Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 56589-56590 [2022-20016]

Download as PDF 56589 Federal Register / Vol. 87, No. 178 / Thursday, September 15, 2022 / Rules and Regulations business information, Reporting and recordkeeping requirements. Therefore, under the Federal Food, Drug, and Cosmetic Act and under authority delegated to the Commissioner of Food and Drugs, 21 CFR part 516 is amended as follows: PART 516—NEW ANIMAL DRUGS FOR MINOR USE AND MINOR SPECIES 1. The authority citation for part 516 continues to read as follows: ■ Authority: 21 U.S.C. 360ccc–1, 360ccc–2, 371. 2. Amend § 516.3(b) by revising the definition for ‘‘Small number of animals’’ to read as follows: ■ § 516.3 Definitions. * * * * * (b) * * * Small number of animals means equal to or less than 50,000 horses; 80,000 dogs; 150,000 cats; 310,000 cattle; 1,450,000 pigs; 14,000,000 turkeys; and 72,000,000 chickens. * * * * * Dated: August 31, 2022. Robert M. Califf, Commissioner of Food and Drugs. [FR Doc. 2022–19954 Filed 9–14–22; 8:45 am] BILLING CODE 4164–01–P PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4044 Allocation of Assets in SingleEmployer Plans; Interest Assumptions for Valuing Benefits Pension Benefit Guaranty Corporation. ACTION: Final rule. AGENCY: 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 SUMMARY: valuation dates in the fourth quarter of 2022. These interest assumptions are used for valuing benefits under terminating single-employer plans and for other purposes. DATES: Effective October 1, 2022. FOR FURTHER INFORMATION CONTACT: Gregory Katz (katz.gregory@pbgc.gov), Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024–2101, 202–229–3829. If you are deaf or hard of hearing, or have a speech disability, please dial 7–1–1 to access telecommunications relay services. 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 fourth quarter 2022 interest assumptions will be 3.90 percent for the first 20 years following the valuation date and 3.65 percent thereafter. In comparison with the interest assumptions in effect for the third quarter of 2022, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), an increase of 1.09 percent in the select rate, and an increase of 0.71 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 fourth quarter of 2022. 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 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. In appendix B to part 4044, an entry for ‘‘October–December 2022’’ 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 it are: For valuation dates occurring in the month— lotter on DSK11XQN23PROD with RULES1 it * * * October–December 2022 ................................................. VerDate Sep<11>2014 16:37 Sep 14, 2022 Jkt 256001 PO 00000 for t = it for t = 1–20 * 0.0365 >20 E:\FR\FM\15SER1.SGM 15SER1 * 0.0390 Frm 00029 Fmt 4700 Sfmt 4700 it * for t = * N/A N/A 56590 Federal Register / Vol. 87, No. 178 / Thursday, September 15, 2022 / Rules and Regulations Issued in Washington, DC, by. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. On June 24, 2022, pursuant to delegated authority, the Director of OFAC, in consultation with the Department of State and the Department of Commerce, determined that the prohibitions in section 1(a)(i) of E.O. 14068 shall apply to gold of Russian Federation origin. The determination took effect upon publication on OFAC’s website (www.treas.gov/ofac) on June 28, 2022. The text of the determination is below. [FR Doc. 2022–20016 Filed 9–14–22; 8:45 am] BILLING CODE 7709–02–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control 31 CFR Part 587 OFFICE OF FOREIGN ASSETS CONTROL Publication of Russian Harmful Foreign Activities Sanctions Regulations Determination Determination Pursuant to Section 1(a)(i) of Executive Order 14068 Office of Foreign Assets Control, Treasury. ACTION: Publication of a determination. AGENCY: The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing a products determination issued pursuant to a March 11, 2022 Executive order. The determination was previously issued on OFAC’s website. DATES: The determination pursuant to section 1(a)(i) of Executive Order 14068 was issued on June 24, 2022. See SUPPLEMENTARY INFORMATION for additional relevant dates. FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for Licensing, 202–622–2480; Assistant Director for Regulatory Affairs, 202–622–4855; or Assistant Director for Sanctions Compliance & Evaluation, 202–622– 2490. SUPPLEMENTARY INFORMATION: SUMMARY: lotter on DSK11XQN23PROD with RULES1 Electronic Availability This document and additional information concerning OFAC are available on OFAC’s website: www.treas.gov/ofac. Background On March 11, 2022, the President, invoking the authority of, inter alia, the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), issued Executive Order (E.O.) 14068 (87 FR 14381, March 15, 2022). Among other prohibitions, section 1(a)(i) of E.O. 14068 prohibits the importation into the United States of the following products of Russian Federation origin: fish, seafood, and preparations thereof; alcoholic beverages; non-industrial diamonds; and any other products of Russian Federation origin as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Commerce. VerDate Sep<11>2014 16:37 Sep 14, 2022 Jkt 256001 Prohibitions Related to Imports of Gold of Russian Federation Origin Pursuant to sections 1(a)(i), 1(b), and 5 of Executive Order (E.O.) 14068 of March 11, 2022 (‘‘Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression’’) and 31 CFR 587.802, the Director of the Office of Foreign Assets Control, in consultation with the Department of State and the Department of Commerce, hereby determines that the prohibitions in section 1(a)(i) of E.O. 14068 shall apply to gold of Russian Federation origin. As a result, the importation into the United States of gold of Russian Federation origin is prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by the Office of Foreign Assets Control. This determination excludes gold of Russian Federation origin that was located outside of the Russian Federation prior to the effective date of this determination. This determination shall take effect upon publication by the Director of the Office of Foreign Assets Control on the Department of the Treasury’s website. Andrea M. Gacki, Director, Office of Foreign Assets Control. [FR Doc. 2022–20030 Filed 9–14–22; 8:45 am] BILLING CODE 4810–AL–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2022–0787] RIN 1625–AA87 Security Zones; Corpus Christi Ship Channel, Corpus Christi, TX AGENCY: PO 00000 Coast Guard, DHS. Frm 00030 Fmt 4700 Sfmt 4700 ACTION: Temporary final rule. The Coast Guard is establishing three temporary, 500-yard radius, moving security zones for certain vessels carrying Certain Dangerous Cargoes (CDC) within the Corpus Christi Ship Channel and La Quinta Channel. The temporary security zones are needed to protect the vessels, the CDC cargo, and the surrounding waterway from terrorist acts, sabotage, or other subversive acts, accidents, or other events of a similar nature. Entry of vessels or persons into these zones is prohibited unless specifically authorized by the Captain of the Port Sector Corpus Christi or a designated representative. SUMMARY: This rule is effective without actual notice from September 15, 2022 until September 22, 2022. For the purposes of enforcement, actual notice will be used from September 12, 2022, until September 15, 2022. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or email Lieutenant Commander Anthony Garofalo, Sector Corpus Christi Waterways Management Division, U.S. Coast Guard; telephone 361–939–5130, email Anthony.M.Garofalo@uscg.mil. SUPPLEMENTARY INFORMATION: DATES: I. Table of Abbreviations CFR Code of Federal Regulations COTP Captain of the Port Sector Corpus Christi DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § 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 it is impracticable. We must establish these security zones by September 12, 2022 to ensure security of these vessels and lack sufficient time to provide a reasonable comment period and then consider those comments before issuing the rule. E:\FR\FM\15SER1.SGM 15SER1

Agencies

[Federal Register Volume 87, Number 178 (Thursday, September 15, 2022)]
[Rules and Regulations]
[Pages 56589-56590]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20016]


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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.

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 fourth quarter of 
2022. These interest assumptions are used for valuing benefits under 
terminating single-employer plans and for other purposes.

DATES: Effective October 1, 2022.

FOR FURTHER INFORMATION CONTACT: Gregory Katz ([email protected]), 
Attorney, Office of the General Counsel, Pension Benefit Guaranty 
Corporation, 445 12th Street SW, Washington, DC 20024-2101, 202-229-
3829. If you are deaf or hard of hearing, or have a speech disability, 
please dial 7-1-1 to access telecommunications relay services.

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 fourth quarter 2022 interest assumptions will be 3.90 percent 
for the first 20 years following the valuation date and 3.65 percent 
thereafter. In comparison with the interest assumptions in effect for 
the third quarter of 2022, these interest assumptions represent no 
change in the select period (the period during which the select rate 
(the initial rate) applies), an increase of 1.09 percent in the select 
rate, and an increase of 0.71 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 fourth quarter of 2022.
    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 ``October-December 2022'' 
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  =           i          for t =          i          for t =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
October-December 2022.......       0.0390          1-20        0.0365           >20           N/A           N/A
----------------------------------------------------------------------------------------------------------------



[[Page 56590]]

    Issued in Washington, DC, by.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2022-20016 Filed 9-14-22; 8:45 am]
BILLING CODE 7709-02-P
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