Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 43299-43301 [2017-19525]
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Federal Register / Vol. 82, No. 178 / Friday, September 15, 2017 / Rules and Regulations
shipments of Washington apricots. After
an open discussion with growers,
handlers, and industry personnel, the
Committee established a crop estimate
for the 2017–2018 fiscal period of 6,000
tons. The Committee considered the
crop estimate, the recommended 2017–
2018 fiscal period expenses, and the
Committee’s financial reserve when it
recommended the assessment rate
decrease.
Prior to arriving at this budget and
assessment rate, the Committee
considered information from various
sources, such as a presentation from
representatives of the Washington Stone
Fruit Commission and comments from
other industry participants. Alternative
expenditure levels and assessment rates
were discussed by these groups, based
upon the relative value of various
activities to the apricot industry. The
Committee ultimately determined that
the recommended budget was
appropriate and that assessments at
$1.00 per ton, along with interest
income and the authorized reserve fund,
would generate sufficient revenue to
meet those budgeted expenses.
A review of historical information and
preliminary information pertaining to
the upcoming fiscal period indicates
that the grower price for the 2017–2018
season could range between $800 and
$1,600 per ton of apricots. Therefore,
the estimated assessment revenue for
the 2017–2018 fiscal period as a
percentage of total grower revenue
could range between 0.06 and 0.13
percent.
This action decreases the assessment
obligation imposed on handlers.
Assessments are applied uniformly on
all handlers, and some of the costs may
be passed on to growers. However,
decreasing the assessment rate reduces
the burden on handlers, and may reduce
the burden on growers. In addition, the
Committee’s meeting was widely
publicized throughout the Washington
apricot industry and all interested
persons were invited to attend the
meeting and participate in Committee
deliberations on all issues. Like all
Committee meetings, the May 3, 2017,
meeting was a public meeting and all
entities, both large and small, were able
to express views on this issue. Finally,
interested persons are invited to submit
comments on this interim rule,
including the regulatory and
informational impacts of this action on
small businesses.
In accordance with the Paperwork
Reduction Act of 1995, (44 U.S.C.
Chapter 35), the order’s information
collection requirements have been
previously approved by OMB and
assigned OMB No. 0581–0178;
VerDate Sep<11>2014
16:21 Sep 14, 2017
Jkt 241001
Vegetable and Specialty Crops. No
changes in those requirements as a
result of this action are necessary.
Should any changes become necessary,
they would be submitted to OMB for
approval.
This action imposes no additional
reporting or recordkeeping requirements
on either small or large Washington
apricot handlers. As with all Federal
marketing order programs, reports and
forms are periodically reviewed to
reduce information requirements and
duplication by industry and public
sector agencies.
AMS is committed to complying with
the E-Government Act, to promote the
use of the internet and other
information technologies to provide
increased opportunities for citizen
access to Government information and
services, and for other purposes.
USDA has not identified any relevant
Federal rules that duplicate, overlap, or
conflict with this rule.
A small business guide on complying
with fruit, vegetable, and specialty crop
marketing agreements and orders may
be viewed at: https://www.ams.usda.gov/
rules-regulations/moa/small-businesses.
Any questions about the compliance
guide should be sent to Richard Lower
at the previously mentioned address in
the FOR FURTHER INFORMATION CONTACT
section.
After consideration of all relevant
material presented, including the
information and recommendation
submitted by the Committee and other
available information, it is hereby found
that this rule, as hereinafter set forth,
will tend to effectuate the declared
policy of the Act.
Pursuant to 5 U.S.C. 553, it is also
found and determined upon good cause
that it is impracticable, unnecessary,
and contrary to the public interest to
give preliminary notice prior to putting
this rule into effect, and that good cause
exists for not postponing the effective
date of this rule until 30 days after
publication in the Federal Register
because: (1) This action decreases the
assessment rate for assessable apricots
beginning with the 2017–2018 fiscal
period; (2) handlers are aware of this
action which was unanimously
recommended by the Committee at a
public meeting and is similar to other
assessment rate actions issued in past
years; and (3) this interim rule provides
a 60-day comment period, and all
comments timely received will be
considered prior to finalization of this
rule.
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43299
List of Subjects in 7 CFR Part 922
Apricots, Marketing agreements,
Reporting and recordkeeping
requirements.
For the reasons set forth in the
preamble, 7 CFR part 922 is amended as
follows:
PART 922—APRICOTS GROWN IN
DESIGNATED COUNTIES IN
WASHINGTON
1. The authority citation for part 922
continues to read as follows:
■
Authority: 7 U.S.C. 601–674.
2. Section 922.235 is revised to read
as follows:
■
§ 922.235
Assessment rate.
On and after April 1, 2017, an
assessment rate of $1.00 per ton is
established for Washington apricots
handled in the production area.
Dated: September 11, 2017.
Bruce Summers,
Acting Administrator, Agricultural Marketing
Service.
[FR Doc. 2017–19553 Filed 9–14–17; 8:45 am]
BILLING CODE 3410–02–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions
under the benefit payments regulation
for valuation dates in October 2017 and
interest assumptions under the asset
allocation regulation for valuation dates
in the fourth quarter of 2017. The
interest assumptions are used for
valuing and paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective October 1, 2017.
FOR FURTHER INFORMATION CONTACT:
Daniel S. Liebman (Liebman.daniel@
PBGC.gov), Acting Assistant General
Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation, 1200 K
SUMMARY:
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Federal Register / Vol. 82, No. 178 / Friday, September 15, 2017 / Rules and Regulations
Street NW., Washington, DC 20005,
202–326–4400 ext. 6510. (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.
6510.)
PBGC’s
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions in the regulations are also
published on PBGC’s Web site (https://
www.pbgc.gov).
The interest assumptions in Appendix
B to Part 4044 are used to value benefits
for allocation purposes under ERISA
section 4044. 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 asset allocation
regulation are updated quarterly;
assumptions under the benefit payments
regulation are updated monthly. This
SUPPLEMENTARY INFORMATION:
final rule updates the benefit payments
interest assumptions for October 2017
and updates the asset allocation interest
assumptions for the fourth quarter
(October through December) of 2017.
The fourth quarter 2017 interest
assumptions under the allocation
regulation will be 2.34 percent for the
first 20 years following the valuation
date and 2.63 percent thereafter. In
comparison with the interest
assumptions in effect for the third
quarter of 2017, these interest
assumptions represent no change in the
select period (the period during which
the select rate, the initial rate, applies),
a decrease of 0.10 percent in the select
rate, and a decrease of 0.11 percent in
the ultimate rate, the final rate.
The October 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 September
2017, these interest assumptions
represent a 0.25 percent decrease 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 valuation
and payment of benefits under plans
with valuation dates during October
For plans with a valuation date
On or after
*
288
Before
*
10–1–17
3. In appendix C to part 4022, Rate Set
288, as set forth below, is added to the
table.
■
For plans with a valuation date
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Rate set
*
288
VerDate Sep<11>2014
Before
*
10–1–17
16:21 Sep 14, 2017
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are 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
288, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
4.00
*
n1
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
11–1–17
Jkt 241001
29 CFR Part 4022
i2
*
4.00
0.75
*
On or after
i1
*
11–1–17
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Rate set
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).
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7
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43301
Federal Register / Vol. 82, No. 178 / Friday, September 15, 2017 / Rules and Regulations
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, a new
entry for October–December 2017, as set
forth below, is added to the table.
*
■
4. The authority citation for part 4044
continues to read as follows:
■
*
*
*
*
The values of it are:
For valuation dates occurring in the months—
it
*
*
*
October–December 2017 .................................................
Issued in Washington, DC.
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2017–0786]
RIN 1625–AA00
Safety Zone; Tombigbee River,
Demopolis, AL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
The Coast Guard is
establishing a temporary safety zone for
all navigable waters of the Tombigbee
River from mile marker (MM) 215.5 to
MM 216.5, near Demopolis, AL. This
action is necessary to protect persons
and property on navigable waters during
a fireworks display taking place on or
over the waterway. Entry into or
transiting in this zone is prohibited to
all vessels, mariners, and persons unless
specifically authorized by the Captain of
the Port Sector Mobile (COTP) or a
designated representative.
DATES: This rule is effective from 8 p.m.
through 10 p.m. on September 16, 2017.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2017–
0786 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
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.
mstockstill on DSK30JT082PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:21 Sep 14, 2017
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it
1–20
*
0.0263
*
0.0234
Coast Guard; telephone 251–441–5940,
email Kyle.D.Berry@uscg.mil.
SUPPLEMENTARY INFORMATION:
I. Table of Acronyms
CFR Code of Federal Regulations
COTP Captain of the Port Sector Mobile
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
[FR Doc. 2017–19525 Filed 9–14–17; 8:45 am]
ACTION:
for t =
II. Background Information and
Regulatory History
The Coast Guard is issuing this
temporary final 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)(3)(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. It is impracticable to
publish an NPRM because we must
establish this safety zone by September
16, 2017 and 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 this
rule effective less than 30 days after
publication in the Federal Register.
Delaying the effective date to provide a
full 30 days’ notice is contrary to public
interest because immediate action is
needed to protect persons and vessels
from safety hazards associated with the
fireworks display over this navigable
waterway.
III. Legal Authority and Need for Rule
The legal basis and authorities for this
rule are found in 33 U.S.C. 1231. The
Marengo County Historical Society
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for t =
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N/A
plans to conduct a fireworks display
launched from shore on the Tombigbee
River located near mile marker (MM)
216.0, in Demopolis, AL on September
16, 2017. Therefore, the Coast Guard has
determined that a safety zone is needed
to protect the public, mariners, and
vessels from the potential hazards
associated with a barge-based fireworks
display on and over the waterway.
IV. Discussion of the Rule
The Coast Guard is establishing a
temporary safety zone encompassing all
waters extending the entire width of the
Tombigbee River from MM 215.5 to MM
216.5, near Demopolis, AL from 8 p.m.
through 10 p.m. on September 16, 2017.
The location and duration of this safety
zone is intended to protect persons and
vessels during the fireworks display
taking place over this navigable
waterway. No person or vessel will be
permitted to enter or transit within the
safety zone, unless specifically
authorized by the Captain of the Port
Sector Mobile (COTP) or a designated
representative. The COTP may be
contacted by telephone at 251–441–
5976.
V. Regulatory Analyses
We developed this rule after
considering numerous statutes and
Executive orders related to rulemaking.
Below we summarize our analyses
based on a number of these statutes and
Executive orders.
A. Regulatory Planning and Review
Executive Orders 12866 and 13563
direct agencies to assess the costs and
benefits of available regulatory
alternatives and, if regulation is
necessary, to select regulatory
approaches that maximize net benefits.
Executive Order 13771 directs agencies
to control regulatory costs through a
budgeting process. This rule has not
been designated a ‘‘significant
regulatory action,’’ under Executive
Order 12866. Accordingly, this rule has
not been reviewed by the Office of
Management and Budget (OMB), and
E:\FR\FM\15SER1.SGM
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[Federal Register Volume 82, Number 178 (Friday, September 15, 2017)]
[Rules and Regulations]
[Pages 43299-43301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19525]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe interest assumptions under the benefit payments regulation
for valuation dates in October 2017 and interest assumptions under the
asset allocation regulation for valuation dates in the fourth quarter
of 2017. The interest assumptions are used for valuing and paying
benefits under terminating single-employer plans covered by the pension
insurance system administered by PBGC.
DATES: Effective October 1, 2017.
FOR FURTHER INFORMATION CONTACT: Daniel S. Liebman
(Liebman.daniel@PBGC.gov), Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K
[[Page 43300]]
Street NW., Washington, DC 20005, 202-326-4400 ext. 6510. (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. 6510.)
SUPPLEMENTARY INFORMATION: PBGC's regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and 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 regulations are also published on PBGC's Web site
(https://www.pbgc.gov).
The interest assumptions in Appendix B to Part 4044 are used to
value benefits for allocation purposes under ERISA section 4044. 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 asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates the benefit payments interest assumptions for October 2017 and
updates the asset allocation interest assumptions for the fourth
quarter (October through December) of 2017.
The fourth quarter 2017 interest assumptions under the allocation
regulation will be 2.34 percent for the first 20 years following the
valuation date and 2.63 percent thereafter. In comparison with the
interest assumptions in effect for the third quarter of 2017, these
interest assumptions represent no change in the select period (the
period during which the select rate, the initial rate, applies), a
decrease of 0.10 percent in the select rate, and a decrease of 0.11
percent in the ultimate rate, the final rate.
The October 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 September 2017, these interest assumptions
represent a 0.25 percent decrease 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 valuation
and payment of benefits under plans with valuation dates during October
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
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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 288, 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
288 10-1-17 11-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 288, 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
288 10-1-17 11-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 43301]]
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, a new entry for October-December 2017,
as set forth below, is added to the table.
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the months-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
October-December 2017........ 0.0234 1-20 0.0263 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2017-19525 Filed 9-14-17; 8:45 am]
BILLING CODE 7709-02-P
