Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 17938-17939 [2017-07270]
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17938
Federal Register / Vol. 82, No. 71 / Friday, April 14, 2017 / Rules and Regulations
33°29′36″ N., long. 115°45′36″ W.’’ The
rest of the legal description of R–2507W
is unchanged from the proposal.
Regulatory Notices and Analyses
The FAA has determined that this
regulation only involves an established
body of technical regulations for which
frequent and routine amendments are
necessary to keep them operationally
current. It, therefore: (1) Is not a
‘‘significant regulatory action’’ under
Executive Order 12866; (2) is not a
‘‘significant rule’’ under Department of
Transportation (DOT) Regulatory
Policies and Procedures (44 FR 11034;
February 26, 1979); and (3) does not
warrant preparation of a regulatory
evaluation as the anticipated impact is
so minimal. Since this is a routine
matter that only affects air traffic
procedures and air navigation, it is
certified that this rule, when
promulgated, does not have a significant
economic impact on a substantial
number of small entities under the
criteria of the Regulatory Flexibility Act.
jstallworth on DSK7TPTVN1PROD with RULES
Environmental Review
The FAA has determined that this
action of establishing restricted area R–
2507W, Chocolate Mountain, CA, to
support USMC training activities that
involve the use of advanced weapons
systems, qualified for FAA’s
environmental impact review and
FAA’s adoption of the airspace use
portion of the USMC’s Final
Environmental Assessment (FEA). In
accordance with the National
Environmental Policy Act (NEPA), its
implementing regulations at 40 CFR
parts 1500 through 1508, FAA Orders
1050.1F Environmental Impacts:
Policies and Procedures, and 7400.2K
Procedures for Handling Airspace
Matters, FAA, as a cooperating agency
for this SUA action, conducted an
independent environmental impact
review of the airspace use portion of the
USMC’s Air Station Yuma FEA for the
Establishment of Special Use Airspace
Restricted Area R–2507W, Chocolate
Mountain Aerial Gunnery Range,
Imperial and Riverside Counties,
California (June 2014). Based on its
review, the FAA has determined that
the action that is the subject of this rule
does not present any potential for
significant impacts to the human
environment. The FAA’s Adoption EA
and FONSI–ROD are included in the
docket for this rulemaking.
List of Subjects in 14 CFR Part 73
Airspace, Prohibited areas, Restricted
areas.
VerDate Sep<11>2014
13:38 Apr 13, 2017
Jkt 241001
The Amendment
In consideration of the foregoing, the
Federal Aviation Administration
amends 14 CFR part 73 as follows:
PART 73—SPECIAL USE AIRSPACE
1. The authority citation for part 73
continues to read as follows:
■
Authority: 49 U.S.C. 106(f), 106(g), 40103,
40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR,
1959–1963 Comp., p. 389.
§ 73.25
California [Amended]
2. Section 73.25 is amended as
follows:
*
*
*
*
*
■
R–2507W West Chocolate Mountains,
CA [New]
Boundaries—Beginning at lat.
33°14′00″ N., long. 115°22′33″ W.; to lat.
33°13′14″ N., long. 115°23′17″ W.; to lat.
33°13′58″ N., long. 115°24′26″ W.; to lat.
33°14′22″ N., long. 115°25′29″ W.; to lat.
33°15′40″ N., long. 115°27′36″ W.; to lat.
33°17′28″ N., long. 115°29′42″ W.; to lat.
33°19′17″ N., long. 115°32′13″ W.; to lat.
33°21′11″ N., long. 115°34′39″ W.; to lat.
33°22′58″ N., long. 115°38′19″ W.; to lat.
33°27′26″ N., long. 115°43′30″ W.; to lat.
33°29′11″ N., long. 115°45′49″ W.; to lat.
33°29′36″ N., long. 115°45′36″ W.; to lat.
33°31′09″ N., long. 115°41′12″ W.; to lat.
33°32′50″ N., long. 115°37′37″ W.; to lat.
33°32′40″ N., long. 115°33′53″ W.; to lat.
33°28′30″ N., long. 115°42′13″ W.; to lat.
33°23′40″ N., long. 115°33′23″ W.; to lat.
33°21′30″ N., long. 115°32′58″ W.;
thence to the point of beginning.
Designated altitudes. Surface to FL
230.
Time of designation. Continuous.
Controlling agency. FAA, Los Angeles
Air Route Traffic Control Center
(ARTCC).
Using agency. USMC, Commanding
Officer, Marine Corps Air Station
(MCAS) Yuma, AZ.
*
*
*
*
*
Issued in Washington, DC, on April 10,
2017.
Rodger A. Dean Jr.,
Manager, Airspace Policy Group.
[FR Doc. 2017–07573 Filed 4–13–17; 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.
AGENCY:
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
ACTION:
Final rule.
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
May 2017. The interest assumptions are
used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective May 1, 2017.
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 May 2017.1
The May 2017 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
SUMMARY:
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\14APR1.SGM
14APR1
17939
Federal Register / Vol. 82, No. 71 / Friday, April 14, 2017 / Rules and Regulations
status. In comparison with the interest
assumptions in effect for April 2017,
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
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 May 2017, 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
For plans with a valuation
date
*
283 ....................................
Before
*
6–1–17
1.00
5–1–17
3. In appendix C to part 4022, add
Rate Set 283 to the table to read as
follows:
*
*
For plans with a valuation
date
*
*
Before
*
*
6–1–17
1.00
5–1–17
Issued in Washington, DC by
Deborah Chase Murphy,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
jstallworth on DSK7TPTVN1PROD with RULES
[Docket No. USCG–2017–0204]
Drawbridge Operation Regulation;
Chincoteague Channel, Chincoteague
Island, VA
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
VerDate Sep<11>2014
17:49 Apr 13, 2017
Jkt 241001
*
*
i2
*
i3
*
4.00
4.00
*
n1
*
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
4.00
*
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the SR 175 Bridge
across the Chincoteague Channel, mile
3.5 (physically situated at mile 3.9), at
Chincoteague Island, VA. The deviation
is necessary to facilitate bridge
maintenance. This deviation allows the
bridge to remain in the closed-tonavigation position.
DATES: The deviation is effective from 7
a.m. on Monday, April 24, 2017,
through 7 p.m. on Friday, April 28,
2017.
ADDRESSES: The docket for this
deviation, [USCG–2017–0204] 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. Michael
Thorogood, Bridge Administration
SUMMARY:
[FR Doc. 2017–07270 Filed 4–13–17; 8:45 am]
ACTION:
*
4.00
Immediate
annuity rate
(percent)
AGENCY:
2. In appendix B to part 4022, add
Rate Set 283 to the table to read as
follows:
■
i1
*
On or after
*
283 ....................................
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
■
Rate set
1. The authority citation for part 4022
continues to read as follows:
■
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
On or after
Rate set
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
*
*
7
8
Branch Fifth District, Coast Guard,
telephone 757–398–6557, email
Michael.R.Thorogood@uscg.mil.
The
Virginia Department of Transportation,
owner and operator of the SR 175 Bridge
that carries SR 175 across the
Chincoteague Channel, mile 3.5
(physically situated at mile 3.9), at
Chincoteague Island, VA, has requested
a temporary deviation from the current
operating schedule to facilitate the
replacement of the hydraulic fluids of
the bascule span for the drawbridge.
The bridge has vertical clearance of 15
feet above mean high water (MHW) in
the closed position and unlimited
vertical clearance in the open position.
The current operating schedule is set
out in 33 CFR 117.1005. Under this
temporary deviation, the bridge will be
maintained in the closed-to-navigation
position from 7 a.m. on Monday, April
24, 2017, through 7 p.m. on Friday,
SUPPLEMENTARY INFORMATION:
E:\FR\FM\14APR1.SGM
14APR1
]]>Agencies
[Federal Register Volume 82, Number 71 (Friday, April 14, 2017)]
[Rules and Regulations]
[Pages 17938-17939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-07270]
=======================================================================
-----------------------------------------------------------------------
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 May 2017. The interest assumptions are used for
paying benefits under terminating single-employer plans covered by the
pension insurance system administered by PBGC.
DATES: Effective May 1, 2017.
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 May 2017.\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 May 2017 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
[[Page 17939]]
status. In comparison with the interest assumptions in effect for April
2017, 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 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 May 2017, 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, add Rate Set 283 to the table to read as
follows:
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
283..................................... 5-1-17 6-1-17 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, add Rate Set 283 to the table to read as
follows:
Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector
Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
283..................................... 5-1-17 6-1-17 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC by
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2017-07270 Filed 4-13-17; 8:45 am]
BILLING CODE 7709-02-P
