Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 48272-48274 [2019-19838]
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48272
Federal Register / Vol. 84, No. 178 / Friday, September 13, 2019 / Rules and Regulations
entering into agreements with State
authorities that operate or plan to
operate a State sandbox, which may
include a process to receive a TDP
Waiver under this Policy in a
coordinated manner with regulatory
assistance from the State sandbox.
Furthermore, the Bureau is interested
in coordinating with other regulators
more generally. To this end, the Bureau
intends to enter into agreements
whenever practicable to coordinate
operation of the CFPB Disclosure
Sandbox under the Policy with similar
programs operated by State, Federal, or
international regulators.
khammond on DSKBBV9HB2PROD with RULES
G. Bureau Disclosure of Information
Relating to TDP Waivers
Public disclosure of information
relating to TDP Waivers is governed by
applicable law, including the DoddFrank Act,75 FOIA, and the Disclosure
Rule. The Disclosure Rule generally
prohibits the Bureau from disclosing
confidential information,76 and defines
confidential information to include
information that may be exempt from
disclosure under FOIA 77—including
Exemption 4 regarding trade secrets and
confidential commercial or financial
information that is privileged or
confidential.78 Relatedly, the Disclosure
Rule defines business information as
commercial or financial information
obtained by the Bureau from a submitter
that may be protected from disclosure
under Exemption 4 of FOIA, and
generally provides that such business
information shall not be disclosed
pursuant to a FOIA request except in
accordance with section 1070.20 of the
rule.79
Consistent with applicable law, the
Bureau intends to publish on its website
its final disposition of applications
processed pursuant to sections A, B, C,
D.1, D.2, E.1.b, and E.2. If the Bureau
decides to grant the application, it
intends to publish an order regarding
the decision on its website as soon as
practicable. The Bureau expects that the
order will overlap with the WT&C
provided to the recipient, but will
contain other information and will not
include information protected from
public disclosure under applicable law.
The Bureau expects the order to:
1. Identify the entity or entities
conducting the trial disclosure program
and receiving a TDP Waiver;
a participant obtains limited or temporary access to
a market in exchange for reduced regulatory
uncertainty or other regulatory barriers to entry.
75 See, e.g., 12 U.S.C. 5512(c)(8).
76 12 CFR 1070.41.
77 12 CFR 1070.2(f).
78 5 U.S.C. 552(b)(4).
79 12 CFR 1070.20(a), (b).
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2. Summarize the trial disclosures;
3. Describe the duration, scope, and
other conditions of the TDP Waiver;
4. State the Bureau’s reasons for
permitting the trial disclosure program
and issuing the TDP Waiver; and
5. State that the TDP Waiver applies
only to the recipient.
If the Bureau decides to deny the
application, it intends to publish an
order on its website as soon as
practicable that will explain the
reason(s) for the Bureau’s decision. The
Bureau expects that such denial orders
likewise will not include information
protected from public disclosure under
applicable law.80 81
When the Bureau grants an
application for a TDP Waiver Template
under section E.1.a, the Bureau expects
to publish on its website the TDP
Waiver Template and a version or
summary of the application.
Where information submitted to the
Bureau is both customarily and actually
treated as private by the submitter, the
Bureau intends to treat it as confidential
in accordance with the Disclosure
Rule.82 The Bureau anticipates that
much of the information submitted by
applicants in their applications, and by
recipients during the pendency of the
TDP Waiver, will qualify as confidential
information under the Disclosure
Rule.83 In particular, the Bureau expects
that the information submitted that is
responsive to sections A.2, A.3, A.4,
A.7, A.8, C.4, and C.5, and parallel
information submitted that is responsive
to sections D.1, D.2, E.1, and E.2 will
qualify as business information under
the Disclosure Rule.84 85 Other
80 The Bureau intends to publish denials only
after the applicant is given an opportunity to
request reconsideration of the denial. Upon request,
and if disclosure is not required by 5 U.S.C.
552(a)(2) or other applicable law, the Bureau
intends to redact identifying information from
denials published on its website.
81 The Bureau likewise expects to publish on its
website, as soon as practicable, such grant and
denial orders for applications submitted and
assessed under section F, but anticipates that the
content of the orders may require modification in
light of the particular facts and circumstances of the
State sandbox in question. The Bureau intends to
detail any such modifications in the agreement with
the State authority in question.
82 See Food Marketing Institute v. Argus Leader
Media, 139 S.Ct. 2356 (June 24, 2019).
83 To the extent associated communications
include the same information, that information
would have the same status. But other information
in associated communications may be subject to
disclosure.
84 To the extent an applicant or recipient submits
information in connection with any of the
identified sections that is not actually responsive to
those sections, such information may be subject to
disclosure.
85 The Bureau notes that the preceding
protections from public disclosure must be
balanced against the Bureau’s potential need to
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information submitted by the applicant
or the recipient may also qualify as
confidential information.
Disclosure of information or data
provided to the Bureau under the Policy
to other Federal and State agencies is
governed by applicable law, including
the Dodd-Frank Act 86 and the
Disclosure Rule.
To the extent the Bureau wishes to
publicly disclose non-confidential
information regarding trial disclosure
programs, the Bureau expects to include
the terms of such disclosure in the
WT&C. The Bureau intends to draft the
WT&C in a manner such that
confidential information is not
disclosed. Consistent with applicable
law and its own rules, the Bureau does
not expect to publicly disclose any data
or information that would conflict with
consumers’ privacy interests.
Dated: September 6, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2019–19761 Filed 9–12–19; 8:45 am]
BILLING CODE 4810–AM–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in SingleEmployer Plans; Benefits Payable in
Terminated Single-Employer Plans;
Interest Assumptions for Valuing and
Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulations on Benefits Payable in
Terminated Single-Employer Plans and
Allocation of Assets in Single-Employer
Plans to prescribe certain interest
assumptions under the benefit payments
regulation for plans with valuation dates
in October 2019 and interest
assumptions under the asset allocation
regulation for plans with valuation dates
in the fourth quarter of 2019. These
interest assumptions are used for
valuing benefits and paying certain
benefits under terminating singleemployer plans covered by the pension
SUMMARY:
publicly disclose test result data in some form—as
permitted by applicable law and/or consent of
recipients—if the Bureau decides to revise
disclosure requirements through notice-andcomment rulemaking based, in part, on trial
disclosures that test successfully.
86 See, e.g., 12 U.S.C. 5512(c)(8).
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Federal Register / Vol. 84, No. 178 / Friday, September 13, 2019 / Rules and Regulations
insurance system administered by
PBGC.
DATES:
Effective October 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
be connected to 202–326–4400, ext.
3829.)
PBGC’s
regulations on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) and Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits under terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974 (ERISA). The
interest assumptions in the regulations
are also published on PBGC’s website
(https://www.pbgc.gov).
SUPPLEMENTARY INFORMATION:
Lump Sum Interest Assumption
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 as a lump sum. 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 benefit payments regulation
Rate set
For plans with a valuation
date
On or after
*
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312
Before
to provide the rates for October 2019
measurement dates.
The October 2019 lump sum interest
assumptions will be 0.00 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 September
2019, these assumptions represent a
decrease of 0.50 percent in the
immediate rate and are otherwise
unchanged.
Valuation/Asset Allocation Interest
Assumptions
PBGC uses the interest assumptions in
appendix B to part 4044 (‘‘Interest Rates
Used to Value Benefits’’) to value
benefits for allocation purposes under
section 4044 of ERISA, and some
private-sector pension plans use them to
determine benefit liabilities reportable
under section 4044 of ERISA and for
other purposes. The fourth quarter 2019
interest assumptions will be 2.53
percent for the first 25 years following
the valuation date and 2.53 percent
thereafter. In comparison with the
interest assumptions in effect for the
third quarter of 2019, these interest
assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
a decrease of 0.39 percent in the select
rate, and a decrease of 0.54 percent in
the ultimate rate (the final rate).
Need for Immediate Guidance
PBGC updates appendix B of the asset
allocation regulation each quarter and
appendices B and C of the benefit
payments regulation 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 to
value benefits and, for plans that rely on
*
11–1–19
3. In appendix C to part 4022, Rate Set
312 is added at the end of the table to
read as follows:
■
0.00
16:11 Sep 12, 2019
Jkt 247001
29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are 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
312 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
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4.00
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
VerDate Sep<11>2014
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
10–1–19
our publication of them each month or
each quarter, to calculate lump sum
benefit amounts.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits under plans
with valuation dates during October
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).
E:\FR\FM\13SER1.SGM
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*
7
8
48274
Federal Register / Vol. 84, No. 178 / Friday, September 13, 2019 / Rules and Regulations
For plans with a valuation
date
Rate set
On or after
*
Before
*
312
*
10–1–19
11–1–19
0.00
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
4. The authority citation for part 4044
continues to read as follows:
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel, Pension Benefit
Guaranty Corporation.
BILLING CODE 7709–02–P
DEPARTMENT OF DEFENSE
Office of the Secretary
32 CFR Part 88
[Docket ID: DOD–2019–OS–0079]
RIN 0790–AK80
Transition Assistance Program (TAP)
for Military Personnel
Under Secretary of Defense for
Personnel and Readiness, Department of
Defense (DoD).
ACTION: Final rule.
AGENCY:
This final rule removes the
regulation concerning the DoD
Transition Assistance Program (TAP).
TAP provides information and training
to ensure Service members and eligible
spouses transitioning from active-duty
are prepared for their next step in life,
whether it is to pursue additional
education, find a job in the public or
private sector, or start their own
business. This part summarizes the
benefits in statute and internal policy.
Therefore, this part is duplicative and
unnecessary and should be removed
from the CFR.
DATES: Effective Date: This rule is
effective on September 13, 2019.
FOR FURTHER INFORMATION CONTACT:
Ronald H. Horne, (703) 614–8631.
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16:11 Sep 12, 2019
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*
4.00
4.00
i3
n1
*
n2
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
5. In appendix B to part 4044, an entry
for ‘‘October–December 2019’’ is added
at the end of the table to read as follows:
*
it
for t =
*
0.0253
1–25
it
*
*
*
*
for t =
*
It has been
determined that publication of this CFR
part removal for public comment is
impracticable, unnecessary, and
contrary to public interest since it is
based on removing DoD internal
policies and procedures that are
publicly available on the Department’s
website.
DoD internal guidance will continue
to be published in DoD Instruction
1332.35, ‘‘Transition Assistance
Program,’’ at https://www.esd.whs.mil/
Directives/issuances/dodi/.
Removal of this part does not reduce
burden or costs to the public as it will
not change how transition assistance is
provided to caregivers, spouses and
dependents of eligible Service members.
This rule is not significant under
Executive Order (E.O.) 12866,
‘‘Regulatory Planning and Review.’’
Therefore, the requirements of E.O.
13771, ‘‘Reducing Regulation and
Controlling Regulatory Costs,’’ do not
apply.
List of Subjects in 32 CFR Part 88
Employment, Military personnel.
PART 88–[REMOVED]
Accordingly, by the authority of 5
U.S.C. 301, 32 CFR part 88 is removed.
■
Dated: September 10, 2019.
Aaron T. Siegel,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
[FR Doc. 2019–19868 Filed 9–12–19; 8:45 am]
BILLING CODE 5001–06–P
PO 00000
Frm 00046
Fmt 4700
it
*
0.0253
SUPPLEMENTARY INFORMATION:
[FR Doc. 2019–19838 Filed 9–12–19; 8:45 am]
VerDate Sep<11>2014
i2
The values of it are:
*
*
October–December 2019 .........................
SUMMARY:
i1
■
■
For valuation dates occurring in the
month—
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Sfmt 4700
*
>25
for t =
*
N/A
N/A
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket Number USCG–2019–0681]
RIN 1625–AA08
Special Local Regulation; Tennessee
River, Florence, AL
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary Special Local
Regulation for all navigable waters of
the Tennessee River, extending the
entire width of the river, from mile
marker (MM) 254.0 to 258.0. This action
is necessary to provide for the safety of
life on these navigable waters near
Florence, AL, during a Triathlon on
September 22, 2019. This regulation
prohibits persons and vessels from
being in the regulated area unless
authorized by the Captain of the Port
Ohio Valley or a designated
representative.
DATES: This rule is effective from 6 a.m.
through 9 a.m. on September 22, 2019.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2019–
0681 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 Petty Officer Third Class
SUMMARY:
E:\FR\FM\13SER1.SGM
13SER1
]]>Agencies
[Federal Register Volume 84, Number 178 (Friday, September 13, 2019)]
[Rules and Regulations]
[Pages 48272-48274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19838]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulations on Benefits Payable in Terminated Single-
Employer Plans and Allocation of Assets in Single-Employer Plans to
prescribe certain interest assumptions under the benefit payments
regulation for plans with valuation dates in October 2019 and interest
assumptions under the asset allocation regulation for plans with
valuation dates in the fourth quarter of 2019. These interest
assumptions are used for valuing benefits and paying certain benefits
under terminating single-employer plans covered by the pension
[[Page 48273]]
insurance system administered by PBGC.
DATES: Effective October 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 regulations on Allocation of Assets
in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in
Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial
assumptions--including interest assumptions--for valuing and paying
plan benefits under terminating single-employer plans covered by title
IV of the Employee Retirement Income Security Act of 1974 (ERISA). The
interest assumptions in the regulations are also published on PBGC's
website (https://www.pbgc.gov).
Lump Sum Interest Assumption
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 as
a lump sum. 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 benefit payments
regulation to provide the rates for October 2019 measurement dates.
The October 2019 lump sum interest assumptions will be 0.00 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 September 2019, these assumptions represent a decrease of
0.50 percent in the immediate rate and are otherwise unchanged.
Valuation/Asset Allocation Interest Assumptions
PBGC uses the interest assumptions in appendix B to part 4044
(``Interest Rates Used to Value Benefits'') to value benefits for
allocation purposes under section 4044 of ERISA, and some private-
sector pension plans use them to determine benefit liabilities
reportable under section 4044 of ERISA and for other purposes. The
fourth quarter 2019 interest assumptions will be 2.53 percent for the
first 25 years following the valuation date and 2.53 percent
thereafter. In comparison with the interest assumptions in effect for
the third quarter of 2019, these interest assumptions represent no
change in the select period (the period during which the select rate
(the initial rate) applies), a decrease of 0.39 percent in the select
rate, and a decrease of 0.54 percent in the ultimate rate (the final
rate).
Need for Immediate Guidance
PBGC updates appendix B of the asset allocation regulation each
quarter and appendices B and C of the benefit payments regulation 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 to value benefits and, for plans that rely
on our publication of them each month or each quarter, to calculate
lump sum benefit amounts.
Because of the need to provide immediate guidance for the valuation
and payment of benefits under plans with valuation dates during October
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
29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
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 312 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
312 10-1-19 11-1-19 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 312 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 48274]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
312 10-1-19 11-1-19 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, an entry for ``October-December 2019''
is added at the end of the table to read as follows:
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring in the month-- -----------------------------------------------------------------------------------------------------
it for t = it for t = it for t =
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
October-December 2019............................. 0.0253 1-25 0.0253 >25 N/A N/A
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2019-19838 Filed 9-12-19; 8:45 am]
BILLING CODE 7709-02-P
