Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 59515-59517 [2017-26963]
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Federal Register / Vol. 82, No. 240 / Friday, December 15, 2017 / Rules and Regulations
We continue to revise and update the
listings on a regular basis, including
those body systems not affected by this
final rule.2 We intend to update the four
listings affected by this final rule as
quickly as possible, but may not be able
to publish final rules revising these
listings by the current expiration dates.
Therefore, we are extending the current
expiration dates for the above listed
body systems.
Regulatory Procedures
Justification for Final Rule
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We follow the Administrative
Procedure Act (APA) rulemaking
procedures specified in 5 U.S.C. 553 in
promulgating regulations. Section
702(a)(5) of the Social Security Act, 42
U.S.C. 902(a)(5). Generally, the APA
requires that an agency provide prior
notice and opportunity for public
comment before issuing a final
regulation. The APA provides
exceptions to the notice-and-comment
requirements when an agency finds
there is good cause for dispensing with
such procedures because they are
impracticable, unnecessary, or contrary
to the public interest.
We have determined that good cause
exists for dispensing with the notice and
public comment procedures. 5 U.S.C.
553(b)(B). This final rule only extends
the date on which four body system
listings will no longer be effective. It
makes no substantive changes to our
rules. Our current regulations 3 provide
that we may extend, revise, or
promulgate the body system listings
again. Therefore, we have determined
that opportunity for prior comment is
unnecessary, and we are issuing this
regulation as a final rule.
In addition, for the reasons cited
above, we find good cause for
dispensing with the 30-day delay in the
effective date of this final rule. 5 U.S.C.
553(d)(3). We are not making any
substantive changes to the listings in
these body systems. Without an
extension of the expiration dates for
these listings, we will not have the
criteria we need to assess medical
impairments in these four body systems
at step three of the sequential evaluation
processes. We therefore find it is in the
public interest to make this final rule
effective on the publication date.
2 Since
we last extended the expiration dates of
the listings affected by this rule in August 2016 (81
FR 51101), we have published final rules revising
the medical criteria for evaluating mental disorders
(81 FR 66137 (2016)) and HIV infection (81 FR
86915 (2016)).
3 See the first sentence of appendix 1 to subpart
P of part 404 of 20 CFR.
VerDate Sep<11>2014
15:15 Dec 14, 2017
Jkt 244001
Executive Order 12866, as
Supplemented by Executive Order
13563
We consulted with the Office of
Management and Budget (OMB) and
determined that this final rule does not
meet the requirements for a significant
regulatory action under Executive Order
12866, as supplemented by Executive
Order 13563. Therefore, OMB did not
review it. We also determined that this
final rule meets the plain language
requirement of Executive Order 12866.
Regulatory Flexibility Act
We certify that this final rule does not
have a significant economic impact on
a substantial number of small entities
because it affects only individuals.
Therefore, a regulatory flexibility
analysis is not required under the
Regulatory Flexibility Act, as amended.
Paperwork Reduction Act
These rules do not create any new or
affect any existing collections and,
therefore, do not require Office of
Management and Budget approval
under the Paperwork Reduction Act.
(Catalog of Federal Domestic Assistance
Program Nos. 96.001, Social SecurityDisability Insurance; 96.002, Social SecurityRetirement Insurance; 96.004, Social
Security-Survivors Insurance; 96.006,
Supplemental Security Income)
List of Subjects in 20 CFR Part 404
Administrative practice and
procedure, Blind, Disability benefits,
Old-age, Survivors and Disability
Insurance, Reporting and recordkeeping
requirements, Social Security.
Nancy A. Berryhill,
Acting Commissioner of Social Security.
For the reasons set out in the
preamble, we are amending appendix 1
to subpart P of part 404 of chapter III of
title 20 of the Code of Federal
Regulations as set forth below.
PART 404—FEDERAL OLD-AGE,
SURVIVORS AND DISABILITY
INSURANCE
(1950– )
Subpart P—[Amended]
1. The authority citation for subpart P
of part 404 continues to read as follows:
■
Authority: Secs. 202, 205(a)–(b) and (d)–
(h), 216(i), 221(a), (i), and (j), 222(c), 223,
225, and 702(a)(5) of the Social Security Act
(42 U.S.C. 402, 405(a)–(b) and (d)–(h), 416(i),
421(a), (i), and (j), 422(c), 423, 425, and
902(a)(5)); sec. 211(b), Pub. L. 104–193, 110
Stat. 2105, 2189; sec. 202, Pub. L. 108–203,
118 Stat. 509 (42 U.S.C. 902 note).
PO 00000
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59515
2. Amend appendix 1 to subpart P of
part 404 by revising items 2, 5, 6, and
9 of the introductory text before part A
to read as follows:
■
Appendix 1 to Subpart P of Part 404—
Listing of Impairments
*
*
*
*
*
2. Musculoskeletal System (1.00 and
101.00): January 27, 2020.
*
*
*
*
*
5. Cardiovascular System (4.00 and
104.00): January 27, 2020.
6. Digestive System (5.00 and 105.00):
January 27, 2020.
*
*
*
*
*
9. Skin Disorders (8.00 and 108.00):
January 27, 2020.
*
*
*
*
*
[FR Doc. 2017–27086 Filed 12–14–17; 8:45 am]
BILLING CODE 4191–02–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 January 2018 and
interest assumptions under the asset
allocation regulation for valuation dates
in the first quarter of 2018. 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 January 1, 2018.
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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
SUMMARY:
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Federal Register / Vol. 82, No. 240 / Friday, December 15, 2017 / Rules and Regulations
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 website (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 January 2018,
and updates the asset allocation interest
assumptions for the first quarter
(January through March) of 2018.
The first quarter 2018 interest
assumptions under the allocation
regulation will be 2.39 percent for the
first 20 years following the valuation
date and 2.60 percent thereafter. In
comparison with the interest
assumptions in effect for the fourth
quarter of 2017, this represents no
change in the select period (the period
during which the select rate, the initial
rate, applies), an increase of 0.05
percent in the select rate, and a decrease
of 0.03 percent in the ultimate rate, the
final rate.
The January 2018 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 December
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 valuation
and payment of benefits under plans
with valuation dates during January
2018, 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’’
For plans with a valuation date
On or after
*
291 ........................
Before
*
1–1–18
2–1–18
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On or after
Before
*
1–1–18
2–1–18
Jkt 244001
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
291 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
i2
*
i3
*
4.00
4.00
*
*
For plans with a valuation date
15:15 Dec 14, 2017
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
*
n1
*
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
Rate set
VerDate Sep<11>2014
29 CFR Part 4022
i1
0.75
*
*
291 ........................
List of Subjects
4.00
*
3. In appendix C to part 4022, Rate Set
291 is added at the end of the table to
read as follows:
■
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).
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Rate set
under the criteria set forth in Executive
Order 12866.
*
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
PO 00000
*
i1
i2
i3
4.00
*
4.00
4.00
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*
0.75
Frm 00012
Fmt 4700
Sfmt 4700
*
*
7
8
59517
Federal Register / Vol. 82, No. 240 / Friday, December 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
4. The authority citation for part 4044
continues to read as follows:
it
*
*
January–March 2018 ................................
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket No. USCG–2017–0916]
Special Local Regulation; Southern
California Annual Marine Events for
the San Diego Captain of the Port
Zone—San Diego Parade of Lights
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
The Coast Guard will enforce
the San Diego Parade of Lights special
local regulations on the waters of San
Diego Bay, California on December 17,
2017. These special local regulations are
necessary to provide for the safety of the
participants, crew, spectators, sponsor
vessels, and general users of the
waterway. During the enforcement
period, persons and vessels are
prohibited from anchoring, blocking,
loitering, or impeding within this
regulated area unless authorized by the
Captain of the Port, or his designated
representative.
DATES: The regulations in 33 CFR
100.1101 will be enforced from 4:30
p.m. through 8:30 p.m. on December 17,
2017 for Item 5 in Table 1 of § 100.1101.
FOR FURTHER INFORMATION CONTACT: If
you have questions about this
publication of enforcement, call or
email Lieutenant Junior Grade Briana
Biagas, Waterways Management, U.S.
Coast Guard Sector San Diego, CA;
telephone (619) 278–7656, email
D11MarineEventsSD@uscg.mil.
nshattuck on DSK9F9SC42PROD with RULES
it
*
1–20
0.0239
[FR Doc. 2017–26963 Filed 12–14–17; 8:45 am]
Jkt 244001
for t =
*
Issued in Washington, DC.
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
15:15 Dec 14, 2017
*
*
*
*
*
The values of it are:
For valuation dates occurring in the
month—
VerDate Sep<11>2014
5. In appendix B to part 4044, an entry
for January–March 2018 is added at the
end of the table to read as follows:
■
■
SUMMARY:
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
for t =
*
0.0260
it
for t =
*
>20
*
N/A
The Coast
Guard will enforce the special local
regulations in 33 CFR 100.1101 for the
San Diego Parade of Lights in San Diego
Bay Bay, CA in 33 CFR 100.1101, Table
1, Item 5 of that section from 4:30 p.m.
until 8:30 p.m. on December 17, 2017.
This enforcement action is being taken
to provide for the safety of life on
navigable waterways during the event.
The Coast Guard’s regulation for
recurring marine events in the San
Diego Captain of the Port Zone
identifies the regulated entities and area
for this event. Under the provisions of
33 CFR 100.1101, persons and vessels
are prohibited from anchoring, blocking,
loitering, or impeding within this
regulated area, unless authorized by the
Captain of the Port, or his designated
representative. The Coast Guard may be
assisted by other Federal, State, or local
law enforcement agencies in enforcing
this regulation.
This document is issued under
authority of 5 U.S.C. 552(a) and 33 CFR
100.1101. In addition to this document
in the Federal Register, the Coast Guard
will provide the maritime community
with advance notification of this
enforcement period via the Local Notice
to Mariners, Broadcast Notice to
Mariners, and local advertising by the
event sponsor.
If the Captain of the Port Sector San
Diego or his designated representative
determines that the regulated area need
not be enforced for the full duration
stated on this document, he or she may
use a Broadcast Notice to Mariners or
other communications coordinated with
the event sponsor to grant general
permission to enter the regulated area.
DEPARTMENT OF HOMELAND
SECURITY
Dated: December 5, 2017.
J.R. Buzzella,
Captain, U.S. Coast Guard, Captain of the
Port San Diego.
I. Table of Abbreviations
N/A
SUPPLEMENTARY INFORMATION:
[FR Doc. 2017–27111 Filed 12–14–17; 8:45 am]
BILLING CODE 9110–04–P
PO 00000
Frm 00013
Fmt 4700
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Coast Guard
33 CFR Part 117
[Docket No. USCG–2016–0776]
RIN 1625–AA09
Drawbridge Operation Regulation;
Ashley River, Charleston, SC
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
The Coast Guard is modifying
the operating schedule that governs the
US17 Highway Bridges (Ashley River
Bridges), across the Ashley River, miles
2.4 and 2.5, in Charleston, SC. This rule
requires a bridge tender to be present
during daytime hours only from 9 a.m.
to 4 p.m. daily for on signal openings.
All other times a 12 hour advanced
notification is required. This
modification provides relief to vehicle
traffic congestion with minimal effect
on navigation.
DATES: This rule is effective January 16,
2018.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov. Type USCG–
2016–0776 in the ‘‘SEARCH’’ box and
click ‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rulemaking.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email LT Justin Heck, Coast Guard
Sector Charleston, SC, Waterways
Management Division; telephone 843–
740–3184, email justin.c.heck@uscg.mil.
SUPPLEMENTARY INFORMATION:
SUMMARY:
CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
OMB Office of Management and Budget
NPRM Notice of Proposed Rulemaking
(Advance, Supplemental)
E:\FR\FM\15DER1.SGM
15DER1
]]>Agencies
[Federal Register Volume 82, Number 240 (Friday, December 15, 2017)]
[Rules and Regulations]
[Pages 59515-59517]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26963]
=======================================================================
-----------------------------------------------------------------------
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 January 2018 and interest assumptions under the
asset allocation regulation for valuation dates in the first quarter of
2018. 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 January 1, 2018.
FOR FURTHER INFORMATION CONTACT: Daniel S. Liebman
([email protected]), 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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
[[Page 59516]]
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 website
(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 January 2018, and
updates the asset allocation interest assumptions for the first quarter
(January through March) of 2018.
The first quarter 2018 interest assumptions under the allocation
regulation will be 2.39 percent for the first 20 years following the
valuation date and 2.60 percent thereafter. In comparison with the
interest assumptions in effect for the fourth quarter of 2017, this
represents no change in the select period (the period during which the
select rate, the initial rate, applies), an increase of 0.05 percent in
the select rate, and a decrease of 0.03 percent in the ultimate rate,
the final rate.
The January 2018 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 December 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 valuation
and payment of benefits under plans with valuation dates during January
2018, 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 291 is added at the end of 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
291............................ 1-1-18 2-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 291 is added at the end of 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
291............................ 1-1-18 2-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 59517]]
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, an entry for January-March 2018 is added
at the end of the table to read as follows:
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring in the month-- -----------------------------------------------------------------------------------------------
it for t = it for t = it for t =
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
January-March 2018...................................... 0.0239 1-20 0.0260 >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. 2017-26963 Filed 12-14-17; 8:45 am]
BILLING CODE 7709-02-P
