Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 76576-76577 [2022-27269]
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Federal Register / Vol. 87, No. 240 / Thursday, December 15, 2022 / Rules and Regulations
paragraphs (g)(1) and (g)(4)(i) and (ii) of
this section for calendar years beginning
after December 31, 2020. Except as
otherwise provided in this paragraph (j),
paragraph (g)(4), as contained in 26 CFR
part 1 edition revised as of April 1,
2021, applies to calendar years ending
after December 31, 2014, and beginning
before January 1, 2022.
PART 301—PROCEDURE AND
ADMINISTRATION
Par. 5. The authority citation for part
301 continues to read in part as follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 6. Section 301.6056–1 is
amended by adding introductory text to
paragraph (g)(1) and revising paragraph
(m) to read as follows:
■
§ 301.6056–1 Rules relating to reporting by
applicable large employers on health
insurance coverage offered under
employer-sponsored plans.
*
*
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(g) * * *
(1) Time for furnishing. Except as
otherwise provided in this paragraph
(g)(1), each statement required by this
section for a calendar year must be
furnished to a full-time employee on or
before January 31 of the year succeeding
the calendar year in accordance with
applicable Internal Revenue Service
procedures and instructions. Applicable
large employers are granted an
automatic, 30-day extension of time in
which to furnish these statements.
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*
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(m) Applicability date. Except as
otherwise provided in this paragraph
(m), this section applies for calendar
years beginning after December 31,
2014. Paragraph (g)(1) of this section
applies for calendar years beginning
after December 31, 2021, but applicable
large employers may choose to apply
paragraph (g)(1) of this section for
calendar years beginning after December
31, 2020. Except as otherwise provided
in this paragraph (m), paragraph (g)(1),
as contained in 26 CFR part 1 edition
revised as of April 1, 2021, applies to
calendar years ending after December
31, 2014, and beginning before January
1, 2022.
lotter on DSK11XQN23PROD with RULES1
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Melanie R. Krause,
Acting Deputy Commissioner for Services and
Enforcement.
Approved: December 6, 2022.
Lily Batchelder,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2022–27212 Filed 12–12–22; 4:15 pm]
BILLING CODE 4830–01–P
VerDate Sep<11>2014
15:59 Dec 14, 2022
Jkt 259001
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
valuation dates in the first quarter of
2023. These interest assumptions are
used for valuing benefits under
terminating single-employer plans and
for other purposes.
DATES: Effective January 1, 2023.
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 first quarter 2023 interest
assumptions will be 4.86 percent for the
first 20 years following the valuation
date and 4.70 percent thereafter. In
comparison with the interest
assumptions in effect for the fourth
quarter of 2022, these interest
SUMMARY:
PO 00000
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Fmt 4700
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assumptions represent no change in the
select period (the period during which
the select rate (the initial rate) applies),
an increase of 0.96 percent in the select
rate, and an increase of 1.05 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 first quarter
of 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
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 ‘‘January–March 2023’’ is added at
the end of the table to read as follows:
■
Appendix B to Part 4044—Interest
Rates Used To Value Benefits
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76577
Federal Register / Vol. 87, No. 240 / Thursday, December 15, 2022 / Rules and Regulations
The values of it are:
For valuation dates occurring in the month—
for t =
it
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January–March 2023 ................................................................................
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1–20
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
and Saturation Flats on SCF Pallets
regardless of the entry (None, DNDC,
and DSCF). This preparation assures
that no bundle sorting is required prior
to the final processing plant.
[FR Doc. 2022–27269 Filed 12–14–22; 8:45 am]
Eliminate Zip Coding of Mailing Lists
and Correction of Mailing Lists as AMS
Products
BILLING CODE 7709–02–P
POSTAL SERVICE
39 CFR Part 111
New Mailing Standards for Domestic
Mailing Services Products
Postal ServiceTM.
ACTION: Final rule.
AGENCY:
On October 7, 2022, the Postal
Service (USPS®) filed a notice of
mailing services price adjustments with
the Postal Regulatory Commission
(PRC), effective January 22, 2023. This
final rule contains the revisions to
Mailing Standards of the United States
Postal Service, Domestic Mail Manual
(DMM®) to implement the changes
coincident with the price adjustments
and other minor DMM changes.
DATES: Effective Date: January 22, 2023.
FOR FURTHER INFORMATION CONTACT:
Doriane Harley at (202) 268–2537 or
Dale Kennedy at (202) 268–6592.
SUPPLEMENTARY INFORMATION: On
November 28, 2022, the PRC favorably
reviewed the price adjustments
proposed by the Postal Service. The
price adjustments and DMM revisions
are scheduled to become effective on
January 22, 2023. Final prices are
available under Docket No. R2023–1
(Order No. 6341) on the Postal
Regulatory Commission’s website at
www.prc.gov.
SUMMARY:
Discount for Marketing Mail Flats on
SCF Pallets
lotter on DSK11XQN23PROD with RULES1
0.0486
Currently, the Postal Service offers
discounts for Carrier Route, High
Density, High Density Plus, and
Saturation Flats on 5-Digit or 5-Digit
Scheme (direct) containers. Similar
discounts would now be offered to flatshaped Marketing Mail pieces on SCF
Pallets. This proposed discount will be
applicable to Automation and
Nonautomation (3-Digit and 5-Digit
Presort) Flats, Carrier Route Flats, High
Density Flats, High Density Plus Flats
VerDate Sep<11>2014
15:59 Dec 14, 2022
Jkt 259001
it
Currently, the Postal Service offers
mailing list services for manual
correction of name and address on
occupant lists and manual sorting of
mailing lists on cards by 5-digit ZIP
Code.
The Postal Service is proposing to
discontinue these two services due to
low volume usage and the availability of
other Address Management products
that allows more efficient access to the
same information in an electronic
format.
Elimination of Legacy Extra Service
Labels
In an attempt to reduce duplicate
labels, the Postal Service is eliminating
the following legacy labels: PS 153
Signature Confirmation, PS 3800
Certified Mail, PS 3813 Insured Mail
$500 and under, and PS 3813–P Insured
Mail over $500. These labels will be
replaced with IMpb compliant versions.
Mailers that continue to use the
eliminated labels will be subject to the
IMpb Noncompliance Fee.
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N/A
N/A
The Postal Service adopts the
following changes to Mailing Standards
of the United States Postal Service,
Domestic Mail Manual (DMM),
incorporated by reference in the Code of
Federal Regulations. See 39 CFR 111.1.
List of Subjects in 39 CFR Part 111
Administrative practice and
procedure, Postal Service.
PART 111—[Amended]
1. The authority citation for 39 CFR
part 111 continues to read as follows:
■
Authority: 5 U.S.C. 552(a); 13 U.S.C. 301–
307; 18 U.S.C. 1692–1737; 39 U.S.C. 101,
401, 403, 404, 414, 416, 3001–3011, 3201–
3219, 3403–3406, 3621, 3622, 3626, 3632,
3633, and 5001.
2. Revise the Mailing Standards of the
United States Postal Service, Domestic
Mail Manual (DMM) as follows:
■
Mailing Standards of the United States
Postal Service, Domestic Mail Manual
(DMM)
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500
Additional Mailing Services
503
Extra Services
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1.0 Basic Standards for All Extra
Services
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1.7
Forms and Labels
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2023 Mailing Promotions
The Postal Service has been incenting
mailers to integrate mobile technology
and use innovative print techniques in
commercial mail since 2012. These
promotions have become an integral
way for industry to try new things and
innovate their mail campaigns. A 2023
Promotions Calendar is planned with
opportunities for mailers to receive a
postage discount by applying treatments
or integrating technology in their mail
campaigns.
Market Dominant comments on
Proposed changes and USPS responses.
The Postal Service did not receive any
formal comments on the October 2022
proposed rule (87 FR 63741–63743).
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We will publish an appropriate
amendment to 39 CFR part 111 to reflect
these changes.
for t =
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[Add new 1.7.5 to read as follows:]
1.7.5 Legacy Extra Service Labels
Certain legacy extra service labels are
no longer valid and have been replaced
with IMpb compliant versions that have
a tracking number beginning with ‘‘92’’
or higher. Mailers using noncompliant
versions of the following extra service
labels will be subject to the IMpb
Noncompliance Fee (see Notice 123—
Price List):
a. PS 153 Signature Confirmation
b. PS 3800 Certified Mail
c. PS 3813 Insured Mail $500 and
under
d. PS 3813–P Insured Mail over
$500
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507
Mailer Services
Overview
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]]>Agencies
[Federal Register Volume 87, Number 240 (Thursday, December 15, 2022)]
[Rules and Regulations]
[Pages 76576-76577]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27269]
=======================================================================
-----------------------------------------------------------------------
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 first quarter of 2023.
These interest assumptions are used for valuing benefits under
terminating single-employer plans and for other purposes.
DATES: Effective January 1, 2023.
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 first quarter 2023 interest assumptions will be 4.86 percent
for the first 20 years following the valuation date and 4.70 percent
thereafter. In comparison with the interest assumptions in effect for
the fourth 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 0.96 percent in the select
rate, and an increase of 1.05 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 first quarter of 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 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 ``January-March 2023'' is
added at the end of the table to read as follows:
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
[[Page 76577]]
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The values of i are:
For valuation dates occurring in the -----------------------------------------------------------------------
month-- i for t = i for t = i for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
January-March 2023...................... 0.0486 1-20 0.0470 >20 N/A N/A
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Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2022-27269 Filed 12-14-22; 8:45 am]
BILLING CODE 7709-02-P
