Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 32463-32464 [2017-14541]

Download as PDF 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 (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 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 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 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]


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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.

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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 
(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 August 2017.\1\
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    \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