Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 32580-32581 [2018-14974]
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32580
Federal Register / Vol. 83, No. 135 / Friday, July 13, 2018 / Rules and Regulations
enforcement coordination for the
Department of Justice and carries out a
wide range of responsibilities. OIA
works closely with its foreign and
domestic stakeholders to ensure that
criminals both at home and abroad are
extradited to face justice. OIA also
handles thousands of requests for
mutual legal assistance, drafts and
comments on legislation and policy, and
participates in litigation related to
international cooperation issues. At its
core, international prisoner transfer is
an area of international legal
cooperation. Having concluded that the
responsibility for handling international
prisoner transfers more closely relates to
the mission of OIA, the Department of
Justice is moving the International
Prisoner Transfer Unit from the Office of
Enforcement Operations to OIA. To
ensure OIA has the necessary
authorities to find appropriate or
inappropriate the transfer of offenders to
or from a foreign country under certain
treaties, the Department of Justice is
modifying its delegation of authority in
28 CFR 0.64–2. This modification will
authorize the Assistant Attorney
General for the Criminal Division to redelegate this authority to the Deputy
Assistant Attorneys General in the
Criminal Division and to the Director,
the Deputy Directors, and the Associate
Director supervising the International
Prisoner Transfer Unit of the Office of
International Affairs. This action will
promote efficiency, better accomplish
important law enforcement objectives,
and enhance international relationships
and cooperation.
of Executive Order 12866 and, therefore,
is not a ‘‘regulation’’ or ‘‘rule’’ as
defined by the order. Accordingly, this
action has not been reviewed by the
Office of Management and Budget.
Administrative Procedure Act—5
U.S.C. 553
This rule is a rule of agency
organization and relates to a matter
relating to agency management and is
therefore exempt from the requirements
of prior notice and comment and a 30day delay in the effective date. See 5
U.S.C. 553(a)(2), (b)(3)(A).
This action pertains to agency
management, personnel, and
organizations and does not substantially
affect the rights or obligations of nonagency parties and, accordingly, is not
a ‘‘rule’’ as that term is used by the
Congressional Review Act, 5 U.S.C.
804(3)(B). Therefore, the reporting
requirement of 5 U.S.C. 801 does not
apply.
sradovich on DSK3GMQ082PROD with RULES
Regulatory Flexibility Act
A Regulatory Flexibility Analysis is
not required to be prepared for this final
rule because the Department was not
required to publish a general notice of
proposed rulemaking for this matter. 5
U.S.C. 604(a).
Executive Order 12866—Regulatory
Planning and Review
This action has been drafted and
reviewed in accordance with Executive
Order 12866, Regulatory Planning and
Review, section 1(b), The Principles of
Regulation. This rule is limited to
agency organization, management, and
personnel as described in section 3(d)(3)
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16:02 Jul 12, 2018
Jkt 244001
Executive Order 13132—Federalism
This rule will not have substantial
direct effects on the States, on the
relationship between the national
government and the States, or on
distribution of power and
responsibilities among the various
levels of government. Therefore, in
accordance with Executive Order 13132,
it is determined that this rule does not
have sufficient federalism implications
to warrant the preparation of a
Federalism Assessment.
Executive Order 12988—Civil Justice
Reform
This rule was drafted in accordance
with the applicable standards set forth
in sections 3(a) and 3(b)(2) of Executive
Order 12988.
Unfunded Mandates Reform Act of
1995
This rule will not result in the
expenditure by State, local, and tribal
governments, in the aggregate, or by the
private sector, of $100,000,000 or more
in any one year, and it will not
significantly or uniquely affect small
governments. Therefore, no actions were
deemed necessary under the provisions
of the Unfunded Mandates Reform Act
of 1995.
Congressional Review Act
List of Subjects in 28 CFR Part 0
Authority delegations (Government
agencies), Crime, Government
employees, Law enforcement,
Organization and functions
(Government agencies), Prisoners.
For the reasons stated in the
preamble, title 28, part 0, of the Code of
Federal Regulations is amended as
follows:
PART 0—ORGANIZATION OF THE
DEPARTMENT OF JUSTICE
1. The authority citation for part 0
continues to read as follows:
■
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Frm 00018
Fmt 4700
Sfmt 4700
Authority: 5 U.S.C. 301; 28 U.S.C. 509,
510, 515–519.
2. In § 0.64–2, revise the final sentence
to read as follows:
■
§ 0.64–2. Delegation respecting transfer of
offenders to and from foreign countries.
* * * The Assistant Attorney
General, Criminal Division, is
authorized to re-delegate this authority
within the Criminal Division to the
Deputy Assistant Attorneys General in
the Criminal Division and to the
Director, the Deputy Directors, and the
Associate Director supervising the
International Prisoner Transfer Unit of
the Office of International Affairs.
Dated: June 29, 2018.
Jefferson B. Sessions III,
Attorney General.
[FR Doc. 2018–15047 Filed 7–12–18; 8:45 am]
BILLING CODE 4410–14–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
August 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 August 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.
SUMMARY:
E:\FR\FM\13JYR1.SGM
13JYR1
32581
Federal Register / Vol. 83, No. 135 / Friday, July 13, 2018 / Rules and Regulations
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 August 2018.1
The August 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
Rate set
For plans with a valuation
date
On or after
*
298
preceding the benefit’s placement in pay
status. In comparison with the interest
assumptions in effect for July 2018,
these assumptions represent no change
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 August 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.
Immediate
annuity
rate
(percent)
Before
*
8–1–18
3. In appendix C to part 4022, Rate Set
298 is added at the end of the table to
read as follows:
■
For plans with a valuation
date
On or after
*
298
Before
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
298 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
4.00
*
n1
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
*
Immediate
annuity
rate
(percent)
*
8–1–18
i1
1.25
*
Rate set
List of Subjects in 29 CFR Part 4022
Deferred annuities (percent)
*
9–1–18
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).
*
9–1–18
1.25
Deferred annuities (percent)
i1
i2
*
4.00
i3
4.00
*
*
4.00
*
7
8
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–14974 Filed 7–12–18; 8:45 am]
sradovich on DSK3GMQ082PROD with RULES
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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benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
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Fmt 4700
Sfmt 9990
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\13JYR1.SGM
13JYR1
]]>Agencies
[Federal Register Volume 83, Number 135 (Friday, July 13, 2018)]
[Rules and Regulations]
[Pages 32580-32581]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14974]
=======================================================================
-----------------------------------------------------------------------
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 August 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 August 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.
[[Page 32581]]
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 August 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 August 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 July 2018, these assumptions represent no
change 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 August 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 298 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
298 8-1-18 9-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 298 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
298 8-1-18 9-1-18 1.25 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. 2018-14974 Filed 7-12-18; 8:45 am]
BILLING CODE 7709-02-P
