Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 38597-38598 [2017-17075]

Download as PDF Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Rules and Regulations or the blend in paragraph (a)(2) of this section. PENSION BENEFIT GUARANTY CORPORATION (2) The additive or a safflower oil blend containing the additive for use in animal food meets the following specifications: (i) Crude fat content of the GLA safflower oil or its blend is not less than 99.5 percent. (ii) GLA content is between 400 and 450 milligrams (mg) GLA per gram of the GLA safflower oil or its blend. (i) Addition of the oil or its blend cannot provide more than 36 mg GLA per kilogram body weight of the dog per day in more than 86 mg of the GLA safflower oil or its blend. This maximum addition rate of the GLA safflower oil, or its blend, is 0.3 percent of a complete dry adult maintenance dog food containing 3,600 kilocalories of metabolizable energy per kilogram of food as-fed. (ii) Adjustments must be made for dog food formulas of different caloric density and/or that are fed to specific weights, breeds, or dogs of different activity levels to meet the requirements of this paragraph. (b) To assure safe use of the additive, in addition to other information required by the Federal Food, Drug, and Cosmetic Act, the label and labeling of the additive shall bear the following: (1) The name, gamma-linolenic acid (GLA) safflower oil. (2) A guarantee for the minimum content of gamma-linolenic acid. (3) Adequate directions for use such that the finished animal food complies with the provisions of paragraph (a)(3) of this section. jstallworth on DSKBBY8HB2PROD with RULES BILLING CODE 4164–01–P VerDate Sep<11>2014 17:13 Aug 14, 2017 Jkt 241001 Pension Benefit Guaranty Corporation. AGENCY: 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 September 2017. The interest assumptions are used for paying benefits under terminating singleemployer plans covered by the pension insurance system administered by PBGC. SUMMARY: (3) Addition of GLA safflower oil, or its blend, to complete dry adult maintenance dog food must meet the following: [FR Doc. 2017–17214 Filed 8–14–17; 8:45 am] Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions for Paying Benefits ACTION: (iii) Total content of stearidonic acid and cis, cis-6,9-octadecadienoic acid in the GLA safflower oil or its blend must not exceed a total of 0.3 percent. Dated: August 4, 2017. Anna K. Abram, Deputy Commissioner for Policy, Planning, Legislation, and Analysis. 29 CFR Part 4022 DATES: Effective September 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.) 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 terminated 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 SUPPLEMENTARY INFORMATION: PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 38597 benefit payments interest assumptions for September 2017.1 The September 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 status. In comparison with the interest assumptions in effect for August 2017, these 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 September 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 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 287, as set forth below, is added to the table. ■ Appendix B to Part 4022—Lump Sum Interest Rates for PBGC Payments * * * * * 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\15AUR1.SGM 15AUR1 38598 Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Rules and Regulations For plans with a valuation date Rate set On or after * Before * 287 10–1–17 3. In Appendix C to part 4022, Rate Set 287, 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 [Docket Number USCG–2017–0710] RIN 1625–AA08 Special Local Regulation; Mobile River, Mobile, AL Coast Guard, DHS. ACTION: Temporary final rule. AGENCY: The Coast Guard is establishing a temporary special local regulation on the Mobile River, Mobile, AL. The special local regulation is needed to protect the persons participating in the Rubber Ducky Regatta marine event. This rule restricts transit into, through, and within the regulated area unless specifically authorized by the Captain of the Port Mobile. jstallworth on DSKBBY8HB2PROD with RULES SUMMARY: This rule is effective from 9 a.m. until 1 p.m. on August 26, 2017. ADDRESSES: To view documents mentioned in this preamble as being available in the docket, go to http:// www.regulations.gov, type USCG–2017– 0710 in the ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ Click on Open Docket Jkt 241001 n1 * 4.00 * Immediate annuity rate (percent) 1.00 * n2 * 7 8 n1 n2 * Deferred annuities (percent) i1 i2 * 4.00 i3 4.00 * CFR Code of Federal Regulations COTP Captain of the Port Mobile DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking PATCOM Patrol Commander § Section U.S.C. United States Code 33 CFR Part 100 17:13 Aug 14, 2017 * I. Table of Abbreviations Coast Guard DATES: 4.00 Folder on the line associated with this rule. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or email LT Kyle D. Berry, Sector Mobile, Waterways Management Division, U.S. Coast Guard; telephone 251–441–5940, email kyle.d.berry@uscg.mil. SUPPLEMENTARY INFORMATION: [FR Doc. 2017–17075 Filed 8–14–17; 8:45 am] VerDate Sep<11>2014 * 10–1–17 Issued in Washington, DC. Deborah Chase Murphy, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. i3 Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * 9–1–17 i2 * 4.00 1.00 * 287 i1 * 9–1–17 Rate set Deferred annuities (percent) Immediate annuity rate (percent) II. Background Information and Regulatory History The Coast Guard is issuing this temporary rule without prior notice and opportunity to comment pursuant to authority under section 4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are ‘‘impracticable, unnecessary, or contrary to the public interest.’’ Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) with respect to this rule because it is impracticable. We did not receive notice of the event until July 13, 2017. After a thorough review of the details for this event, including the number of anticipated spectators, the Coast Guard determined that a special local regulation was needed to protect PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 * 4.00 * 7 8 persons and property in the vicinity of the area from potential hazards present with the Rubber Ducky Regatta marine event on this navigable waterway. This special local regulation must be established by August 26, 2017 and we lack sufficient time to provide a reasonable comment period and then consider those comments before issuing the rule. We are issuing this rule, and under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause exists for making it effective less than 30 days after publication in the Federal Register. Delaying the effective date of this rule would be contrary to public interest because immediate action is needed to respond to the potential safety hazards associated with this event. III. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 33 U.S.C. 1233. The Captain of the Port Mobile (COTP) has determined that potential hazards associated with the marine event on August 26, 2017 will be a safety concern for anyone within the area of the Mobile River, Mobile, AL encompassing a halfmile radius of a point near 30°41′24.8″ N., 88°2′12.9″ W. This rule is needed to protect participants, spectators, and other persons and vessels during the marine event on navigable waters. IV. Discussion of the Rule This rule establishes a special local regulation on August 26, 2017, which will be enforced between the hours of 9 a.m. and 1 p.m. The special local regulation takes place on the Mobile River, Mobile AL, encompassing a halfmile radius of a point at approximate location 30°41′24.8″ N., 88°2′12.9″ W. E:\FR\FM\15AUR1.SGM 15AUR1

Agencies

[Federal Register Volume 82, Number 156 (Tuesday, August 15, 2017)]
[Rules and Regulations]
[Pages 38597-38598]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17075]


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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 September 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 September 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 terminated 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 September 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 September 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 status. In comparison with the interest 
assumptions in effect for August 2017, these 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 September 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 287, as set forth below, is 
added to the table.

Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments

* * * * *

[[Page 38598]]



--------------------------------------------------------------------------------------------------------------------------------------------------------
                   For plans with a valuation date     Immediate                                 Deferred annuities (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i                i                i                n                n
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          287            9-1-17          10-1-17             1.00             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In Appendix C to part 4022, Rate Set 287, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          287            9-1-17          10-1-17             1.00             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. 2017-17075 Filed 8-14-17; 8:45 am]
 BILLING CODE 7709-02-P