Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 62449-62450 [2019-24729]
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Federal Register / Vol. 84, No. 221 / Friday, November 15, 2019 / Rules and Regulations
strong justifications why the rule should
not be adopted or for changing the rule.
SBA does not expect to receive any
significant adverse comments because
the rule simply mirrors the statutory
language contained in section 1701(e) of
the 2018 NDAA, with no extraneous
interpretation or other expanded text.
Implementation of this change will
benefit the public by expanding the
HUBZone program and will allow SBA
to meet the statutory deadline mandated
by section 1701(j) of the 2018 NDAA,
which provides that this change is
effective January 1, 2020. If SBA
receives any significant adverse
comments, SBA will publish a notice in
the Federal Register withdrawing this
rule before the effective date. If SBA
receives no significant adverse
comments, SBA will publish a
document in the Federal Register
confirming the effective date.
List of Subjects in 13 CFR Part 126
Administrative practice and
procedure, Government procurement,
Small businesses.
Accordingly, for the reasons stated in
the preamble, SBA amends 13 CFR part
126 as follows:
PART 126—HUBZONE PROGRAM
1. The authority for 13 CFR part 126
continues to read as follows:
■
Authority: 15 U.S.C. 632(a), 632(j), 632(p),
644 and 657a.
2. Amend § 126.103 by adding a
definition alphabetically for the term
‘‘Governor-designated covered area’’
and revising the definition of the term
‘‘HUBZone’’ to read as follows:
■
§ 126.103 What definitions are important
in the HUBZone program?
*
*
*
*
*
Governor-designated covered area
means an area that the Administrator
has designated as a HUBZone by
approving a Governor-generated petition
as described in § 126.104.
HUBZone means a historically
underutilized business zone, which is
an area located within one or more:
(1) Qualified census tracts;
(2) Qualified non-metropolitan
counties;
(3) Lands within the external
boundaries of an Indian reservation;
(4) Redesignated areas;
(5) Qualified base closure areas;
(6) Qualified disaster areas; or
(7) Governor-designated covered
areas.
*
*
*
*
*
■ 3. Add § 126.104 to read as follows:
VerDate Sep<11>2014
15:51 Nov 14, 2019
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§ 126.104 How can a Governor petition for
the designation of a Governor-designated
covered area?
(a) For a specific covered area to
receive a designation as a Governordesignated covered area, the Governor
of the State in which the identified
covered area is wholly contained shall
include such area in a petition to the
Administrator requesting such a
designation. In reviewing a request for
designation included in such a petition,
the Administrator may consider—
(1) The potential for job creation and
investment in the covered area;
(2) The demonstrated interest of small
business concerns in the covered area to
be designated as a Governor-designated
covered area;
(3) How State and local government
officials have incorporated the covered
area into an economic development
strategy; and
(4) If the covered area was a HUBZone
before becoming the subject of the
petition, the impact on the covered area
if the Administrator did not approve the
petition.
(b) Each calendar year, a Governor
may submit not more than 1 petition
described in this section. Such petition
shall include all covered areas in a State
for which the Governor seeks
designation as a Governor-designated
covered area, except that the total
number of covered areas included in
such petition may not exceed 10 percent
of the total number of covered areas in
the State.
(c) If the Administrator grants a
petition described in this section, the
Governor of the Governor-designated
covered area shall, not less frequently
than annually, submit data to the
Administrator certifying that each
Governor-designated covered area
continues to meet the requirements of
paragraph (d)(1) of this section.
(d) In this section:
(1) The term ‘‘covered area’’ means an
area in a State—
(i) That is located outside of an
urbanized area, as determined by the
Bureau of the Census;
(ii) With a population of not more
than 50,000; and
(iii) For which the average
unemployment rate is not less than 120
percent of the average unemployment
rate of the United States or of the State
in which the covered area is located,
whichever is less, based on the most
recent data available from the American
Community Survey conducted by the
Bureau of the Census.
(2) The term ‘‘Governor’’ means the
chief executive of a State.
(3) The term ‘‘State’’ means each of
the States of the United States, the
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62449
District of Columbia, the
Commonwealth of Puerto Rico, the
United States Virgin Islands, Guam, the
Commonwealth of the Northern Mariana
Islands, or American Samoa.
Christopher Pilkerton,
Acting Administrator.
[FR Doc. 2019–24610 Filed 11–14–19; 8:45 am]
BILLING CODE 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 December 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 December 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.)
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 privatesector pension plans use these interest
rates to determine lump sum amounts
payable to plan participants (if the
SUMMARY:
E:\FR\FM\15NOR1.SGM
15NOR1
62450
Federal Register / Vol. 84, No. 221 / Friday, November 15, 2019 / Rules and Regulations
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 December 2019
measurement dates.
The December 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 November
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 December 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).
For plans with a valuation
date
Rate set
On or after
*
Immediate
annuity
rate
(percent)
Before
*
314
1–1–20
0.25
3. In appendix C to part 4022, rate set
314 is added at the end of the table to
read as follows:
■
For plans with a valuation
date
On or after
*
Before
*
314
Issued in Washington, DC, by
BILLING CODE 7709–02–P
DEPARTMENT OF THE TREASURY
31 CFR Part 50
RIN 1505–AC62
IMARA Calculation Under the
Terrorism Risk Insurance Program
Departmental Offices,
Department of the Treasury.
AGENCY:
Jkt 250001
i1
i2
*
4.00
4.00
*
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
314 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
i3
n1
*
*
4.00
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
0.25
ACTION:
[FR Doc. 2019–24729 Filed 11–14–19; 8:45 am]
15:51 Nov 14, 2019
*
Immediate
annuity
rate
(percent)
1–1–20
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
VerDate Sep<11>2014
*
*
12–1–19
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
Rate set
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Deferred annuities
(percent)
*
12–1–19
List of Subjects in 29 CFR Part 4022
i1
i2
*
4.00
4.00
i3
*
Final rule.
The Department of the
Treasury (Treasury) is issuing this final
rule to implement technical changes to
program regulations that address the
calculation and notification to the
public of the Terrorism Risk Insurance
Program’s (Program) insurance
marketplace aggregate retention amount
(IMARA) under the Terrorism Risk
Insurance Act (Act), as amended. The
changes were published in proposed
form for public comment on September
6, 2019.
DATES: This rule is effective December
16, 2019.
FOR FURTHER INFORMATION CONTACT:
Richard Ifft, Senior Insurance
SUMMARY:
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*
4.00
*
7
8
Regulatory Policy Analyst, Federal
Insurance Office, 202–622–2922 or
Lindsey Baldwin, Senior Policy Analyst,
Federal Insurance Office, 202–622–
3220.
SUPPLEMENTARY INFORMATION:
I. Background
The Terrorism Risk Insurance Act of
2002 (as amended, the Act or TRIA) 1
was enacted on November 26, 2002,
following the attacks of September 11,
2001, to address disruptions in the
1 Public Law 107–297, 116 Stat. 2322, codified at
15 U.S.C. 6701 note. Because the provisions of
TRIA (as amended) appear in a note instead of
particular sections of the U.S. Code, the provisions
of TRIA are identified by the sections of the law.
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 84, Number 221 (Friday, November 15, 2019)]
[Rules and Regulations]
[Pages 62449-62450]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24729]
=======================================================================
-----------------------------------------------------------------------
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 December 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 December 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
[[Page 62450]]
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 December 2019 measurement dates.
The December 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 November 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 December 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 314 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
314 12-1-19 1-1-20 0.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, rate set 314 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
314 12-1-19 1-1-20 0.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, by
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2019-24729 Filed 11-14-19; 8:45 am]
BILLING CODE 7709-02-P
