Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 68560-68562 [2021-26234]
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68560
Federal Register / Vol. 86, No. 230 / Friday, December 3, 2021 / Rules and Regulations
authorizes the Secretary to withhold or
reserve funds or approval of a project
under Title 23 of the U.S.C.
[FR Doc. 2021–26231 Filed 12–2–21; 8:45 am]
BILLING CODE 4910–22–P
DEPARTMENT OF LABOR
Occupational Safety and Health
Administration
29 CFR Parts 1910, 1915, 1917, 1918,
1926, and 1928
[Docket No. OSHA–2021–0007]
RIN 1218–AD42
COVID–19 Vaccination and Testing;
Emergency Temporary Standard
Occupational Safety and Health
Administration (OSHA), Department of
Labor.
ACTION: Interim final rule; extension of
comment period.
AGENCY:
The period for submitting
public comments is being extended by
45 days to allow stakeholders interested
in the COVID–19 vaccination and
testing emergency temporary standard
(ETS) additional time to review the ETS
and collect information and data
necessary for comment.
DATES: The comment period for the
interim final rule on the ETS, which
was published November 5, 2021 at 86
FR 6140, and effective on November 5,
2021, is extended. Comments on any
aspect of the ETS and whether the ETS
should be adopted as a permanent
standard must be submitted by January
19, 2022.
ADDRESSES:
Written comments: You may submit
comments and attachments, identified
by Docket No. OSHA–2021–0007,
electronically at www.regulations.gov,
which is the Federal e-Rulemaking
Portal. Follow the online instructions
for making electronic submissions. The
Federal e-Rulemaking Portal at
www.regulations.gov is the only way to
submit comments on this rule.
Instructions: All submissions must
include the agency’s name and the
docket number for this rulemaking
(Docket No. OSHA–2021–0007). All
comments, including any personal
information you provide, are placed in
the public docket without change and
may be made available online at
www.regulations.gov. Therefore, OSHA
cautions commenters about submitting
information they do not want made
available to the public or submitting
materials that contain personal
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SUMMARY:
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17:52 Dec 02, 2021
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information (either about themselves or
others), such as Social Security
Numbers and birthdates.
Docket: To read or download
comments or other material in the
docket, go to Docket No. OSHA–2021–
0007 at www.regulations.gov. All
comments and submissions are listed in
the www.regulations.gov index;
however, some information (e.g.,
copyrighted material) is not publicly
available to read or download through
that website. All comments and
submissions, including copyrighted
material, are available for inspection
through the OSHA Docket Office.
Documents submitted to the docket by
OSHA or stakeholders are assigned
document identification numbers
(Document ID) for easy identification
and retrieval. The full Document ID is
the docket number (OSHA–2021–0007)
plus a unique four-digit or five-digit
code (e.g., OSHA–2021–0007–0001).
When citing materials in the docket,
OSHA includes the term ‘‘Document
ID’’ followed by the last four or five
digits of the Document ID number (e.g.,
Document ID 0001). Document ID
numbers are used to identify docket
materials in this notice. However,
OSHA identified supporting
information in the ETS (86 FR 61402) by
author name and publication year, when
appropriate. The agency has also
provided a spreadsheet in the docket
that identifies the full Document ID for
each reference cited in the ETS (see
Document ID 0493). This information
can be used to search for a supporting
document in the docket at
www.regulations.gov. Contact the OSHA
Docket Office at 202–693–2350 (TTY
number: 877–889–5627) for assistance
with locating docket submissions.
FOR FURTHER INFORMATION CONTACT:
General information and press
inquiries: Contact Frank Meilinger,
Director, Office of Communications,
U.S. Department of Labor; telephone
(202) 693–1999; email OSHAComms@
dol.gov.
For technical inquiries: Contact
Andrew Levinson, Directorate of
Standards and Guidance, U.S.
Department of Labor; telephone (202)
693–1950; email ETS@dol.gov.
SUPPLEMENTARY INFORMATION: On
November 5, 2021, OSHA issued an ETS
to protect unvaccinated employees of
large employers (100 or more
employees) from the risk of contracting
COVID–19 by strongly encouraging
vaccination. Covered employers must
develop, implement, and enforce a
mandatory COVID–19 vaccination
policy, with an exception for employers
that instead adopt a policy requiring
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employees to either get vaccinated or
elect to undergo regular COVID–19
testing and wear a face covering at work
in lieu of vaccination.
The public comment period for the
ETS was to close on December 6, 2021.
However, OSHA received requests from
several stakeholders to extend the
comment period. Most requested an
additional 60 days, which would result
in a new comment deadline of February
4, 2022 (see, e.g., Document ID 0503;
0525; 0574; 0575; 0576; 0577; 0578).
These stakeholders explained that they
need additional time to thoroughly
review the ETS, gather input from
members, and prepare comprehensive
comments (see, e.g., Document ID 0503;
0525; 0574; 0575; 0576; 0577; 0578).
OSHA agrees to an extension and
believes a 45-day extension of the
public comment period is sufficient and
strikes an appropriate balance between
the agency’s need for timely input and
stakeholders’ requests for additional
time to prepare comprehensive
comments. Therefore, the public
comment period will be extended until
January 19, 2022.
Authority and Signature
Douglas L. Parker, Assistant Secretary
of Labor for Occupational Safety and
Health, U.S. Department of Labor, 200
Constitution Avenue NW, Washington,
DC 20210, authorized the preparation of
this document pursuant to the following
authorities: Sections 4, 6, and 8 of the
Occupational Safety and Health Act of
1970 (29 U.S.C. 653, 655, 657); Secretary
of Labor’s Order 8–2020 (85 FR 58393
(Sept. 18, 2020)); 29 CFR part 1911; and
5 U.S.C. 553.
Signed at Washington, DC, on November
29, 2021.
Douglas L. Parker,
Assistant Secretary of Labor for Occupational
Safety and Health.
[FR Doc. 2021–26268 Filed 12–2–21; 8:45 am]
BILLING CODE 4510–26–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Allocation of Assets in SingleEmployer Plans; Valuation of Benefits
and Assets; Expected Retirement Age
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This rule amends the Pension
Benefit Guaranty Corporation’s
regulation on Allocation of Assets in
Single-Employer Plans by substituting a
SUMMARY:
E:\FR\FM\03DER1.SGM
03DER1
Federal Register / Vol. 86, No. 230 / Friday, December 3, 2021 / Rules and Regulations
new table for determining expected
retirement ages for participants in
pension plans undergoing distress or
involuntary termination with valuation
dates falling in 2022. This table is
needed to compute the value of early
retirement benefits and, thus, the total
value of benefits under a plan.
DATES: This rule is effective January 1,
2022.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
Regulatory Affairs, Office of the General
Counsel, 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: The
Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan
termination insurance program under
title IV of the Employee Retirement
Income Security Act of 1974 (ERISA).
PBGC’s regulation on Allocation of
Assets in Single-Employer Plans (29
CFR part 4044) sets forth (in subpart B)
the methods for valuing plan benefits of
terminating single-employer plans
covered under title IV. Guaranteed
benefits and benefit liabilities under a
plan that is undergoing a distress
termination must be valued in
accordance with subpart B of part 4044.
In addition, when PBGC terminates an
underfunded plan involuntarily
pursuant to ERISA section 4042(a), it
uses the subpart B valuation rules to
determine the amount of the plan’s
underfunding.
Under § 4044.51(b) of the asset
allocation regulation, early retirement
benefits are valued based on the annuity
starting date, if a retirement date has
been selected, or the expected
retirement age, if the annuity starting
date is not known on the valuation date.
Sections 4044.55 through 4044.57 set
forth rules for determining the expected
retirement ages for plan participants
entitled to early retirement benefits.
Appendix D of part 4044 contains tables
to be used in determining the expected
early retirement ages.
Table I in appendix D (Selection of
Retirement Rate Category) is used to
determine whether a participant has a
low, medium, or high probability of
retiring early. The determination is
based on the year a participant would
reach ‘‘unreduced retirement age’’ (i.e.,
the earlier of the normal retirement age
or the age at which an unreduced
benefit is first payable) and the
participant’s monthly benefit at
unreduced retirement age. The table
applies only to plans with valuation
dates in the current year and is updated
annually by PBGC to reflect changes in
the cost of living, etc.
Tables II–A, II–B, and II–C (Expected
Retirement Ages for Individuals in the
Low, Medium, and High Categories
respectively) are used to determine the
expected retirement age after the
probability of early retirement has been
determined using Table I. These tables
establish, by probability category, the
expected retirement age based on both
the earliest age a participant could retire
under the plan and the unreduced
retirement age. This expected retirement
age is used to compute the value of the
early retirement benefit and, thus, the
total value of benefits under the plan.
This document amends appendix D to
replace Table I–21 with Table I–22 to
provide an updated correlation,
appropriate for calendar year 2022,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–22 will be used to value benefits
in plans with valuation dates during
calendar year 2022.
PBGC has determined that notice of,
and public comment on, this rule are
impracticable, unnecessary, and
68561
contrary to the public interest. PBGC’s
update of appendix D for calendar year
2022 is routine. If a plan has a valuation
date in 2022, the plan administrator
needs the updated table being
promulgated in this rule to value
benefits. Accordingly, PBGC finds that
the public interest is best served by
issuing this table expeditiously, without
an opportunity for notice and comment,
and that good cause exists for making
the table set forth in this amendment
effective less than 30 days after
publication to allow the use of the
proper table to estimate the value of
plan benefits for plans with valuation
dates in early 2022.
PBGC has determined that this action
is not a ‘‘significant regulatory action’’
under the criteria set forth in Executive
Order 12866 and Executive Order
13771.
Because no general notice of proposed
rulemaking is required for this
regulation, the Regulatory Flexibility
Act of 1980 does not apply (5 U.S.C.
601(2)).
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension
insurance.
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
PART 4044—ALLOCATION OF
ASSETS IN SINGLE–EMPLOYER
PLANS
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.
2. Appendix D to part 4044 is
amended by removing Table I–21 and
adding in its place Table I–22 to read as
follows:
■
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
TABLE I–22—SELECTION OF RETIREMENT RATE CATEGORY
[For valuation dates in 2022 1]
Participant’s retirement rate category is—
Low 2 if monthly
benefit at URA is
less than—
jspears on DSK121TN23PROD with RULES1
If participant reaches URA in year—
2023
2024
2025
2026
2027
2028
2029
2030
2031
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
.................................................................................................
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691
706
723
739
756
774
791
810
828
Sfmt 4700
Medium 3 if monthly benefit at
URA is—
From—
To—
691
706
723
739
756
774
791
810
828
E:\FR\FM\03DER1.SGM
2,919
2,984
3,052
3,122
3,194
3,268
3,343
3,420
3,498
03DER1
High 4 if monthly
benefit at URA is
greater than—
2,919
2,984
3,052
3,122
3,194
3,268
3,343
3,420
3,498
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Federal Register / Vol. 86, No. 230 / Friday, December 3, 2021 / Rules and Regulations
TABLE I–22—SELECTION OF RETIREMENT RATE CATEGORY—Continued
[For valuation dates in 2022 1]
Participant’s retirement rate category is—
Low 2 if monthly
benefit at URA is
less than—
If participant reaches URA in year—
2032 or later ....................................................................................
1 Applicable
Medium 3 if monthly benefit at
URA is—
From—
847
To—
847
3,579
High 4 if monthly
benefit at URA is
greater than—
3,579
tables for valuation dates before 2022 are available on PBGC’s website (www.pbgc.gov).
2 Table
II–A.
II–B.
4 Table II–C.
3 Table
*
*
*
*
‘‘Search.’’ Next, in the Document Type
column, select ‘‘Supporting & Related
Material.’’
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email Lieutenant Commander William
Stewart, Sector New Orlean, U.S. Coast
Guard; telephone 504–365–2246, email
William.A.Stewart@uscg.mil.
SUPPLEMENTARY INFORMATION:
*
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2021–26234 Filed 12–2–21; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
I. Table of Abbreviations
Coast Guard
33 CFR Part 165
[Docket Number USCG–2021–0885]
RIN 1625–AA00
Safety Zone; Lower Mississippi River,
Southwest Pass Sea Buoy to Mile
Marker 101, New Orleans, LA
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary moving safety
zone around the heavy load carrier
vessel ZHEN HUA 23 as she transits the
Lower Mississippi River between the
Southwest Pass Sea Buoy and Port of
New Orleans Terminal, mile marker
101. The moving safety zone extends
from bank to bank encompassing onemile ahead and one-mile astern of the
vessel. This safety measure is necessary
to protect persons and vessels from the
potential safety hazards associated with
congested maritime traffic on the Lower
Mississippi River and the limited
maneuverability and visibility of the
vessel.
SUMMARY:
This rule is effective from
December 5, 2021 through December 15,
2021.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2021–
0885 in the search box and click
jspears on DSK121TN23PROD with RULES1
DATES:
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AHP Above Head of Passes
BHP Below Head of Passes
BNM Broadcast Notice to Mariners
CFR Code of Federal Regulations
COTP Captain of the Port Sector New
Orleans
DHS Department of Homeland Security
FR Federal Register
LMR Lower Mississippi River
LNM Local Notice to Mariners
MM Mile Marker
NPRM Notice of proposed rulemaking
MSIB Marine Safety Informtion Bulletin
§ Section
U.S.C. United States Code
II. Background Information and
Regulatory History
The Coast Guard is issuing this
temporary rule without prior notice and
opportunity to comment pursuant to
authority under section 4(a) of the
Administrative Procedure Act (APA) (5
U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because the
expected arrival of the vessel is less
than two weeks away. It is impracticable
to publish an NPRM because we must
establish this safety zone prior to the
vessel’s arrival on December 5, 2021.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
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days after publication in the Federal
Register. Delaying the effective date of
this rule would be impracticable
because immediate action is needed to
respond to the potential safety hazards
associated with potential safety hazards
associated with congested maritime
traffic on the Lower Mississippi River
and the limited maneuverability and
visibility of the heavy load carrier
vessel.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority in 46 U.S.C. 70034
(previously 33 U.S.C. 1231). The
Captain of the Port New Orleans (COTP)
has determined that temporary moving
safety zone is necessary to provide for
the safety of persons, vessels, and the
marine environment during the transit
of the heavy load carrier vessel ZHEN
HUA 23 to the Port of New Orleans with
limited maneuverability and visibility.
Potential hazards include risk of injury
if normal vessel traffic were to interfere
with the vessel’s movement. The transit
is scheduled to take place from 6 a.m.
on December 5, 2021 through 8 p.m. on
December 15, 2021, in the navigable
waters of the Lower Mississippi River.
This rule is needed to protect persons,
vessels, and the marine environment
from hazards associated with the
vessel’s limited maneuverability and
visibility in the navigable waters within
the safety zone while the vessel transits.
IV. Discussion of the Rule
This rule establishes a temporary
moving safety zone from December 5,
2021 through December 15, 2021. The
safety zone will cover all navigable
waters around the heavy load carrier
vessel ZHEN HUA 23 as she transits the
Lower Mississippi River between the
Southwest Pass Sea Buoy and Port of
New Orleans Terminal, MM 101. The
moving safety zone extends from bank
to bank encompassing one-mile ahead
and one-mile astern of the vessel. This
safety measure is necessary to protect
persons and vessels from the potential
E:\FR\FM\03DER1.SGM
03DER1
]]>Agencies
[Federal Register Volume 86, Number 230 (Friday, December 3, 2021)]
[Rules and Regulations]
[Pages 68560-68562]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26234]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Valuation of
Benefits and Assets; Expected Retirement Age
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule amends the Pension Benefit Guaranty Corporation's
regulation on Allocation of Assets in Single-Employer Plans by
substituting a
[[Page 68561]]
new table for determining expected retirement ages for participants in
pension plans undergoing distress or involuntary termination with
valuation dates falling in 2022. This table is needed to compute the
value of early retirement benefits and, thus, the total value of
benefits under a plan.
DATES: This rule is effective January 1, 2022.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, 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: The Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan termination insurance program under
title IV of the Employee Retirement Income Security Act of 1974
(ERISA). PBGC's regulation on Allocation of Assets in Single-Employer
Plans (29 CFR part 4044) sets forth (in subpart B) the methods for
valuing plan benefits of terminating single-employer plans covered
under title IV. Guaranteed benefits and benefit liabilities under a
plan that is undergoing a distress termination must be valued in
accordance with subpart B of part 4044. In addition, when PBGC
terminates an underfunded plan involuntarily pursuant to ERISA section
4042(a), it uses the subpart B valuation rules to determine the amount
of the plan's underfunding.
Under Sec. 4044.51(b) of the asset allocation regulation, early
retirement benefits are valued based on the annuity starting date, if a
retirement date has been selected, or the expected retirement age, if
the annuity starting date is not known on the valuation date. Sections
4044.55 through 4044.57 set forth rules for determining the expected
retirement ages for plan participants entitled to early retirement
benefits. Appendix D of part 4044 contains tables to be used in
determining the expected early retirement ages.
Table I in appendix D (Selection of Retirement Rate Category) is
used to determine whether a participant has a low, medium, or high
probability of retiring early. The determination is based on the year a
participant would reach ``unreduced retirement age'' (i.e., the earlier
of the normal retirement age or the age at which an unreduced benefit
is first payable) and the participant's monthly benefit at unreduced
retirement age. The table applies only to plans with valuation dates in
the current year and is updated annually by PBGC to reflect changes in
the cost of living, etc.
Tables II-A, II-B, and II-C (Expected Retirement Ages for
Individuals in the Low, Medium, and High Categories respectively) are
used to determine the expected retirement age after the probability of
early retirement has been determined using Table I. These tables
establish, by probability category, the expected retirement age based
on both the earliest age a participant could retire under the plan and
the unreduced retirement age. This expected retirement age is used to
compute the value of the early retirement benefit and, thus, the total
value of benefits under the plan.
This document amends appendix D to replace Table I-21 with Table I-
22 to provide an updated correlation, appropriate for calendar year
2022, between the amount of a participant's benefit and the probability
that the participant will elect early retirement. Table I-22 will be
used to value benefits in plans with valuation dates during calendar
year 2022.
PBGC has determined that notice of, and public comment on, this
rule are impracticable, unnecessary, and contrary to the public
interest. PBGC's update of appendix D for calendar year 2022 is
routine. If a plan has a valuation date in 2022, the plan administrator
needs the updated table being promulgated in this rule to value
benefits. Accordingly, PBGC finds that the public interest is best
served by issuing this table expeditiously, without an opportunity for
notice and comment, and that good cause exists for making the table set
forth in this amendment effective less than 30 days after publication
to allow the use of the proper table to estimate the value of plan
benefits for plans with valuation dates in early 2022.
PBGC has determined that this action is not a ``significant
regulatory action'' under the criteria set forth in Executive Order
12866 and Executive Order 13771.
Because no general notice of proposed rulemaking is required for
this regulation, the Regulatory Flexibility Act of 1980 does not apply
(5 U.S.C. 601(2)).
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension insurance.
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. Appendix D to part 4044 is amended by removing Table I-21 and adding
in its place Table I-22 to read as follows:
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
Table I-22--Selection of Retirement Rate Category
[For valuation dates in 2022 \1\]
----------------------------------------------------------------------------------------------------------------
Participant's retirement rate category is--
-----------------------------------------------------------------------
Medium \3\ if monthly benefit High \4\ if
If participant reaches URA in year-- Low \2\ if monthly at URA is-- monthly benefit at
benefit at URA is -------------------------------- URA is greater
less than-- From-- To-- than--
----------------------------------------------------------------------------------------------------------------
2023.................................... 691 691 2,919 2,919
2024.................................... 706 706 2,984 2,984
2025.................................... 723 723 3,052 3,052
2026.................................... 739 739 3,122 3,122
2027.................................... 756 756 3,194 3,194
2028.................................... 774 774 3,268 3,268
2029.................................... 791 791 3,343 3,343
2030.................................... 810 810 3,420 3,420
2031.................................... 828 828 3,498 3,498
[[Page 68562]]
2032 or later........................... 847 847 3,579 3,579
----------------------------------------------------------------------------------------------------------------
\1\ Applicable tables for valuation dates before 2022 are available on PBGC's website (www.pbgc.gov).
\2\ Table II-A.
\3\ Table II-B.
\4\ Table II-C.
* * * * *
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-26234 Filed 12-2-21; 8:45 am]
BILLING CODE 7709-02-P
