Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 17938-17939 [2017-07270]

Download as PDF 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 (http://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 http://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]


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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 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 
(http://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