Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 80002-80003 [2016-27384]
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Federal Register / Vol. 81, No. 220 / Tuesday, November 15, 2016 / Rules and Regulations
R–5601H
Fort Sill, OK [New]
Boundaries. Beginning at lat.
34°38′15″ N., long. 98°20′56″ W.; to lat.
34°38′30″ N., long. 98°21′41″ W.; to lat.
34°38′50″ N., long. 98°22′06″ W.; to lat.
34°39′53″ N., long. 98°22′16″ W.; to lat.
34°40′47″ N., long. 98°23′07″ W.; thence
counterclockwise along an arc, 2.6 NM
radius centered at lat. 34°38′18″ N.,
long. 98°24′07″ W.; to lat. 34°40′11″ N.,
long. 98°26′18″ W.; to lat. 34°38′15″ N.,
long. 98°26′19″ W.; to the point of
beginning.
Designated altitudes. Surface to FL
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Time of designation. By NOTAM.
Controlling agency. FAA, Fort Worth
ARTCC.
Using agency. U.S. Army,
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Center of Excellence (USAFCOE) and
Fort Sill, Fort Sill, OK.
Issued in Washington, DC, on November 8,
2016.
Leslie M. Swann,
Acting Manager, Airspace Policy Group.
[FR Doc. 2016–27441 Filed 11–14–16; 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
December 2016. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
SUMMARY:
For plans with a
valuation date
Immediate
annuity rate
(percent)
Rate set
mstockstill on DSK3G9T082PROD with RULES
On or
after
*
278
Before
*
12–1–16
*
1–1–17
0.75
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
VerDate Sep<11>2014
16:28 Nov 11, 2016
insurance system administered by
PBGC.
DATES: Effective December 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
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 December 2016.1
The December 2016 interest
assumptions under the benefit payments
regulation will be 0.75 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 November
Jkt 241001
Frm 00012
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
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
278, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
*
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
Fmt 4700
Sfmt 4700
n1
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
2016, these interest assumptions
represent an increase of 0.25 percent in
the immediate 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 December 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).
*
4.00
n2
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15NOR1.SGM
15NOR1
80003
Federal Register / Vol. 81, No. 220 / Tuesday, November 15, 2016 / Rules and Regulations
3. In appendix C to part 4022, Rate Set
278, 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
*
Before
*
278
12–1–16
*
1–1–17
0.75
Judith Starr,
General Counsel, Pension Benefit Guaranty
Corporation.
[FR Doc. 2016–27384 Filed 11–14–16; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Centers for Medicare & Medicaid
Services
42 CFR Part 447
[CMS–2345–IFC]
RIN 0938–AT09
Medicaid Program; Covered Outpatient
Drug; Delay in Change in Definitions of
States and United States
Centers for Medicare &
Medicaid Services (CMS), HHS.
ACTION: Interim final rule with comment
period.
AGENCY:
The Covered Outpatient Drug
final rule with comment period was
published in the February 1, 2016
Federal Register. As part of that final
rule with comment, we amended the
regulatory definitions of ‘‘States’’ and
‘‘United States’’ to include the U.S.
territories (American Samoa, the
Northern Mariana Islands, Guam, the
Commonwealth of Puerto Rico, and the
Virgin Islands) beginning April 1, 2017.
This interim final rule with comment
period delays the inclusion of the
territories in the definition of ‘‘States’’
and ‘‘United States’’ until April 1, 2020.
DATES: Effective date: These regulations
are effective on November 15, 2016.
Comment date: To be assured
consideration, comments must be
received at one of the addresses
provided below, no later than 5 p.m. on
January 17, 2017.
ADDRESSES: In commenting, please refer
to file code CMS–2345–IFC. Because of
staff and resource limitations, we cannot
accept comments by facsimile (FAX)
transmission.
mstockstill on DSK3G9T082PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:28 Nov 11, 2016
*
Immediate
annuity rate
(percent)
Rate set
On or
after
*
Jkt 241001
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
You may submit comments in one of
four ways (please choose only one of the
ways listed)
1. Electronically. You may submit
electronic comments on this regulation
to https://www.regulations.gov. Follow
the ‘‘Submit a comment’’ instructions.
2. By regular mail. You may mail
written comments to the following
address ONLY: Centers for Medicare &
Medicaid Services, Department of
Health and Human Services, Attention:
CMS–2345–IFC, P.O. Box 8016,
Baltimore, MD 21244–8016.
Please allow sufficient time for mailed
comments to be received before the
close of the comment period.
3. By express or overnight mail. You
may send written comments to the
following address ONLY: Centers for
Medicare & Medicaid Services,
Department of Health and Human
Services, Attention: CMS–2345–IFC,
Mail Stop C4–26–05, 7500 Security
Boulevard, Baltimore, MD 21244–1850.
4. By hand or courier. Alternatively,
you may deliver (by hand or courier)
your written comments ONLY to the
following addresses prior to the close of
the comment period:
a. For delivery in Washington, DC—
Centers for Medicare & Medicaid
Services, Department of Health and
Human Services, Room 445–G, Hubert
H. Humphrey Building, 200
Independence Avenue SW.,
Washington, DC 20201.
(Because access to the interior of the
Hubert H. Humphrey Building is not
readily available to persons without
Federal government identification,
commenters are encouraged to leave
their comments in the CMS drop slots
located in the main lobby of the
building. A stamp-in clock is available
for persons wishing to retain a proof of
filing by stamping in and retaining an
extra copy of the comments being filed.)
b. For delivery in Baltimore, MD—
Centers for Medicare & Medicaid
Services, Department of Health and
Human Services, 7500 Security
Boulevard, Baltimore, MD 21244–1850.
PO 00000
Frm 00013
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
If you intend to deliver your
comments to the Baltimore address, call
telephone number (410) 786–7195 in
advance to schedule your arrival with
one of our staff members.
Comments erroneously mailed to the
addresses indicated as appropriate for
hand or courier delivery may be delayed
and received after the comment period.
For information on viewing public
comments, see the beginning of the
SUPPLEMENTARY INFORMATION section.
FOR FURTHER INFORMATION CONTACT:
Wendy Tuttle, (410) 786–8690.
SUPPLEMENTARY INFORMATION:
Inspection of Public Comments: All
comments received before the close of
the comment period are available for
viewing by the public, including any
personally identifiable or confidential
business information that is included in
a comment. We post all comments
received before the close of the
comment period on the following Web
site as soon as possible after they have
been received: https://regulations.gov.
Follow the search instructions on that
Web site to view public comments.
Comments received timely will be
also available for public inspection as
they are received, generally beginning
approximately 3 weeks after publication
of a document, at the headquarters of
the Centers for Medicare & Medicaid
Services, 7500 Security Boulevard,
Baltimore, Maryland 21244, Monday
through Friday of each week from 8:30
a.m. to 4 p.m. To schedule an
appointment to view public comments,
phone 1–800–743–3951.
I. Background
A. Introduction
The Covered Outpatient Drug final
rule with comment period was
published in the February 1, 2016
Federal Register (81 FR 5170). That
final rule with comment period
implemented provisions of section 1927
of the Social Security Act (the Act) that
were added by the Patient Protection
and Affordable Care Act of 2010, as
amended by the Health Care and
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 81, Number 220 (Tuesday, November 15, 2016)]
[Rules and Regulations]
[Pages 80002-80003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27384]
=======================================================================
-----------------------------------------------------------------------
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 December 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 December 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 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 December 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 December 2016 interest assumptions under the benefit payments
regulation will be 0.75 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 November 2016, these interest assumptions
represent an increase of 0.25 percent in the immediate 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 December 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 278, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
278 12-1-16 1-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 80003]]
0
3. In appendix C to part 4022, Rate Set 278, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
278 12-1-16 1-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2016-27384 Filed 11-14-16; 8:45 am]
BILLING CODE 7709-02-P
