Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits, 72565-72566 [2020-25116]
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Federal Register / Vol. 85, No. 220 / Friday, November 13, 2020 / Rules and Regulations
until the requester agrees to pay the
actual or estimated total fee.’’ OSHRC is
revising the phrase, ‘‘the request shall
not be considered received,’’ to read,
‘‘the time period for responding to the
request shall be tolled in accordance
with 2201.6(a)(2).’’ OSHRC considers it
more accurate, pursuant to the 5 U.S.C.
552(a)(6)(A), to treat this as a fee
clarification that can be tolled under 29
CFR 2201.6(a), rather than a request that
has not been received.
II. Statutory and Executive Order
Reviews
Executive Orders 12866 and 13132,
and the Unfunded Mandates Reform
Act of 1995: OSHRC is an independent
regulatory agency and, as such, is not
subject to the requirements of E.O.
12866, E.O. 13132, or the Unfunded
Mandates Reform Act, 2 U.S.C. 1501 et
seq.
Regulatory Flexibility Act: The
Chairman of OSHRC certifies under the
Regulatory Flexibility Act, 5 U.S.C.
605(b), that these rules will not have a
significant economic impact on a
substantial number of small entities.
The revisions to part 2201 merely clarify
existing procedures and, therefore,
would have no economic impact on
small entities. For this reason, a
regulatory flexibility analysis is not
required.
Paperwork Reduction Act of 1995:
OSHRC has determined that the
Paperwork Reduction Act, 44 U.S.C.
3501 et seq., does not apply because
these rules do not contain any
information collection requirements that
require the approval of OMB.
Congressional Review Act: These
revisions do not constitute a ‘‘rule,’’ as
defined by the Congressional Review
Act, 5 U.S.C. 804(3)(C), because they
involve changes to agency organization,
procedure, or practice that do not
substantially affect the rights or
obligations of non-agency parties.
List of Subjects in 29 CFR Part 2201
Freedom of information.
James J. Sullivan, Jr.,
Chairman.
jbell on DSKJLSW7X2PROD with RULES
For the reasons set forth in the
preamble, OSHRC amends 29 CFR part
2201 as follows:
PART 2201—REGULATIONS
IMPLEMENTING THE FREEDOM OF
INFORMATION ACT
1. The authority citation for part 2201
continues to read as follows:
■
Authority: 29 U.S.C. 661(g); 5 U.S.C. 552.
VerDate Sep<11>2014
16:03 Nov 12, 2020
Jkt 253001
§ 2201.5
[Amended]
2. Amend § 2201.5 by removing the
reference ‘‘29 CFR 2400.6’’ in paragraph
(b) and adding, in its place, the
reference ‘‘29 CFR 2400.4’’.
■
§ 2201.6
[Amended]
3. Amend § 2201.6 by removing the
word ‘‘or’’ at the end of paragraph (a)(1)
and adding, in its place, the word
‘‘and’’.
■ 4. Amend § 2201.8 by revising the
third sentence of paragraph (e) to read
as follows:
■
§ 2201.8
review.
Fees for copying, searching, and
*
*
*
*
*
(e) * * * In cases in which a
requester has been notified that actual
or estimated fees amount to more than
$25, the time period for responding to
the request shall be tolled in accordance
with § 2201.6(a)(2) and further work
shall not be done on it until the
requester agrees to pay the actual or
estimated total fee. * * *
*
*
*
*
*
[FR Doc. 2020–24003 Filed 11–12–20; 8:45 am]
BILLING CODE 7600–01–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 December 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 December 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
SUMMARY:
PO 00000
Frm 00015
Fmt 4700
Sfmt 4700
72565
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 December 2020
measurement dates.
The December 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 November
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 December 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).
E:\FR\FM\13NOR1.SGM
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72566
Federal Register / Vol. 85, No. 220 / Friday, November 13, 2020 / Rules and Regulations
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:
For plans with a valuation
date
Rate set
On or after
*
Before
■
■
1. The authority citation for part 4022
continues to read as follows:
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
*
*
12–1–20
1–1–21
0.00
3. In appendix C to part 4022, rate set
326 is added at the end of the table to
read as follows:
■
For plans with a valuation
date
On or after
*
Before
*
326
*
*
Immediate
annuity rate
(percent)
*
12–1–20
1–1–21
0.00
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2020–25116 Filed 11–12–20; 8:45 am]
BILLING CODE 7709–02–P
i1
i2
*
4.00
4.00
*
*
4.00
[Docket ID: DOD–2019–OS–0006]
RIN 0790–AK50
Assignment of American National Red
Cross and United Service
Organizations, Inc., Employees to Duty
with the Military Services
Office of the Under Secretary of
Defense for Intelligence, DoD.
ACTION: Final rule.
AGENCY:
This final rule removes a DoD
regulation which was originally
established in 1983 for the purpose of
determining the security acceptability of
American Red Cross and United Service
Organizations, Inc. personnel for
assignment to duty overseas with the
Military Services. It has not been
updated since it was established, and
jbell on DSKJLSW7X2PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:03 Nov 12, 2020
Jkt 253001
n2
*
7
8
n1
n2
*
Deferred annuities
(percent)
i1
i2
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4.00
4.00
i3
*
contains outdated internal policy.
Current policy and bilateral agreements
between the Department and the
organizations govern this process.
This rule is effective on
November 13, 2020.
DATES:
It has been
determined that publication of this rule
removal in the CFR for public comment
is impracticable, unnecessary, and
contrary to public interest since it is
based on removing outdated internal
information. Current policy will
continue to be maintained in DoD
Instruction 5200.08, ‘‘Security of DoD
Installations and Resources and the DoD
Physical Security Review Board
(PSRB)’’ (available at https://
www.esd.whs.mil/Portals/54/
Documents/DD/issuances/dodi/520008_
2005_ch3.pdf), DoD Manual 5200.08
volume 3, ‘‘Physical Security Program:
Access to DoD Installations’’ (available
at https://www.esd.whs.mil/Portals/54/
Documents/DD/issuances/dodm/
520008_vol3.pdf); and bilateral
agreements with the organizations
involved. These USO/Red Cross
individuals are only assigned overseas
at the invitation of DoD, and the
specifics of their eligibility should be
established in the Memorandum of
SUPPLEMENTARY INFORMATION:
32 CFR Part 253
*
n1
*
Joshua Freedman at 703–692–3724.
Office of the Secretary
*
i3
FOR FURTHER INFORMATION CONTACT:
DEPARTMENT OF DEFENSE
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
Rate set
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
326
2. In appendix B to part 4022, rate set
326 is added at the end of the table to
read as follows:
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
PO 00000
Frm 00016
Fmt 4700
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*
4.00
*
7
8
Understanding between DoD and the
invited organizations.
This rule is not significant under
Executive Order (E.O.) 12866,
‘‘Regulatory Planning and Review.’’
Therefore, E.O. 13771, ‘‘Reducing
Regulation and Controlling Regulatory
Costs’’ does not apply. This removal
supports a recommendation of the DoD
Regulatory Reform Task Force.
List of Subjects in 32 CFR Part 253
Armed forces, Red Cross, Security
measures, United Service Organizations
(USO).
PART 253—[REMOVED]
Accordingly, by the authority of 5
U.S.C. 301, 32 CFR part 253 is removed.
■
Dated: October 23, 2020.
Aaron T. Siegel,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
[FR Doc. 2020–23836 Filed 11–12–20; 8:45 am]
BILLING CODE 5001–06–P
E:\FR\FM\13NOR1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 220 (Friday, November 13, 2020)]
[Rules and Regulations]
[Pages 72565-72566]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25116]
-----------------------------------------------------------------------
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 December 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 December 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 December 2020 measurement dates.
The December 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 November 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 December 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).
[[Page 72566]]
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 326 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
326 12-1-20 1-1-21 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, rate set 326 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
326 12-1-20 1-1-21 0.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2020-25116 Filed 11-12-20; 8:45 am]
BILLING CODE 7709-02-P
