Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 49595-49596 [2020-17626]
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Federal Register / Vol. 85, No. 158 / Friday, August 14, 2020 / Rules and Regulations
‘‘Special Taxes and Taxpayers’’ and
following § 1.1502–55.
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
26 CFR Part 1
[TD 9885]
RIN 1545–BO56
[FR Doc. 2020–16383 Filed 8–13–20; 8:45 am]
Base Erosion and Anti-Abuse Tax;
Correcting Amendment
BILLING CODE 4830–01–P
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
PENSION BENEFIT GUARANTY
CORPORATION
AGENCY:
This document contains
corrections to final regulations (TD
9885) that were published in the
Federal Register on Friday, December 6,
2019. The final regulations
implementing the base erosion and antiabuse tax, designed to prevent the
reduction of tax liability by certain large
corporate taxpayers through certain
payments made to foreign related
parties and certain tax credits.
DATES:
Effective date: The final regulations
are effective on August 14, 2020.
Applicability date: December 6, 2019.
FOR FURTHER INFORMATION CONTACT:
Sarah Hoyt at (202) 317–6848 or Julie
Wang at (202) 317–6975 (not a toll-free
number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The final regulations (TD 9885) that
are the subject of this correction are
issued under § 1.1.502–59A of the
Internal Revenue Code.
Need for Correction
As published, December 6, 2019 (84
FR 66968) the final regulations (TD
9885; FR DOC. 2019–25744) contains an
error that needs to be corrected.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments:
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
khammond on DSKJM1Z7X2PROD with RULES
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Authority: 26 U.S.C. 7805 * * *
§ 1.1.502–59A
[Transferred]
Par. 2. Section 1.1502–59A is
amended by transferring the section
underneath the undesignated heading
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VerDate Sep<11>2014
16:38 Aug 13, 2020
Jkt 250001
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 September 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 September 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.)
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 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
SUMMARY:
PO 00000
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Fmt 4700
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49595
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 September 2020
measurement dates.
The September 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 August 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 September 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
323 is added at the end of the table to
read as follows:
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49596
Federal Register / Vol. 85, No. 158 / Friday, August 14, 2020 / Rules and Regulations
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
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For plans with a
valuation date
Rate set
Before
Immediate
annuity rate
(percent)
*
10–1–20
0.00
On or after
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323
9–1–20
3. In appendix C to part 4022, rate set
323 is added at the end of the table to
read as follows:
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323
9–1–20
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10–1–20
0.00
i3
4.00
*
4.00
4.00
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 51
[EPA–HQ–OAR–2018–0633; FRL–10011–71–
OAR]
Revisions to Appendix P to 40 CFR
Part 51, Concerning Minimum
Emission Reporting Requirements in
SIPs
Environmental Protection
Agency (EPA).
ACTION: Final rule.
AGENCY:
The Environmental Protection
Agency (EPA) is amending a regulation
that specifies what State
Implementation Plans (SIPs) must
require of sources in four categories
with respect to continuous emission
monitoring, recording, and reporting.
Specifically, the amendments revise
provisions that specify the minimum
frequency for submitting reports of
excess emissions that must be included
in SIPs. The minimum frequency is
being revised from ‘‘for each calendar
quarter’’ to ‘‘twice per year at 6-month
Jkt 250001
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n1
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Deferred annuities
(percent)
i1
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4.00
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4.00
4.00
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This final rule is effective on
September 14, 2020.
DATES:
The EPA has established a
docket for this action under Docket ID
No. EPA–HQ–OAR–2018–0633. All
documents in the docket are listed in
the https://www.regulations.gov
website. Although listed in the index,
some information may not be publicly
available, e.g., Confidential Business
Information or other information whose
disclosure is restricted by statute.
Certain other material, such as
copyrighted material, is not placed on
the internet and will be publicly
available only in hard copy. Publicly
available docket materials are available
electronically through https://
www.regulations.gov.
ADDRESSES:
RIN 2060–AT80
SUMMARY:
n1
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intervals.’’ The four source categories
covered are: Fossil fuel-fired steam
generators; fluid bed catalytic cracking
unit catalyst regenerators at petroleum
refineries; sulfuric acid plants; and
nitric acid plants. As a result of this
revision, states may choose to revise
their SIPs to reflect the revised
minimum frequency specified in our
regulations. This action also corrects an
erroneous cross-reference in our
regulations.
BILLING CODE 7709–02–P
16:38 Aug 13, 2020
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Before
[FR Doc. 2020–17626 Filed 8–13–20; 8:45 am]
khammond on DSKJM1Z7X2PROD with RULES
*
Immediate
annuity rate
(percent)
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
VerDate Sep<11>2014
i2
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For plans with a
valuation date
On or after
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Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
■
Rate set
Deferred annuities
(percent)
For
further general information on this rule,
contact Ms. Lisa Sutton, U.S. EPA,
Office of Air Quality Planning and
Standards, Air Quality Policy Division,
State and Local Programs Group (C539–
01), Research Triangle Park, NC 27711,
FOR FURTHER INFORMATION CONTACT:
PO 00000
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telephone number (919) 541–3450,
email address: sutton.lisa@epa.gov.
SUPPLEMENTARY INFORMATION:
I. General Information
A. Does this action apply to me?
Entities potentially affected directly
by this action include states, United
States (U.S.) territories, local authorities
and eligible tribes that are currently
administering, or may in the future
administer, EPA-approved
implementation plans (collectively
‘‘states’’).1 Entities potentially affected
indirectly by this action are sources
categorized as fossil fuel-fired steam
generators, fluid bed catalytic cracking
unit catalyst regenerators at petroleum
refineries, sulfuric acid plants, or nitric
acid plants. For convenience, the EPA’s
reference to ‘‘affected sources’’ in this
rulemaking generally refers to sources
affected by SIP requirements, i.e., those
sources to which a SIP’s 40 CFR part 51,
appendix P-specified monitoring
requirements actually apply. While all
sources among the appendix P source
1 The EPA respects the unique relationship
between the U.S. Government and tribal authorities
and acknowledges that tribal concerns are not
interchangeable with state concerns. Under the
CAA and EPA regulations, a tribe may, but is not
required to, apply for eligibility to have a tribal
implementation plan (TIP). For convenience, the
EPA refers to either ‘‘states’’ or ‘‘air agencies’’ in
this rulemaking when meaning to refer in general
to states, the District of Columbia, U.S. territories,
local air permitting authorities and eligible tribes
that are currently administering, or may in the
future administer, EPA-approved implementation
plans.
E:\FR\FM\14AUR1.SGM
14AUR1
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[Federal Register Volume 85, Number 158 (Friday, August 14, 2020)]
[Rules and Regulations]
[Pages 49595-49596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17626]
=======================================================================
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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 September 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 September 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 September 2020 measurement dates.
The September 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 August 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 September 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 323 is added at the end of the
table to read as follows:
[[Page 49596]]
Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation Deferred annuities (percent)
date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
323..................................... 9-1-20 10-1-20 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, rate set 323 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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
323..................................... 9-1-20 10-1-20 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. 2020-17626 Filed 8-13-20; 8:45 am]
BILLING CODE 7709-02-P
