Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 40453-40454 [2018-17351]
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Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Rules and Regulations
and results in no more than de minimis
costs.
Regulatory Flexibility Act
We certify that this final rule will not
have a significant economic impact on
a substantial number of small entities
because it affects individuals only.
Therefore, the Regulatory Flexibility
Act, as amended, does not require us to
prepare a regulatory flexibility analysis.
Paperwork Reduction Act
These rules do not create any new or
affect any existing collections and,
therefore, do not require Office of
Management and Budget approval
under the Paperwork Reduction Act.
(Catalog of Federal Domestic Assistance
Program Nos. 96.001, Social Security—
Disability Insurance; 96.002, Social
Security—Retirement Insurance; 96.004,
Social Security—Survivors Insurance;
96.006, Supplemental Security Income.)
Administrative practice and
procedure; Blind; Disability benefits;
Old-age, Survivors and Disability
Insurance; Reporting and recordkeeping
requirements; Social security.
Administrative practice and
procedure; Reporting and recordkeeping
requirements; Supplemental Security
Income (SSI).
Nancy A. Berryhill,
Acting Commissioner of Social Security.
For the reasons stated in the
preamble, we are amending subpart J of
part 404 and subpart N of part 416 of
Chapter III of title 20 of the Code of
Federal Regulations as set forth below:
PART 404—FEDERAL OLD–AGE,
SURVIVORS AND DISABILITY
INSURANCE
)
Subpart J—[Amended]
1. The authority citation for subpart J
of part 404 continues to read as follows:
daltland on DSKBBV9HB2PROD with RULES
■
Authority: Secs. 201(j), 204(f), 205(a)–(b),
(d)–(h), and (j), 221, 223(i), 225, and 702(a)(5)
of the Social Security Act (42 U.S.C. 401(j),
404(f), 405(a)–(b), (d)–(h), and (j), 421, 423(i),
425, and 902(a)(5)); sec. 5, Pub. L. 97–455, 96
Stat. 2500 (42 U.S.C. 405 note); secs. 5, 6(c)–
(e), and 15, Pub. L. 98–460, 98 Stat. 1802 (42
U.S.C. 421 note); sec. 202, Pub. L. 108–203,
118 Stat. 509 (42 U.S.C. 902 note).
[Amended]
2. In § 404.942, remove paragraph (g).
VerDate Sep<11>2014
16:11 Aug 14, 2018
Authority: Secs. 702(a)(5), 1631, and 1633
of the Social Security Act (42 U.S.C.
902(a)(5), 1383, and 1383b); sec. 202, Pub. L.
108–203, 118 Stat. 509 (42 U.S.C. 902 note).
§ 416.1442
[Amended]
4. In § 416.1442, remove paragraph
(g).
■
[FR Doc. 2018–17547 Filed 8–14–18; 8:45 am]
BILLING CODE 4191–02–P
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
September 2018. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
20 CFR Part 416
■
3. The authority citation for subpart N
continues to read as follows:
■
29 CFR Part 4022
20 CFR Part 404
§ 404.942
Subpart N—[Amended]
PENSION BENEFIT GUARANTY
CORPORATION
List of Subjects
(1950–
PART 416—SUPPLEMENTAL
SECURITY INCOME FOR THE AGED,
BLIND, AND DISABLED
Jkt 244001
DATES:
Effective September 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).
PO 00000
Frm 00021
Fmt 4700
Sfmt 4700
40453
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 September 2018.1
The September 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 August 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 September 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.
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.
E:\FR\FM\15AUR1.SGM
15AUR1
40454
Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Rules and Regulations
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
2. In appendix B to part 4022, Rate Set
299 is added at the end of the table to
read as follows:
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
■
■
1. The authority citation for part 4022
continues to read as follows:
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
*
For plans with a valuation date
On or after
*
299
Before
*
3. In appendix C to part 4022, Rate Set
299 is added at the end of the table to
read as follows:
*
For plans with a valuation date
*
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2018–0782]
Drawbridge Operation Regulation;
Sacramento River, Sacramento, CA
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Tower
Drawbridge across the Sacramento
River, mile 59.0, at Sacramento, CA. The
deviation is necessary to allow
commercial filming. This deviation
allows the bridge to remain in the
closed-to-navigation position.
DATES: This deviation is effective from
7 a.m. through 9 p.m. on August 25,
2018.
daltland on DSKBBV9HB2PROD with RULES
SUMMARY:
Jkt 244001
*
n1
n2
*
4.00
7
8
n2
*
*
Deferred annuities
(percent)
i2
i3
n1
4.00
*
4.00
7
i1
*
1.25
*
4.00
The docket for this
deviation, USCG–2018–0782, is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Carl T. Hausner,
Chief, Bridge Section, Eleventh Coast
Guard District; telephone 510–437–
3516, email Carl.T.Hausner@uscg.mil.
SUPPLEMENTARY INFORMATION: The
California Department of Transportation
has requested a temporary change to the
operation of the Tower Drawbridge,
mile 59.0, over Sacramento River, at
Sacramento, CA. The drawbridge
navigation span provides a vertical
clearance of 30 feet above Mean High
Water in the closed-to-navigation
position. The draw operates as required
by 33 CFR 117.189(a). Navigation on the
waterway is commercial and
recreational.
The drawspan will be secured in the
closed-to-navigation position from 7
a.m. to 9 p.m. on August 25, 2018, to
allow filming and a photoshoot for
commercial advertisement. This
temporary deviation has been
coordinated with the waterway users.
No objections to the proposed
temporary deviation were raised.
ADDRESSES:
[FR Doc. 2018–17351 Filed 8–14–18; 8:45 am]
16:11 Aug 14, 2018
*
*
10–1–18
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
i3
4.00
4.00
Immediate
annuity rate
(percent)
Before
9–1–18
*
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
Rate set
On or after
*
i2
*
1.25
*
VerDate Sep<11>2014
*
10–1–18
■
*
299
i1
*
9–1–18
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Rate set
*
PO 00000
Frm 00022
Fmt 4700
Sfmt 9990
*
8
Vessels able to pass through the bridge
in the closed position may do so at
anytime. The bridge will be able to open
for emergencies and there is no
immediate alternate route for vessels to
pass. The Coast Guard will also inform
the users of the waterway through our
Local and Broadcast Notices to Mariners
of the change in operating schedule for
the bridge so that vessel operators can
arrange their transits to minimize any
impact caused by the temporary
deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: August 9, 2018.
Carl T. Hausner,
District Bridge Chief, Eleventh Coast Guard
District.
[FR Doc. 2018–17522 Filed 8–14–18; 8:45 am]
BILLING CODE 9110–04–P
E:\FR\FM\15AUR1.SGM
15AUR1
]]>Agencies
[Federal Register Volume 83, Number 158 (Wednesday, August 15, 2018)]
[Rules and Regulations]
[Pages 40453-40454]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17351]
=======================================================================
-----------------------------------------------------------------------
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 September 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 September 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 September 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 September 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 August 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 September 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.
[[Page 40454]]
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 299 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
299 9-1-18 10-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 299 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
299 9-1-18 10-1-18 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. 2018-17351 Filed 8-14-18; 8:45 am]
BILLING CODE 7709-02-P
