Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 8396-8397 [2020-02887]
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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:
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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
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*
14FER1
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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]
=======================================================================
-----------------------------------------------------------------------
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
