Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 20829-20830 [2020-07763]
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20829
Federal Register / Vol. 85, No. 73 / Wednesday, April 15, 2020 / Rules and Regulations
TABLE OF CONCENTRATION LIMITS
DEA chemical
code No.
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N-(1-benzylpiperidin-4-yl)-N-phenylpropionamide
(benzylfentanyl), including its salts.
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[FR Doc. 2020–07064 Filed 4–14–20; 8:45 am]
BILLING CODE 4410–09–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 May 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 May 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.)
jbell on DSKJLSW7X2PROD with RULES
SUMMARY:
PBGC’s
regulation on Benefits Payable in
SUPPLEMENTARY INFORMATION:
16:09 Apr 14, 2020
8334
*
*
Not exempt at any concentration ...
8335
Not exempt at any concentration ...
*
Chemical mixtures containing any
amount of benzylfentanyl are not
exempt.
Chemical mixtures containing any
amount of 4-anilinopiperidine are
not exempt.
*
Uttam Dhillon,
Acting Administrator.
VerDate Sep<11>2014
Special conditions
*
N-phenylpiperidin-4-amine (4-anilinopiperidine; Nphenyl-4-piperidinamine; 4–AP), including its amides, its carbamates, and its salts.
*
Concentration
Jkt 250001
*
*
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
to provide the rates for May 2020
measurement dates.
The May 2020 lump sum interest
assumptions will be 0.50 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 April 2020,
these assumptions represent an increase
of 0.50 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
PO 00000
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Fmt 4700
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*
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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 May 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
319 is added at the end of the table to
read as follows:
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
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E:\FR\FM\15APR1.SGM
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15APR1
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20830
Federal Register / Vol. 85, No. 73 / Wednesday, April 15, 2020 / Rules and Regulations
For plans with a valuation date
Rate
set
On or after
*
Before
*
319 ....
5–1–20
For plans with a valuation date
*
*
319 ....
5–1–20
Office of Surface Mining Reclamation
and Enforcement
30 CFR Parts 723, 724, 845, and 846
RIN 1029–AC78
[Docket ID: OSM–2019–0015; S1D1S
SS08011000 SX064A000 201S180110;
S2D2S SS08011000 SX064A00 20XS501520]
Civil Monetary Penalty Inflation
Adjustments
Office of Surface Mining
Reclamation and Enforcement, Interior.
ACTION: Final rule.
AGENCY:
Pursuant to the Federal Civil
Penalties Inflation Adjustment Act
Improvements Act of 2015 (2015 Act),
which further amended the Federal
Civil Penalties Inflation Adjustment Act
of 1990 (1990 Act), and Office of
Management and Budget (OMB)
guidance, this rule adjusts for inflation
the level of civil monetary penalties
assessed under the Surface Mining
Control and Reclamation Act of 1977
(SMCRA).
DATES: Effective April 15, 2020.
FOR FURTHER INFORMATION CONTACT:
Kathleen Vello, Office of Surface Mining
Reclamation and Enforcement, 1849 C
Street NW, Mail Stop 4550, Washington,
Jkt 250001
n1
n2
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4.00
7
8
*
Deferred annuities
(percent)
i2
i1
*
4.00
i3
*
4.00
Table of Contents
DEPARTMENT OF THE INTERIOR
SUMMARY:
*
4.00
DC 20240; Telephone (202) 208–1908.
Email: kvello@osmre.gov.
SUPPLEMENTARY INFORMATION:
BILLING CODE 7709–02–P
jbell on DSKJLSW7X2PROD with RULES
*
0.50
[FR Doc. 2020–07763 Filed 4–14–20; 8:45 am]
16:09 Apr 14, 2020
*
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6–1–20
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
VerDate Sep<11>2014
*
Immediate
annuity rate
(percent)
Before
i3
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
On or after
*
4.00
0.50
3. In appendix C to part 4022, rate set
319 is added at the end of the table to
read as follows:
i2
i1
*
6–1–20
■
Rate
set
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
I. Background
A. The Federal Civil Penalties Inflation
Adjustment Act Improvements Act of
2015
B. Calculation of Adjustments
C. Effect of the Rule in Federal Program
States and on Indian Lands
D. Effect of the Rule on Approved State
Programs
II. Procedural Matters
A. Regulatory Planning and Review
(Executive Orders 12866, 13563, and
13771)
B. Regulatory Flexibility Act
C. Small Business Regulatory Enforcement
Fairness Act
D. Unfunded Mandates Reform Act
E. Takings (Executive Order 12630)
F. Federalism (Executive Order 13132)
G. Civil Justice Reform (Executive Order
12988)
H. Consultation With Indian Tribes
(Executive Order 13175 and
Departmental Policy)
I. Paperwork Reduction Act
J. National Environmental Policy Act
K. Effects on Energy Supply, Distribution,
and Use (Executive Order 13211)
L. Clarity of This Regulation
M. Data Quality Act
N. Administrative Procedure Act
I. Background
A. The Federal Civil Penalties Inflation
Adjustment Act Improvements Act of
2015
Section 518 of SMCRA, 30 U.S.C.
1268, authorizes the Secretary of the
Interior to assess civil monetary
penalties (CMPs) for violations of
SMCRA. The Office of Surface Mining
Reclamation and Enforcement’s
PO 00000
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7
8
(OSMRE) regulations implementing the
CMP provisions of section 518 are
located in 30 CFR parts 723, 724, 845,
and 846. We are adjusting CMPs in six
sections—30 CFR 723.14, 723.15,
724.14, 845.14, 845.15, and 846.14.
On November 2, 2015, the President
signed the Federal Civil Penalties
Inflation Adjustment Act Improvements
Act of 2015 (Sec. 701 of Pub. L. 114–74)
(2015 Act) into law. The 2015 Act,
which further amended the Federal
Civil Penalties Inflation Adjustment Act
of 1990 (codified as amended at 28
U.S.C. 2461 note), requires Federal
agencies to promulgate rules to adjust
the level of CMPs to account for
inflation. The 2015 Act required an
initial ‘‘catch-up’’ adjustment. OSMRE
published the initial adjustment in the
Federal Register on July 8, 2016 (81 FR
44535), and the adjustment took effect
on August 1, 2016. The 2015 Act also
requires agencies to publish annual
inflation adjustments in the Federal
Register no later than January 15 of each
year. These adjustments are aimed at
maintaining the deterrent effect of civil
penalties and furthering the policy goals
of the statutes that authorize the
penalties. Further, the 2015 Act
provides that agencies must adjust civil
monetary penalties ‘‘notwithstanding
section 553 of [the Administrative
Procedure Act].’’ Therefore, the public
procedure that the Administrative
Procedure Act generally requires for
rulemaking—notice, an opportunity for
comment, and a delay in the effective
date—is not required for agencies to
issue regulations implementing the
annual CMP adjustments. See also
December 16, 2019, Memorandum for
the Heads of Executive Departments and
E:\FR\FM\15APR1.SGM
15APR1
]]>Agencies
[Federal Register Volume 85, Number 73 (Wednesday, April 15, 2020)]
[Rules and Regulations]
[Pages 20829-20830]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-07763]
=======================================================================
-----------------------------------------------------------------------
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 May 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 May 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 May 2020 measurement dates.
The May 2020 lump sum interest assumptions will be 0.50 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 April 2020, these assumptions represent an increase of 0.50
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 May 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 319 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 20830]]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate -------------------------------------------------------------------------------
Rate set -------------------------------- annuity rate
On or after Before (percent) i i i n n
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
319............................................................. 5-1-20 6-1-20 0.50 4.00 4.00 4.00 7 8
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, rate set 319 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 Deferred annuities (percent)
date Immediate -------------------------------------------------------------------------------
Rate set -------------------------------- annuity rate
On or after Before (percent) i i i n n
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
319............................................................. 5-1-20 6-1-20 0.50 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. 2020-07763 Filed 4-14-20; 8:45 am]
BILLING CODE 7709-02-P
