Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 27898-27899 [2018-12549]
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27898
Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Rules and Regulations
(9) Performance data must support the
shelf life of the device by demonstrating
continued sterility, package integrity,
and device functionality over the
identified shelf life.
(10) Performance data must validate
the instructions for reprocessing and
reliability of reusable components.
(11) Labeling must include the
following:
(i) A section that summarizes the
clinical testing results, including the
adverse event profile and improvement
in LUTS;
(ii) A shelf life for single use
components;
(iii) A use life for reusable
components; and
(iv) Reprocessing instructions for
reusable components.
Dated: June 8, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018–12829 Filed 6–14–18; 8:45 am]
BILLING CODE 4164–01–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 July 2018 and
interest assumptions under the asset
allocation regulation for valuation dates
in the third 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 July 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
sradovich on DSK3GMQ082PROD with RULES
SUMMARY:
VerDate Sep<11>2014
15:57 Jun 14, 2018
Jkt 244001
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
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
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 (ERISA). 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 July 2018 and
updates the asset allocation interest
assumptions for the third quarter (July
through September) of 2018.
The third quarter 2018 interest
assumptions under the allocation
regulation will be 2.53 percent for the
first 25 years following the valuation
date and 2.64 percent thereafter. In
comparison with the interest
assumptions in effect for the second
quarter of 2018, these interest
assumptions represent an increase of 5
years in the select period (the period
during which the select rate (the initial
rate) applies), an increase of 0.26
percent in the select rate, and an
increase of 0.05 percent in the ultimate
rate (the final rate).
The July 2018 interest assumptions
under the benefit payments regulation
will be 1.25 percent for the period
PO 00000
Frm 00010
Fmt 4700
Sfmt 4700
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 June 2018,
these interest assumptions represent no
change in the immediate rate and no
changes in i1, i2, or i3.
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 July 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
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
297 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
E:\FR\FM\15JNR1.SGM
*
*
15JNR1
*
*
27899
Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
297
8–1–18
3. In appendix C to part 4022, Rate Set
297 is added at the end of the table to
read as follows:
■
For plans with a valuation
date
On or after
*
Before
*
n2
*
*
4.00
Immediate
annuity rate
(percent)
1.25
*
7
8
n1
n2
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
*
*
4.00
7
8
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, an entry
for ‘‘July–September 2018’’ is added at
the end of the table to read as follows:
*
■
*
*
*
*
The values of it are:
it
for t =
it
1–25
*
*
0.0264
*
0.0253
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel, Pension Benefit
Guaranty Corporation.
for t =
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
This rule is effective from 9 p.m.
to 11 p.m. on June 30, 2018.
If
you have questions on this rule, call or
email LCDR Barbara Wilk, Waterways
Management Division Chief, Sector
Hampton Roads, U.S. Coast Guard;
telephone 757–668–5580, email
HamptonRoadsWaterways@uscg.mil.
FOR FURTHER INFORMATION CONTACT:
33 CFR Part 165
[Docket Number USCG–2018–0330]
RIN 1625–AA00
Safety Zone; Appomattox River,
Hopewell, VA
SUPPLEMENTARY INFORMATION:
Coast Guard, DHS.
ACTION: Temporary final rule.
AGENCY:
I. Table of Abbreviations
The Coast Guard is
establishing a temporary safety zone for
a marine event on the navigable waters
of the Appomattox River at confluence
with the James River in Hopewell, VA.
This action is necessary to provide for
SUMMARY:
15:57 Jun 14, 2018
Jkt 244001
CFR Code of Federal Regulations
COTP Captain of the Port
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code
PO 00000
Frm 00011
Fmt 4700
Sfmt 4700
for t =
*
N/A
>25
DATES:
Coast Guard
it
*
the safety of life on these navigable
waters in Hopewell, VA, during a
fireworks display on June 30, 2018. This
rule prohibits persons and vessels from
being in the safety zone unless
authorized by the Captain of the Port
Hampton Roads or a designated
representative.
[FR Doc. 2018–12549 Filed 6–14–18; 8:45 am]
sradovich on DSK3GMQ082PROD with RULES
4.00
n1
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
4. The authority citation for part 4044
continues to read as follows:
VerDate Sep<11>2014
*
*
■
*
July–September 2018 ....
*
8–1–18
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
For valuation dates occurring in the month—
i3
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
7–1–18
i2
*
4.00
1.25
*
297
i1
*
7–1–18
Rate set
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
N/A
II. Background Information and
Regulatory History
On March 27, 2018, the Hopewell
Recreation and Parks Department
notified the Coast Guard that it will be
conducting a fireworks display from
approximately 9:30 to 9:45 p.m. on June
30, 2018, to serve as the city of
Hopewell’s Fourth of July celebration.
The fireworks are to be launched from
a barge in the Appomattox River near
City Point in Hopewell, VA. In
response, on May 31, 2018, the Coast
Guard published a notice of proposed
rulemaking (NPRM) titled Safety Zone;
Appomattox River, Hopewell, VA (83
FR 24950). There we stated why we
issued the NPRM, and invited
comments on our proposed regulatory
action related to this fireworks display.
During the comment period that ended
June 7, 2018, we received no comments.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. Delaying the effective date of
this rule would be impracticable
because immediate action is needed to
E:\FR\FM\15JNR1.SGM
15JNR1
]]>Agencies
[Federal Register Volume 83, Number 116 (Friday, June 15, 2018)]
[Rules and Regulations]
[Pages 27898-27899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12549]
=======================================================================
-----------------------------------------------------------------------
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 July 2018 and interest assumptions under the
asset allocation regulation for valuation dates in the third 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 July 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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
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 (ERISA). 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 July 2018 and
updates the asset allocation interest assumptions for the third quarter
(July through September) of 2018.
The third quarter 2018 interest assumptions under the allocation
regulation will be 2.53 percent for the first 25 years following the
valuation date and 2.64 percent thereafter. In comparison with the
interest assumptions in effect for the second quarter of 2018, these
interest assumptions represent an increase of 5 years in the select
period (the period during which the select rate (the initial rate)
applies), an increase of 0.26 percent in the select rate, and an
increase of 0.05 percent in the ultimate rate (the final rate).
The July 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 June 2018, these interest assumptions
represent no change in the immediate rate and no changes in i1, i2, or
i3.
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 July
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 297 is added at the end of the
table to read as follows:
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
[[Page 27899]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
297 7-1-18 8-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 297 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) i i i n n
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
297 7-1-18 8-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
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 ``July-September 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 i are:
For valuation dates occurring in the month-- -----------------------------------------------------------------------------------------------------
i for t = i for t = i for t =
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
July-September 2018............................... 0.0253 1-25 0.0264 >25 N/A N/A
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2018-12549 Filed 6-14-18; 8:45 am]
BILLING CODE 7709-02-P
