Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 21698-21699 [2019-09748]
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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
*
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Deferred annuities
(percent)
*
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E:\FR\FM\15MYR1.SGM
n1
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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]
=======================================================================
-----------------------------------------------------------------------
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
