Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 47613-47615 [2017-22124]
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Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Rules and Regulations
SUPPLEMENTARY INFORMATION:
Authority for This Rulemaking
The FAA’s authority to issue rules
regarding aviation safety is found in
Title 49 of the United States Code.
Subtitle I, Section 106 describes the
authority of the FAA Administrator.
Subtitle VII, Aviation Programs,
describes in more detail the scope of the
agency’s authority. This rulemaking is
promulgated under the authority
described in Subtitle VII, Part A,
Subpart I, Section 40103. Under that
section, the FAA is charged with
prescribing regulations to assign the use
of airspace necessary to ensure the
safety of aircraft and the efficient use of
airspace. This regulation is within the
scope of that authority as it would
amend controlled airspace to support
IFR operations at Taylor County and
Waupaca Municipal airports.
nlaroche on DSK9F9SC42PROD with RULES
History
The FAA published in the Federal
Register a notice of proposed
rulemaking (NPRM) (82 FR 26408, June
7, 2017) Docket No. FAA–2017–0388 to
modify Class E airspace extending
upward from 700 feet above the surface
at Taylor County Airport, Medford, WI.
Interested parties were invited to
participate in this rulemaking effort by
submitting written comments on the
proposal to the FAA. No comments
were received. Subsequent to
publication, the FAA found the
geographic coordinates for Waupaca
Municipal Airport, Waupaca, WI, were
incorrect and makes the correction in
this rule. Class E airspace designations
are published in paragraph 6005 of FAA
Order 7400.11B, dated August 3, 2017,
and effective September 15, 2017, which
is incorporated by reference in 14 CFR
71.1. The Class E airspace designations
listed in this document will be
published subsequently in the Order.
Availability and Summary of
Documents for Incorporation by
Reference
This document amends FAA Order
7400.11B, Airspace Designations and
Reporting Points, dated August 3, 2017,
and effective September 15, 2017. FAA
Order 7400.11B is publicly available as
listed in the ADDRESSES section of this
document. FAA Order 7400.11B lists
Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting
points.
The Rule
This amendment to Title 14, Code of
Federal Regulations (14 CFR) part 71
modifies Class E airspace extending
upward from 700 feet above the surface
VerDate Sep<11>2014
15:07 Oct 12, 2017
Jkt 244001
from the 6.8-mile radius of Taylor
County Airport, Medford, WI by
removing the segment within 2.7 miles
each side of the 162° bearing from the
airport extending from the 6.8-mile
radius to 7 miles southeast of the airport
due to the decommissioning of the
Medford NDB and cancellation of the
NDB approach.
This action also modifies Class E
airspace extending upward from 700
feet above the surface at Waupaca
Municipal Airport, Waupaca, WI to
within a 6.6-mile (from a 6.4-mile)
radius of the airport and removes the
segment within 2.7 miles each side of
the 118° bearing from the airport,
extending from the 6.4-mile radius to 7
miles southeast of the airport due to the
decommissioning of the Waupaca NDB
and cancellation of the NDB approach.
Also, the geographic coordinates are
corrected to be in concert with the
FAA’s aeronautical database.
This action enhances the safety and
management of standard instrument
approach procedures for IFR operations
at these airports.
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, is non-controversial and
unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a
‘‘significant regulatory action’’ under
Executive Order 12866; (2) is not a
‘‘significant rule’’ under 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.
Environmental Review
The FAA has determined that this
action qualifies for categorical exclusion
under the National Environmental
Policy Act in accordance with FAA
Order 1050.1F, ‘‘Environmental
Impacts: Policies and Procedures,’’
paragraph 5–6.5.a. This airspace action
is not expected to cause any potentially
significant environmental impacts, and
no extraordinary circumstances exist
that warrant preparation of an
environmental assessment.
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
47613
List of Subjects in 14 CFR Part 71
Airspace, Incorporation by reference,
Navigation (air).
Adoption of the Amendment
In consideration of the foregoing, the
Federal Aviation Administration
amends 14 CFR part 71 as follows:
PART 71—DESIGNATION OF CLASS A,
B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND
REPORTING POINTS
1. The authority citation for part 71
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.
§ 71.1
[Amended]
2. The incorporation by reference in
14 CFR 71.1 of FAA Order 7400.11B,
Airspace Designations and Reporting
Points, dated August 3, 2017, and
effective September 15, 2017, is
amended as follows:
■
Paragraph 6005 Class E Airspace Areas
Extending Upward From 700 Feet or More
Above the Surface of the Earth.
*
*
*
*
*
AGL WI E5 Medford, WI [Amended]
Taylor County Airport, WI
(Lat. 45°06′05″ N., long. 90°18′01″ W.)
That airspace extending upward from 700
feet above the surface within a 6.8-mile
radius of Taylor County Airport.
*
*
*
*
*
AGL WI E5 Waupaca, WI [Amended]
Waupaca Municipal Airport, WI
(Lat. 44°20′00″ N., long. 89°01′11″ W.)
That airspace extending upward from 700
feet above the surface within a 6.6-mile
radius of Waupaca Municipal Airport.
Issued in Fort Worth, Texas, on October 5,
2017.
Christopher L. Southerland,
Acting Manager, Operations Support Group,
ATO Central Service Center.
[FR Doc. 2017–22119 Filed 10–12–17; 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.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
SUMMARY:
E:\FR\FM\13OCR1.SGM
13OCR1
47614
Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Rules and Regulations
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
November 2017. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES: Effective November 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
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
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 (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
Rate set
For plans with a valuation
date
On or after
*
289
Before
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 November 2017.1
The November 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 October 2017,
these 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
3. In appendix C to part 4022, Rate Set
289 is added to the table to read as
follows:
■
For plans with a valuation
date
On or after
*
nlaroche on DSK9F9SC42PROD with RULES
289
Before
*
11–1–17
VerDate Sep<11>2014
15:07 Oct 12, 2017
*
*
4.00
*
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
289 is added to the table to read as
follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
*
n1
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
Jkt 244001
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
12–1–17
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i2
*
4.00
0.75
*
Rate set
i1
*
12–1–17
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
11–1–17
dates during November 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).
0.75
i1
i2
*
4.00
i3
4.00
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
*
4.00
*
7
8
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\13OCR1.SGM
13OCR1
Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Rules and Regulations
Issued in Washington, DC.
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
Special Local Regulation; Fautasi
Ocean Challenge Canoe Race, Pago
Pago Harbor, American Samoa
participants and spectators, including
all crews, vessels, and persons on the
water in Pago Pago Harbor during the
event. This regulation for the marine
events, which will encompass portions
of Pago Pago Harbor. During the
enforcement periods, as reflected in 33
CFR 100.1401(c), if you are the operator
of a vessel in the regulated area you
must comply with directions from the
Captain of the Port (COTP) Honolulu or
a designated representative.
This notice of enforcement is issued
under authority of 33 CFR 100 and 5
U.S.C. 552 (a). In addition to this notice
of enforcement in the Federal Register,
the Coast Guard plans to provide
notification of this enforcement period
via the Local Notice to Mariners and
Broadcast Notice to Mariners.
Coast Guard, DHS.
ACTION: Notice of enforcement of
regulation.
Dated: October 6, 2017.
M.C. Long,
Captain, U.S. Coast Guard, Captain of the
Port Honolulu.
[FR Doc. 2017–22124 Filed 10–12–17; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket No. USCG–2017–0968]
AGENCY:
The Coast Guard will enforce
a Special Local Regulation for the
Fautasi Ocean Challenge Canoe Race on
the dates of November 10, 17, and 24,
2017, to safeguard the participants and
spectators, including all crews, vessels,
and persons on the water in Pago Pago
Harbor during the event. This regulation
will functionally close the port to vessel
traffic during the race, but will not
require the evacuation of any vessels
from the harbor. Entry into, transiting,
or anchoring in the harbor will be
prohibited to all vessels not registered
with the sponsor as participants or not
part of the race patrol, unless
specifically authorized by the Captain of
the Port (COTP) Honolulu or a
designated representative. Vessels that
are already moored or anchored in the
harbor seeking permission to remain
there shall request permission from the
COTP unless deemed a spectator vessel
that is moored to a waterfront facility
within the regulated area.
DATES: The regulations in 33 CFR
100.1401 will be enforced from 7:00
a.m. to 4:00 p.m. on the dates of
November 10, 17, and 24, 2017.
FOR FURTHER INFORMATION CONTACT: If
you have questions about this notice of
enforcement, call or email Lieutenant
Commander John Bannon, Waterways
Management Division, U.S. Coast Guard
Sector Honolulu; telephone (808) 541–
4359, email john.e.bannon@uscg.mil.
SUPPLEMENTARY INFORMATION: The Coast
Guard will enforce a Special Local
Regulation in 33 CFR 100.1401 for the
Fautasi Ocean Challenge Canoe Race
from 7:00 a.m. to 4:00 p.m. on the dates
of November 10, 17, and 24, 2017. This
action is being taken to safeguard the
nlaroche on DSK9F9SC42PROD with RULES
SUMMARY:
VerDate Sep<11>2014
15:07 Oct 12, 2017
Jkt 244001
[FR Doc. 2017–22191 Filed 10–12–17; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2017–0960]
Drawbridge Operation Regulation;
Willamette River, Portland, OR
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 upper deck of
the Steel Bridge across the Willamette
River, mile 12.1, in Portland, OR. The
deviation is necessary to support the
Annual Run Like Hell Half Marathon
event. This deviation allows the upper
lift span of the bridge to remain in the
closed-to-navigation position to ensure
the safety of construction crew
members.
DATES: This deviation is effective from
8 a.m. until 11:30 a.m. on October 22,
2017.
ADDRESSES: The docket for this
deviation, USCG–2017–0960, 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. Steven
SUMMARY:
PO 00000
Frm 00005
Fmt 4700
Sfmt 4700
47615
Fischer, Bridge Administrator,
Thirteenth Coast Guard District;
telephone 206–220–7282, email d13-pfd13bridges@uscg.mil.
Union
Pacific Railroad Company (UPRR),
bridge owner, has requested a temporary
deviation from the operating schedule
for the Steel Bridge across the
Willamette River, at mile 12.1, in
Portland, OR. The deviation is necessary
to accommodate the Annual Run Like
Hell Half Marathon event. The City of
Portland is sponsoring the race and
event. The Steel Bridge is a double-deck
lift bridge with a lower lift deck and an
upper lift deck which operate
independent of each other. To facilitate
this paving operation, the upper deck
will remain in the closed-to-navigation
position. When the lower deck is in the
closed-to-navigation position, the bridge
provides 26 feet of vertical clearance
above Columbia River Datum 0.0; and in
open-to-navigation position, the vertical
clearance is 71 feet above Columbia
River Datum 0.0. The deviation period
is from 8 a.m. to 11:30 a.m. on October
22, 2017. The lower deck for the Steel
Bridge will continue to operate in
accordance with 33 CFR
117.897(c)(3)(ii), and at the end of this
deviation period, the upper deck of the
Steel Bridge will resume operating in
accordance with 33 CFR
117.897(c)(3)(ii).
Waterway usage on this part of the
Willamette River includes vessels
ranging from commercial tug and barge
to small pleasure craft. Vessels able to
pass through the bridge with the lower
deck in the open-to-navigation position
or upper deck in the closed-tonavigation position may do so at
anytime. The upper lift and lower lift of
the Steel Bridge will be able to open for
emergencies, and there is no immediate
alternate route for vessels to pass. The
Coast Guard has conducted public
outreach regarding this closure of the
upper deck on the subject bridge to
known mariners that transit on the river.
The Coast Guard has not received any
objections to this temporary deviation
from the operating schedule. The Coast
Guard will also inform the users of the
waterways through our Local and
Broadcast Notices to Mariners of the
change in operating schedule for the
bridge so that vessel operators can
arrange their transits to minimize any
impact caused by the temporary
deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the designated time period. This
SUPPLEMENTARY INFORMATION:
E:\FR\FM\13OCR1.SGM
13OCR1
]]>Agencies
[Federal Register Volume 82, Number 197 (Friday, October 13, 2017)]
[Rules and Regulations]
[Pages 47613-47615]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22124]
=======================================================================
-----------------------------------------------------------------------
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
[[Page 47614]]
regulation on Benefits Payable in Terminated Single-Employer Plans to
prescribe interest assumptions under the regulation for valuation dates
in November 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 November 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 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 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
(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 November 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 November 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 October 2017, these 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 November 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 289 is added to the table to
read as follows:
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
289 11-1-17 12-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 289 is added 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 date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
289 11-1-17 12-1-17 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 47615]]
Issued in Washington, DC.
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2017-22124 Filed 10-12-17; 8:45 am]
BILLING CODE 7709-02-P
