Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 3983-3985 [2019-02156]

Download as PDF Federal Register / Vol. 84, No. 31 / Thursday, February 14, 2019 / Rules and Regulations IV. Information Collection Statement 7. Office of Management and Budget (OMB) regulations require approval of certain information collection requirements imposed by agency rule.10 This final rule does not contain any information collection requirements. Therefore, compliance with OMB regulations is not required. V. Environmental Analysis 8. The Commission is required to prepare an Environmental Assessment or an Environmental Impact Statement for any action that may have a significant adverse effect on the human environment.11 Issuance of this final rule does not represent a major federal action having a significant adverse effect on the human environment under the Commission’s regulations implementing the National Environmental Policy Act of 1969. Part 380 of the Commission’s regulations lists categorical exemptions to the requirement to draft an Environmental Analysis or Environmental Impact Statement. Included is an exemption for procedural, ministerial, or internal administrative actions.12 This rulemaking is exempt under that provision. VI. Regulatory Flexibility Act 9. The Regulatory Flexibility Act of 1980 (RFA) 13 generally requires a description and analysis of final rules that will have significant economic impact on a substantial number of small entities. This final rule concerns an interpretation of current Commission regulations and practices. The Commission certifies that it will not have a significant economic impact upon participants in Commission proceedings. An analysis under the RFA is not required. VII. Document Availability 10. In addition to publishing the full text of this document in the Federal Register, the Commission provides all interested persons an opportunity to view and/or print the contents of this document via the internet through the Commission’s Home Page (http:// www.ferc.gov) and in the Commission’s Public Reference Room during normal business hours (8:30 a.m. to 5:00 p.m. Eastern time) at 888 First Street NE, Room 2A, Washington, DC 20426. 10 5 CFR part 1320 (2018). Implementing the National Environmental Policy Act, Order No. 486, 52 FR 47897 (Dec. 17, 1987), FERC Stats. & Regs. ¶ 30,783 (1987). 12 18 CFR 380.4(a)(5) (2018). 13 5 U.S.C. 601–12 (2012). 11 Regulations VerDate Sep<11>2014 16:51 Feb 13, 2019 Jkt 247001 11. From the Commission’s Home Page on the internet, this information is available on eLibrary. The full text of this document is available on eLibrary in PDF and Microsoft Word format for viewing, printing, and/or downloading. To access this document in eLibrary, type the docket number excluding the last three digits of this document in the docket number field. 12. User assistance is available for eLibrary and the Commission’s website during normal business hours from FERC Online Support at (202) 502–6652 (toll free at 1–866–208–3676) or email at ferconlinesupport@ferc.gov, or the Public Reference Room at (202) 502– 8371, TTY (202) 502–8659. Email the Public Reference Room at public.referenceroom@ferc.gov. VIII. Effective Date 13. These regulations are effective immediately upon issuance. In accordance with 5 U.S.C. 553(d)(3), the Commission finds that good cause exists to make this final rule effective immediately. The final rule is intended to act as a contingency measure in order to preserve, rather than alter, the rights of persons appearing before the Commission. Therefore, there is no reason to make it effective at a later date. The provisions of 5 U.S.C. 801 regarding Congressional review of final rules do not apply to this final rule, because the rule concerns Agency procedure and practice and will not substantially affect the rights of nonAgency parties. 14. The Commission is issuing this rule as a final rule without a period for public comment. Under 5 U.S.C. 553(b)(3)(A), notice and comment procedures are unnecessary for ‘‘rules of agency organization, procedure, or practice.’’ This final rule is directed at improving the efficient and effective operations of the Commission, not toward a determination of the rights or interests of affected parties. The final rule will not significantly affect regulated entities or the general public. List of Subjects in 18 CFR Part 385 Administrative practice and procedure, Electric power, Penalties, Pipelines, Reporting and recordkeeping requirements. By the Commission. Issued: February 8, 2019. Kimberly D. Bose, Secretary. In consideration of the foregoing, the Commission amends part 385, chapter 2, title 18, Code of Federal Regulations, as follows: PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 3983 PART 385—ADMINISTRATIVE PRACTICE AND PROCEDURE 1. The authority citation for part 385 is revised to read as follows: ■ Authority: 5 U.S.C. 551–557; 15 U.S.C. 717–717z, 3301–3432; 16 U.S.C. 791a–825r, 2601–2645; 28 U.S.C. 2461; 31 U.S.C. 3701, 9701; 42 U.S.C. 7101–7352; 49 U.S.C. 60502; 49 App. U.S.C. 1–85. 2. Section 385.2007(a)(2) is revised to read as follows: ■ § 385.2007 Time (Rule 2007). (a) * * * (2) The last day of any time period is included in the time period, unless it is a Saturday; Sunday; a day on which the Commission closes due to adverse conditions and does not reopen prior to its official close of business, even though some official duties may continue through telework-ready employees; part-day holiday that affects the Commission; or legal public holiday as designated in section 6103 of title 5, U.S. Code. In each case the period does not end until the close of the Commission business of the next day which is not a Saturday; Sunday; a day on which the Commission closes due to adverse conditions and does not reopen prior to its official close of business even though some official duties may continue through telework-ready employees; part-day holiday that affects the Commission; or legal public holiday. * * * * * [FR Doc. 2019–02343 Filed 2–13–19; 8:45 am] BILLING CODE 6717–01–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 certain interest assumptions under the regulation for plans with valuation dates in March 2019. These interest assumptions are used for paying certain benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective March 1, 2019. SUMMARY: E:\FR\FM\14FER1.SGM 14FER1 3984 Federal Register / Vol. 84, No. 31 / Thursday, February 14, 2019 / Rules and Regulations 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.) 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 (ERISA). The interest assumptions in the regulation are also published on PBGC’s website (http://www.pbgc.gov). PBGC uses the interest assumptions in appendix B to part 4022 (‘‘Lump Sum Interest Rates for PBGC Payments’’) to determine whether a benefit is payable as a lump sum and to determine the amount to pay. Because some privatesector pension plans use these interest rates to determine lump sum amounts payable to plan participants (if the resulting lump sum is larger than the amount required under section 417(e)(3) of the Internal Revenue Code and SUPPLEMENTARY INFORMATION: Rate set For plans with a valuation date On or after * 305 section 205(g)(3) of ERISA), these rates are also provided in appendix C to part 4022 (‘‘Lump Sum Interest Rates for Private-Sector Payments’’). This final rule updates appendices B and C of the benefits payment regulation to provide the rates for March 2019 measurement dates. The March 2019 lump sum interest assumptions will be 1.25 percent for the period during which a benefit is (or is assumed to be) 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 February 2019, these assumptions represent no change in the immediate rate and are otherwise unchanged. PBGC updates appendices B and C each month. 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 issue new interest assumptions promptly so that they are available for plans that rely on our publication of them each month to calculate lump sum benefit amounts. Because of the need to provide immediate guidance for the payment of benefits under plans with valuation dates during March 2019, PBGC finds that good cause exists for making the assumptions set forth in this Immediate annuity rate (percent) Before * 3–1–19 1.25 3. In appendix C to part 4022, Rate Set 305 is added at the end of the table to read as follows: ■ For plans with a valuation date On or after * 305 VerDate Sep<11>2014 Before * 3–1–19 16:51 Feb 13, 2019 * * Immediate annuity rate (percent) * 4–1–19 Jkt 247001 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 305 is added at the end of the table to read as follows: ■ Appendix B to Part 4022—Lump Sum Interest Rates for PBGC Payments * * * * * i1 i2 * 4.00 4.00 i3 * n1 * 4.00 n2 * 7 8 n1 n2 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) * 4–1–19 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). 1.25 PO 00000 Frm 00012 * * Deferred annuities (percent) i1 i2 * 4.00 4.00 Fmt 4700 Sfmt 4700 i3 * * 4.00 E:\FR\FM\14FER1.SGM 14FER1 * 7 8 Federal Register / Vol. 84, No. 31 / Thursday, February 14, 2019 / Rules and Regulations Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. MA. The EPA requests that if at all possible, you contact the contact listed in the FOR FURTHER INFORMATION CONTACT section to schedule your inspection. The Regional Office’s official hours of business are Monday through Friday, 8:30 a.m. to 4:30 p.m., excluding legal holidays. [FR Doc. 2019–02156 Filed 2–13–19; 8:45 am] BILLING CODE 7709–02–P 40 CFR Part 60 [EPA–R01–OAR–2018–0849; FRL–9989–00– Region 1] Notice of Delegation of Authority; Connecticut; New Source Performance Standards for Stationary Combustion Turbines Environmental Protection Agency (EPA). ACTION: Delegation of authority. AGENCY: On December 13, 2018, the Environmental Protection Agency (EPA) sent the State of Connecticut a letter approving Connecticut’s request for delegation of the New Source Performance Standards for Stationary Combustion Turbines. To inform regulated facilities and the public of the EPA’s approval of Connecticut’s request for delegation of authority to implement and enforce these standards, the EPA is making available a copy of EPA’s letter to Connecticut through this document. DATES: On December 13, 2018, the EPA sent the State of Connecticut a letter approving Connecticut’s request for delegation of the New Source Performance Standards for Stationary Combustion Turbines. ADDRESSES: The EPA has established a docket for this action under Docket Identification No. EPA–R01–OAR– 2018–0849. All documents in the docket are listed on the https:// www.regulations.gov website. Although listed in the index, some information is not publicly available, i.e., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, is not placed on the internet and will be publicly available only in hard copy form. Publicly available docket materials are available at https:// www.regulations.gov or at the U.S. Environmental Protection Agency, EPA Region 1 Regional Office, Office of Ecosystem Protection, Air Permits, Toxics, and Indoor Programs Unit, 5 Post Office Square—Suite 100, Boston, SUMMARY: VerDate Sep<11>2014 16:51 Feb 13, 2019 Jkt 247001 Eric Wortman, Air Permits, Toxics, and Indoor Programs Unit, Office of Ecosystem Protection, U.S. Environmental Protection Agency, EPA Region 1, 5 Post Office Square (OEP05– 2), Boston, MA 02109–3912, telephone number (617) 918–1624, fax number (617) 918–0624, email wortman.eric@ epa.gov. FOR FURTHER INFORMATION CONTACT: ENVIRONMENTAL PROTECTION AGENCY In a letter dated November 8, 2018, the Connecticut Department of Energy and Environmental Protection (CT DEEP) requested full delegation to implement and enforce the New Source Performance Standards for Stationary Combustion Turbines at 40 CFR part 60, subpart KKKK (NSPS KKKK) for all affected sources in Connecticut. On December 13, 2018, the EPA sent CT DEEP a letter approving the request for delegation to implement and enforce NSPS KKKK as specified by CT DEEP in its request to the EPA. The text of the EPA’s December 13, 2018 letter to CT DEEP is reproduced below: SUPPLEMENTARY INFORMATION: Robert Kaliszewski, Deputy Commissioner Department of Energy and Environmental Protection 79 Elm Street Hartford, CT 06106–5127 Dear Deputy Commissioner Kaliszewski: In your letter dated November 8, 2018, the Connecticut Department of Energy and Environmental Protection (CT DEEP) requested full delegation to implement and enforce the New Source Performance Standards for Stationary Combustion Turbines at 40 CFR part 60, subpart KKKK (NSPS KKKK) for all affected sources in Connecticut. The EPA has reviewed the pertinent regulations of the State of Connecticut and has determined they provide adequate authority and procedures for implementation of NSPS KKKK. In light of these authorities and related information in your letter dated November 8, 2018, the EPA approves your request for full delegation of authority to implement and enforce the provisions of NSPS KKKK. This delegation of authority is subject to the following terms and conditions: • CT DEEP will assume primary responsibility for enforcement of NSPS KKKK; PO 00000 Frm 00013 Fmt 4700 Sfmt 4700 3985 • CT DEEP will not grant a variance or waiver from compliance with applicable emission standards of NSPS KKKK; • CT DEEP will communicate with EPA Region 1 to keep each office fully informed regarding the current compliance status of subject sources in Connecticut and interpretation of applicable regulations; • CT DEEP will require all NSPS KKKK sources to adhere to all the reporting, monitoring, and recordkeeping requirements specified in NSPS KKKK; • CT DEEP will notify the EPA of any variation from emission test methods and continuous emission monitoring requirements specified in NSPS KKKK. Written approval from the EPA must be obtained by CT DEEP prior to the granting or the implementation of such variations; and • If the Regional Administrator determines that CT DEEP is not adequately implementing or enforcing NSPS KKKK, the Regional Administrator may revoke delegation of NSPS KKKK in whole or part. Because this delegation is effective immediately, there is no need for CT DEEP to notify the EPA of its acceptance. Unless the EPA receives written notice of objection from CT DEEP within ten days from the date of this letter, CT DEEP will be deemed to have accepted all of the terms as stated herein. The EPA will publish a notice of delegation of authority in the Federal Register informing the public of this action. The EPA appreciates CT DEEP’s efforts to accept delegation to implement and enforce the provisions of NSPS KKKK. If you have any questions regarding this matter, please don’t hesitate to contact Eric Wortman at (617) 918–1624. Sincerely, Alexandra Dapolito Dunn, Regional Administrator This document informs regulated facilities and the public of the EPA’s approval of Connecticut’s request for delegation of authority to implement and enforce NSPS KKKK. The delegation of authority was effective on December 13, 2018. List of Subjects in 40 CFR Part 60 Environmental protection, Administrative practice and procedure, Air pollution control, Hazardous substances, Intergovernmental relations, Reporting and record keeping requirements. Authority: This action is issued under the authority of section 111 of the Clean Air Act, as amended, 42 U.S.C. 7412. Dated: February 7, 2019. Deborah Szaro, Acting Regional Administrator, EPA Region 1. [FR Doc. 2019–02202 Filed 2–13–19; 8:45 am] BILLING CODE 6560–50–P E:\FR\FM\14FER1.SGM 14FER1

Agencies

[Federal Register Volume 84, Number 31 (Thursday, February 14, 2019)]
[Rules and Regulations]
[Pages 3983-3985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02156]


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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 certain interest assumptions under the 
regulation for plans with valuation dates in March 2019. These interest 
assumptions are used for paying certain benefits under terminating 
single-employer plans covered by the pension insurance system 
administered by PBGC.

DATES: Effective March 1, 2019.

[[Page 3984]]


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 (ERISA). The 
interest assumptions in the regulation are also published on PBGC's 
website (http://www.pbgc.gov).
    PBGC uses the interest assumptions in appendix B to part 4022 
(``Lump Sum Interest Rates for PBGC Payments'') to determine whether a 
benefit is payable as a lump sum and to determine the amount to pay. 
Because some private-sector pension plans use these interest rates to 
determine lump sum amounts payable to plan participants (if the 
resulting lump sum is larger than the amount required under section 
417(e)(3) of the Internal Revenue Code and section 205(g)(3) of ERISA), 
these rates are also provided in appendix C to part 4022 (``Lump Sum 
Interest Rates for Private-Sector Payments'').
    This final rule updates appendices B and C of the benefits payment 
regulation to provide the rates for March 2019 measurement dates.
    The March 2019 lump sum interest assumptions will be 1.25 percent 
for the period during which a benefit is (or is assumed to be) 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 February 2019, these assumptions represent no change in the 
immediate rate and are otherwise unchanged.
    PBGC updates appendices B and C each month. 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 
issue new interest assumptions promptly so that they are available for 
plans that rely on our publication of them each month to calculate lump 
sum benefit amounts.
    Because of the need to provide immediate guidance for the payment 
of benefits under plans with valuation dates during March 2019, 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 305 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          305            3-1-19           4-1-19             1.25             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, Rate Set 305 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          305            3-1-19           4-1-19             1.25             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------



[[Page 3985]]

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2019-02156 Filed 2-13-19; 8:45 am]
BILLING CODE 7709-02-P