
previously issued. It is unlikely that
prior public comment would result in a
significant change from the substance
contained herein. Therefore, the FAA
has determined that prior public notice
and comment are unnecessary, and good
cause exists for adopting these special
conditions upon publication in the
Federal Register.
The FAA is requesting comments to
allow interested persons to submit
views that may not have been submitted
in response to the prior opportunities
for comment described above.
List of Subjects in 14 CFR Part 25
Aircraft, Aviation safety, Reporting
and recordkeeping requirements.
The authority citation for these
special conditions is as follows:
Authority: 49 U.S.C. 106(g), 40113, 44701,
44702, 44704.
The Special Conditions
Accordingly, pursuant to the
authority delegated to me by the
Administrator, the following special
conditions are issued as part of the type
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45969
certification basis for Gulfstream Model
GVII–G500 airplane.
Isolation or Security Protection of the
Aircraft Control Domain and the
Airline Information Services Domain
From the Passenger Services Domain
1. Gulfstream must ensure that the
Model GVII–G500 series airplane design
provides isolation from, or airplane
electronic-system security protection
against, access by unauthorized sources
internal to the airplane. The design
must prevent inadvertent and malicious
changes to, and all adverse impacts
upon, airplane equipment, systems,
networks, or other assets required for
safe flight and operations.
2. Gulfstream must establish
appropriate procedures to allow the
operator to ensure that continued
airworthiness of the Model GVII–G500
series airplane is maintained, including
all post-type-certification modifications
that may have an impact on the
approved electronic-system security
safeguards.
Issued in Renton, Washington, on July 7,
2016.
Michael Kaszycki,
Assistant Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 2016–16638 Filed 7–14–16; 8:45 am]
BILLING CODE 4910–13–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
August 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 August 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy (Murphy.Deborah@
pbgc.gov), Assistant General Counsel for
Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005, 202–326–
4400 ext. 3451. (TTY/TDD users may
call the Federal relay service toll-free at
SUMMARY:
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45970
Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Rules and Regulations
1–800–877–8339 and ask to be
connected to 202–326–4400 ext. 3451).
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
Rate set
For plans with a valuation
date
On or after
*
274
Before
benefit payments interest assumptions
for August 2016.1
The August 2016 interest assumptions
under the benefit payments regulation
will be 0.50 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 July 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 payment of
benefits under plans with valuation
dates during August 2016, PBGC finds
that good cause exists for making the
assumptions set forth in this
amendment effective less than 30 days
after publication.
3. In appendix C to part 4022, Rate Set
274, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
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274
Before
VerDate Sep<11>2014
16:52 Jul 14, 2016
*
*
Jkt 238001
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
274, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
4.00
*
*
*
*
*
*
i3
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
9–1–16
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
8–1–16
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i2
*
4.00
0.50
*
Rate set
i1
*
9–1–16
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
8–1–16
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).
0.50
i1
i2
*
4.00
i3
4.00
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
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*
4.00
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15JYR1.SGM
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Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Rules and Regulations
Issued in Washington, DC, on this 11th day
of July 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–16728 Filed 7–14–16; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2016–0635]
Drawbridge Operation Regulation;
Lake Washington Ship Canal, Seattle,
WA
Coast Guard, DHS.
Notice of temporary deviation
from drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs Seattle
Department of Transportation’s (SDOT)
Fremont Bridge, across the Lake
Washington Ship Canal, mile 2.6, at
Seattle, WA. The deviation is necessary
to accommodate heavy pedestrian and
cycling traffic across the bridge during
the ‘Fun Ride’ fundraising event. The
deviation allows the bridge to remain in
the closed-to-navigation position and
need not open to maritime traffic.
DATES: This deviation is effective from
10:30 a.m. to 12:30 p.m. on August 14,
2016.
ADDRESSES: The docket for this
deviation, [USCG–2016–0635] 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
deviation, call or email Mr. Steven
Fischer, Bridge Administrator,
Thirteenth Coast Guard District;
telephone 206–220–7282, email d13-pfd13bridges@uscg.mil.
SUPPLEMENTARY INFORMATION: Seattle
Department of Transportation (SDOT)
has requested a temporary deviation
from the operating schedule for the
Fremont Bridge, mile 2.6, crossing the
Lake Washington Ship Canal at Seattle,
WA. The deviation is necessary to
accommodate heavy pedestrian and
cycling traffic across the bridge during
the ‘Fun Ride’ fundraising event. To
facilitate this event, the double bascule
draw of the bridge will not open for
vessel traffic during said date and time.
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SUMMARY:
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16:52 Jul 14, 2016
Jkt 238001
The Fremont Bridge provides a vertical
clearance of 14 feet (31 feet of vertical
clearance for the center 36 horizontal
feet) in the close-to-navigation position.
The clearance is referenced to the mean
water elevation of Lake Washington.
The normal operating schedule for the
Fremont Bridge is 33 CFR 117.1051.
Waterway usage on the Lake
Washington Ship Canal ranges from
commercial tug and barge to small
pleasure craft.
Vessels able to pass through the
bridge in the closed-to-navigation
position may do so at anytime. The
bridge will be able to open for
emergencies, and there is no immediate
alternate route for vessels to pass. The
Coast Guard will also inform the users
of the waterways through our Local and
Broadcast Notices 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 designated time period. This
deviation from the operating regulations
is authorized under 33 CFR 117.35.
Dated: July 11, 2016.
Steven M. Fischer,
Bridge Administrator, Thirteenth Coast Guard
District.
[FR Doc. 2016–16736 Filed 7–14–16; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2016–0632]
Drawbridge Operation Regulation;
Mianus River, Greenwich, CT
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 Metro-North
Bridge across the Mianus River, mile
1.0, at Greenwich, Connecticut. This
deviation is necessary to allow the
bridge owner to perform superstructure
repairs and replace timber ties.
DATES: This deviation is effective from
8 a.m. on September 12, 2016 to 8 a.m.
on September 26, 2016.
ADDRESSES: The docket for this
deviation, [USCG–2016–0632] is
available at https://www.regulations.gov.
SUMMARY:
PO 00000
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Fmt 4700
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45971
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 about this temporary
deviation, call or email Judy Leung-Yee,
Project Officer, First Coast Guard
District, telephone (212) 514–4330,
email judy.k.leung-yee@uscg.mil.
SUPPLEMENTARY INFORMATION: The
Metro-North Bridge, mile 1.0, across the
Mianus River, has a vertical clearance in
the closed position of 20 feet at mean
high water and 27 feet at mean low
water. The existing bridge operating
regulations are found at 33 CFR 117.209.
The waterway is transited by seasonal
recreational traffic.
Connecticut DOT, the owner of the
bridge, requested a temporary deviation
from the normal operating schedule to
perform steel repairs and replace timber
ties.
Under this temporary deviation, the
Metro-North Bridge will operate
according to the schedule below:
a. From September 12, 2016 8 a.m. to
September 16, 2016 4 a.m. the bridge
will not open to marine traffic.
b. From September 16, 2016 4 a.m. to
September 19, 2016 8 a.m. the bridge
will open fully on signal upon 24 hour
advance notice.
c. From September 19, 2016 8 a.m. to
September 23, 2016 4 a.m. the bridge
will not open to marine traffic.
d. From September 23, 2016 4 a.m. to
September 26, 2016 8 a.m. the bridge
will open fully on signal upon 24 hour
advance notice.
Vessels able to pass under the bridge
in the closed position may do so at any
time. The bridge will not be able to open
for emergencies and there is no
immediate alternate route for vessels to
pass.
The Coast Guard will inform the users
of the waterways through our Local
Notice and Broadcast to Mariners of the
change in operating schedule for the
bridge so that vessel operations 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.
Dated: July 12, 2016.
C.J. Bisignano,
Supervisory Bridge Management Specialist,
First Coast Guard District.
[FR Doc. 2016–16775 Filed 7–14–16; 8:45 am]
BILLING CODE 9110–04–P
E:\FR\FM\15JYR1.SGM
15JYR1
]]>Agencies
[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)]
[Rules and Regulations]
[Pages 45969-45971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16728]
=======================================================================
-----------------------------------------------------------------------
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 August 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 August 1, 2016.
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy
(Murphy.Deborah@pbgc.gov), Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW.,
Washington, DC 20005, 202-326-4400 ext. 3451. (TTY/TDD users may call
the Federal relay service toll-free at
[[Page 45970]]
1-800-877-8339 and ask to be connected to 202-326-4400 ext. 3451).
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 August 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 August 2016 interest assumptions under the benefit payments
regulation will be 0.50 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 July 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 payment
of benefits under plans with valuation dates during August 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 274, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
274 8-1-16 9-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 274, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
274 8-1-16 9-1-16 0.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 45971]]
Issued in Washington, DC, on this 11th day of July 2016.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-16728 Filed 7-14-16; 8:45 am]
BILLING CODE 7709-02-P
