Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 32463-32464 [2017-14541]
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Federal Register / Vol. 82, No. 134 / Friday, July 14, 2017 / Rules and Regulations
However, if a family becomes ineligible for
the supportive services during their tenancy
(for reasons other than successfully
completing the supportive services
objective), the unit will no longer be
considered an excepted unit under this
category. If the PHA does not want to reduce
the number of excepted units in their projectbased portfolio, the PHA may: (i) Substitute
the excepted unit for a non-excepted unit if
it is possible to do so in accordance with 24
CFR 983.207(a), so that the unit does not lose
its excepted status, or (ii) temporarily remove
the unit from the PBV HAP contract and
provide the family with tenant-based
assistance. Note that the family would have
to be ineligible for all the supportive services
made available for the unit to lose its
excepted status. For example, consider a
project where the supportive services made
available to assisted families in the project
include both FSS supportive services (for
families that voluntarily join the FSS
program) and non-FSS supportive services
(where, unlike FSS, participation in
supportive services is not mandatory). If a
family joined the FSS program but later
dropped out of the FSS program, the unit
would continue to be an exception unit
provided the family is eligible for the nonFSS supportive services.
5. On page 5467, in the second
column, paragraph B(3) is corrected by
adding a new sentence at the end, to
read as follows:
‘‘For these projects, the project cap is the
greater of 25 units or 40 percent (instead of
25 percent) of the units in the project.’’
6. On page 5467, in the third column,
the last sentence of paragraph (C) is
corrected to read as follows:
The PBV HAP contract may not be changed
to the HOTMA requirement if the change
would jeopardize an assisted family’s
eligibility for continued assistance at the
project (e.g., excepted units at the project
included units designated for the disabled,
and changing to the HOTMA standard would
result in those units no longer being eligible
as an excepted unit unless the owner will
make supportive services available to all
assisted families in the project.
7. On page 5467, beginning in the
third column, paragraph D(1)(b)(i) is
corrected by adding at the end a new
paragraph, to read as follows:
mstockstill on DSK30JT082PROD with RULES
An expansion of or modification to the
prior project’s site boundaries as a result of
the design of the new construction project is
acceptable as long as a majority of the
replacement units are built back on the site
of the original development and any units
that are not built on the existing site share
Jkt 241001
In order to be subject to this noncompetitive exception, the PHA must be
planning: (A) rehabilitation or construction
of the project or site with a minimum of
$25,000 per unit in hard costs; or (B)
replacement of the project or site with
existing housing that substantially complies
with HUD’s housing quality standards. The
PHA must detail in its administrative plan
how it intends to use PBVs to improve,
develop, or replace any public housing
property or site, and, if applicable, must
detail what works it plans to do on the
property or site and how many units of PBV
it is planning an adding to the site.
Dated: June 28, 2017.
Jemine A. Bryon,
General Deputy Assistant, Secretary for Public
and Indian Housing.
[FR Doc. 2017–14631 Filed 7–13–17; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
24 CFR Parts 982 and 983
[Docket No. FR–5976–N–03]
Housing Opportunity Through
Modernization Act of 2016;
Implementation of Various Section 8
Voucher Provisions
Correction
Rule document 17–00911 was
inadvertently published in the Proposed
Rules section of the issue of Wednesday,
January 18, 2017, beginning on page
5458. It should have appeared in the
Rules section.
[FR Doc. C1–2017–00911 Filed 7–13–17; 8:45 am]
BILLING CODE 1505–01–D
29 CFR Part 4022
8. On page 5468, in the second
column, the second sentence of
paragraph (b) is corrected by removing
the parentheses and correcting it to read
as follows:
17:00 Jul 13, 2017
9. On page 5471, in the third column,
the second paragraph of section 6 is
corrected to read as follows:
PENSION BENEFIT GUARANTY
CORPORATION
(VII) Flexible Subsidy Program (section 201
of the Housing and Community Development
Amendments of 1978).
VerDate Sep<11>2014
a common border with, are across a public
right of way from, or touch that site.
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 2017. The interest assumptions
SUMMARY:
PO 00000
Frm 00017
Fmt 4700
Sfmt 4700
32463
are used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective August 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 August 2017.1
The August 2017 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 July 2017,
these assumptions represent a decrease
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
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\14JYR1.SGM
14JYR1
32464
Federal Register / Vol. 82, No. 134 / Friday, July 14, 2017 / Rules and Regulations
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 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
Rate set
For plans with a valuation
date
On or after
*
Before
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
3. In appendix C to part 4022, Rate Set
286, as set forth below, is added to the
table.
■
For plans with a valuation
date
On or after
*
Before
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
33 CFR Part 117
[Docket No. USCG–2017–0649]
Drawbridge Operation Regulation; New
Jersey Intracoastal Waterway (NJICW),
Inside Thorofare, Atlantic City, NJ
mstockstill on DSK30JT082PROD with RULES
*
*
*
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 US40–322
SUMMARY:
18:28 Jul 13, 2017
Jkt 241001
*
*
*
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
0.75
i1
i2
*
4.00
4.00
i3
*
The docket for this
deviation, [USCG–2017–0649] 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
Branch Fifth District, Coast Guard,
telephone 757–398–6557, email
Michael.R.Thorogood@uscg.mil.
SUPPLEMENTARY INFORMATION: The
DelMoSports, LLC, on behalf of the New
ADDRESSES:
Coast Guard
*
i3
(Albany Avenue) Bridge which carries
US 40 and US 322 across the NJICW
(Inside Thorofare), mile 70.0, at Atlantic
City, NJ. The deviation is necessary to
facilitate the 7th Annual Atlantic City
Triathlon. This deviation allows the
bridge to remain in the closed-tonavigation position.
DATES: The deviation is effective from 6
a.m. to 1 p.m. on Saturday, August 5,
2017.
[FR Doc. 2017–14541 Filed 7–13–17; 8:45 am]
VerDate Sep<11>2014
4.00
Immediate
annuity rate
(percent)
9–1–17
Issued in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
i2
*
4.00
*
8–1–17
*
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
286
i1
0.75
*
Rate set
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
9–1–17
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
286, as set forth below, is added to the
table.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
*
8–1–17
1. The authority citation for part 4022
continues to read as follows:
■
■
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
*
286
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
*
4.00
*
7
8
Jersey Department of Transportation,
owner and operator of the US40–322
(Albany Avenue) Bridge that carries US
40 and US 322 across the NJICW (Inside
Thorofare), mile 70.0, at Atlantic City,
NJ, has requested a temporary deviation
from the current operating regulations to
ensure the safety of the increased
volumes of cyclists and spectators that
will be participating in the 7th Annual
Atlantic City Triathlon on Saturday
August 5, 2017. The bridge is a double
bascule drawbridge. The bridge has a
vertical clearance of 10 feet above mean
high water in the closed position and
unlimited vertical clearance in the open
position.
The current operating regulation is set
out in 33 CFR 117.733(f). Under this
temporary deviation, the bridge will be
maintained in the closed-to-navigation
position from 6 a.m. to 1 p.m. on
Saturday, August 5, 2017.
The NJICW (Inside Thorofare) is used
by recreational vessels. The Coast Guard
has carefully considered the nature and
volume of vessel traffic on the waterway
in publishing this temporary deviation.
E:\FR\FM\14JYR1.SGM
14JYR1
]]>Agencies
[Federal Register Volume 82, Number 134 (Friday, July 14, 2017)]
[Rules and Regulations]
[Pages 32463-32464]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14541]
=======================================================================
-----------------------------------------------------------------------
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 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 August 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 August 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 August 2017 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 July 2017, these assumptions represent a
decrease 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
[[Page 32464]]
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 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, Rate Set 286, 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
286 8-1-17 9-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 286, 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
286 8-1-17 9-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2017-14541 Filed 7-13-17; 8:45 am]
BILLING CODE 7709-02-P
