Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits, 39169-39170 [2023-12751]

Download as PDF Federal Register / Vol. 88, No. 115 / Thursday, June 15, 2023 / Rules and Regulations section, the FAA is charged with prescribing regulations to assign the use of airspace necessary to ensure the safety of aircraft and the efficient use of airspace. This regulation is within the scope of that authority as it establishes Class E airspace extending upward from 700 feet above the surface at Goliad NOLF, Berclair, TX, to support instrument flight rule operations at this airport. History The FAA published an NPRM for Docket No. FAA–2023–0947 in the Federal Register (88 FR 22933; April 14, 2023) proposing to establish Class E airspace at Berclair, TX. Interested parties were invited to participate in this rulemaking effort by submitting written comments on the proposal to the FAA. One comment was received supporting the proposal. No response is provided. Incorporation by Reference Class E airspace designations are published in paragraph 6005 of FAA Order JO 7400.11, Airspace Designations and Reporting Points, which is incorporated by reference in 14 CFR 71.1 on an annual basis. This document amends the current version of that order, FAA Order JO 7400.11G, dated August 19, 2022, and effective September 15, 2022. FAA Order JO 7400.11G is publicly available as listed in the ADDRESSES section of this document. These amendments will be published in the next update to FAA Order JO 7400.11. FAA Order JO 7400.11G lists Class A, B, C, D, and E airspace areas, air traffic service routes, and reporting points. lotter on DSK11XQN23PROD with RULES1 The Rule This amendment to 14 CFR part 71 establishes Class E airspace extending upward from 700 feet above the surface within a 7-mile radius of Goliad NOLF, Berclair, TX. Regulatory Notices and Analyses The FAA has determined that this regulation only involves an established body of technical regulations for which frequent and routine amendments are necessary to keep them operationally current. It, therefore: (1) is not a ‘‘significant regulatory action’’ under Executive Order 12866; (2) is not a ‘‘significant rule’’ under DOT Regulatory Policies and Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant preparation of a regulatory evaluation as the anticipated impact is so minimal. Since this is a routine matter that only affects air traffic procedures and air navigation, it is VerDate Sep<11>2014 16:27 Jun 14, 2023 Jkt 259001 certified that this rule, when promulgated, does not have a significant economic impact on a substantial number of small entities under the criteria of the Regulatory Flexibility Act. Environmental Review The FAA has determined that this action qualifies for categorical exclusion under the National Environmental Policy Act in accordance with FAA Order 1050.1F, ‘‘Environmental Impacts: Policies and Procedures,’’ paragraph 5–6.5.a. This airspace action is not expected to cause any potentially significant environmental impacts, and no extraordinary circumstances exist that warrant preparation of an environmental assessment. Lists of Subjects in 14 CFR 71 Airspace, Incorporation by reference, Navigation (air). The Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 71 as follows: PART 71—DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR TRAFFIC SERVICE ROUTES; AND REPORTING POINTS 1. The authority citation for 14 CFR part 71 continues to read as follows: ■ Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–1963 Comp., p. 389. § 71.1 [Amended] 2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO 7400.11G, Airspace Designations and Reporting Points, dated August 19, 2022, and effective September 15, 2022, is amended as follows: ■ Paragraph 6005 Class E Airspace Areas Extending Upward From 700 Feet or More Above the Surface of the Earth. * * * ASW TX E5 * * Berclair, TX [Establish] Goliad NOLF, TX (Lat 28°36′42″ N, long 97°36′45″ W) That airspace extending upward from 700 feet above the surface within a 7-mile radius of Goliad NOLF. * * * * * Issued in Fort Worth, Texas, on June 12, 2023. Martin A. Skinner, Acting Manager, Operations Support Group, ATO Central Service Center. [FR Doc. 2023–12783 Filed 6–14–23; 8:45 am] BILLING CODE 4910–13–P PO 00000 Frm 00053 Fmt 4700 Sfmt 4700 39169 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 third quarter of 2023. These interest assumptions are used for valuing benefits under terminating single-employer plans and for other purposes. DATES: Effective July 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 third quarter 2023 interest assumptions will be 5.24 percent for the first 20 years following the valuation date and 4.58 percent thereafter. In comparison with the interest assumptions in effect for the second quarter of 2023, these interest assumptions represent no change in the select period (the period during which SUMMARY: E:\FR\FM\15JNR1.SGM 15JNR1 39170 Federal Register / Vol. 88, No. 115 / Thursday, June 15, 2023 / Rules and Regulations the select rate (the initial rate) applies), a decrease of 0.14 percent in the select rate, and a decrease of 0.51 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 third 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). 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 ‘‘July–September 2023’’ is added at the end of the table to read as follows: ■ Appendix B to Part 4044—Interest Rates Used to Value Benefits List of Subjects in 29 CFR Part 4044 Employee benefit plans, Pension insurance, Pensions. * * * * * The values of it are: For valuation dates occurring in the month— it * * * * July–September 2023 ....................................................... Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. BILLING CODE 7709–02–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2023–0465] RIN 1625–AA00 Safety Zone; Upper Mississippi River, Prairie du Chien, WI Coast Guard, DHS. Temporary final rule. AGENCY: lotter on DSK11XQN23PROD with RULES1 VerDate Sep<11>2014 16:27 Jun 14, 2023 Jkt 259001 0.0524 1–20 * 0.0458 This rule is effective from 7:30 a.m. on June 23, 2023, through 6:30 p.m. on June 25, 2023. The rule is subject to enforcement from 7:30 a.m. through 6:30 p.m. each day it is effective. ADDRESSES: To view documents mentioned in this preamble as being available in the docket, go to https:// www.regulations.gov, type USCG–2023– 0465 in the search box and click ‘‘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 MSTC Nathaniel Dibley, Sector Upper Mississippi River Waterways Management Division, U.S. Coast Guard; telephone 314–269–2550, email Nathaniel.d.dibley@uscg.mil. SUPPLEMENTARY INFORMATION: 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 PO 00000 Frm 00054 for t = * I. Table of Abbreviations The Coast Guard is establishing a temporary safety zone for navigable waters on the Upper Mississippi River between 636–635, east of Island number one hundred seventytwo. The safety zone is needed to protect personnel, vessels, and the marine environment from potential hazards created by high-speed power vessels. Entry of vessels or persons into this zone is prohibited unless specifically authorized by the Captain of the Port, Sector Upper Mississippi River. SUMMARY: it DATES: [FR Doc. 2023–12751 Filed 6–14–23; 8:45 am] ACTION: for t = Fmt 4700 Sfmt 4700 it for t = * >20 N/A N/A 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 publishing an NPRM would be impractical due to the date the event is taking place. It is impracticable to publish an NPRM because we must establish this safety zone by June 23, 2023, and lacks sufficient time to provide a reasonable comment period and 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 impracticable and contrary to the public interest due to the date the event is taking place. Delaying the effective date of this rule would be impracticable and contrary to public interest because we must establish the safety zone by June 23, 2023, in order to protect personnel, vessels, and the marine environment from the potential safety hazards associated with the high speed power vessel racecourse event occurring on that date. III. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 46 U.S.C. 70034. The E:\FR\FM\15JNR1.SGM 15JNR1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 88, Number 115 (Thursday, June 15, 2023)]
[Rules and Regulations]
[Pages 39169-39170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-12751]


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

DATES: Effective July 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 third quarter 2023 interest assumptions will be 5.24 percent 
for the first 20 years following the valuation date and 4.58 percent 
thereafter. In comparison with the interest assumptions in effect for 
the second quarter of 2023, these interest assumptions represent no 
change in the select period (the period during which

[[Page 39170]]

the select rate (the initial rate) applies), a decrease of 0.14 percent 
in the select rate, and a decrease of 0.51 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 third 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 ``July-September 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--         it          for t =         it          for t =         it          for t =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
July-September 2023.........       0.0524          1-20        0.0458           >20           N/A           N/A
----------------------------------------------------------------------------------------------------------------


    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2023-12751 Filed 6-14-23; 8:45 am]
BILLING CODE 7709-02-P

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