Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 42706-42707 [2020-15123]
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Federal Register / Vol. 85, No. 136 / Wednesday, July 15, 2020 / Rules and Regulations
BILLING CODE 6717–01–C
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation (PBGC).
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 August 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 August 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) 229–3829. (TTY users may
call the Federal relay service toll-free at
1–800–877–8339 and ask to be
connected to (202) 229–3829.)
khammond on DSKJM1Z7X2PROD with RULES
SUMMARY:
VerDate Sep<11>2014
15:52 Jul 14, 2020
Jkt 250001
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
to provide the rates for August 2020
measurement dates.
The August 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
SUPPLEMENTARY INFORMATION:
[FR Doc. 2020–13675 Filed 7–14–20; 8:45 am]
PO 00000
Frm 00020
Fmt 4700
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assumptions in effect for July 2020,
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 August 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:
E:\FR\FM\15JYR1.SGM
15JYR1
ER15JY20.007</GPH>
42706
42707
Federal Register / Vol. 85, No. 136 / Wednesday, July 15, 2020 / Rules and Regulations
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
1. The authority citation for part 4022
continues to read as follows:
■
For plans with a
valuation date
Rate set
On or after
*
Before
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, rate set
322 is added at the end of the table to
read as follows:
■
*
8–1–20
9–1–20
3. In appendix C to part 4022, rate set
322 is added at the end of the table to
read as follows:
■
For plans with a
valuation date
Rate set
On or after
*
Before
0.00
9–1–20
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
i2
*
4.00
4.00
i3
*
0.00
i1
i2
*
4.00
4.00
i3
*
Diana Rangoussis, Senior Policy
Advisor, Sexual Assault Prevention and
Response Office (SAPRO), (703) 696–
9422.
[FR Doc. 2020–15123 Filed 7–14–20; 8:45 am]
Office of the Secretary
32 CFR Part 103
[DOD–2008–OS–0124]
RIN 0790–AJ40
Sexual Assault Prevention and
Response (SAPR) Program
Department of Defense.
Final rule.
AGENCY:
ACTION:
The Department of Defense
(DoD) is finalizing two interim final
rules in a single final rule which deletes
all guidance internal to DoD, and
incorporate only those policy provisions
directly affecting DoD’s obligations to
provide sexual assault prevention and
response (SAPR) services to certain
members of the public who are adult
victims of sexual assault. This revision
also makes SAPR policy updates as
required by legal mandates.
DATES: This rule is effective August 14,
2020.
khammond on DSKJM1Z7X2PROD with RULES
SUMMARY:
VerDate Sep<11>2014
15:52 Jul 14, 2020
The
Department of Defense is revising 32
CFR part 103 by finalizing the interim
final rule published on September 27,
2016 (81 FR 66185–66189), deleting all
guidance internal to DoD, and
incorporating those policy provisions
from 32 CFR part 105 that directly affect
DoD’s obligations to provide sexual
assault prevention and response (SAPR)
services to certain members of the
public, who are adult victims of sexual
assault. With the publication of this
rule, 32 CFR part 103 will be the only
part that outlines the Department’s
obligations to provide SAPR services to
certain members of the public. The
Department is also making a conforming
change to comply with law. The rule
implements NDAA FY 2020 section 536
which sets forth a procedure for persons
making a Restricted Report to retrieve
any personal property that was obtained
when the individual makes a Restricted
Report. The rule sets forth an internal
agency procedure mandated by
Congress in Section 536 and although
internal agency procedures are exempt
from rule making and public comment,
it is included in this Final Rule for
completeness.
SUPPLEMENTARY INFORMATION:
DEPARTMENT OF DEFENSE
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FOR FURTHER INFORMATION CONTACT:
BILLING CODE 7709–02–P
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8
n1
n2
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
8–1–20
i1
Appendix C to Part 4022 — Lump
Sum Interest Rates for Private-Sector
Payments
*
*
*
*
*
*
322
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
322
Appendix B to Part 4022 — Lump
Sum Interest Rates for PBGC Payments
*
*
*
*
*
PO 00000
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*
4.00
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7
8
This rule is being published as part of
DoD’s regulatory reform work as part of
Executive Order (E.O.) 13777,
‘‘Enforcing the Regulatory Reform
Agenda’’ (February 24, 2017), which
requires Executive departments and
agencies to appoint a Regulatory Reform
Officer to oversee the implementation of
regulatory reform initiatives and
policies and establish a Regulatory
Reform Task Force (Task Force) to
review and evaluate existing regulations
and make recommendations to the
agency head regarding their repeal,
replacement, or modification, consistent
with applicable law. Those reform
initiatives and policies include E.O.
13771, ‘‘Reducing Regulation and
Controlling Regulatory Costs’’ (January
30, 2017), Section 6 of E.O. 13563,
‘‘Improving Regulation and Regulatory
Review’’ (January 18, 2011), and E.O.
12866, ‘‘Regulatory Planning and
Review’’ (September 30, 1993). More
information on DoD’s work can be
found at https://open.defense.gov/
Regulatory-Program/RRTF2.aspx. The
Department’s internal policies and
procedures are published in DoD
Directive 6495.01, ‘‘Sexual Assault
Prevention and Response (SAPR)
Program’’ (last updated April 11, 2017,
and available at https://
www.esd.whs.mil/Portals/54/
Documents/DD/issuances/dodd/
649501p.pdf), and DoD Instruction
6495.02, ‘‘Sexual Assault Prevention
and Response (SAPR) Program
E:\FR\FM\15JYR1.SGM
15JYR1
]]>Agencies
[Federal Register Volume 85, Number 136 (Wednesday, July 15, 2020)]
[Rules and Regulations]
[Pages 42706-42707]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15123]
=======================================================================
-----------------------------------------------------------------------
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 (PBGC).
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 August 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 August 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) 229-3829.
(TTY users may call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to (202) 229-3829.)
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 August 2020 measurement dates.
The August 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 July 2020, 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 August 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:
[[Page 42707]]
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 322 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
322 8-1-20 9-1-20 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, rate set 322 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
322 8-1-20 9-1-20 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. 2020-15123 Filed 7-14-20; 8:45 am]
BILLING CODE 7709-02-P
