Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 8396-8397 [2020-02887]

Download as PDF 8396 Federal Register / Vol. 85, No. 31 / Friday, February 14, 2020 / Rules and Regulations study, experiment, or survey requiring peer review under the Information Quality Act (Pub. L. 106–554). 29 CFR Part 4022 Effects on the Energy Supply This final rule is not a significant energy action under the definition in Executive Order 13211. A Statement of Energy Effects is not required. Clarity of This Regulation The Commission is required by Executive Orders 12866 and 12988 and by the Presidential Memorandum of June 1, 1998, to write all rules in plain language. This means that each rule that the Commission publishes must: (a) Be logically organized; (b) use the active voice to address readers directly; (c) use clear language rather than jargon; (d) be divided into short sections and sentences; and (e) use lists and tables wherever possible. Required Determinations Under the Administrative Procedure Act In accordance with the Act, agencies are to annually adjust civil monetary penalties without providing an opportunity for notice and comment, and without a delay in its effective date. Therefore, the Commission is not required to complete a notice and comment process prior to promulgation. List of Subjects in 25 CFR Part 575 Administrative practice and procedure, Gaming, Indian lands, Penalties. For the reasons set forth in the preamble, the Commission amends 25 CFR part 575 as follows: PART 575—CIVIL FINES 1. The authority citation for part 575 continues to read as follows: ■ Authority: 25 U.S.C. 2705(a), 2706, 2713, 2715; and Sec. 701, Pub. L. 114–74, 129 Stat. 599. § 575.4 [Amended] 2. Amend the introductory text of § 575.4 by removing ‘‘$52,596’’ and adding in its place ‘‘$53,524’’. khammond on DSKJM1Z7X2PROD with RULES ■ Dated: January 17, 2020. Kathryn Isom-Clause, Vice Chair. E. Sequoyah Simermeyer, Associate Commissioner. [FR Doc. 2020–01167 Filed 2–13–20; 8:45 am] BILLING CODE 7565–01–P VerDate Sep<11>2014 17:46 Feb 13, 2020 PENSION BENEFIT GUARANTY CORPORATION Jkt 250001 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 March 2020. 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 March 1, 2020. 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 benefit payments regulation SUPPLEMENTARY INFORMATION: PO 00000 Frm 00024 Fmt 4700 Sfmt 4700 to provide the rates for March 2020 measurement dates. The March 2020 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 February 2020, these assumptions represent a decrease 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 March 2020, 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 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 317 is added at the end of the table to read as follows: ■ Appendix B to Part 4022—Lump Sum Interest Rates for PBGC Payments * E:\FR\FM\14FER1.SGM * * 14FER1 * * 8397 Federal Register / Vol. 85, No. 31 / Friday, February 14, 2020 / Rules and Regulations For plans with a valuation date Rate set On or after * Before * 317 3–1–20 * 4–1–20 0.00 3. In appendix C to part 4022, rate set 317 is added at the end of the table to read as follows: ■ For plans with a valuation date On or after * Before * 317 3–1–20 [Docket Number USCG–2018–0749] RIN 1625–AA08 Special Local Regulations; Recurring Marine Events, Sector Miami Coast Guard, DHS. Final rule. AGENCY: khammond on DSKJM1Z7X2PROD with RULES 4.00 * The Coast Guard is revising existing regulations and consolidating into one table special local regulations for recurring marine events at various locations within the geographic boundaries of the Seventh Coast Guard District Captain of the Port (COTP) Miami Zone. Consolidating marine events into one table simplifies Coast Guard oversight and public notification of special local regulations within COTP Miami Zone. DATES: This rule is effective March 16, 2020. ADDRESSES: To view documents mentioned in this preamble as being available in the docket, go to https:// www.regulations.gov, type USCG–2018– 0749 in the ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ Click on Open Docket n1 * 4.00 * n2 * 7 8 n1 n2 * Deferred annuities (percent) i1 i2 * 4.00 4.00 i3 * 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 33 CFR Part 100 Jkt 250001 * 4.00 i3 I. Table of Abbreviations Coast Guard SUMMARY: i2 Folder on the line associated with this rule. FOR FURTHER INFORMATION CONTACT: If you have questions about this proposed rulemaking, contact Mr. Omar Beceiro, Sector Miami Waterways Management Division, U.S. Coast Guard at 305–535– 4317 or by email: Omar.Beceiro@ uscg.mil. SUPPLEMENTARY INFORMATION: DEPARTMENT OF HOMELAND SECURITY 17:46 Feb 13, 2020 Immediate annuity rate (percent) 0.00 BILLING CODE 7709–02–P VerDate Sep<11>2014 * * [FR Doc. 2020–02887 Filed 2–13–20; 8:45 am] ACTION: * 4–1–20 Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. i1 Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * Rate set Deferred annuities (percent) Immediate annuity rate (percent) II. Background Information and Regulatory History Recurring boat races, swims, and other marine events within the Seventh Coast Guard District are currently listed in 33 CFR 100.701, Table to § 100.701. The process for amending the table (e.g. adding or removing marine events) is lengthy and inefficient since it includes recurring marine events for seven different COTP zones within the Seventh District. To expedite and simplify the rulemaking process for new marine events/special local regulations, COTP’s resorted to creating individual rules rather than amending Table to § 100.701. This rule serves two purposes: (1) Create a table of recurring marine events/special local regulations occurring solely within the COTP Miami Zone, and (2) consolidate into that table marine events/special local regulations previously established outside of Table to § 100.701. These revisions facilitate management of and PO 00000 Frm 00025 Fmt 4700 Sfmt 4700 * 4.00 * 7 8 public access to information about marine events and special local regulations within the COTP Miami Zone. The Coast Guard published a notice of proposed rulemaking (NPRM) on October 2, 2019 titled, ‘‘Special Local Regulations; Recurring Marine Events, Sector Miami’’ (84 FR 52411). There we stated why we published the NPRM, and invited comments on our proposed regulatory. During the comment period that ended November 1, 2019, the Coast Guard did not receive any comments. II. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 46 U.S.C. 70041. The COTP Miami has determined that creating a table of recurring marine events/special local regulations occurring within the COTP Miami Zone, and consolidating into that table marine events/special local regulations in new Table 1 to § 100.702, which were listed in Table to § 100.701 will facilitate management of and public access to information about marine events within the COTP Miami Zone. IV. Discussion of Comments, Changes, and the Rule As noted above, the Coast Guard did not receive any comments on the NPRM published October 2, 2019. Other than inserting a ‘‘1’’ in the table headings in § 100.701 and § 100.702, and renumbering event-date designators in Table 1 to § 100.702, there are no changes in the regulatory text of this rule from the proposed rule in the NPRM. This rule creates a table of recurring marine events/special local regulations occurring solely within the COTP E:\FR\FM\14FER1.SGM 14FER1

Agencies

[Federal Register Volume 85, Number 31 (Friday, February 14, 2020)]
[Rules and Regulations]
[Pages 8396-8397]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02887]


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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 March 2020. 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 March 1, 2020.

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 benefit payments 
regulation to provide the rates for March 2020 measurement dates.
    The March 2020 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 February 2020, these assumptions represent a decrease 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 March 2020, 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 317 is added at the end of the 
table to read as follows:

Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments

* * * * *

[[Page 8397]]



--------------------------------------------------------------------------------------------------------------------------------------------------------
                   For plans with a valuation date     Immediate                                 Deferred annuities (percent)
    Rate set     ----------------------------------   annuity rate  ------------------------------------------------------------------------------------
                    On or after         Before         (percent)            i                i                i                n                n
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          317            3-1-20           4-1-20             0.00             4.00             4.00             4.00                7                8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, rate set 317 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
          317            3-1-20           4-1-20             0.00             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. 2020-02887 Filed 2-13-20; 8:45 am]
 BILLING CODE 7709-02-P