Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 47613-47615 [2017-22124]

Download as PDF 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 (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 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 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. 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]


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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

[[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 
(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 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