Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 51836-51837 [2018-22307]
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51836
Federal Register / Vol. 83, No. 199 / Monday, October 15, 2018 / Rules and Regulations
thereafter be continuously published in the
Chart Supplement.
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Paragraph 6002
Airspace.
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Class E Surface Area
ASW TX E2 Austin, TX [New]
Austin Executive Airport, TX
(Lat. 30°23′51″ N, long. 97°33′59″ W)
That airspace within a 4.1-mile radius of
Austin Executive Airport, excluding the
Austin Class C airspace. This Class E airspace
area is effective during the specific dates and
times established in advance by a Notice to
Airmen. The effective date and time will
thereafter be continuously published in the
Chart Supplement.
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Paragraph 6005 Class E Airspace Areas
Extending Upward From 700 Feet or More
Above the Surface of the Earth.
ASW TX E5 Austin, TX [Amended]
Point of Origin
(Lat. 30°17′55″ N, long. 97°42′06″ W)
Lakeway Airpark, TX
(Lat. 30°21′27″ N, long. 97°59′40″ W)
Austin Executive Airport, TX
(Lat. 30°23′51″ N, long. 97°33′59″ W)
Lago Vista-Rusty Allen Airport, TX
(Lat. 30°29′55″ N, long. 97°58′10″ W)
That airspace extending upward from 700
feet above the surface within a 14-miles
radius of the Point of Origin, and within a
6.4-mile radius of Lakeway Airpark, and
within a 6.4-mile radius of Lago Vista-Rusty
Allen Airport, and within a 6.3-mile radius
of Austin Executive Airport, and within 2
miles each side of the 131° bearing from
Austin Executive Airport, extending from the
6.3-mile radius to 11.3 miles southeast of the
airport, and within 2 miles each side of the
311° bearing from Austin Executive Airport
extending from the 6.3-mile radius to 10.5
miles northwest of the airport.
Issued in Fort Worth, Texas, on October 3,
2018.
Walter Tweedy,
Manager (A), Operations Support Group, ATO
Central Service Center.
[FR Doc. 2018–22185 Filed 10–12–18; 8:45 am]
BILLING CODE 4910–13–P
rules. Those final rules inadvertently
included a typographical error. This
document corrects the final regulations.
DATES: Effective October 15, 2018, and
applicable beginning March 27, 2017.
FOR FURTHER INFORMATION CONTACT:
Joshua Silverman, Office of Vocational,
Evaluation, and Process Policy, Office of
Disability Policy, Social Security
Administration, 6401 Security
Boulevard, Baltimore, Maryland 21235–
6401, (410) 594–2128. For information
on eligibility or filing for benefits, call
our national toll-free number, 1–800–
772–1213 or TTY 1–800–325–0778, or
visit our internet site, Social Security
Online, at https://
www.socialsecurity.gov.
SUPPLEMENTARY INFORMATION: We
published final rules in the Federal
Register on January 18, 2017 (82 FR
5844, corrected March 27, 2017, at 82
FR 15132) titled Revisions to Rules
Regarding the Evaluation of Medical
Evidence. The final rules, among other
things, amended the regulatory text for
acceptable medical sources by adding
licensed audiologists to the list of
acceptable medical sources in 20 CFR
416.902(a)(6). We inadvertently
included duplicative wording in that
section of the rules. This document
amends the regulations by deleting the
duplication of three words (for
impairments of) and corrects the final
rules.
List of Subjects in 20 CFR Part 416
Administrative practice and
procedure, Reporting and recordkeeping
requirements, Supplemental Security
Income (SSI).
Accordingly, 20 CFR part 416, subpart
I is corrected by making the following
correcting amendment:
PART 416—SUPPLEMENTAL
SECURITY INCOME FOR THE AGED,
BLIND, AND DISABLED
Subpart I—Determining Disability and
Blindness
SOCIAL SECURITY ADMINISTRATION
1. The authority citation for subpart I
of part 416 continues to read as follows:
■
20 CFR Part 416
Authority: Secs. 221(m), 702(a)(5), 1611,
1614, 1619, 1631(a), (c), (d)(1), and (p), and
1633 of the Social Security Act (42 U.S.C.
421(m), 902(a)(5), 1382, 1382c, 1382h,
1383(a), (c), (d)(1), and (p), and 1383b); secs.
4(c) and 5, 6(c)–(e), 14(a), and 15, Pub. L. 98–
460, 98 Stat. 1794, 1801, 1802, and 1808 (42
U.S.C. 421 note, 423 note, and 1382h note).
[Docket No. SSA–2012–0035]
khammond on DSK30JT082PROD with RULES
RIN 0960–AH51
Revisions to Rules Regarding the
Evaluation of Medical Evidence;
Correction
Social Security Administration.
Correcting amendment.
AGENCY:
ACTION:
On January 18, 2017, we
published final rules in the Federal
Register revising our medical evidence
SUMMARY:
VerDate Sep<11>2014
16:29 Oct 12, 2018
Jkt 247001
2. Amend § 416.902 by revising
paragraph (a)(6) to read as follows:
■
§ 416.902
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PO 00000
Definitions for this subpart.
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(a) * * *
Frm 00022
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Fmt 4700
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(6) Licensed audiologist for
impairments of hearing loss, auditory
processing disorders, and balance
disorders within the licensed scope of
practice only (with respect to claims
filed (see § 416.325) on or after March
27, 2017);
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Nancy A. Berryhill,
Acting Commissioner of Social Security.
[FR Doc. 2018–22363 Filed 10–12–18; 8:45 am]
BILLING CODE 4191–02–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
November 2018. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
DATES: Effective November 1, 2018.
FOR FURTHER INFORMATION CONTACT:
Melissa Rifkin (rifkin.melissa@
PBGC.gov), Attorney, Regulatory Affairs
Division, Pension Benefit Guaranty
Corporation, 1200 K Street NW,
Washington, DC 20005, 202–326–4400
ext. 6563. (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. 6563.)
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
SUMMARY:
E:\FR\FM\15OCR1.SGM
15OCR1
51837
Federal Register / Vol. 83, No. 199 / Monday, October 15, 2018 / Rules and Regulations
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 November 2018.1
The November 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 October 2018,
these assumptions represent no change
in the immediate rate and are otherwise
unchanged.
Rate set
For plans with a valuation
date
On or after
*
301
Before
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 November 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
11–1–18
3. In appendix C to part 4022, Rate Set
301 is added at the end of the table to
read as follows:
■
For plans with a valuation
date
On or after
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301
Before
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11–1–18
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1.25
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4.00
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1.25
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4.00
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ACTION:
Coast Guard
SUMMARY:
AGENCY:
Coast Guard, DHS.
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
PO 00000
Frm 00023
Fmt 4700
Sfmt 4700
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Notice of deviation from
drawbridge regulation.
DEPARTMENT OF HOMELAND
SECURITY
Drawbridge Operation Regulation;
Sacramento River, Sacramento, CA
Jkt 247001
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Deferred annuities
(percent)
[Docket No. USCG–2018–0894]
16:29 Oct 12, 2018
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
4.00
BILLING CODE 7709–02–P
VerDate Sep<11>2014
2. In appendix B to part 4022, Rate Set
301 is added at the end of the table to
read as follows:
■
i3
33 CFR Part 117
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
*
Immediate
annuity rate
(percent)
12–1–18
[FR Doc. 2018–22307 Filed 10–12–18; 8:45 am]
1. The authority citation for part 4022
continues to read as follows:
■
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4.00
*
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs Pension Benefit Guaranty
Corporation.
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
Rate set
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
i2
i1
*
12–1–18
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
Act of 1980 does not apply. See 5 U.S.C.
601(2).
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 the local
community to participate in the Be the
Gift 5K walk/run. This deviation allows
the bridge to remain in the closed-to-
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15OCR1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 199 (Monday, October 15, 2018)]
[Rules and Regulations]
[Pages 51836-51837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-22307]
=======================================================================
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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 November 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 November 1, 2018.
FOR FURTHER INFORMATION CONTACT: Melissa Rifkin
([email protected]), Attorney, Regulatory Affairs Division,
Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC
20005, 202-326-4400 ext. 6563. (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. 6563.)
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
[[Page 51837]]
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 November 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 November 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 October 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 November 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 301 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
301 11-1-18 12-1-18 1.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 301 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
301 11-1-18 12-1-18 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. 2018-22307 Filed 10-12-18; 8:45 am]
BILLING CODE 7709-02-P
