Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 52848-52849 [2017-24597]
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52848
Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Rules and Regulations
standards and practices to determine if
it should take action in the future.
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
By direction of the Commission.
Donald S. Clark,
Secretary.
Authority: 26 U.S.C. 7805 * * *
[FR Doc. 2017–24728 Filed 11–14–17; 8:45 am]
Par. 2. Section 1.367(a)–1 is amended
by adding paragraph (e) to read as
follows:
■
BILLING CODE 6750–01–P
§ 1.367(a)–1 Transfers to foreign
corporations subject to section 367(a): In
general.
DEPARTMENT OF THE TREASURY
Internal Revenue Service
*
26 CFR Part 1
[TD 9803]
RIN 1545–BL87
Treatment of Certain Transfers of
Property to Foreign Corporations;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
This document contains
corrections to final regulations (TD
9803) that were published in the
Federal Register on Friday, December
16, 2016. The final regulations are
related to certain transfers of property
by United States persons to foreign
corporations.
SUMMARY:
This correction is effective on
November 15, 2017 and is applicable on
or after December 16, 2016.
FOR FURTHER INFORMATION CONTACT:
Lynlee Baker at (202) 317–6937 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
DATES:
Background
The final regulations (TD 9803) that
are the subject of this correction are
issued under section 367 of the Internal
Revenue Code.
Need for Correction
sradovich on DSK3GMQ082PROD with RULES
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
15:48 Nov 14, 2017
*
*
*
*
(e) Close of taxable year in certain
section 368(a)(1)(F) reorganizations. If a
domestic corporation is the transferor
corporation in a reorganization
described in section 368(a)(1)(F) after
March 30, 1987, in which the acquiring
corporation is a foreign corporation,
then the taxable year of the transferor
corporation shall end with the close of
the date of the transfer and the taxable
year of the acquiring corporation shall
end with the close of the date on which
the transferor’s taxable year would have
ended but for the occurrence of the
transfer. With regard to the
consequences of the closing of the
taxable year, see section 381 and the
regulations thereunder.
*
*
*
*
*
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2017–24687 Filed 11–14–17; 8:45 am]
BILLING CODE 4830–01–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:
As published, the final regulations
published in the Federal Register on
Friday, December 16, 2016 (81 FR
91012) (TD 9803) contain an error that
needs to be corrected. Specifically,
paragraph (e) was inadvertently omitted
from the final regulations.
VerDate Sep<11>2014
FOR FURTHER INFORMATION CONTACT:
PART 1—INCOME TAXES
Jkt 244001
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
December 2017. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
PO 00000
Effective December 1, 2017.
Frm 00026
Fmt 4700
Sfmt 4700
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.)
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 December 2017.1
The December 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 November
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.
SUPPLEMENTARY INFORMATION:
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\15NOR1.SGM
15NOR1
52849
Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Rules and Regulations
Because of the need to provide
immediate guidance for the payment of
benefits under plans with valuation
dates during December 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).
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
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:
■
*
*
12–1–17
1–1–18
On or after
*
*
12–1–17
1–1–18
50 CFR Part 300
Fraser River Sockeye and Pink Salmon
Fisheries; Inseason Orders
National Marine Fisheries
Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA),
Commerce.
ACTION: Temporary orders; inseason
orders.
AGENCY:
sradovich on DSK3GMQ082PROD with RULES
i3
*
4.00
4.00
NMFS publishes Fraser River
salmon inseason orders to regulate
treaty and non-treaty (all citizen)
SUMMARY:
Jkt 244001
n1
*
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
4.00
*
0.75
commercial salmon fisheries in U.S.
waters. The orders were issued by the
Fraser River Panel (Panel) of the Pacific
Salmon Commission (Commission) and
subsequently approved and issued by
NMFS during the 2017 salmon fisheries
within the U.S. Fraser River Panel Area.
These orders established fishing dates,
times, and areas for the gear types of
U.S. treaty Indian and all citizen
commercial fisheries during the period
the Panel exercised jurisdiction over
these fisheries.
The effective dates for the
inseason orders are set out in this
document under the heading Inseason
Orders.
DATES:
RIN 0648–XF775
15:48 Nov 14, 2017
*
*
National Oceanic and Atmospheric
Administration
VerDate Sep<11>2014
*
Immediate
annuity rate
(percent)
Before
DEPARTMENT OF COMMERCE
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
For plans with a valuation date
BILLING CODE 7709–02–P
i2
*
0.75
Rate set
[FR Doc. 2017–24597 Filed 11–14–17; 8:45 am]
i1
4.00
*
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
*
*
290 ........................
*
1. The authority citation for part 4022
continues to read as follows:
On or after
3. In appendix C to part 4022, Rate Set
290 is added to the table in numerical
order to read as follows:
*
■
For plans with a valuation date
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Rate set
*
290 ........................
2. In appendix B to part 4022, Rate Set
290 is added to the table in numerical
order to read as follows:
FOR FURTHER INFORMATION CONTACT:
Peggy Mundy at 206–526–4323.
The
Treaty between the Government of the
United States of America and the
Government of Canada concerning
Pacific Salmon was signed at Ottawa on
January 28, 1985, and subsequently was
given effect in the United States by the
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00027
Fmt 4700
Sfmt 4700
*
*
7
8
Pacific Salmon Treaty Act (Act) at 16
U.S.C. 3631–3644.
Under authority of the Act, Federal
regulations at 50 CFR part 300, subpart
F, provide a framework for the
implementation of certain regulations of
the Commission and inseason orders of
the Commission’s Fraser River Panel for
U.S. sockeye and pink salmon fisheries
in the Fraser River Panel Area.
The regulations close the U.S. portion
of the Fraser River Panel Area to U.S.
sockeye and pink salmon tribal and
non-tribal commercial fishing unless
opened by Panel orders that are given
effect by inseason regulations published
by NMFS. During the fishing season,
NMFS may issue regulations that
establish fishing times and areas
consistent with the Commission
agreements and inseason orders of the
Panel. Such orders must be consistent
with domestic legal obligations and are
issued by the Regional Administrator,
West Coast Region, NMFS. Official
notification of these inseason actions is
provided by two telephone hotline
numbers described at 50 CFR
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 82, Number 219 (Wednesday, November 15, 2017)]
[Rules and Regulations]
[Pages 52848-52849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24597]
=======================================================================
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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 December 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 December 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 December 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 December 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 November 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.
[[Page 52849]]
Because of the need to provide immediate guidance for the payment
of benefits under plans with valuation dates during December 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 290 is added to the table in
numerical order 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
290............................ 12-1-17 1-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 290 is added to the table in
numerical order 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
290............................ 12-1-17 1-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2017-24597 Filed 11-14-17; 8:45 am]
BILLING CODE 7709-02-P
