Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 31619-31620 [2021-12483]
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Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Rules and Regulations
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
24 CFR Part 28
[Docket No. FR–6196–C–02]
Adjustment of Civil Monetary Penalty
Amounts for 2020; Correction
AGENCY:
Office of General Counsel,
HUD.
Final rule; correcting
amendment.
ACTION:
On March 6, 2020, HUD
published its Adjustment of Civil
Monetary Penalty Amounts for 2020
final rule. Subsequently, when HUD
published its 2021 Civil Monetary
Penalty final rule, HUD became aware of
an error in the codification of the 2020
rule. As a result, HUD is publishing this
rule to correct the earlier codification
error.
SUMMARY:
DATES:
Effective June 15, 2021.
FOR FURTHER INFORMATION CONTACT:
Aaron Santa Anna, Associate General
Counsel for Legislation and Regulations,
Department of Housing and Urban
Development, 451 7th Street SW, Room
10238, Washington, DC 20410;
telephone number 202–708–1793 (this
is not a toll-free number). Persons with
hearing or speech impairments may
access this number through TTY by
calling the toll-free Federal Relay at
800–877–8339 (this is a toll-free
number).
Revisions
to HUD’s civil money penalty amounts
are required annually by the Federal
Civil Penalties Inflation Adjustment Act
of 1990,1 as amended by the Federal
Civil Penalties Inflation Adjustment Act
Improvements Act of 2015.2
On March 6, 2020 (85 FR 13041),
HUD published its Adjustment of Civil
Monetary Penalty Amounts for 2020
final rule. In that rule, HUD’s
amendatory instructions for 24 CFR
28.10 directed the Federal Register to
‘‘[r]evise paragraphs (a)(1) introductory
text and (b)(1) introductory text.’’ HUD
used this amendatory instruction in
publishing its annual civil money
penalty adjustment final rules in 2017
(May 30, 2017, 82 FR 24521), 2018 (July
16, 2018, 83 FR 32790), and 2019
(March 15, 2019, 84 FR 9451).
Subsequent to HUD’s publication of
its Adjustment of Civil Monetary
Penalty Amounts for 2021 final rule
khammond on DSKJM1Z7X2PROD with RULES
SUPPLEMENTARY INFORMATION:
1 Public
2 Public
Law 101–410.
Law 114–74, Sec. 701.
VerDate Sep<11>2014
16:05 Jun 14, 2021
Jkt 253001
(March 16, 2021, 86 FR 14370),
however, HUD became aware of an error
in the codification of 24 CFR 28.10.
Section 28.10 provides the basis for civil
penalties and assessments under the
Program Fraud Civil Remedies Act of
1986.3 Specifically, HUD determined
that paragraph (a)(1)(i), which provides
that a civil penalty may be imposed
when a claim is made that ‘‘is false,
fictitious, or fraudulent,’’ failed to
codify.
To correct this error in the
codification of HUD’s Adjustment of
Civil Monetary Penalty Amounts for
2020 final rule, this rule recodifies 24
CFR 28.10(a)(1)(i).
List of Subjects in 24 CFR Part 28
Administrative practice and
procedure, Claims, Fraud, Penalties.
Accordingly, 24 CFR part 28 is
corrected by making the following
correcting amendment:
PART 28—IMPLEMENTATION OF THE
PROGRAM FRAUD CIVIL REMEDIES
ACT OF 1986
1. The authority citation for part 28
continues to read as follows:
■
Authority: 28 U.S.C. 2461 note; 31 U.S.C.
3801–3812; 42 U.S.C. 3535(d).
2. Amend § 28.10 by adding paragraph
(a)(1)(i) to read as follows:
■
§ 28.10 Basis for civil penalties and
assessments.
(a) * * *
(1) * * *
(i) Is false, fictitious, or fraudulent;
*
*
*
*
*
Aaron Santa Anna,
Associate General Counsel for Legislation and
Regulations.
[FR Doc. 2021–12452 Filed 6–14–21; 8:45 am]
BILLING CODE 4210–67–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Allocation of Assets in SingleEmployer Plans; Interest Assumptions
for Valuing Benefits
Pension Benefit Guaranty
Corporation (PBGC).
AGENCY:
3 Since the enactment of the Program Fraud Civil
Remedies Act of 1986 (31 U.S.C.S. 3801, et seq.),
HUD has direct statutory authority to impose civil
money penalties in the case of false, fictitious, or
fraudulent claims. HUD has this authority
regardless of the language in 24 CFR 28.10.
PO 00000
Frm 00035
Fmt 4700
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ACTION:
31619
Final rule.
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulation on Allocation of Assets in
Single-Employer Plans to prescribe
interest assumptions under the asset
allocation regulation for plans with
valuation dates in the third quarter of
2021. These interest assumptions are
used for valuing benefits under
terminating single-employer plans and
for other purposes.
SUMMARY:
DATES:
Effective July 1, 2021.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street
NW, Washington, DC 20005, 202–229–
3839. (TTY users may call the Federal
relay service toll free at 1–800–877–
8339 and ask to be connected to 202–
229–3839.)
PBGC’s
regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044) prescribes actuarial
assumptions—including interest
assumptions—for valuing benefits under
terminating 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).
SUPPLEMENTARY INFORMATION:
PBGC uses the interest assumptions in
appendix B to part 4044 (‘‘Interest Rates
Used to Value Benefits’’) to determine
the present value of annuities in an
involuntary or distress termination of a
single-employer plan under the asset
allocation regulation. The assumptions
are also used to determine the value of
multiemployer plan benefits and certain
assets when a plan terminates by mass
withdrawal in accordance with PBGC’s
regulation on Duties of Plan Sponsor
Following Mass Withdrawal (29 CFR
part 4281).
The third quarter 2021 interest
assumptions will be 2.13 percent for the
first 25 years following the valuation
date and 2.23 percent thereafter. In
comparison with the interest
assumptions in effect for the second
quarter of 2021, these interest
assumptions represent an increase of 5
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15JNR1
31620
Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Rules and Regulations
years in the select period (the period
during which the select rate (the initial
rate) applies), an increase of 0.31
percent in the select rate, and an
increase of 0.55 percent in the ultimate
rate (the final rate).
Need for Immediate Guidance
PBGC has determined that notice of,
and public comment on, this rule are
impracticable, unnecessary, and
contrary to the public interest. PBGC
routinely updates the interest
assumptions in appendix B of the asset
allocation regulation each quarter so
that they are available to value benefits.
Accordingly, PBGC finds that the public
interest is best served by issuing this
rule expeditiously, without an
opportunity for notice and comment,
it
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
2. In appendix B to part 4044, an entry
for ‘‘July–September 2021’’ is added at
the end of the table to read as follows:
■
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
*
*
*
*
*
for t =
*
1–25
In FR Doc.
2021–12014 appearing on page 30537 in
the Federal Register of Wednesday,
June 9, 2021, the following correction is
made:
*
>25
0.0223
it
N/A
for t =
*
N/A
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2020–0460]
RIN 1625–AA00
DEPARTMENT OF THE TREASURY
§ 50.4
31 CFR Part 50
■
Terrorism Risk Insurance Program;
Updated Regulations in Light of the
Terrorism Risk Insurance Program
Reauthorization Act of 2019, and for
Other Purposes; Correction
Departmental Offices,
Department of the Treasury.
ACTION: Final rule, technical correction.
AGENCY:
The Department of the
Treasury (Treasury) is correcting a final
rule that published on June 9, 2021. The
final rule implemented changes to the
Terrorism Risk Insurance Program rules
in response to the Terrorism Risk
Insurance Program Reauthorization Act
of 2019.
DATES: Effective July 12, 2021.
FOR FURTHER INFORMATION CONTACT:
Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, 202–622–2922,
Lindsey Baldwin, Senior Insurance
Regulatory Policy Analyst, Federal
Jkt 253001
*
0.0213
it
SUPPLEMENTARY INFORMATION:
BILLING CODE 7709–02–P
SUMMARY:
for t =
Insurance Office, 202–622–3220, or
Daniel McKnight, Policy Analyst, 202–
622–7009.
[FR Doc. 2021–12483 Filed 6–14–21; 8:45 am]
khammond on DSKJM1Z7X2PROD with RULES
1. The authority citation for part 4044
continues to read as follows:
■
The values of it are:
*
*
*
July–September 2021 ...........................................................
16:05 Jun 14, 2021
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension
insurance, Pensions.
For
valuation dates
occurring in the
month—
VerDate Sep<11>2014
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
and that good cause exists for making
the assumptions set forth in this
amendment effective less than 30 days
after publication to allow the use of the
proper assumptions to estimate the
value of plan benefits for plans with
valuation dates early in the third quarter
of 2021.
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).
[Corrected]
1. On page 30540, in the first column,
in § 50.4, in amendment 3, the
instruction ‘‘Amend § 50.4 by revising
paragraphs (b)(2)(ii) and (n)(3)(iii),
adding paragraph (n)(3)(iv) and revising
(w)(1) and (2) to read as follows:’’ is
corrected to read ‘‘Amend § 50.4 by
revising paragraphs (b)(2)(ii) and
(n)(3)(iii), adding paragraph (n)(3)(iv),
and revising paragraph (w)(1) and
paragraph (w)(2) introductory text to
read as follows:’’
Steven E. Seitz,
Director, Federal Insurance Office,
performing the Delegable Duties of the
Assistant Secretary for Financial Institutions.
[FR Doc. 2021–12456 Filed 6–14–21; 8:45 am]
BILLING CODE 4810–AK–P
PO 00000
Safety Zone; Cocos Lagoon, Merizo,
GU
Coast Guard, DHS.
Final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a recurring safety zone for
navigable waters within Cocos Lagoon.
This safety zone will encompass the
designated swim course for the Cocos
Crossing swim event in the waters of
Cocos Lagoon, Merizo, Guam. Race
participants, chase boats, and organizers
of the event will be exempt from the
safety zone. Entry of persons or vessels
into the safety zone is prohibited unless
authorized by the Captain of the Port
(COTP) Guam.
DATES: This rule is effective July 15,
2021.
SUMMARY:
To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2020–
0460 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
ADDRESSES:
Frm 00036
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]]>Agencies
[Federal Register Volume 86, Number 113 (Tuesday, June 15, 2021)]
[Rules and Regulations]
[Pages 31619-31620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12483]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Interest
Assumptions for Valuing Benefits
AGENCY: Pension Benefit Guaranty Corporation (PBGC).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This final rule amends the Pension Benefit Guaranty
Corporation's regulation on Allocation of Assets in Single-Employer
Plans to prescribe interest assumptions under the asset allocation
regulation for plans with valuation dates in the third quarter of 2021.
These interest assumptions are used for valuing benefits under
terminating single-employer plans and for other purposes.
DATES: Effective July 1, 2021.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-229-
3839. (TTY users may call the Federal relay service toll free at 1-800-
877-8339 and ask to be connected to 202-229-3839.)
SUPPLEMENTARY INFORMATION: PBGC's regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part 4044) prescribes actuarial
assumptions--including interest assumptions--for valuing benefits under
terminating 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 4044
(``Interest Rates Used to Value Benefits'') to determine the present
value of annuities in an involuntary or distress termination of a
single-employer plan under the asset allocation regulation. The
assumptions are also used to determine the value of multiemployer plan
benefits and certain assets when a plan terminates by mass withdrawal
in accordance with PBGC's regulation on Duties of Plan Sponsor
Following Mass Withdrawal (29 CFR part 4281).
The third quarter 2021 interest assumptions will be 2.13 percent
for the first 25 years following the valuation date and 2.23 percent
thereafter. In comparison with the interest assumptions in effect for
the second quarter of 2021, these interest assumptions represent an
increase of 5
[[Page 31620]]
years in the select period (the period during which the select rate
(the initial rate) applies), an increase of 0.31 percent in the select
rate, and an increase of 0.55 percent in the ultimate rate (the final
rate).
Need for Immediate Guidance
PBGC has determined that notice of, and public comment on, this
rule are impracticable, unnecessary, and contrary to the public
interest. PBGC routinely updates the interest assumptions in appendix B
of the asset allocation regulation each quarter so that they are
available to value benefits. Accordingly, PBGC finds that the public
interest is best served by issuing this rule expeditiously, without an
opportunity for notice and comment, and that good cause exists for
making the assumptions set forth in this amendment effective less than
30 days after publication to allow the use of the proper assumptions to
estimate the value of plan benefits for plans with valuation dates
early in the third quarter of 2021.
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 4044
Employee benefit plans, Pension insurance, Pensions.
In consideration of the foregoing, 29 CFR part 4044 is amended as
follows:
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
1. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
2. In appendix B to part 4044, an entry for ``July-September 2021'' is
added at the end of the table to read as follows:
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of i are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the month-- i for t = i for t = i for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
July-September 2021.......... 0.0213 1-25 0.0223 >25 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-12483 Filed 6-14-21; 8:45 am]
BILLING CODE 7709-02-P
