Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 15946-15948 [2018-07466]
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Federal Register / Vol. 83, No. 72 / Friday, April 13, 2018 / Rules and Regulations
Airbus Helicopters Model AS350B2 and
AS350B3 helicopters, as changed,
comply with the noise certification
requirements of 14 CFR part 36.
The FAA issues special conditions, as
defined in 14 CFR 11.19, in accordance
with § 11.38 and they become part of the
type certification basis under § 21.101.
Novel or Unusual Design Features
The Airbus Helicopters Model
AS350B2 and AS350B3 helicopter
incorporates the following novel or
unusual design features: A GFC 600H
AP/SCAS. This GFC 600H AP/SCAS
performs non-critical control functions.
The GFC 600H AP/SCAS is a two or
three axis system with the following
novel functions: Limit cueing, level
mode, and hover assist.
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Discussion
These special conditions clarify the
requirement to perform a proper failure
analysis and also recognizes that the
severity of failures can vary. Current
industry standards and practices
recognize five failure condition
categories: Catastrophic, Hazardous,
Major, Minor, and No-Safety Effect.
These special conditions address the
safety requirement for systems whose
failures could result in catastrophic or
hazardous/severe-major failure
conditions and for complex systems
whose failures could result in major
failure conditions.
To comply with the provisions of the
special conditions, we require that
Garmin provide the FAA with a systems
safety assessment (SSA) for the final
GFC 600H AP/SCAS installation
configuration that adequately address
the safety objectives established by a
functional hazard assessment (FHA) and
a preliminary system safety assessment
(PSSA), including the fault tree analysis
(FTA). This ensures that all failure
conditions and their resulting effects are
adequately addressed for the installed
GFC 600H AP/SCAS. The SSA process,
FHA, PSSA, and FTA are all parts of the
overall safety assessment process
discussed in FAA Advisory Circular 27–
1B, Certification of Normal Category
Rotorcraft, and Society of Automotive
Engineers document Aerospace
Recommended Practice 4761,
Guidelines and Methods for Conducting
the Safety Assessment Process on Civil
Airborne Systems and Equipment.
These special conditions require that
the GFC 600H AP/SCAS installed on
Airbus Helicopters Model AS350B2 and
Model AS350B3 helicopters meet the
requirements to adequately address the
failure effects identified by the FHA,
and subsequently verified by the SSA,
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16:22 Apr 12, 2018
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within the defined design integrity
requirements.
Comments
No comments were received in
response to the Notice of proposed
special conditions No. 27–043–SC (82
FR 57685, December 7, 2017). The
closing date for comments was January
22, 2018. Accordingly, the special
conditions are adopted as proposed.
Applicability
(2) The occurrence of any hazardous
failure condition is extremely remote;
and
(3) The occurrence of any major
failure condition is remote.
(c) Information concerning an unsafe
system operating condition must be
provided in a timely manner to the crew
to enable them to take appropriate
corrective action. An appropriate alert
must be provided if immediate pilot
awareness and immediate or subsequent
corrective action is required. Systems
and controls, including indications and
annunciations, must be designed to
minimize crew errors which could
create additional hazards.
As discussed above, these special
conditions are applicable to Airbus
Helicopters Model AS350B2 and
AS350B3 helicopters. Should Garmin
apply at a later date for an STC to
modify any other model included on
Type Certificate Number H9EU to
incorporate the same novel or unusual
design feature, these special conditions
would apply to that model as well.
Issued in Fort Worth, Texas, on March 30,
2018.
Jorge Castillo,
Acting Manager, Rotorcraft Standards
Branch, Policy and Innovation Division
Aircraft Certification Service.
Conclusion
[FR Doc. 2018–07655 Filed 4–12–18; 8:45 am]
This action affects only certain novel
or unusual design features on two
model helicopters. It is not a rule of
general applicability and affects only
the applicant who applied to the FAA
for approval of these features.
BILLING CODE 4910–13–P
List of Subjects in 14 CFR Part 27
Aircraft, Aviation safety, Reporting
and recordkeeping requirements.
The authority citation for these
special conditions is as follows:
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Authority: 49 U.S.C. 106(g), 40113, 44701,
44702, 44704.
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
The Special Conditions
SUMMARY:
Accordingly, pursuant to the
authority delegated to me by the
Administrator, the following special
conditions are issued as part of the type
certification basis for Airbus Helicopters
Model AS350B2 and AS350B3
helicopters modified by Garmin
International, Inc. (Garmin).
Instead of the requirements of 14 CFR
27.1309(b) and (c), the following must
be met for certification of the Garmin
Flight Control 600H autopilot with
stability and control augmentation
system:
(a) The equipment and systems must
be designed and installed so that any
equipment and system does not
adversely affect the safety of the
rotorcraft or its occupants.
(b) The rotorcraft systems and
associated components considered
separately and in relation to other
systems, must be designed and installed
so that:
(1) The occurrence of any catastrophic
failure condition is extremely
improbable;
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Fmt 4700
Sfmt 4700
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
May 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 May 1, 2018.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street
NW, Washington, DC 20005, 202–326–
4400 ext. 3839. (TTY 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: 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
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Federal Register / Vol. 83, No. 72 / Friday, April 13, 2018 / Rules and Regulations
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 May 2018.1
The May 2018 interest assumptions
under the benefit payments regulation
will be 1.00 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 April 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 May 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.
For plans with a valuation
date
Rate set
On or after
*
*
Before
*
295
5–1–18
3. In appendix C to part 4022, Rate Set
295 is added at the end of the table to
read as follows:
■
1.00
*
*
*
For plans with a valuation
date
*
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
295 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
i3
n1
n2
*
4.00
4.00
*
4.00
7
8
n2
*
Before
*
Immediate
annuity rate
(percent)
*
295
List of Subjects in 29 CFR Part 4022
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
On or after
*
*
6–1–18
*
Rate set
Immediate
annuity rate
(percent)
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).
5–1–18
*
6–1–18
1.00
Deferred annuities
(percent)
i1
i2
i3
n1
*
4.00
4.00
*
4.00
7
*
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–07466 Filed 4–12–18; 8:45 am]
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BILLING CODE 7709–02–P
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
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17:31 Apr 12, 2018
Jkt 244001
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
Sfmt 4700
ERISA section 4044. Those assumptions are
updated quarterly.
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8
15948
Federal Register / Vol. 83, No. 72 / Friday, April 13, 2018 / Rules and Regulations
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2017–0146]
RIN 1625–AA87
Security Zones; Port Canaveral Harbor,
Cape Canaveral Air Force Station, FL
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
The Coast Guard is revising a
security zone to extend the geographical
boundaries of the permanent security
zone at Port Canaveral Harbor. This
action is necessary to ensure the
security of vessels, facilities, and the
surrounding areas within this zone. This
regulation prohibits persons and vessels
from entering, transiting through,
anchoring in, or remaining within the
security zone unless authorized by the
Captain of the Port (COTP) Jacksonville
or a designated representative.
DATES: This rule is effective May 14,
2018.
SUMMARY:
To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2017–
0146 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rule.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email Lieutenant Allan Storm, Sector
Jacksonville, Waterways Management
Division, U.S. Coast Guard; telephone
(904) 714–7616, email Allan.H.Storm@
uscg.mil.
ADDRESSES:
SUPPLEMENTARY INFORMATION:
I. Table of Abbreviations
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
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II. Background Information and
Regulatory History
On October 3, 1988, the Coast Guard
published a final rule creating a
permanent security zone at Port
Canaveral Harbor, Cape Canaveral,
Florida, entitled, ‘‘Security Zone; Port
Canaveral Harbor, Cape Canaveral, FL’’
(53 FR 38718) to safeguard the
waterfront and military assets along the
U.S. Navy’s Poseidon Wharf inside the
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17:31 Apr 12, 2018
Jkt 244001
southeast portion of Port Canaveral
Harbor’s Middle Basin. This waterfront
area is located on Cape Canaveral Air
Force Station (CCAFS), a U.S. Air Force
military installation. Additionally, the
northern and northeast portion of the
Middle Basin’s waterfront is located
almost entirely on CCAFS property, and
within this area are piers utilized by the
U.S. Air Force and U.S. Army. CCAFS
routinely conducts operations critical to
national security.
The U.S. Navy requested an
amendment to the current regulation in
33 CFR 165.705(b) to expand the
geographical boundaries to include the
northern and northeastern portion of the
Middle Basin of Port Canaveral Harbor
in order to ensure the safety and
security of military assets and
infrastructure along the entire CCAFS
waterfront. In response, on October 3,
2017, the Coast Guard published a
notice of proposed rulemaking (NPRM)
entitled, ‘‘Security Zones; Port
Canaveral Harbor, Cape Canaveral Air
Force Station, FL’’ (82 FR 46007). There
we stated why we issued the NPRM,
and invited comments on our proposed
regulatory action related to revising the
security zone. During the comment
period that ended November 3, 2017, we
received 3 comments.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority 33 U.S.C. 1231. The
COTP Jacksonville has determined it is
necessary to expand the security zone in
the Middle Basin of Port Canaveral
Harbor to ensure the security of military
assets and waterfront facilities from
destruction, loss, or injury from
sabotage or other subversive acts,
accidents or other causes of a similar
nature.
IV. Discussion of Comments, Changes,
and the Rule
As noted above, we received 3
comments on our NPRM published
October 3, 2017. One comment was in
support of the rule. The other two
comments provided recommendations
and feedback to the rule. One comment
provided a recommendation to conduct
a safety study to ensure that the
likelihood for a collision has not
increased. The Coast Guard does not
intend to conduct a safety study for the
revised security zone, as there have
been no safety concerns raised during
discussions within the port community;
including the Canaveral Pilots
Association, the Canaveral Port
Authority, U.S. Navy, and Brevard
County Sheriff’s Office. The other
comment inquired about the inclusion
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
of the U.S. Army Corps of Engineers
(USACE) to revise the restricted area
outlined in 33 CFR 334.530 to match the
Coast Guard’s expanded security zone.
The Coast Guard intends to make a
recommendation to USACE to revise the
restricted area in 33 CFR 334.530. There
are no changes in the regulatory text of
this rule from the proposed rule in the
NPRM.
This rule expands the geographical
boundaries of the current regulated area
in 33 CFR 165.705(b) to include the
navigable waters of the Port Canaveral
Harbor’s Middle Basin. This revision
redesignates § 165.705(b) to new
§ 165.705(a)(2).
The rule also made the following
amendments: (1) Changed the title of the
existing regulation in 33 CFR 165.705
from ‘‘Port Canaveral Harbor, Cape
Canaveral, Florida’’ to ‘‘Security Zones:
Port Canaveral Harbor, Cape Canaveral
Air Force Station, FL;’’ (2) added a new
paragraph (c) and changed the title to
‘‘Regulations;’’ (3) redesignated existing
paragraph (d) as new paragraph (c)(1)
with minor non-substantive changes; (4)
redesignated existing paragraph (c) as
new paragraph (c)(2) with minor nonsubstantive changes; (5) and added a
new paragraph (c)(3). Lastly, we added
a new paragraph (b), entitled
‘‘Definitions’’ to define the term
‘‘designated representative.’’
V. Regulatory Analyses
We developed this rule after
considering numerous statutes and
Executive orders related to rulemaking.
Below we summarize our analyses
based on a number of these statutes and
Executive orders, and we discuss First
Amendment rights of protestors.
A. Regulatory Planning and Review
Executive Orders 12866 and 13563
direct agencies to assess the costs and
benefits of available regulatory
alternatives and, if regulation is
necessary, to select regulatory
approaches that maximize net benefits.
Executive Order 13771 directs agencies
to control regulatory costs through a
budgeting process. This rule has not
been designated a ‘‘significant
regulatory action,’’ under Executive
Order 12866. Accordingly, this rule has
not been reviewed by the Office of
Management and Budget (OMB), and
pursuant to OMB guidance it is exempt
from the requirements of Executive
Order 13771.
E:\FR\FM\13APR1.SGM
13APR1
]]>Agencies
[Federal Register Volume 83, Number 72 (Friday, April 13, 2018)]
[Rules and Regulations]
[Pages 15946-15948]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07466]
=======================================================================
-----------------------------------------------------------------------
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 May 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 May 1, 2018.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-326-
4400 ext. 3839. (TTY 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: 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
[[Page 15947]]
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 May 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 May 2018 interest assumptions under the benefit payments
regulation will be 1.00 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 April 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 May 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 295 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 Deferred annuities (percent)
date Immediate -----------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
295............................................ 5-1-18 6-1-18 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 295 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 Deferred annuities (percent)
date Immediate -----------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
295............................................ 5-1-18 6-1-18 1.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2018-07466 Filed 4-12-18; 8:45 am]
BILLING CODE 7709-02-P
