Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 55055-55056 [2019-22381]

Download as PDF Federal Register / Vol. 84, No. 199 / Tuesday, October 15, 2019 / Rules and Regulations (3) Observer present. Conduct halibut deck sorting only when an observer is present in the deck sampling station. (4) Time limit. Conduct halibut deck sorting only within the time limit indicated on the Observer Sampling Station Inspection Report. The time limit begins when the codend is opened on deck. When the time limit is reached, all halibut deck sorting must stop. (5) Single sorting pathway. Convey all halibut sorted on deck to the observer deck sampling station via a single pathway. (6) Careful handling. Handle all halibut sorted on deck with a minimum of injury. (7) Sorting pace. Do not pressure or rush the observer to move halibut through the sampling process faster than the observer can handle. (8) Visual signal. Use a visual signal to indicate to vessel crew when catch may not to be weighed on a NMFSapproved scale specified in paragraph (b)(1) of this section. The visual signal must be on the conveyor belt adjacent to the flow scale and visible in the view of a camera required at § 679.28(b)(8). § 679.121 [Reserved] [FR Doc. 2019–22198 Filed 10–11–19; 8:45 am] DATES: Effective October 21, 2019. FOR FURTHER INFORMATION CONTACT: 29 CFR Part 4022 In FR Doc. 19–13609 appearing on page 43872 in the Federal Register of Thursday, August 22, 2019, the following corrections are made: AGENCY: § 200.30–3 [Corrected] 1. On page 44041, in the first column, in part 200, in amendment 2, the instruction ‘‘Section 200.30–3 is amended by revising paragraphs (a)(7) introductory text, (a)(7)(i) and (iv), (a)(7)(vi)(A) and (C) through (F), (a)(7)(vii) and (a)(10)(i) to read as follows:’’ is corrected to read ‘‘Section 200.30–3 is amended by revising paragraphs (a)(7) introductory text, (a)(7)(i) and (iv), (a)(7)(vi)(A) and (C) through (E), adding paragraphs (a)(7)(vi)(F) and (a)(7)(vii), and revising paragraph (a)(10)(i) to read as follows:’’ ■ Part 240 [Corrected] BILLING CODE 3510–22–P 2. On page 44041, in the third column, in part 240, in amendment 3, the instruction ‘‘The general authority citation for part 240 is revised, the sectional authorities for §§ 240.15c3–1 and 240.15c3–3 are revised, adding sectional authorities for §§ 240.15c3–1a, 240.15c3–1e, 240.15c3–3, 240.18a–1, 240.18a–1a, 240.18a–1b, 240.18a–1c, 240.18a–1d, 240–18a–2, 240.18a–3 and 240.18a–4 in numerical order to read as follows.’’ is corrected to read ‘‘The general authority citation for part 240 is revised, the sectional authorities for §§ 240.15c3–1 and 240.15c3–3 are revised, and sectional authorities for §§ 240.18a–1, 240.18a–1a, 240.18a–1b, 240.18a–1c, 240.18a–1d, 240–18a–2, 240.18a–3, and 240.18a–10 and § 240.18a–4 are added in numerical order to read as follows:’’ ■ SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 200 and 240 [Release No. 34–86175A; File No. S7–08– 12] RIN 3235–AL12 Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major SecurityBased Swap Participants and Capital and Segregation Requirements for Broker-Dealers; Correction Securities and Exchange Commission. ACTION: Final rule; correction. AGENCY: The Commission is correcting a final rule that appeared in the Federal Register on August 22, 2019. In the document, the Commission adopted capital and margin requirements for security-based swap dealers (‘‘SBSDs’’) and major security-based swap participants (‘‘MSBSPs’’), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. khammond on DSKJM1Z7X2PROD with RULES SUMMARY: VerDate Sep<11>2014 15:53 Oct 11, 2019 Jkt 250001 PENSION BENEFIT GUARANTY CORPORATION Sheila Dombal Swartz, Senior Special Counsel, at (202) 551–5545; Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–7010. SUPPLEMENTARY INFORMATION: Dated: October 4, 2019. Vanessa A. Countryman, Secretary. [FR Doc. 2019–22053 Filed 10–11–19; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00039 Fmt 4700 Sfmt 4700 55055 Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions for Paying Benefits Pension Benefit Guaranty Corporation. ACTION: Final rule. 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 November 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 November 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.) SUMMARY: 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 November 2019 measurement dates. SUPPLEMENTARY INFORMATION: E:\FR\FM\15OCR1.SGM 15OCR1 55056 Federal Register / Vol. 84, No. 199 / Tuesday, October 15, 2019 / Rules and Regulations The November 2019 lump sum interest assumptions will be 0.25 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 October 2019, these assumptions represent an increase of 0.25 percent 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 November 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. For plans with a valuation date Rate set 313 On or after Before Immediate annuity rate (percent) 11–1–19 12–1–19 0.25 3. In appendix C to part 4022, rate set 313 is added at the end of the table to read as follows: ■ For plans with a valuation date On or after * Before * 313 BILLING CODE 7709–02–P DEPARTMENT OF DEFENSE Office of the Secretary 32 CFR Part 78 khammond on DSKJM1Z7X2PROD with RULES [Docket ID: DOD–2019–OS–0012] RIN 0790–AK19 Voluntary State Tax Withholding From Retired Pay Office of the Under Secretary of Defense (Comptroller), DoD. ACTION: Direct final rule. AGENCY: 17:42 Oct 11, 2019 Jkt 250001 Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344. 2. In appendix B to part 4022, rate set 313 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 n1 n2 4.00 4.00 4.00 7 8 * n1 n2 * * Immediate annuity rate (percent) 0.25 Deferred annuities (percent) i1 i2 * 4.00 4.00 i3 * This direct final rule removes DoD’s regulation on the voluntary state income tax withholding from the monthly retired or retainer pay of any member or former member of the uniformed Services. That regulation is unnecessary because it restates current law; sets forth internal policy and procedures; and conveys to the public administrative and procedural information that does not require rulemaking. Accordingly, DoD will remove this part and publish a document in the Federal Register informing the States and current and former members of that administrative information, such as where to submit requests for income withholding. SUMMARY: [FR Doc. 2019–22381 Filed 10–11–19; 8:45 am] VerDate Sep<11>2014 * 12–1–19 Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. 1. The authority citation for part 4022 continues to read as follows: ■ Deferred annuities (percent) * 11–1–19 PART 4022—BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * Rate set In consideration of the foregoing, 29 CFR part 4022 is amended as follows: This rule is effective November 25, 2019 without further action, unless adverse comment is received by November 14, 2019. If adverse comment is received, DoD will publish a timely DATES: PO 00000 Frm 00040 Fmt 4700 Sfmt 4700 * 4.00 * 7 8 withdrawal of the rule in the Federal Register. You may submit comments, identified by docket number and/or RIN number and title, by any of the following methods: • Federal Rulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Mail: Department of Defense, Office of the Chief Management Officer, Directorate for Oversight and Compliance, 4800 Mark Center Drive, Suite 08D09, Attn: Mailbox 24, Alexandria, VA 22350–1700. Instructions: All submissions received must include the agency name and docket number or Regulatory Information Number (RIN) for this Federal Register document. The general policy for comments and other submissions from members of the public is to make these submissions available ADDRESSES: E:\FR\FM\15OCR1.SGM 15OCR1

Agencies

[Federal Register Volume 84, Number 199 (Tuesday, October 15, 2019)]
[Rules and Regulations]
[Pages 55055-55056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22381]


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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 November 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 November 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 November 2019 measurement dates.

[[Page 55056]]

    The November 2019 lump sum interest assumptions will be 0.25 
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 October 2019, these assumptions represent an increase of 
0.25 percent 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 November 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 313 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
          313           11-1-19          12-1-19             0.25             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, rate set 313 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          313           11-1-19          12-1-19             0.25             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. 2019-22381 Filed 10-11-19; 8:45 am]
BILLING CODE 7709-02-P