Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 74968-74969 [2022-26597]
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Federal Register / Vol. 87, No. 234 / Wednesday, December 7, 2022 / Rules and Regulations
suspension of ITAR § 120.11(c), as
described above, is valid for a period of
six months until May 21, 2023, or when
terminated by notice, whichever occurs
first.
Capacitors described in USML
Category XI(c)(5) remain subject to the
controls of the ITAR in all other
circumstances, including as stand-alone
articles. The export, reexport, retransfer,
or temporary import of technical data
and defense services directly related to
all defense articles described in USML
Category XI(c)(5) remain subject to the
ITAR.
Any violation of the ITAR, including
any violation of the terms and
conditions of any export license issued
by the Department of State prior to the
temporary suspension announced
herein, remains a violation of the AECA.
The public is reminded that the
Department of State strongly encourages
industry to disclose, pursuant to ITAR
§ 127.12, unauthorized exports,
reexports, retransfers, or temporary
imports of defense articles, including
the subject capacitors, that occurred
prior to the temporary suspension
announced herein.
Authority: 22 CFR 126.2; 22 U.S.C. 2778.
Michael F. Miller,
Deputy Assistant Secretary, Defense Trade
Controls, Department of State.
[FR Doc. 2022–26134 Filed 12–6–22; 8:45 am]
BILLING CODE 4710–25–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
new table for determining expected
retirement ages for participants in
pension plans undergoing distress or
involuntary termination with valuation
dates falling in 2023. 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,
2023.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
lotter on DSK11XQN23PROD with RULES1
SUMMARY:
VerDate Sep<11>2014
18:18 Dec 06, 2022
Jkt 259001
Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty
Corporation, 445 12th Street SW,
Washington, DC 20024–2101, 202–229–
3839. 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: 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 the
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
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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–22 with Table I–23 to
provide an updated correlation,
appropriate for calendar year 2023,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–23 will be used to value benefits
in plans with valuation dates during
calendar year 2023.
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
2023 is routine. If a plan has a valuation
date in 2023, 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 2023.
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
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–22 and
adding in its place Table I–23 to read as
follows:
■
E:\FR\FM\07DER1.SGM
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Federal Register / Vol. 87, No. 234 / Wednesday, December 7, 2022 / Rules and Regulations
74969
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
TABLE I–23—SELECTION OF RETIREMENT RATE CATEGORY
[For valuation dates in 2023 1]
Participant’s Retirement Rate Category is—
Low 2
if monthly
benefit at URA is
less than—
If participant reaches URA in year—
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
1
2
3
4
*
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
or later ............................................................................
From—
745
762
779
797
816
834
854
873
893
914
To—
745
762
779
797
816
834
854
873
893
914
3,146
3,218
3,292
3,368
3,445
3,524
3,605
3,688
3,773
3,860
High 4 if monthly
benefit at URA is
greater than—
3,146
3,218
3,292
3,368
3,445
3,524
3,605
3,688
3,773
3,860
Applicable tables for valuation dates before 2023 are available on PBGC’s website (www.pbgc.gov).
Table II–A.
Table II–B.
Table II–C.
*
*
*
authorized by the Captain of the Port
Sector Corpus Christi or a designated
representative.
DATES: This rule is effective without
actual notice from December 7, 2022
through 3 p.m. on December 11, 2022.
For the purposes of enforcement, actual
notice will be used from 8 p.m. on
December 5, 2022 until December 7,
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 CCWaterways@uscg.mil.
SUPPLEMENTARY INFORMATION:
*
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs Pension Benefit Guaranty
Corporation.
[FR Doc. 2022–26597 Filed 12–6–22; 8:45 am]
BILLING CODE 7709–02–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2022–0964]
RIN 1625–AA00
I. Table of Abbreviations
Safety Zone; Corpus Christi Shipping
Channel, Corpus Christi, TX
Coast Guard, DHS.
ACTION: Temporary final rule.
AGENCY:
The Coast Guard is
establishing a temporary safety zone for
all navigable waters of the Corpus
Christi Shipping Channel in a zone
defined by the following coordinates;
27°50′31.28″ N, 97°04′17.23″ W;
27°50′31.73″ N, 97°04′15.44″ W;
27°50′29.06″ N, 97°04′16.61″ W;
27°50′29.32″ N, 97°04′14.82″ W. The
safety zone is needed to protect
personnel, vessels, and the marine
environment from potential hazards
created by pipelines that will be
removed from the floor of the Corpus
Christi Shipping Channel. Entry of
vessels or persons into this zone is
prohibited unless specifically
SUMMARY:
lotter on DSK11XQN23PROD with RULES1
Medium 3 if monthly benefit at URA is—
VerDate Sep<11>2014
18:18 Dec 06, 2022
Jkt 259001
CFR Code of Federal Regulations
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
PO 00000
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Fmt 4700
Sfmt 4700
notice of proposed rulemaking (NPRM)
with respect to this rule because it is
impracticable. We must establish this
safety zone immediately to protect
personnel, vessels, and the marine
environment from potential hazards
created by pipeline removal operations
and lack sufficient time to provide a
reasonable comment period and then to
consider those comments before issuing
the rule.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. Delaying the effective date of
this rule would be contrary to the public
interest because immediate action is
needed to respond to the potential
safety hazards associated with pipeline
removal operations in the Corpus
Christi Shipping Channel.
III. Legal Authority and Need for Rule
The Coast Guard is issuing this rule
under authority in 46 U.S.C. 70034. The
Captain of the Port Sector Corpus
Christi (COTP) has determined that
potential hazards associated with
pipeline removal operations occurring
from 8 p.m. on December 5, 2022
through 3 p.m. on December 11, 2022
will be a safety concern for anyone
within the Corpus Christi Shipping
Channel in a zone defined by the
following coordinates; 27°50′31.28″ N,
97°04′17.23″ W; 27°50′31.73″ N,
97°04′15.44″ W; 27°50′29.06″ N,
97°04′16.61″ W; 27°50′29.32″ N,
97°04′14.82″ W. The purpose of this rule
is to ensure safety of vessels and
persons on these navigable waters in the
safety zone while pipelines are removed
E:\FR\FM\07DER1.SGM
07DER1
]]>Agencies
[Federal Register Volume 87, Number 234 (Wednesday, December 7, 2022)]
[Rules and Regulations]
[Pages 74968-74969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-26597]
=======================================================================
-----------------------------------------------------------------------
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 new table for determining expected retirement ages for
participants in pension plans undergoing distress or involuntary
termination with valuation dates falling in 2023. 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, 2023.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW,
Washington, DC 20024-2101, 202-229-3839. 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: 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 the
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-22 with Table I-
23 to provide an updated correlation, appropriate for calendar year
2023, between the amount of a participant's benefit and the probability
that the participant will elect early retirement. Table I-23 will be
used to value benefits in plans with valuation dates during calendar
year 2023.
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 2023 is
routine. If a plan has a valuation date in 2023, 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 2023.
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 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-22 and adding
in its place Table I-23 to read as follows:
[[Page 74969]]
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
Table I-23--Selection of Retirement Rate Category
[For valuation dates in 2023 \1\]
----------------------------------------------------------------------------------------------------------------
Participant's Retirement Rate Category is--
---------------------------------------------------------------------------
Low \2\ if Medium \3\ if monthly benefit at URA High \4\ if
If participant reaches URA in year-- monthly benefit is-- monthly benefit
at URA is less -------------------------------------- at URA is greater
than-- From-- To-- than--
----------------------------------------------------------------------------------------------------------------
2024................................ 745 745 3,146 3,146
2025................................ 762 762 3,218 3,218
2026................................ 779 779 3,292 3,292
2027................................ 797 797 3,368 3,368
2028................................ 816 816 3,445 3,445
2029................................ 834 834 3,524 3,524
2030................................ 854 854 3,605 3,605
2031................................ 873 873 3,688 3,688
2032................................ 893 893 3,773 3,773
2033 or later....................... 914 914 3,860 3,860
----------------------------------------------------------------------------------------------------------------
\1\ Applicable tables for valuation dates before 2023 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. 2022-26597 Filed 12-6-22; 8:45 am]
BILLING CODE 7709-02-P
