Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 15906-15907 [2023-05350]

Download as PDF 15906 Federal Register / Vol. 88, No. 50 / Wednesday, March 15, 2023 / Rules and Regulations without edit, including any personal information the commenter provides, to www.regulations.gov, as described in the system of records notice (DOT/ALL– 14 FDMS), which can be reviewed at www.dot.gov/privacy. Docket: Background documents or comments received may be read at www.regulations.gov at any time. Follow the online instructions for accessing the docket or visit Docket Operations in Room W12–140 of the West Building Ground Floor at 1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: For technical questions concerning this action, contact Tanya Glines, Aircraft Maintenance Division, Federal Aviation Administration, 800 Independence Avenue SW, Washington, DC 20591; telephone (202) 380–5896; email Tanya.Glines@faa.gov. SUPPLEMENTARY INFORMATION: See the ‘‘Additional Information’’ section for information on how to comment on this action and how the FAA will handle comments received. The ‘‘Additional Information’’ section also contains information on obtaining copies of related rulemaking documents. lotter on DSK11XQN23PROD with RULES1 Background On December 27, 2020, Congress passed the Consolidated Appropriations Act (Pub. L. 116–260), which includes the Aircraft Certification, Safety, and Accountability Act (the ‘‘Act’’). Section 135 of the Act, titled ‘‘Promoting Aviation Regulations for Technician Training,’’ directed the FAA to issue interim final regulations to establish requirements for issuing aviation maintenance technician school (AMTS) certificates and associated ratings and the general operating rules for the holders of those certificates and ratings in accordance with the requirements set forth within section 135. On May 24, 2022, the FAA published the interim final rule (IFR), titled ‘‘Aviation Maintenance Technician Schools’’ (87 FR 31391). The comment period for this rulemaking closed on June 23, 2022. On July 26, 2022, the Office of Management and Budget (OMB) approved the collection under the existing information collection OMB Control Number 2120–0040. The rule became effective on September 21, 2022, except for amendatory instructions 6 and 9, which will become effective on August 1, 2023. The regulatory evaluation (also referred to as the regulatory impact analysis) associated with this IFR was not posted to the docket before the close VerDate Sep<11>2014 15:59 Mar 14, 2023 Jkt 259001 of the comment period. To ensure that the public has the opportunity to provide comments specifically on the regulatory evaluation now posted in the docket (FAA–2021–0237), the FAA is reopening the comment period for 30 days to allow for the comments on the regulatory evaluation only. The FAA will not address comments on the substance of the IFR itself because the comment period for the IFR closed on June 23, 2022. Accordingly, the comment period for the interim final rule is reopened only as it pertains to the regulatory evaluation that is now in the docket until April 14, 2023. Additional Information A. Comments Invited The FAA invites interested persons to participate in this rulemaking by submitting written comments, data, or views. The most helpful comments reference a specific portion of the regulatory evaluation, explain the reasons for any recommended change, and include supporting data. To ensure the docket does not contain duplicate comments, commenters should send only one copy of written comments, or if comments are filed electronically, commenters should submit only one time. The FAA will file in the docket all comments it receives, as well as a report summarizing each substantive public contact with FAA personnel concerning this proposed rulemaking. The FAA will consider all comments it receives on or before the closing date for comments. The FAA will also consider comments filed late to the extent practicable. The IFR may be amended based on comments received. B. Availability of the Regulatory Impact Analysis An electronic copy of rulemaking documents may be obtained by using the internet— 1. Search the Federal eRulemaking Portal at www.regulations.gov; 2. Visit the FAA’s Regulations and Policies web page at www.faa.gov/ regulations_policies/; or 3. Access the Government Printing Office’s web page at GovInfo.gov. Copies may also be obtained by sending a request (identified by notice, amendment, or docket number of this rulemaking) to the Federal Aviation Administration, Office of Rulemaking, ARM–1, 800 Independence Avenue SW, Washington, DC 20591, or by calling (202) 267–9677. PO 00000 Frm 00006 Fmt 4700 Sfmt 4700 Issued in Washington, DC, on March 10, 2023. Brandon Roberts, Executive Director, Office of Rulemaking. [FR Doc. 2023–05291 Filed 3–14–23; 8:45 am] BILLING CODE 4910–13–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 valuation dates in the second quarter of 2023. These interest assumptions are used for valuing benefits under terminating single-employer plans and for other purposes. DATES: Effective April 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). SUMMARY: E:\FR\FM\15MRR1.SGM 15MRR1 15907 Federal Register / Vol. 88, No. 50 / Wednesday, March 15, 2023 / Rules and Regulations The second quarter 2023 interest assumptions will be 5.38 percent for the first 20 years following the valuation date and 5.09 percent thereafter. In comparison with the interest assumptions in effect for the first quarter of 2023, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), an increase of 0.52 percent in the select rate, and an increase of 0.39 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 second 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 ‘‘April–June 2023’’ 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— * * * April–June 2023 ........................................................................ Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. DEPARTMENT OF VETERANS AFFAIRS 38 CFR Part 9 RIN 2900–AQ53 Servicemembers’ Group Life Insurance Traumatic Injury Protection Program Department of Veterans Affairs. Final rule. AGENCY: This final rule adopts, with changes, a proposed rule amending the Department of Veterans Affairs (VA) Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI) program regulations. This final rule allows nurse practitioners to sign a hospital or facility-approved pass for a member to leave a hospital or treating facility as part of the member’s treatment plan. This final rule also responds to comments received during a reopened 60-day comment period on the response to a petition for rulemaking and withdraws a proposed revision to lotter on DSK11XQN23PROD with RULES1 VerDate Sep<11>2014 15:59 Mar 14, 2023 Jkt 259001 * 0.0538 1–20 Paul Weaver, Department of Veterans Affairs Insurance Service (310/290B), 5000 Wissahickon Avenue, Philadelphia, PA 19144, (215) 842–2000, ext. 4263. (This is not a toll-free number.) SUPPLEMENTARY INFORMATION: On August 19, 2020, VA published a proposed rule in the Federal Register, 85 FR 50,973, to amend its regulations governing the TSGLI program, and addressed and denied a petition for rulemaking submitted to VA on March 16, 2015, requesting that VA amend the TSGLI regulations to cover traumatic injuries due to illness and disease caused by explosive ordnance. VA provided a 60day comment period, which ended on October 19, 2020. We received comments from 10 individuals during this comment period. Overall, the comments supported our proposed rulemaking; however, several of the commenters made additional recommendations, which we address below. On March 23, 2021, we published a supplemental notice of proposed rulemaking (SNPRM), 86 FR 15,448, that provided a new opportunity for the public to submit comments pertaining to our proposal to deny the petition for PO 00000 Frm 00007 Fmt 4700 it for t = it 0.0509 * >20 N/A * FOR FURTHER INFORMATION CONTACT: BILLING CODE 7709–02–P SUMMARY: for t = the TSGLI schedule of losses for traumatic injuries from burns. DATES: This rule is effective April 14, 2023. [FR Doc. 2023–05350 Filed 3–14–23; 8:45 am] ACTION: it Sfmt 4700 for t = * N/A rulemaking requesting that VA amend the TSGLI regulations to cover traumatic injuries due to illness and disease caused by explosive ordnance. We received three comments during the SNPRM comment period and address these comments in this final rulemaking. In addition, we explain VA is withdrawing the proposed amendment to the TSGLI burn standard that was published in the Federal Register in August 2020. 1. Definition of Therapeutic Trip We received one comment from the American Association of Nurse Practitioners, suggesting that VA amend the proposed definition of the term ‘‘therapeutic trip’’ in new 38 CFR 9.21(a)(11) to allow a nurse practitioner, as well as an attending physician, to sign a member’s hospital or facilityapproved pass to leave the hospital or facility as part of the member’s treatment plan. The comment indicated that nurse practitioners have similar, full practice authority within VA medical facilities, and that these nurse practitioners will likely be the primary provider for members in settings such as hospitals and long-term care facilities. The comment also stated that the group believed that this change would serve to ensure that members are able to receive approved passes for therapeutic trips without unnecessary delay. We agree and, therefore, are revising the proposed E:\FR\FM\15MRR1.SGM 15MRR1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 88, Number 50 (Wednesday, March 15, 2023)]
[Rules and Regulations]
[Pages 15906-15907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-05350]


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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 second quarter of 
2023. These interest assumptions are used for valuing benefits under 
terminating single-employer plans and for other purposes.

DATES: Effective April 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).

[[Page 15907]]

    The second quarter 2023 interest assumptions will be 5.38 percent 
for the first 20 years following the valuation date and 5.09 percent 
thereafter. In comparison with the interest assumptions in effect for 
the first quarter of 2023, these interest assumptions represent no 
change in the select period (the period during which the select rate 
(the initial rate) applies), an increase of 0.52 percent in the select 
rate, and an increase of 0.39 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 second 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 ``April-June 2023'' 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 =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
April-June 2023.................       0.0538          1-20        0.0509           >20         N/A         N/A
----------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2023-05350 Filed 3-14-23; 8:45 am]
BILLING CODE 7709-02-P

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