80 FR 61981 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 80, Issue 199 (October 15, 2015)
Federal Register Volume 80, Issue 199 (October 15, 2015)
| Page Range | 61981-61983 | |
| FR Document | 2015-26241 |
[Federal Register Volume 80, Number 199 (Thursday, October 15, 2015)] [Rules and Regulations] [Pages 61981-61983] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-26241] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4022 Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: This final rule amends the Pension Benefit Guaranty Corporation's regulation on Benefits Payable in [[Page 61982]] Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in November 2015. The interest assumptions are used for paying benefits under terminating single- employer plans covered by the pension insurance system administered by PBGC. DATES: Effective November 1, 2015. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion ([email protected]), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4024. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.) SUPPLEMENTARY INFORMATION: PBGC's regulation on Benefits Payable in Terminated Single-Employer Plans (29 CFR part 4022) prescribes actuarial assumptions--including interest assumptions--for paying plan benefits under terminating single-employer plans covered by title IV of the Employee Retirement Income Security Act of 1974. The interest assumptions in the regulation are also published on PBGC's Web site (http://www.pbgc.gov). PBGC uses the interest assumptions in appendix B to part 4022 to determine whether a benefit is payable as a lump sum and to determine the amount to pay. Appendix C to part 4022 contains interest assumptions for private-sector pension practitioners to refer to if they wish to use lump-sum interest rates determined using PBGC's historical methodology. Currently, the rates in appendices B and C of the benefit payment regulation are the same. The interest assumptions are intended to reflect current conditions in the financial and annuity markets. Assumptions under the benefit payments regulation are updated monthly. This final rule updates the benefit payments interest assumptions for November 2015.\1\ --------------------------------------------------------------------------- \1\ Appendix B to PBGC's regulation on Allocation of Assets in Single-Employer Plans (29 CFR part 4044) prescribes interest assumptions for valuing benefits under terminating covered single- employer plans for purposes of allocation of assets under ERISA section 4044. Those assumptions are updated quarterly. --------------------------------------------------------------------------- The November 2015 interest assumptions under the benefit payments regulation will be 1.25 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit's placement in pay status. In comparison with the interest assumptions in effect for October 2015, these interest assumptions are unchanged. PBGC has determined that notice and public comment on this amendment are impracticable and contrary to the public interest. This finding is based on the need to determine and issue new interest assumptions promptly so that the assumptions can reflect current market conditions as accurately as possible. Because of the need to provide immediate guidance for the payment of benefits under plans with valuation dates during November 2015, PBGC finds that good cause exists for making the assumptions set forth in this amendment effective less than 30 days after publication. 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 4022 Employee benefit plans, Pension insurance, Pensions, Reporting and recordkeeping requirements. In consideration of the foregoing, 29 CFR part 4022 is amended as follows: PART 4022--BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS 0 1. The authority citation for part 4022 continues to read as follows: Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344. 0 2. In appendix B to part 4022, Rate Set 265 is added to the table to read as follows: Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments * * * * * -------------------------------------------------------------------------------------------------------------------------------------------------------- For plans with a valuation date Immediate Deferred annuities (percent) Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------ On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 265 11-1-15 12-1-15 1.25 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- 0 3. In appendix C to part 4022, Rate Set 265 is added to the table to read as follows: Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector Payments * * * * * -------------------------------------------------------------------------------------------------------------------------------------------------------- For plans with a valuation date Immediate Deferred annuities (percent) Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------ On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 265 11-1-15 12-1-15 1.25 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 61983]] Issued in Washington, DC, on this 7th day of October 2015. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2015-26241 Filed 10-14-15; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Rules and Regulations 61981
today’s Federal Register, HUD provides entitled ‘‘United States as defendant’’ by the HUD property that is to be the
specific POCs at HUD’s Home adding a new paragraph (f), which subject of the lien foreclosure is situated
Ownership Centers (HOCs) that holders states, ‘‘The district courts shall have or in Washington, DC. This
of liens on HUD single family property exclusive original jurisdiction of civil interpretation is based on the provisions
may use to present requests for actions under section 2409a to quiet of the QTA, and the Supreme Court’s
payment. The publication and use of title to an estate or interest in property analysis of the same in California v.
these POCs by the public should help in which an interest is claimed by the Arizona and similar cases.
obviate the need for litigation to enforce United States.’’ As the exclusive venue for foreclosing
non-payment of liens against FHA The Supreme Court succinctly a lien on HUD-owned property is a
properties. This interpretive rule explained the lack of jurisdiction in United States District Court, the Federal
provides the process for initiating suit state courts and the exclusivity of Rules of Civil Procedure (FRCP) must be
against FHA if for some reason payment federal court jurisdiction in QTA followed. Rule 4(i) sets out the
is not made and the taxing authority or actions in California v. Arizona, 440 procedures to serve Federal agencies.
other entity has a lien that it seeks to U.S. 59 (1979): Under that rule, the head of the agency
foreclose. [T]he intent of Congress seems reasonably or his or her designee must be served,
clear. The congressional purpose was simply as well as the United States Attorney
B. HOC POCs
to confine jurisdiction to the federal courts General and the United States Attorney
Ancillary to the interpretive rule, and to exclude the courts of the States, which in the applicable district. HUD, by
HUD is providing POCs in each of its otherwise might be presumed to have separate notice in today’s Federal
four HOCs to receive tax bills and jurisdiction over quiet-title suits against the Register, pursuant to previously
similar billings. Each HOC oversees on United States, once its sovereign immunity published delegations of authority,
average 13 states/jurisdictions for FHA had been waived. . . . We find, therefore, authorizes Regional Counsel in each of
activities and has an REO division that that section 1346(f), by vesting ‘exclusive
HUD’s 10 Regional Counsel Offices to
handles the day-to-day oversight of original jurisdiction’ of quiet title actions
against the United States in the federal redelegate to staff within their
FHA’s acquired properties. In most operational jurisdictions the authority to
district courts did no more than assure that
cases, having a known POC to send such jurisdiction was not conferred upon the accept service of process in those cases
billings should obviate the need to have courts of any State. where FHA owns a property, a taxing
to bring suit against HUD to levy on a authority, HOA, CA, or other entity
property. Federal courts have consistently held
purports to bring suit due to a
that 28 U.S.C. 2409a authorizes owners
C. Jurisdiction nonpayment of taxes or other fees and
of an interest in real property in which
assessments, and the entity seeks to
In the unlikely event it becomes an agency such as HUD holds an
foreclose its lien in order to obtain title
necessary for a taxing authority or HOA, interest, including an ownership
to the property.
CA or special assessment entity to interest, to bring suit to foreclose the
proceed against HUD’s property, this government’s interest in the property. IV. Conclusion
interpretive rule explains the exclusive The QTA applies to lawsuits involving Accordingly, HUD interprets the ‘‘sue
federal jurisdiction for such an action. interests that could cloud title, not just and be sued’’ clause of section 1 of title
Section 1 title I, of the NHA provides a traditional quiet title actions, as the 1 of the NHA as requiring suit to be
limited waiver of sovereign immunity. terminology of the QTA by its terms brought exclusively in the Federal
Under that provision: ‘‘[T]he Secretary includes any adjudication of a District Court where the property is
shall, in carrying out the functions of ‘‘disputed title’’ to real property. See, located (or in the Federal District Court
this title and titles II, III . . . be United States v. Bedford Associates, 657 for the District of Columbia) if a
authorized, in his official capacity, to F. 2d 1300, 1316 (2d Cir. 1981), cert. lienholder wishes to enforce a lien
sue and be sued in any court of den. 456 U.S. 914 (1982); Robinson v. against a single family property owned
competent jurisdiction, State or United States, 586 F. 3d 683, 687 (9th by HUD as the result of the payment of
Federal.’’ (Underlining is provided for Cir. 2009); Delta Sav. & Loan Ass’n. v. a mortgage insurance claim.
emphasis). This section was added to I.R.S., 847 F. 2d 248, 249 n. 1 (5th Cir.
1988); George v. United States, 672 F. Dated: October 7, 2015.
the NHA by the Banking Act of 1935,
3d 942 (10th Cir. 2012), cert. den. 133 Helen R. Kanovsky,
sec. 334, Title III, Public Law 74–305, 49
Stat. 684, approved August 23, 1935). In S. Ct. 432, __ U.S. __, 2012 U.S. LEXIS General Counsel.
1972, Congress passed the Quiet Title 7933 (2012). [FR Doc. 2015–26160 Filed 10–14–15; 8:45 am]
Act (QTA) (Pub. L. 92–562, 86 Stat. III. This Interpretive Rule
BILLING CODE 4210–67–P
1176). The QTA made two changes to
Title 28 of the United States Code, In order to have a uniform process
which title of the code governs the that both the public and HUD can use, PENSION BENEFIT GUARANTY
federal judicial system and judiciary and which will ensure that HUD can act CORPORATION
procedures. First, the QTA created a in a timely, accurate, and consistent
new 28 U.S.C. 2409a, entitled ‘‘Real manner to protect properties that are 29 CFR Part 4022
Property Quiet Title Actions.’’ assets of the MMIF, it is HUD’s
interpretation that the sue and be sued Benefits Payable in Terminated Single-
Paragraph (a) of section 2409a states,
clause in 12 U.S.C. 1702, specifically Employer Plans; Interest Assumptions
‘‘The United States may be named as a
the words ‘‘court of competent for Paying Benefits
party defendant in a civil action under
jurisdiction’’ means, for purposes of
rmajette on DSK7SPTVN1PROD with RULES
this section to adjudicate a disputed AGENCY: Pension Benefit Guaranty
title to real property in which the foreclosing tax, HOA, CA, special Corporation.
United States claims an interest.’’ assessment (i.e., for sidewalks, septic or ACTION: Final rule.
Second, QTA amended 28 U.S.C. 1346, water systems and the like), or similar
fees and assessments that result in liens SUMMARY: This final rule amends the
This interpretive rule is issued pursuant to these on HUD properties, the United States Pension Benefit Guaranty Corporation’s
statutory mandates. District Court in the jurisdiction where regulation on Benefits Payable in
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![Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Rules and Regulations 61983
Issued in Washington, DC, on this 7th day viewing or submitting material to the Oak Island, North Carolina. To facilitate
of October 2015. docket, call Cheryl Collins, Program the safety of mariners and the public,
Judith Starr, Manager, Docket Operations, telephone the U.S Coast Guard will require
General Counsel, Pension Benefit Guaranty (202) 366–9826. temporary closures of the channel on
Corporation. SUPPLEMENTARY INFORMATION: October 12, 13, 19, 20, 2015.
[FR Doc. 2015–26241 Filed 10–14–15; 8:45 am]
Table of Acronyms C. Discussion of the Final Rule
BILLING CODE 7709–02–P
DHS Department of Homeland Security The Coast Guard is establishing a
FR Federal Register temporary safety zone on the navigable
NPRM Notice of Proposed Rulemaking waters of the Atlantic Intracoastal
DEPARTMENT OF HOMELAND Waterway within a 100 yard radius of
SECURITY A. Regulatory History and Information
latitude 33°55′11″ N, longitude
The Coast Guard is issuing this 078°03′24″ W in Oak Island, North
Coast Guard temporary final rule without prior Carolina. This safety zone will be
notice and opportunity to comment established in the interest of public
33 CFR Part 165 pursuant to authority under section 4(a) safety due to the transfer of power
[Docket Number USCG–2015–0809] of the Administrative Procedure Act cables across the Atlantic Intracoastal
(APA) (5 U.S.C. 553(b)). This provision Waterway. The regulated area for this
RIN 1625–AA00 authorizes an agency to issue a rule safety zone includes all the water of the
without prior notice and opportunity to Atlantic Intracoastal Waterway within a
Safety Zone, Atlantic Intracoastal
comment when the agency for good 100 yard radius of latitude 33°55′11″ N,
Waterway; Oak Island, NC
cause finds that those procedures are longitude 078°03′24″ W, a position
AGENCY: Coast Guard, DHS. ‘‘impracticable, unnecessary, or contrary located north of the Oak Island Fixed
ACTION: Temporary final rule. to the public interest.’’ Under 5 U.S.C. Bridge in Oak Island, North Carolina.
553(b)(B), the Coast Guard finds that This rule will be enforced on October
SUMMARY: The Coast Guard is good cause exists for not publishing a 12, 13, 19, 20, 2015 during the times of
establishing a temporary safety zone on notice of proposed rulemaking (NPRM) 09:00 a.m. to 12:00 p.m. and 01:00 p.m.
the navigable waters of the Atlantic with respect to this rule because final to 04:00 p.m. Vessels authorized by the
Intracoastal Waterway near Oak Island, project details were not submitted to the Captain of the Port or his/her
North Carolina. This action is necessary Coast Guard until September 4, 2015. As Representative to enter or remain in the
to provide the safety of mariners on such, it’s impractical to provide a full safety zone during the above listed time
navigable waters due to the transfer of comment period due to lack of time. frame must have a height clearance of
power cables across the Atlantic Delaying the effective date for comment 30 feet and greater and are required to
Intracoastal Waterway. Entry into or would be contrary to the public interest, notify on scene Coastal Power and
movement within the safety zone during since immediate action is needed to Electric work boats at a minimum of 40
the enforcement period is prohibited ensure protection of persons and vessels minutes prior to transiting the area on
without approval of the Captain of the transiting the area. VHF marine radio channels 13 or 16 or
Port. For similar reasons, under 5 U.S.C. via phone at 910–512–1645.
DATES: This rule is effective without 553(d)(3), the Coast Guard finds that Except for vessels authorized by the
actual notice from October 15, 2015 good cause exists for making this rule Captain of the Port or his/her
until October 20, 2015. For the purposes effective less than 30 days after Representative, no person or vessel may
of enforcement, actual notice will be publication in the Federal Register. Due enter or remain in the safety zone
used from October 12, 2015 until to the need for immediate action, the during the time frame listed. The
October 15, 2015. restriction of vessel traffic is necessary Captain of the Port will give notice of
to protect life, property and the the enforcement of the safety zone by all
ADDRESSES: Documents mentioned in
environment. Therefore, a 30-day notice appropriate means to provide the widest
this preamble are part of docket [USCG–
is impracticable. The Coast Guard will dissemination of notice among the
2015–0809]. To view documents
provide advance notifications to users affected segments of the public. This
mentioned in this preamble as being
via marine information broadcasts and will include publication in the Local
available in the docket, go to http://
local notice to mariners. Notice to Mariners and Marine
www.regulations.gov, type the docket
number in the ‘‘SEARCH’’ box and click B. Basis and Purpose Information Broadcasts.
‘‘SEARCH.’’ Click on Open Docket The legal basis for this rule is 33 D. Regulatory Analyses
Folder on the line associated with this U.S.C. 1231; 46 U.S.C. Chapter 701, We developed this rule after
rulemaking. You may also visit the 3306, 3703; 50 U.S.C. 191, 195; 33 CFR considering numerous statutes and
Docket Management Facility in Room 1.05–1, 6.04–1, 6.04–6, 160.5; Public executive orders related to rulemaking.
W12–140 on the ground floor of the Law 107–295, 116 Stat. 2064; and DHS Below we summarize our analyses
Department of Transportation West Delegation No. 0170.1. Under these based on these statutes and executive
Building, 1200 New Jersey Avenue SE., authorities the Coast Guard may orders.
Washington, DC 20590, between 9 a.m. establish a safety zone in defined water
and 5 p.m., Monday through Friday, areas that are determined to have 1. Regulatory Planning and Review
except Federal holidays. hazardous conditions and in which This rule is not a significant
FOR FURTHER INFORMATION CONTACT: If regulatory action under section 3(f) of
rmajette on DSK7SPTVN1PROD with RULES
vessel traffic can be regulated in the
you have questions on this rule, call or interest of safety. Executive Order 12866, Regulatory
email LT Derek J. Burrill, Waterways On October 12, 13, 19, and 20, 2015 Planning and Review, as supplemented
Management Division Chief, Sector Coastal Power will be installing power by Executive Order 13563, Improving
North Carolina, Coast Guard; telephone cables that will run across the Atlantic Regulation and Regulatory Review, and
(910) 772–2230, email Derek.J.Burrill@ Intracoastal Waterway at latitude does not require an assessment of
uscg.mil. If you have questions on 33°55′11″ N, longitude 078°03′24″ W in potential costs and benefits under
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Document Created: 2018-02-27 08:52:29
Document Modified: 2018-02-27 08:52:29
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | Effective November 1, 2015. | |
| Contact | Catherine B. Klion ([email protected]), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4024. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.) | |
| FR Citation | 80 FR 61981 | |
| CFR Associated | Employee Benefit Plans; Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
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