Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 6956-6957 [2018-03227]
Download as PDF
<![CDATA[
6956
Federal Register / Vol. 83, No. 33 / Friday, February 16, 2018 / Rules and Regulations
Dated: February 12, 2018.
Richard E. Ashooh,
Assistant Secretary for Export
Administration.
[FR Doc. 2018–03234 Filed 2–15–18; 8:45 am]
BILLING CODE 3510–33–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
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
March 2018. The interest assumptions
are used for paying benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective March 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/ASCII users
may call the Federal relay service tollfree 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
SUMMARY:
Rate set
For plans with a valuation
date
On or after
*
293
Before
*
3–1–18
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
website (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 March 2018.1
The March 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 February 2018,
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
Immediate
annuity rate
(percent)
*
4–1–18
0.75
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 March 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 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
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
293 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
*
*
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
n1
*
4.00
n2
*
7
8
3. In appendix C to part 4022, Rate Set
293 is added at the end of the table to
read as follows:
daltland on DSKBBV9HB2PROD with RULES
■
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
VerDate Sep<11>2014
17:46 Feb 15, 2018
Jkt 244001
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00008
Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\16FER1.SGM
16FER1
6957
Federal Register / Vol. 83, No. 33 / Friday, February 16, 2018 / Rules and Regulations
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
*
*
*
*
For plans with a valuation
date
Rate set
On or after
*
Before
*
293
*
3–1–18
4–1–18
0.75
Issued in Washington, DC, by
Daniel S. Liebman,
Acting Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–03227 Filed 2–15–18; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
[Docket Number USCG–2017–1100]
RIN 1625–AA08
Special Local Regulation; Pamlico
River, Washington, NC
Coast Guard, DHS.
Temporary final rule.
The Coast Guard is
establishing a special local regulation on
the navigable waters of the Pamlico
River near Washington, North Carolina.
This special local regulation is intended
to restrict vessel traffic on the Pamlico
River during a high-speed boat race.
This action is intended to restrict vessel
traffic movement in the regulated area to
protect participants, spectators, and
property from the hazards posed by
high-speed boat races. Entry of vessels
or persons into this special local
regulation is prohibited unless
specifically authorized by the Captain of
the Port (COTP) North Carolina or a
designated representative.
DATES: This rule is effective from 7 a.m.
on February 23, 2018, through noon on
February 24, 2018, with an alternate
date of February 25, 2018 from 7 a.m.
through noon.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2017–
1100 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
daltland on DSKBBV9HB2PROD with RULES
17:46 Feb 15, 2018
Jkt 244001
i2
*
4.00
i3
4.00
*
Folder on the line associated with this
rule.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email Petty Officer Matthew Tyson,
Waterways Management Division, U.S.
Coast Guard Sector North Carolina,
Wilmington, NC; telephone: 910–772–
2221, email: Matthew.I.Tyson@uscg.mil.
SUPPLEMENTARY INFORMATION:
II. Background Information and
Regulatory History
AGENCY:
VerDate Sep<11>2014
i1
CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
COTP Captain of the Port
33 CFR Part 100
SUMMARY:
Deferred annuities
(percent)
I. Table of Abbreviations
Coast Guard
ACTION:
Immediate
annuity rate
(percent)
The Coast Guard is issuing this
temporary rule without prior notice and
opportunity to comment pursuant to
authority under section 4(a) of the
Administrative Procedure Act (APA) (5
U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because the
Coast Guard was notified about the race
on December 1, 2017 and there were
multiple revisions over the following
three weeks. It is impracticable and
contrary to the public interest to delay
this action. Waiting for a comment
period to run would inhibit the Coast
Guard’s ability to protect the public and
participants from the dangers associated
with the high-speed boat race scheduled
to start on February 23, 2018.
For the same reasons, the Coast Guard
finds good cause to make this rule
effective less than 30 days after
publication, under 5 U.S.C. 553(d)(3).
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
n1
*
4.00
n2
*
7
8
Immediate implementation is required
to protect the public and participants
from the dangers associated with these
activities.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority in 33 U.S.C. 1233. The
COTP North Carolina has determined
that potential hazards associated with
the Iconic Marine Group Kilo Race
scheduled on February 23 and February
24, 2018, with an alternate date
February 25, 2018, is a safety concern
for mariners during the high-speed boat
race on the Pamlico River near
Washington, North Carolina. This rule is
necessary to protect persons and vessels
from the potential hazards associated
with the high-speed boat race.
IV. Discussion of the Rule
This rule establishes a special local
regulation on a portion of the Pamlico
River on February 23 and February 24,
2018, with an alternate date of February
25, 2018, in the event that weather or
other factors do not allow the race to
commence on the primary dates. The
special local regulation will be enforced
for approximately one hour between the
hours of 7 a.m. and noon, when
environmental conditions meet the
requirements for the race. The exact
times of enforcement will be broadcast
locally over VHF–FM marine radio. The
special local regulation will include all
navigable waters of the Pamlico River
near Washington, North Carolina, from
approximate positions: Latitude
35°28′42″ N, longitude 076°59′14″ W,
then northwest to latitude 35°29′53″ N,
longitude 077°01′18″ W, then northwest
along the shoreline to latitude 35°32′29″
N, longitude 077°03′47″ W, then
northwest to latitude 35°32′34″ N,
longitude 077°03′56″ W, then northeast
to latitude 35°32′42″ N, longitude
077°03′50″ W, then southeast along the
shoreline to latitude 35°29′06″ N,
longitude 076°58′48″ W, then southwest
back to the point of origin, a length of
approximately six miles. The duration
of this special local regulation is
E:\FR\FM\16FER1.SGM
16FER1
]]>Agencies
[Federal Register Volume 83, Number 33 (Friday, February 16, 2018)]
[Rules and Regulations]
[Pages 6956-6957]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03227]
=======================================================================
-----------------------------------------------------------------------
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 March 2018. The interest assumptions are used
for paying benefits under terminating single-employer plans covered by
the pension insurance system administered by PBGC.
DATES: Effective March 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/ASCII 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 website
(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 March 2018.\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 March 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 February 2018, 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 March 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 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 293 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
293 3-1-18 4-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 293 is added at the end of the
table to read as follows:
[[Page 6957]]
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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
293 3-1-18 4-1-18 0.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, by
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2018-03227 Filed 2-15-18; 8:45 am]
BILLING CODE 7709-02-P
