Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 22387-22389 [2018-10038]
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Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Rules and Regulations
(A) Paragraph (b) of § 32.6; or
(B) The Act, at 34 U.S.C. 10281(f).
*
*
*
*
*
■
§ 32.34
*
§ 32.53
[Amended]
24. In paragraph (c) of § 32.34, remove
‘‘abandoned.’’ and add in its place
‘‘abandoned, as though never filed.’’
■
§ 32.36
[Amended]
25. In paragraph (a) of § 32.36, remove
‘‘42 U.S.C. 3796d–1(a)(2),’’ and add in
its place ‘‘34 U.S.C. 10302(a)(2),’’.
■
§ 32.43
[Amended]
26. In paragraph (a) of § 32.43, remove
‘‘42 U.S.C. 3787’’ and add in its place
‘‘34 U.S.C. 10225’’.
■ 27. Revise paragraph (b) of § 32.44 to
read as follows:
■
§ 32.44
Hearing Officer determination.
*
*
*
*
*
(b) Upon a Hearing Officer’s
approving or denying a claim, the PSOB
Office shall serve notice of the same
simultaneously upon the claimant (and
upon any other claimant who may have
filed a claim with respect to the same
public safety officer). Such notice
shall—
(1) Specify the Hearing Officer’s
factual findings and legal conclusions
that support it; and
(2) In the event of a denial, provide
information as to Director appeals.
*
*
*
*
*
■ 28. Amend § 32.45 as follows:
■ a. In paragraph (d)(1), remove ‘‘; and’’.
■ b. In paragraph (d)(2), remove the
period and add in its place ‘‘; and’’.
■ c. Add paragraph (d)(3).
The addition reads as follows:
§ 32.45
Hearings.
*
*
*
*
*
(d) * * *
(3) Shall (unless the Director should
direct or allow otherwise) be the only
individual (other than the claimant’s
representative, if any) who may examine
the claimant.
*
*
*
*
*
§ 32.51
[Amended]
29. In § 32.51, remove ‘‘42 U.S.C.
3796c–1’’ and add in its place ‘‘34
U.S.C. 10286’’.
■
§ 32.52
30. In paragraph (b) of § 32.52, remove
‘‘nonphysical’’ and add in its place
‘‘non-physical’’.
■ 31. Effective June 14, 2018, amend
§ 32.53 as follows:
■ a. In paragraph (b)(2), remove ‘‘42
U.S.C. 3796c–1’’ and add in its place
‘‘34 U.S.C. 10286’’.
daltland on DSKBBV9HB2PROD with RULES
■
16:07 May 14, 2018
Jkt 244001
Review.
*
*
*
*
(d) The Director may reconsider a
claim under subparts B or C of this part
that has been denied in a final agency
determination if—
(1) The public safety officer was a
WTC responder;
(2) The claim was based on the
allegation that—
(i) The WTC responder sustained an
injury that was the direct and proximate
cause of his death or of his permanent
and total disability; and
(ii) The WTC responder’s injury was
sustained in the course of performance
of line of duty activity or a line of duty
action that exposed him to airborne
toxins, other hazards, or other adverse
conditions resulting from the September
11, 2001, attacks;
(3) The sole ground of the denial was
that the claim did not establish that—
(i) The WTC responder sustained an
injury in the course of performance of
line of duty activity or a line of duty
action; or
(ii) The injury allegedly sustained by
the WTC responder was the direct and
proximate cause of his death or
permanent and total disability;
(4) The alleged injury on which the
claim was based is a WTC-related health
condition; and
(5) The claimant files with the PSOB
Office a motion for such reconsideration
before the later of—
(i) Two years after the earlier of—
(A) The date on which the WTCrelated physical health condition, if any,
is determined by the September 11th
Victim Compensation Fund, for the
WTC responder, to meet the definition
at section 104.2(i) of this title (as in
effect on January 17, 2017); or
(B) The date on which the WTCrelated health condition, if any, is
certified, for the WTC responder, under
(as applicable) 42 U.S.C. 300mm–
22(b)(1)(B)(ii) or 42 U.S.C. 300mm–
22(b)(2)(A)(ii); or
(ii) June 14, 2020.
■ 32. Effective June 14, 2020, revise
paragraph (d)(5) of § 32.53, to read as
follows:
§ 32.53
[Amended]
VerDate Sep<11>2014
b. Add paragraph (d).
The addition reads as follows:
Review.
*
*
*
*
*
(d) * * *
(5) The claimant files with the PSOB
Office a motion for such reconsideration
before the earlier of two year—
(i) The date on which the WTCrelated physical health condition, if any,
is determined by the September 11th
Victim Compensation Fund, for the
PO 00000
Frm 00039
Fmt 4700
Sfmt 4700
22387
WTC responder, to meet the definition
at section 104.2(i) of this title (as in
effect on January 17, 2017); or
(ii) The date on which the WTCrelated health condition, if any, is
certified, for the WTC responder, (as
applicable) 42 U.S.C. 300mm–
22(b)(1)(B)(ii) or 42 U.S.C. 300mm–
22(b)(2)(A)(ii).
■ 33. Amend § 32.54 as follows:
■ a. Revise paragraph (a).
■ b. In paragraph (c) introductory text,
remove ‘‘may—’’ and add in its place
‘‘may (among other things)—’’.
The revision reads as follows:
§ 32.54
Director determination.
(a) Upon the Director’s approving or
denying a claim, the PSOB Office shall
serve notice of the same simultaneously
upon the claimant (and upon any other
claimant who may have filed a claim
with respect to the same public safety
officer), and upon any Hearing Officer
who made a determination with respect
to the claim. Such notice shall—
(1) Specify the factual findings and
legal conclusions that support it; and
(2) In the event of a denial, provide
information as to judicial appeals.
*
*
*
*
*
■ 34. Revise § 32.55 to read as follows:
§ 32.55
Judicial appeal.
Consistent with § 32.8, no
administrative action other than an
approval or denial described in
§ 32.54(a) shall constitute a final agency
determination for purposes of the Act, at
34 U.S.C. 10287.
Dated May 2, 2018.
Alan R. Hanson,
Principal Deputy Assistant Attorney General.
[FR Doc. 2018–09640 Filed 5–14–18; 8:45 am]
BILLING CODE 4410–18–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
June 2018. The interest assumptions are
used for paying benefits under
SUMMARY:
E:\FR\FM\15MYR1.SGM
15MYR1
22388
Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Rules and Regulations
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES: Effective June 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
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 June 2018.1
The June 2018 interest assumptions
under the benefit payments regulation
will be 1.25 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 May 2018,
these assumptions represent an increase
of 0.25 percent in the immediate rate
and are otherwise 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 June 2018, PBGC finds that
good cause exists for making the
For plans with a valuation
date
On or after
Rate set
*
296 ....................................
Before
*
7–1–18
1.25
6–1–18
3. In appendix C to part 4022, Rate Set
296 is added at the end of the table to
read as follows:
■
*
For plans with a valuation
date
*
*
daltland on DSKBBV9HB2PROD with RULES
Before
*
*
7–1–18
VerDate Sep<11>2014
16:07 May 14, 2018
Jkt 244001
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
296 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
n1
4.00
*
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
1.25
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
1. The authority citation for part 4022
continues to read as follows:
■
4.00
Immediate
annuity rate
(percent)
6–1–18
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
i1
*
On or after
*
296 ....................................
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
Rate set
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
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).
i1
i2
i3
4.00
*
4.00
4.00
*
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
Sfmt 4700
*
*
7
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15MYR1.SGM
15MYR1
8
Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Rules and Regulations
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–10038 Filed 5–14–18; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Parts 100, 117, 147, and 165
[USCG–2018–0276]
2018 Quarterly Listings; Safety Zones,
Security Zones, Special Local
Regulations, Drawbridge Operation
Regulations and Regulated Navigation
Areas
Coast Guard, DHS.
Notification of expired
temporary rules issued.
AGENCY:
ACTION:
This document provides
notification of substantive rules issued
by the Coast Guard that were made
temporarily effective but expired before
they could be published in the Federal
Register. This document lists temporary
safety zones, security zones, special
local regulations, drawbridge operation
regulations and regulated navigation
areas, all of limited duration and for
which timely publication in the Federal
Register was not possible.
DATES: This document lists temporary
Coast Guard rules that became effective,
primarily between January 2018 and
March 2018, unless otherwise indicated,
SUMMARY:
daltland on DSKBBV9HB2PROD with RULES
Docket No.
USCG–2012–
1036.
USCG–2017–
1103.
USCG–2018–
0001.
USCG–2018–
0021.
USGC–2018–
0018.
USCG–2017–
1088.
USCG–2017–
1096.
USCG–2018–
0053.
USCG–2017–
1110.
USCG–2018–
0062.
USCG–2017–
1029.
VerDate Sep<11>2014
and were terminated before they could
be published in the Federal Register.
ADDRESSES: Temporary rules listed in
this document may be viewed online,
under their respective docket numbers,
using the Federal eRulemaking Portal at
https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: For
questions on this document contact
Yeoman First Class David Hager, Office
of Regulations and Administrative Law,
telephone (202) 372–3862.
SUPPLEMENTARY INFORMATION: Coast
Guard District Commanders and
Captains of the Port (COTP) must be
immediately responsive to the safety
and security needs within their
jurisdiction; therefore, District
Commanders and COTPs have been
delegated the authority to issue certain
local regulations. Safety zones may be
established for safety or environmental
purposes. A safety zone may be
stationary and described by fixed limits
or it may be described as a zone around
a vessel in motion. Security zones limit
access to prevent injury or damage to
vessels, ports, or waterfront facilities.
Special local regulations are issued to
enhance the safety of participants and
spectators at regattas and other marine
events. Drawbridge operation
regulations authorize changes to
drawbridge schedules to accommodate
bridge repairs, seasonal vessel traffic,
and local public events. Regulated
Navigation Areas are water areas within
a defined boundary for which
regulations for vessels navigating within
the area have been established by the
regional Coast Guard District
Commander.
Timely publication of these rules in
the Federal Register may be precluded
22389
when a rule responds to an emergency,
or when an event occurs without
sufficient advance notice. The affected
public is, however, often informed of
these rules through Local Notices to
Mariners, press releases, and other
means. Moreover, actual notification is
provided by Coast Guard patrol vessels
enforcing the restrictions imposed by
the rule. Because Federal Register
publication was not possible before the
end of the effective period, mariners
were personally notified of the contents
of these safety zones, security zones,
special local regulations, regulated
navigation areas or drawbridge
operation regulations by Coast Guard
officials on-scene prior to any
enforcement action. However, the Coast
Guard, by law, must publish in the
Federal Register notice of substantive
rules adopted. To meet this obligation
without imposing undue expense on the
public, the Coast Guard periodically
publishes a list of these temporary
safety zones, security zones, special
local regulations, regulated navigation
areas and drawbridge operation
regulations. Permanent rules are not
included in this list because they are
published in their entirety in the
Federal Register. Temporary rules are
also published in their entirety if
sufficient time is available to do so
before they are placed in effect or
terminated.
The following unpublished rules were
placed in effect temporarily during the
period between January 2018 and March
2018 unless otherwise indicated. To
view copies of these rules, visit
www.regulations.gov and search by the
docket number indicated in the
following table.
Type
Location
Safety Zones ..............................................................
Long island Sound Zone ...........................................
11/25/2017
Safety Zones ..............................................................
Sandusky, OH ............................................................
12/31/2017
Safety Zones ..............................................................
Bellaire, OH ...............................................................
1/6/2018
Safety Zones ..............................................................
Palm Beach, FL .........................................................
1/11/2018
Security Zones ...........................................................
Palm Beach, FL .........................................................
1/12/2018
Security Zones ...........................................................
Detroit, MI ..................................................................
1/13/2018
Safety Zones ..............................................................
Piti, GU ......................................................................
1/17/2018
Safety Zones ..............................................................
Thebes, IL ..................................................................
1/18/2018
Safety Zones ..............................................................
Harbor, GU ................................................................
1/24/2018
Special Local Regulations .........................................
New York Zone ..........................................................
1/26/2018
Special Local Regulations .........................................
San Diego Captain of the Port ..................................
1/27/2018
16:07 May 14, 2018
Jkt 244001
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E:\FR\FM\15MYR1.SGM
Effective date
15MYR1
]]>Agencies
[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)]
[Rules and Regulations]
[Pages 22387-22389]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10038]
=======================================================================
-----------------------------------------------------------------------
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 June 2018. The interest assumptions are used for
paying benefits under
[[Page 22388]]
terminating single-employer plans covered by the pension insurance
system administered by PBGC.
DATES: Effective June 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 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 June 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 June 2018 interest assumptions under the benefit payments
regulation will be 1.25 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 May 2018, these assumptions represent an
increase of 0.25 percent in the immediate rate and are otherwise
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 June 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 296 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
296..................................... 6-1-18 7-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 296 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
296..................................... 6-1-18 7-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 22389]]
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2018-10038 Filed 5-14-18; 8:45 am]
BILLING CODE 7709-02-P
