Cost-of-Living Adjustments and Identity Verification, 12431-12432 [2020-03553]

Download as PDF 12431 Rules and Regulations Federal Register Vol. 85, No. 42 Tuesday, March 3, 2020 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 5 CFR Parts 1630, 1632 and 1650 Cost-of-Living Adjustments and Identity Verification Federal Retirement Thrift Investment Board. ACTION: Final rule. AGENCY: The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to change the cost-ofliving adjustment rate used to calculate the annual increase for annuities with an increasing payment option and to clarify its requirements regarding identification verification and availability of announcements of meetings open to public observation. DATES: This rule is effective March 1, 2020. FOR FURTHER INFORMATION CONTACT: Austen Townsend, (202) 864–8647. SUPPLEMENTARY INFORMATION: The FRTIB administers the Thrift Savings Plan (TSP), which was established by the Federal Employees’ Retirement System Act of 1986 (FERSA), Public Law 99–335, 100 Stat. 514. The TSP provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351 and 8401–79. The TSP is a tax-deferred retirement savings plan for federal civilian employees and members of the uniformed services. The TSP is similar to cash or deferred arrangements established for private-sector employees under section 401(k) of the Internal Revenue Code (26 U.S.C. 401(k)). On December 17, 2019, the FRTIB published a proposed rule with request for comments in the Federal Register (84 FR 68815) and, for the reasons described below, is publishing the proposed rule as final without change. The proposed rule amended 5 CFR 1650.14(g) to provide for a fixed cost-ofliving adjustment (COLA) rate of 2 percent for annuities with an increasing payment option. Several commentators lotter on DSKBCFDHB2PROD with RULES SUMMARY: VerDate Sep<11>2014 16:23 Mar 02, 2020 Jkt 250001 expressed concern that a fixed rate of 2 percent would not provide adequate inflation protection for participants over the long term and was a cost-saving measure for FRTIB. As noted in the preamble to the proposed rule, the FRTIB will regularly review the COLA to ensure that it continues to be beneficial for TSP participants. Moreover, all TSP assets are held in trust and any savings that result from the COLA change will be passed along to participants, not the FRTIB. The proposed rule also amended (1) 5 CFR 1630.4(a) and 1630.7(c) to clarify that TSP participants may be required to provide identifying particulars to access their account information; and (2) 5 CFR 1632.4(c) to reflect the FRTIB’s existing practice of maintaining the annual Board meeting schedule online at frtib.gov and publishing announcements of meetings open to public observation in the Federal Register. The FRTIB received no comments on these changes. Regulatory Flexibility Act I certify that this regulation will not have a significant economic impact on a substantial number of small entities. This regulation will affect Federal employees, members of the uniformed services who participate in the TSP, and beneficiary participants. Paperwork Reduction Act I certify that these regulations do not require additional reporting under the criteria of the Paperwork Reduction Act. Unfunded Mandates Reform Act of 1995 Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602, 632, 653, and 1501–1571, the effects of this regulation on state, local, and tribal governments and the private sector have been assessed. This regulation will not compel the expenditure in any one year of $100 million or more by state, local, and tribal governments, in the aggregate, or by the private sector. Therefore, a statement under 2 U.S.C. 1532 is not required. Submission to Congress and the General Accounting Office Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report containing this rule and other required information to the U.S. Senate, the U.S. House of Representatives, and the Comptroller General of the United States before PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 publication of this rule in the Federal Register. This rule is not a major rule as defined at 5 U.S.C. 804(2). List of Subjects 5 CFR Part 1630 Privacy. 5 CFR Part 1632 Sunshine Act. 5 CFR Part 1650 Alimony, Claims, Government employees, Pensions, Retirement. Ravindra Deo, Executive Director, Federal Retirement Thrift Investment Board. For the reasons stated in the preamble, the FRTIB amends 5 CFR Chapter VI as follows: PART 1630—PRIVACY ACT REGULATIONS 1. The authority citation continues to read as follows: ■ Authority: 5 U.S.C. 552a. 2. Amend § 1630.4 by revising paragraph (a)(2) to read as follows: ■ § 1630.4 access. Request for notification and (a) * * * (2) Participants may also inquire whether this system contains records about them and access certain records through the account access section of the TSP website and the ThriftLine (the TSP’s automated telephone system). The TSP website is www.tsp.gov. To use the TSP ThriftLine, the participant must have a touch-tone telephone and call (877) 968–3778. Information such as account balance and transaction status is available on the TSP website and the ThriftLine. To access these features, the participant may be required to verify his or her identity by providing identifying particulars. * * * * * ■ 3. Amend § 1630.7 by revising paragraph (c)(3) to read as follows: § 1630.7 Identification requirements. * * * * * (c) * * * (3) A participant may also access the TSP website or call the TSP ThriftLine to obtain account information. These systems may require identity and account verification information and E:\FR\FM\03MRR1.SGM 03MRR1 12432 Federal Register / Vol. 85, No. 42 / Tuesday, March 3, 2020 / Rules and Regulations may require the participant to verify his or her identity by providing identifying particulars. DEPARTMENT OF TRANSPORTATION PART 1632—RULES REGARDING PUBLIC OBSERVATION OF MEETINGS 14 CFR Part 71 4. The authority for this citation continues to read as follows: ■ Amendment of Class E Airspace; Missoula, MT 5. Amend § 1632.4 by revising paragraph (c) to read as follows: ■ Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: § 1632.4 Meetings open to public observation. * * * * * (c) The annual Board meeting schedule will be maintained on frtib.gov. In addition, agency announcements of meetings open to public observation will be published in the Federal Register. Requests for announcements may be made by telephoning or by writing to the Office of External Affairs, Federal Retirement Thrift Investment Board, 77 K Street NE, Suite 1000, Washington, DC 20002. PART 1650—METHODS OF WITHDRAWING FUNDS FROM THE THRIFT SAVINGS PLAN 6. The authority citation continues to read as follows: ■ Authority: 5 U.S.C. 8351, 8432d, 8433, 8434, 8435, 8474(b)(5) and 8474(c)(1). 7. Amend § 1650.14 by revising paragraph (g)(4) to read as follows: ■ Annuities. * * * * * (g) * * * (4) Either a single life or joint (with spouse) life annuity with increasing payments. This annuity provides monthly payments to the participant only, or to the participant and spouse, as applicable. The monthly payments are increased once each year on the anniversary of the first payment by a fixed rate of 2 percent. If the participant chooses a joint life annuity, the annual 2 percent increase also applies to benefits received by the survivor. * * * * * [FR Doc. 2020–03553 Filed 2–28–20; 12:00 pm] lotter on DSKBCFDHB2PROD with RULES BILLING CODE 6760–01–P [Docket No. FAA–2019–0761; Airspace Docket No. 19–ANM–18] RIN 2120–AA66 Authority: 5 U.S.C. 552b and 8474. § 1650.14 Federal Aviation Administration This action amends Class E airspace designated as an extension to a Class D or Class E surface area at the Missoula International Airport, Missoula, MT. This action also amends the Class E airspace extending upward from 700 above the surface at the airport. Additionally, the action amends the Class E airspace extending upward from 1,200 above the surface at the airport. Further, this action removes the Missoula VORTAC from the legal description. Lastly, the action makes administrative updates to the Class D and Class E2 legal descriptions. DATES: Effective 0901 UTC, May 21, 2020. The Director of the Federal Register approves this incorporation by reference action under Title 1 Code of Federal Regulations part 51, subject to the annual revision of FAA Order 7400.11 and publication of conforming amendments. ADDRESSES: FAA Order 7400.11D, Airspace Designations and Reporting Points, and subsequent amendments can be viewed online at https:// www.faa.gov//air_traffic/publications/. For further information, you can contact the Airspace Policy Group, Federal Aviation Administration, 800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267–8783. The Order is also available for inspection at the National Archives and Records Administration (NARA). For information on the availability of FAA Order 7400.11D at NARA, email fedreg.legal@nara.gov or go to https:// www.archives.gov/federal-register/cfr/ ibr-locations.html. FOR FURTHER INFORMATION CONTACT: Matthew Van Der Wal, Federal Aviation Administration, Western Service Center, Operations Support Group, 2200 S 216th Street, Des Moines, WA 98198; telephone (206) 231–3695. SUPPLEMENTARY INFORMATION: SUMMARY: Authority for This Rulemaking The FAA’s authority to issue rules regarding aviation safety is found in VerDate Sep<11>2014 16:23 Mar 02, 2020 Jkt 250001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 Title 49 of the United States Code. Subtitle I, Section 106 describes the authority of the FAA Administrator. Subtitle VII, Aviation Programs, describes in more detail the scope of the agency’s authority. This rulemaking is promulgated under the authority described in Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the FAA is charged with prescribing regulations to assign the use of airspace necessary to ensure the safety of aircraft and the efficient use of airspace. This regulation is within the scope of that authority as it would amend Class D and Class E airspace at Missoula International Airport, Missoula, MT, to ensure the safety and management of Instrument Flight Rules (IFR) operations at the airport. History The FAA published a notice of proposed rulemaking in the Federal Register (84 FR 54792; October 11, 2019) for Docket No. FAA–2019–0761 to amend Class E airspace at Missoula International Airport, Missoula, MT. Interested parties were invited to participate in this rulemaking effort by submitting written comments on the proposal to the FAA. The FAA received one non-substantive comment discussing the potential impact on property values in the area. Though the comment isn’t substantive, this action reduces the lateral boundaries for most of the Class E airspace established for the Missoula International Airport. The radius of the Class E airspace designated as a surface area will not change. The lateral boundaries of one area to the southeast of the airport will increase slightly. Subsequent to the publication of the NPRM, the FAA determined that a minor modification to one Class E airspace area, designated as an extension to a Class D or Class E surface area, would be beneficial. The NPRM defined this area as; within 0.7 miles each side of the 142° bearing extending from the 4.4-mile radius to 5.6 miles southeast of the airport. The NPRM definition created a small space or gap between this area and a nearby area of similar airspace. Additionally, the minimum distance authorized for the width of controlled airspace along a bearing is 1.0 mile. To remove this gap, enhance aeronautical charting and meet the minimum requirement for airspace widths, the area will be defined as; within 1.0 miles northeast and 1.2 miles southwest of the 142° bearing from the airport, extending from the 4.4-mile radius to 5.6 miles southeast of the airport. E:\FR\FM\03MRR1.SGM 03MRR1

Agencies

[Federal Register Volume 85, Number 42 (Tuesday, March 3, 2020)]
[Rules and Regulations]
[Pages 12431-12432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03553]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

========================================================================


Federal Register / Vol. 85, No. 42 / Tuesday, March 3, 2020 / Rules 
and Regulations

[[Page 12431]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Parts 1630, 1632 and 1650


Cost-of-Living Adjustments and Identity Verification

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Federal Retirement Thrift Investment Board (FRTIB) is 
amending its regulations to change the cost-of-living adjustment rate 
used to calculate the annual increase for annuities with an increasing 
payment option and to clarify its requirements regarding identification 
verification and availability of announcements of meetings open to 
public observation.

DATES: This rule is effective March 1, 2020.

FOR FURTHER INFORMATION CONTACT: Austen Townsend, (202) 864-8647.

SUPPLEMENTARY INFORMATION: The FRTIB administers the Thrift Savings 
Plan (TSP), which was established by the Federal Employees' Retirement 
System Act of 1986 (FERSA), Public Law 99-335, 100 Stat. 514. The TSP 
provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351 
and 8401-79. The TSP is a tax-deferred retirement savings plan for 
federal civilian employees and members of the uniformed services. The 
TSP is similar to cash or deferred arrangements established for 
private-sector employees under section 401(k) of the Internal Revenue 
Code (26 U.S.C. 401(k)).
    On December 17, 2019, the FRTIB published a proposed rule with 
request for comments in the Federal Register (84 FR 68815) and, for the 
reasons described below, is publishing the proposed rule as final 
without change. The proposed rule amended 5 CFR 1650.14(g) to provide 
for a fixed cost-of-living adjustment (COLA) rate of 2 percent for 
annuities with an increasing payment option. Several commentators 
expressed concern that a fixed rate of 2 percent would not provide 
adequate inflation protection for participants over the long term and 
was a cost-saving measure for FRTIB. As noted in the preamble to the 
proposed rule, the FRTIB will regularly review the COLA to ensure that 
it continues to be beneficial for TSP participants. Moreover, all TSP 
assets are held in trust and any savings that result from the COLA 
change will be passed along to participants, not the FRTIB.
    The proposed rule also amended (1) 5 CFR 1630.4(a) and 1630.7(c) to 
clarify that TSP participants may be required to provide identifying 
particulars to access their account information; and (2) 5 CFR 
1632.4(c) to reflect the FRTIB's existing practice of maintaining the 
annual Board meeting schedule online at frtib.gov and publishing 
announcements of meetings open to public observation in the Federal 
Register. The FRTIB received no comments on these changes.

Regulatory Flexibility Act

    I certify that this regulation will not have a significant economic 
impact on a substantial number of small entities. This regulation will 
affect Federal employees, members of the uniformed services who 
participate in the TSP, and beneficiary participants.

Paperwork Reduction Act

    I certify that these regulations do not require additional 
reporting under the criteria of the Paperwork Reduction Act.

Unfunded Mandates Reform Act of 1995

    Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602, 
632, 653, and 1501-1571, the effects of this regulation on state, 
local, and tribal governments and the private sector have been 
assessed. This regulation will not compel the expenditure in any one 
year of $100 million or more by state, local, and tribal governments, 
in the aggregate, or by the private sector. Therefore, a statement 
under 2 U.S.C. 1532 is not required.

Submission to Congress and the General Accounting Office

    Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report 
containing this rule and other required information to the U.S. Senate, 
the U.S. House of Representatives, and the Comptroller General of the 
United States before publication of this rule in the Federal Register. 
This rule is not a major rule as defined at 5 U.S.C. 804(2).

List of Subjects

5 CFR Part 1630

    Privacy.

5 CFR Part 1632

    Sunshine Act.

5 CFR Part 1650

    Alimony, Claims, Government employees, Pensions, Retirement.

Ravindra Deo,
Executive Director, Federal Retirement Thrift Investment Board.

    For the reasons stated in the preamble, the FRTIB amends 5 CFR 
Chapter VI as follows:

PART 1630--PRIVACY ACT REGULATIONS

0
1. The authority citation continues to read as follows:

    Authority:  5 U.S.C. 552a.


0
2. Amend Sec.  1630.4 by revising paragraph (a)(2) to read as follows:


Sec.  1630.4  Request for notification and access.

    (a) * * *
    (2) Participants may also inquire whether this system contains 
records about them and access certain records through the account 
access section of the TSP website and the ThriftLine (the TSP's 
automated telephone system). The TSP website is www.tsp.gov. To use the 
TSP ThriftLine, the participant must have a touch-tone telephone and 
call (877) 968-3778. Information such as account balance and 
transaction status is available on the TSP website and the ThriftLine. 
To access these features, the participant may be required to verify his 
or her identity by providing identifying particulars.
* * * * *

0
3. Amend Sec.  1630.7 by revising paragraph (c)(3) to read as follows:


Sec.  1630.7  Identification requirements.

* * * * *
    (c) * * *
    (3) A participant may also access the TSP website or call the TSP 
ThriftLine to obtain account information. These systems may require 
identity and account verification information and

[[Page 12432]]

may require the participant to verify his or her identity by providing 
identifying particulars.

PART 1632--RULES REGARDING PUBLIC OBSERVATION OF MEETINGS

0
4. The authority for this citation continues to read as follows:

    Authority:  5 U.S.C. 552b and 8474.


0
5. Amend Sec.  1632.4 by revising paragraph (c) to read as follows:


Sec.  1632.4  Meetings open to public observation.

* * * * *
    (c) The annual Board meeting schedule will be maintained on 
frtib.gov. In addition, agency announcements of meetings open to public 
observation will be published in the Federal Register. Requests for 
announcements may be made by telephoning or by writing to the Office of 
External Affairs, Federal Retirement Thrift Investment Board, 77 K 
Street NE, Suite 1000, Washington, DC 20002.

PART 1650--METHODS OF WITHDRAWING FUNDS FROM THE THRIFT SAVINGS 
PLAN

0
6. The authority citation continues to read as follows:

    Authority:  5 U.S.C. 8351, 8432d, 8433, 8434, 8435, 8474(b)(5) 
and 8474(c)(1).


0
7. Amend Sec.  1650.14 by revising paragraph (g)(4) to read as follows:


Sec.  1650.14  Annuities.

* * * * *
    (g) * * *
    (4) Either a single life or joint (with spouse) life annuity with 
increasing payments. This annuity provides monthly payments to the 
participant only, or to the participant and spouse, as applicable. The 
monthly payments are increased once each year on the anniversary of the 
first payment by a fixed rate of 2 percent. If the participant chooses 
a joint life annuity, the annual 2 percent increase also applies to 
benefits received by the survivor.
* * * * *
[FR Doc. 2020-03553 Filed 2-28-20; 12:00 pm]
 BILLING CODE 6760-01-P