Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 60308-60309 [2017-27361]
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Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Rules and Regulations
(3) Appropriate analysis and nonclinical testing must validate the
electromagnetic compatibility (EMC)
and wireless performance of the device.
(4) Appropriate software verification,
validation, and hazard analysis must be
performed.
(5) Software display must include an
estimate of the cumulative error
associated with estimated blood loss
values.
(6) Labeling must include:
(i) Warnings, cautions, and limitations
needed for safe use of the device;
(ii) A detailed summary of the
performance testing pertinent to use of
the device, including a description of
the bias and variance the device
exhibited during testing;
(iii) The validated surgical materials,
range of hemoglobin mass, software,
hardware, and accessories that the
device is intended to be used with; and
(iv) EMC and wireless technology
instructions and information.
Dated: December 15, 2017.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2017–27443 Filed 12–19–17; 8:45 am]
BILLING CODE 4164–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Allocation of Assets in SingleEmployer Plans; Valuation of Benefits
and Assets; Expected Retirement Age
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This rule amends the Pension
Benefit Guaranty Corporation’s
regulation on Allocation of Assets in
Single-Employer Plans by substituting a
new table for determining expected
retirement ages for participants in
pension plans undergoing distress or
involuntary termination with valuation
dates falling in 2018. This table is
needed to compute the value of early
retirement benefits and, thus, the total
value of benefits under a plan.
DATES: This rule is effective January 1,
2018.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension
Benefit Guaranty Corporation, 1200 K
Street NW, Washington, DC 20005, 202–
326–4400 ext. 3839. (TTY/TDD users
may call the Federal relay service toll-
ethrower on DSK3G9T082PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:19 Dec 19, 2017
Jkt 244001
free at 1–800–877–8339 and ask to be
connected to 202–326–4400 ext. 3839.)
SUPPLEMENTARY INFORMATION: The
Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan
termination insurance program under
Title IV of the Employee Retirement
Income Security Act of 1974 (ERISA).
PBGC’s regulation on Allocation of
Assets in Single-Employer Plans (29
CFR part 4044) sets forth (in subpart B)
the methods for valuing plan benefits of
terminating single-employer plans
covered under Title IV. Guaranteed
benefits and benefit liabilities under a
plan that is undergoing a distress
termination must be valued in
accordance with subpart B of part 4044.
In addition, when PBGC terminates an
underfunded plan involuntarily
pursuant to ERISA section 4042(a), it
uses the subpart B valuation rules to
determine the amount of the plan’s
underfunding.
Under § 4044.51(b) of the asset
allocation regulation, early retirement
benefits are valued based on the annuity
starting date, if a retirement date has
been selected, or the expected
retirement age, if the annuity starting
date is not known on the valuation date.
Sections 4044.55 through 4044.57 set
forth rules for determining the expected
retirement ages for plan participants
entitled to early retirement benefits.
Appendix D of part 4044 contains tables
to be used in determining the expected
early retirement ages.
Table I in appendix D (Selection of
Retirement Rate Category) is used to
determine whether a participant has a
low, medium, or high probability of
retiring early. The determination is
based on the year a participant would
reach ‘‘unreduced retirement age’’ (i.e.,
the earlier of the normal retirement age
or the age at which an unreduced
benefit is first payable) and the
participant’s monthly benefit at
unreduced retirement age. The table
applies only to plans with valuation
dates in the current year and is updated
annually by PBGC to reflect changes in
the cost of living, etc.
Tables II–A, II–B, and II–C (Expected
Retirement Ages for Individuals in the
Low, Medium, and High Categories
respectively) are used to determine the
expected retirement age after the
probability of early retirement has been
determined using Table I. These tables
establish, by probability category, the
expected retirement age based on both
the earliest age a participant could retire
under the plan and the unreduced
retirement age. This expected retirement
age is used to compute the value of the
PO 00000
Frm 00028
Fmt 4700
Sfmt 4700
early retirement benefit and, thus, the
total value of benefits under the plan.
This document amends appendix D to
replace Table I–17 with Table I–18 to
provide an updated correlation,
appropriate for calendar year 2018,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–18 will be used to value benefits
in plans with valuation dates during
calendar year 2018.
PBGC has determined that notice of,
and public comment on, this rule are
impracticable and contrary to the public
interest. Plan administrators need to be
able to estimate accurately the value of
plan benefits as early as possible before
initiating the termination process. For
that purpose, if a plan has a valuation
date in 2018, the plan administrator
needs the updated table being
promulgated in this rule. Accordingly,
PBGC finds that the public interest is
best served by issuing this table
expeditiously, without an opportunity
for notice and comment, and that good
cause exists for making the table set
forth in this amendment effective less
than 30 days after publication to allow
as much time as possible to estimate the
value of plan benefits with the proper
table for plans with valuation dates in
early 2018.
PBGC has determined that this action
is not a ‘‘significant regulatory action’’
under the criteria set forth in Executive
Order 12866 and Executive Order
13771.
Because no general notice of proposed
rulemaking is required for this
regulation, the Regulatory Flexibility
Act of 1980 does not apply (5 U.S.C.
601(2)).
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension
insurance.
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
1. The authority citation for part 4044
continues to read as follows:
■
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
2. Appendix D to part 4044 is
amended by removing Table I–17 and
adding in its place Table I–18 to read as
follows:
■
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
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Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Rules and Regulations
60309
TABLE I–18—SELECTION OF RETIREMENT RATE CATEGORY
[For plans with valuation dates after December 31, 2017, and before January 1, 2019]
Participant’s Retirement Rate Category is—
Low 1 if
monthly
benefit at
URA is
less than—
If participant reaches URA in year—
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
.................................................................................................................
or later ....................................................................................................
Medium 2 if monthly
benefit at URA is—
From—
647
662
678
693
709
725
742
759
777
794
To—
647
662
678
693
709
725
742
759
777
794
2,734
2,797
2,862
2,927
2,995
3,064
3,134
3,206
3,280
3,355
High 3 if
monthly
benefit at
URA is
greater than—
2,734
2,797
2,862
2,927
2,995
3,064
3,134
3,206
3,280
3,355
1 Table
II–A.
II–B.
3 Table II–C.
2 Table
*
*
*
*
*
Issued in Washington, DC, by:
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2017–27361 Filed 12–19–17; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF THE TREASURY
United States Mint
31 CFR Part 100
Exchange of Coin
United States Mint, Treasury.
Final rule.
AGENCY:
ACTION:
This final rule revises
Treasury regulations relating to the
exchange of uncurrent, bent, partial,
fused, and mixed coins, and to update
the regulations to comply with the
requirement for orderly codification.
The revisions include updates to
redemption rates and procedures that
will enhance the integrity of the
acceptance and processing of bent and
partial United States coins.
DATES: Effective Date: January 19, 2018.
FOR FURTHER INFORMATION CONTACT:
Sheila Barnett, Legal Counsel; Office of
the Chief Counsel; United States Mint;
at (202) 354–7624 or sbarnett@
usmint.treas.gov.
ethrower on DSK3G9T082PROD with RULES
SUMMARY:
SUPPLEMENTARY INFORMATION:
I. Background
The Treasury Regulations appearing
at 31 CFR part 100, subpart C, are
promulgated under 31 U.S.C. 5120, and
VerDate Sep<11>2014
16:19 Dec 19, 2017
Jkt 244001
relate to the exchange of uncurrent,
bent, partial, fused, and mixed coins.
The last amendment to 31 CFR part 100,
subpart C, was on August 23, 1999.
Since then, the United States Mint
identified portions of the regulations in
need of revision to update redemption
rates and procedures, and to enhance
the integrity of the acceptance and
processing of bent and partial United
States coins. The United States Mint
was also informed that the current
structure of part 100 does not meet the
orderly codification requirements of 1
CFR 8.2, 21.8, and 21.9.
The first category of revisions updates
and improves the redemption process of
bent and partial coins to enhance
security and ensure the integrity of
United States coinage. The revisions
establish procedures for certifying
participants based on submission
amounts and frequency, sampling
submissions to authenticate material,
conducting site visits for certain
participants, and requiring information
on how the submission came to be bent
or partial. The revisions also inform
submitters of required banking
information. Lastly, the revisions
provide the United States Mint
discretion to cease processing
submissions that appear to be part of an
illegal scheme, or contain material that
is not identifiable as bent or partial
United States coinage.
The second category of revisions
relates to the redemption rates for
uncurrent coins and bent and partial
coins that have been withdrawn from
circulation. For uncurrent coins, the
revisions clarify the procedure for
redemption by instructing the public to
deposit the uncurrent coins with a
financial institution that will accept
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Fmt 4700
Sfmt 4700
them, or with a depository institution
that has a direct relationship with a
Federal Reserve Bank. The revisions
make clear that a Federal Reserve Bank
will redeem uncurrent coins based on
the policies described in the Federal
Reserve’s Operating Circular 2.
For bent or partial coins, the revisions
update the redemption rates of certain
coins to reflect the current values and
compositions of coins being redeemed.
For example, in the prior regulation, the
redemption rate for one-cent coins was
$1.4585 per pound; this redemption rate
was derived from the weight of bronze
one-cent coins (3.11 grams or 0.1097
ounces each), which the United States
Mint has not minted and issued since
1982. In 1983, the United States Mint
began minting and issuing only copperplated zinc one-cent coins, which weigh
2.50 grams or 0.0882 ounces each. Due
to the weight difference, a pound (the
minimum weight for redemption) of
copper-plated zinc one-cent coins
contains a higher quantity of coins than
a pound of bronze one-cent coins. The
revisions make the redemption rate
$1.8100 for a pound consisting solely of
copper-plated zinc one-cent coins. For
bronze one-cent coins, or a mix of both
bronze and copper-plated zinc one-cent
coins, the lower redemption rate of
$1.4585 will apply. A similar update is
made to the redemption rate for $1
coins.
The third category of revisions
clarifies that the United States Mint will
not accept fused coins. The United
States Mint will also not accept mixed
coins (coins of several alloy categories
presented together) for redemption, with
the exception of bent or partial one-cent
coins and $1 coins that are presented in
mixed years.
E:\FR\FM\20DER1.SGM
20DER1
]]>Agencies
[Federal Register Volume 82, Number 243 (Wednesday, December 20, 2017)]
[Rules and Regulations]
[Pages 60308-60309]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27361]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Valuation of
Benefits and Assets; Expected Retirement Age
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule amends the Pension Benefit Guaranty Corporation's
regulation on Allocation of Assets in Single-Employer Plans by
substituting a new table for determining expected retirement ages for
participants in pension plans undergoing distress or involuntary
termination with valuation dates falling in 2018. This table is needed
to compute the value of early retirement benefits and, thus, the total
value of benefits under a plan.
DATES: This rule is effective January 1, 2018.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Attorney, Regulatory Affairs Division, Office of the General Counsel,
Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC
20005, 202-326-4400 ext. 3839. (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. 3839.)
SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan termination insurance program under
Title IV of the Employee Retirement Income Security Act of 1974
(ERISA). PBGC's regulation on Allocation of Assets in Single-Employer
Plans (29 CFR part 4044) sets forth (in subpart B) the methods for
valuing plan benefits of terminating single-employer plans covered
under Title IV. Guaranteed benefits and benefit liabilities under a
plan that is undergoing a distress termination must be valued in
accordance with subpart B of part 4044. In addition, when PBGC
terminates an underfunded plan involuntarily pursuant to ERISA section
4042(a), it uses the subpart B valuation rules to determine the amount
of the plan's underfunding.
Under Sec. 4044.51(b) of the asset allocation regulation, early
retirement benefits are valued based on the annuity starting date, if a
retirement date has been selected, or the expected retirement age, if
the annuity starting date is not known on the valuation date. Sections
4044.55 through 4044.57 set forth rules for determining the expected
retirement ages for plan participants entitled to early retirement
benefits. Appendix D of part 4044 contains tables to be used in
determining the expected early retirement ages.
Table I in appendix D (Selection of Retirement Rate Category) is
used to determine whether a participant has a low, medium, or high
probability of retiring early. The determination is based on the year a
participant would reach ``unreduced retirement age'' (i.e., the earlier
of the normal retirement age or the age at which an unreduced benefit
is first payable) and the participant's monthly benefit at unreduced
retirement age. The table applies only to plans with valuation dates in
the current year and is updated annually by PBGC to reflect changes in
the cost of living, etc.
Tables II-A, II-B, and II-C (Expected Retirement Ages for
Individuals in the Low, Medium, and High Categories respectively) are
used to determine the expected retirement age after the probability of
early retirement has been determined using Table I. These tables
establish, by probability category, the expected retirement age based
on both the earliest age a participant could retire under the plan and
the unreduced retirement age. This expected retirement age is used to
compute the value of the early retirement benefit and, thus, the total
value of benefits under the plan.
This document amends appendix D to replace Table I-17 with Table I-
18 to provide an updated correlation, appropriate for calendar year
2018, between the amount of a participant's benefit and the probability
that the participant will elect early retirement. Table I-18 will be
used to value benefits in plans with valuation dates during calendar
year 2018.
PBGC has determined that notice of, and public comment on, this
rule are impracticable and contrary to the public interest. Plan
administrators need to be able to estimate accurately the value of plan
benefits as early as possible before initiating the termination
process. For that purpose, if a plan has a valuation date in 2018, the
plan administrator needs the updated table being promulgated in this
rule. Accordingly, PBGC finds that the public interest is best served
by issuing this table expeditiously, without an opportunity for notice
and comment, and that good cause exists for making the table set forth
in this amendment effective less than 30 days after publication to
allow as much time as possible to estimate the value of plan benefits
with the proper table for plans with valuation dates in early 2018.
PBGC has determined that this action is not a ``significant
regulatory action'' under the criteria set forth in Executive Order
12866 and Executive Order 13771.
Because no general notice of proposed rulemaking is required for
this regulation, the Regulatory Flexibility Act of 1980 does not apply
(5 U.S.C. 601(2)).
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension insurance.
In consideration of the foregoing, 29 CFR part 4044 is amended as
follows:
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
1. 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
2. Appendix D to part 4044 is amended by removing Table I-17 and adding
in its place Table I-18 to read as follows:
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
[[Page 60309]]
Table I-18--Selection of Retirement Rate Category
[For plans with valuation dates after December 31, 2017, and before January 1, 2019]
----------------------------------------------------------------------------------------------------------------
Participant's Retirement Rate Category is--
---------------------------------------------------------------
Low \1\ if Medium \2\ if monthly benefit High \3\ if
If participant reaches URA in year-- monthly at URA is-- monthly
benefit at -------------------------------- benefit at
URA is less URA is
than-- From-- To-- greater than--
----------------------------------------------------------------------------------------------------------------
2019............................................ 647 647 2,734 2,734
2020............................................ 662 662 2,797 2,797
2021............................................ 678 678 2,862 2,862
2022............................................ 693 693 2,927 2,927
2023............................................ 709 709 2,995 2,995
2024............................................ 725 725 3,064 3,064
2025............................................ 742 742 3,134 3,134
2026............................................ 759 759 3,206 3,206
2027............................................ 777 777 3,280 3,280
2028 or later................................... 794 794 3,355 3,355
----------------------------------------------------------------------------------------------------------------
\1\ Table II-A.
\2\ Table II-B.
\3\ Table II-C.
* * * * *
Issued in Washington, DC, by:
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2017-27361 Filed 12-19-17; 8:45 am]
BILLING CODE 7709-02-P
