Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 21698-21699 [2019-09748]

Download as PDF 21698 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Rules and Regulations the safety and soundness of the System. Our approach is intended to enable the System to continue to provide credit to America’s farmers, ranchers, aquatic producers, their cooperatives and other rural residents. Dated: May 9, 2019. Dale Aultman, Secretary, Farm Credit Administration Board. [FR Doc. 2019–09960 Filed 5–14–19; 8:45 am] BILLING CODE 6705–01–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 June 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 June 1, 2019. FOR FURTHER INFORMATION CONTACT: Gregory Katz (katz.gregory@pbgc.gov), Attorney, Regulatory Affairs Division, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202–326–4400 ext. 3829. (TTY users may call the Federal relay service toll-free at 1–800–877–8339 and ask to SUMMARY: Rate set * 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 (https://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 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 June 2019 measurement dates. The June 2019 lump sum interest assumptions will be 1.00 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 May 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 SUPPLEMENTARY INFORMATION: For plans with a valuation date On or after Before Immediate annuity rate (percent) * * 7–1–19 1.00 308 6–1–19 3. In appendix C to part 4022, rate set 308 is added at the end of the table to read as follows: ■ jbell on DSK3GLQ082PROD with RULES be connected to 202–326–4400, ext. 3829.) 17:49 May 14, 2019 Jkt 247001 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 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 308 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 i3 4.00 * 4.00 4.00 * PO 00000 * * Frm 00012 * * Deferred annuities (percent) * Fmt 4700 * Sfmt 4700 E:\FR\FM\15MYR1.SGM n1 * Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * VerDate Sep<11>2014 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 June 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). 15MYR1 n2 * 7 8 21699 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Rules and Regulations Rate set * For plans with a valuation date On or after Before Immediate annuity rate (percent) * * 7–1–19 1.00 308 6–1–19 Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. Deferred annuities (percent) i1 i2 i3 4.00 * 4.00 4.00 * I. Table of Abbreviations CFR Code of Federal Regulations DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § Section U.S.C. United States Code [FR Doc. 2019–09748 Filed 5–14–19; 8:45 am] BILLING CODE 7709–02–P II. Background Information and Regulatory History DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 100 [Docket Number USCG–2019–0271] RIN 1625–AA08 Special Local Regulations; Low Country Splash, Charleston, SC Coast Guard, DHS. Temporary final rule. AGENCY: ACTION: The Coast Guard is establishing a special local regulation on the waters of the Wando River, Cooper River, and Charleston Harbor in Charleston, SC. This action is necessary to provide for the safety of life on navigable waters during the Low Country Splash Swim on June 1, 2019. This rulemaking would restrict persons and vessels from entering certain waters of the Wando River, Cooper River, and Charleston Harbor, unless authorized by Sector Charleston Captain of the Port or a designated representative. DATES: This rule is effective on June 1, 2019 from 7 a.m. to 10 a.m. ADDRESSES: To view documents mentioned in this preamble as being available in the docket, go to https:// www.regulations.gov, type USCG–2019– 0271 in the ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ Click on Open Docket Folder on the line associated with this rule. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or email Lieutenant Justin Heck, Sector Charleston Waterways Management Division, Coast Guard; telephone (843) 740–3184, email Justin.C.Heck@ uscg.mil. jbell on DSK3GLQ082PROD with RULES SUMMARY: SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 17:49 May 14, 2019 Jkt 247001 The Coast Guard is issuing this temporary rule without prior notice and opportunity to comment pursuant to authority under section 4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are ‘‘impracticable, unnecessary, or contrary to the public interest.’’ Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) with respect to this rule because it is impracticable. The Coast Guard did not receive necessary information from the event sponsor with enough time to publish a NPRM. Additionally, the Coast Guard has published a special local regulation for this event in 33 CFR 100.701, Table to § 100.701, Section (g) Line 2; however, the existing special location regulation is dated for the first week of May. 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 the event is taking place on June 1, 2019 and immediate action is needed to respond to the potential safety hazards associated with this event. III. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 46 U.S.C. 70041 (previously 33 U.S.C. 1233). The Captain of the Port Charleston (COTP) has determined that potential hazards associated with the Low Country Splash Open Swim event present a safety concern for anyone in the vicinity of the regulated area during the event. This rule is needed to protect participants, PO 00000 Frm 00013 Fmt 4700 Sfmt 4700 n1 * n2 * 7 8 spectators, and the general public in the navigable waters within the regulated area during the Low Country Splash Open Swim event. IV. Discussion of the Rule This rule establishes a special local regulation from 7 a.m. to 10 a.m. on June 1, 2019. The special local regulation would cover all navigable waters within a moving zone, beginning at Daniel Island Pier, then moving south along the coast of Daniel Island, then across the Wando River to Hobcaw Yacht Club, then south along the coast of Mt. Pleasant, S.C., to Charleston Harbor Resort Marina. The duration of the special local regulation is intended to ensure the safety of participants, spectators, vessels and these navigable waters before, during, and after the scheduled event. No vessel or person will be permitted to enter the regulated area without obtaining permission from the COTP or a designated representative. The regulatory text we are proposing appears at the end of this document. V. Regulatory Analyses We developed this rule after considering numerous statutes and Executive orders related to rulemaking. Below we summarize our analyses based on a number of these statutes and Executive orders, and we discuss First Amendment rights of protestors. A. Regulatory Planning and Review Executive Orders 12866 and 13563 direct agencies to assess the costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits. Executive Order 13771 directs agencies to control regulatory costs through a budgeting process. This rule has not been designated a ‘‘significant regulatory action,’’ under Executive Order 12866. Accordingly, this rule has not been reviewed by the Office of Management and Budget (OMB), and pursuant to OMB guidance it is exempt from the requirements of Executive Order 13771. This regulatory action determination is based on: (1) Non-participant persons and vessels may enter, transit through, E:\FR\FM\15MYR1.SGM 15MYR1

Agencies

[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Rules and Regulations]
[Pages 21698-21699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09748]


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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 June 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 June 1, 2019.

FOR FURTHER INFORMATION CONTACT: Gregory Katz ([email protected]), 
Attorney, Regulatory Affairs Division, Pension Benefit Guaranty 
Corporation, 1200 K Street NW, Washington, DC 20005, 202-326-4400 ext. 
3829. (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. 3829.)

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 (https://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 June 2019 measurement dates.
    The June 2019 lump sum interest assumptions will be 1.00 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 May 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 June 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 308 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                                    Deferred annuities (percent)
                                                     date               Immediate  ---------------------------------------------------------------------
                Rate set                 ---------------------------- annuity rate
                                           On or after     Before       (percent)         i             i             i             n             n
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
308.....................................       6-1-19        7-1-19          1.00          4.00          4.00          4.00             7             8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, rate set 308 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

* * * * *

[[Page 21699]]



--------------------------------------------------------------------------------------------------------------------------------------------------------
                                          For plans with a valuation                                    Deferred annuities (percent)
                                                     date               Immediate  ---------------------------------------------------------------------
                Rate set                 ---------------------------- annuity rate
                                           On or after     Before       (percent)         i             i             i             n             n
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
308.....................................       6-1-19        7-1-19          1.00          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. 2019-09748 Filed 5-14-19; 8:45 am]
 BILLING CODE 7709-02-P