81 FR 45969 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 81, Issue 136 (July 15, 2016)
Federal Register Volume 81, Issue 136 (July 15, 2016)
| Page Range | 45969-45971 | |
| FR Document | 2016-16728 |
[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)] [Rules and Regulations] [Pages 45969-45971] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-16728] ======================================================================= ----------------------------------------------------------------------- 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 Terminated Single- Employer Plans to prescribe interest assumptions under the regulation for valuation dates in August 2016. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective August 1, 2016. FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy (Murphy.Deborah@pbgc.gov), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 ext. 3451. (TTY/TDD users may call the Federal relay service toll-free at [[Page 45970]] 1-800-877-8339 and ask to be connected to 202-326-4400 ext. 3451). 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 August 2016.\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 August 2016 interest assumptions under the benefit payments regulation will be 0.50 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 July 2016, these interest assumptions represent a decrease of 0.25 percent in the immediate annuity rate and are otherwise 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 August 2016, 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 274, as set forth below, is added to the table. 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 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 274 8-1-16 9-1-16 0.50 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- 0 3. In appendix C to part 4022, Rate Set 274, as set forth below, is added to the table. 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 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 274 8-1-16 9-1-16 0.50 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 45971]] Issued in Washington, DC, on this 11th day of July 2016. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2016-16728 Filed 7-14-16; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Rules and Regulations 45969
systems architecture requiring isolation historically proprietary. Therefore, they certification basis for Gulfstream Model
or protection from unauthorized are not as susceptible to corruption from GVII–G500 airplane.
internal access. worms, viruses, and other malicious
Isolation or Security Protection of the
actions as are more-widely used
Discussion Aircraft Control Domain and the
commercial operating systems, such as
Networks, both in safety-related and Airline Information Services Domain
Microsoft Windows NT, because access
non-safety-related applications, have From the Passenger Services Domain
to the design details of these proprietary
been implemented in existing operating systems is limited to the 1. Gulfstream must ensure that the
commercial-production airplanes. system developer and airplane Model GVII–G500 series airplane design
However, network security integrator. Some systems installed on provides isolation from, or airplane
considerations and functions have the Gulfstream Model GVII–500 will use electronic-system security protection
played a relatively minor role in the operating systems that are widely used against, access by unauthorized sources
certification of such systems because of and commercially available from third- internal to the airplane. The design
the isolation, protection mechanisms, party software suppliers. The security must prevent inadvertent and malicious
and limited connectivity between these vulnerabilities of these operating changes to, and all adverse impacts
networks. systems may be more widely known upon, airplane equipment, systems,
To provide an understanding of the than are the vulnerabilities of networks, or other assets required for
airplane electronic equipment, systems, proprietary operating systems that the safe flight and operations.
and assets, these special conditions use avionics manufacturers currently use. 2. Gulfstream must establish
the concept of domains. However, this appropriate procedures to allow the
does not prescribe any particular Applicability operator to ensure that continued
architecture. As discussed above, these special airworthiness of the Model GVII–G500
The aircraft-control domain consists conditions are applicable to the series airplane is maintained, including
of the airplane electronic systems, Gulfstream Model GVII–G500 airplane. all post-type-certification modifications
equipment, instruments, networks, Should Gulfstream apply at a later date that may have an impact on the
servers, software and hardware for a change to the type certificate to approved electronic-system security
components, databases, etc., which are include another model incorporating the safeguards.
part of the type design of the airplane same novel or unusual design feature, Issued in Renton, Washington, on July 7,
and are installed in the airplane to these special conditions would apply to 2016.
enable the safe operation of the airplane. that model as well. Michael Kaszycki,
These can also be referred to as flight- Assistant Manager, Transport Airplane
safety-related systems, and include Conclusion
Directorate, Aircraft Certification Service.
flight controls, communication, display, This action affects only a certain
[FR Doc. 2016–16638 Filed 7–14–16; 8:45 am]
monitoring, navigation, and related novel or unusual design feature on one
BILLING CODE 4910–13–P
systems. model series of airplanes. It is not a rule
The airline-information-services of general applicability.
domain generally consists of functions The substance of these special
that the airplane operator manages or conditions has been subjected to the PENSION BENEFIT GUARANTY
controls, such as administrative notice and comment period in several CORPORATION
functions, cabin-support functions, etc. prior instances and has been derived
29 CFR Part 4022
The passenger-information-services without substantive change from those
domain consists of all functions previously issued. It is unlikely that Benefits Payable in Terminated Single-
required to provide the passengers with prior public comment would result in a Employer Plans; Interest Assumptions
information. significant change from the substance for Paying Benefits
The Gulfstream Model GVII–G500 contained herein. Therefore, the FAA
airplane design introduces the potential has determined that prior public notice AGENCY: Pension Benefit Guaranty
for access to aircraft-control domain and and comment are unnecessary, and good Corporation.
airline-information-services domain by cause exists for adopting these special ACTION: Final rule.
unauthorized persons through the conditions upon publication in the
passenger-information-services domain; Federal Register. SUMMARY: This final rule amends the
and the security vulnerabilities related The FAA is requesting comments to Pension Benefit Guaranty Corporation’s
to the introduction of viruses, worms, allow interested persons to submit regulation on Benefits Payable in
user mistakes, and intentional sabotage views that may not have been submitted Terminated Single-Employer Plans to
of airplane networks, systems, and in response to the prior opportunities prescribe interest assumptions under
databases. for comment described above. the regulation for valuation dates in
For electronic systems-and-assets August 2016. The interest assumptions
List of Subjects in 14 CFR Part 25 are used for paying benefits under
security in these domains, the level of
protection provided against security Aircraft, Aviation safety, Reporting terminating single-employer plans
threats should be based on a security- and recordkeeping requirements. covered by the pension insurance
risk assessment, noting that the level of The authority citation for these system administered by PBGC.
protection could differ between special conditions is as follows: DATES: Effective August 1, 2016.
domains and within domains, Authority: 49 U.S.C. 106(g), 40113, 44701, FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy (Murphy.Deborah@
rmajette on DSK2TPTVN1PROD with RULES
depending on the security threat. For 44702, 44704.
each security vulnerability and airplane pbgc.gov), Assistant General Counsel for
electronic asset, Gulfstream should The Special Conditions Regulatory Affairs, Pension Benefit
identify in which domain the asset will Accordingly, pursuant to the Guaranty Corporation, 1200 K Street
be addressed. authority delegated to me by the NW., Washington, DC 20005, 202–326–
In addition, the operating systems for Administrator, the following special 4400 ext. 3451. (TTY/TDD users may
current airplane systems are usually and conditions are issued as part of the type call the Federal relay service toll-free at
VerDate Sep<11>2014 15:21 Jul 14, 2016 Jkt 238001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\15JYR1.SGM 15JYR1](https://thefederalregister.org/doc/81_FR_46105/page/1.svg)
![Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Rules and Regulations 45971
Issued in Washington, DC, on this 11th day The Fremont Bridge provides a vertical Type the docket number in the
of July 2016. clearance of 14 feet (31 feet of vertical ‘‘SEARCH’’ box and click ‘‘SEARCH’’.
Judith Starr, clearance for the center 36 horizontal Click on Open Docket Folder on the line
General Counsel, Pension Benefit Guaranty feet) in the close-to-navigation position. associated with this deviation.
Corporation. The clearance is referenced to the mean FOR FURTHER INFORMATION CONTACT: If
[FR Doc. 2016–16728 Filed 7–14–16; 8:45 am] water elevation of Lake Washington. you have questions about this temporary
BILLING CODE 7709–02–P The normal operating schedule for the deviation, call or email Judy Leung-Yee,
Fremont Bridge is 33 CFR 117.1051. Project Officer, First Coast Guard
Waterway usage on the Lake District, telephone (212) 514–4330,
DEPARTMENT OF HOMELAND Washington Ship Canal ranges from email judy.k.leung-yee@uscg.mil.
SECURITY commercial tug and barge to small SUPPLEMENTARY INFORMATION: The
pleasure craft. Metro-North Bridge, mile 1.0, across the
Coast Guard Vessels able to pass through the Mianus River, has a vertical clearance in
bridge in the closed-to-navigation the closed position of 20 feet at mean
33 CFR Part 117 position may do so at anytime. The high water and 27 feet at mean low
bridge will be able to open for water. The existing bridge operating
[Docket No. USCG–2016–0635]
emergencies, and there is no immediate regulations are found at 33 CFR 117.209.
Drawbridge Operation Regulation; alternate route for vessels to pass. The The waterway is transited by seasonal
Lake Washington Ship Canal, Seattle, Coast Guard will also inform the users recreational traffic.
WA of the waterways through our Local and Connecticut DOT, the owner of the
Broadcast Notices to Mariners of the bridge, requested a temporary deviation
AGENCY: Coast Guard, DHS. change in operating schedule for the from the normal operating schedule to
ACTION:Notice of temporary deviation bridge so that vessels can arrange their perform steel repairs and replace timber
from drawbridge regulation. transits to minimize any impact caused ties.
by the temporary deviation. Under this temporary deviation, the
SUMMARY: The Coast Guard has issued a In accordance with 33 CFR 117.35(e), Metro-North Bridge will operate
temporary deviation from the operating the drawbridge must return to its regular according to the schedule below:
schedule that governs Seattle operating schedule immediately at the a. From September 12, 2016 8 a.m. to
Department of Transportation’s (SDOT) end of the designated time period. This September 16, 2016 4 a.m. the bridge
Fremont Bridge, across the Lake deviation from the operating regulations will not open to marine traffic.
Washington Ship Canal, mile 2.6, at is authorized under 33 CFR 117.35. b. From September 16, 2016 4 a.m. to
Seattle, WA. The deviation is necessary September 19, 2016 8 a.m. the bridge
to accommodate heavy pedestrian and Dated: July 11, 2016.
Steven M. Fischer,
will open fully on signal upon 24 hour
cycling traffic across the bridge during advance notice.
the ‘Fun Ride’ fundraising event. The Bridge Administrator, Thirteenth Coast Guard c. From September 19, 2016 8 a.m. to
deviation allows the bridge to remain in District.
September 23, 2016 4 a.m. the bridge
the closed-to-navigation position and [FR Doc. 2016–16736 Filed 7–14–16; 8:45 am]
will not open to marine traffic.
need not open to maritime traffic. BILLING CODE 9110–04–P d. From September 23, 2016 4 a.m. to
DATES: This deviation is effective from September 26, 2016 8 a.m. the bridge
10:30 a.m. to 12:30 p.m. on August 14, will open fully on signal upon 24 hour
2016. DEPARTMENT OF HOMELAND advance notice.
SECURITY Vessels able to pass under the bridge
ADDRESSES: The docket for this
deviation, [USCG–2016–0635] is in the closed position may do so at any
Coast Guard
available at http://www.regulations.gov. time. The bridge will not be able to open
Type the docket number in the for emergencies and there is no
33 CFR Part 117
‘‘SEARCH’’ box and click ‘‘SEARCH.’’ immediate alternate route for vessels to
Click on Open Docket Folder on the line [Docket No. USCG–2016–0632] pass.
associated with this deviation. The Coast Guard will inform the users
Drawbridge Operation Regulation; of the waterways through our Local
FOR FURTHER INFORMATION CONTACT: If Mianus River, Greenwich, CT
you have questions on this temporary Notice and Broadcast to Mariners of the
deviation, call or email Mr. Steven AGENCY: Coast Guard, DHS. change in operating schedule for the
Fischer, Bridge Administrator, bridge so that vessel operations can
ACTION:Notice of deviation from
Thirteenth Coast Guard District; arrange their transits to minimize any
drawbridge regulation.
telephone 206–220–7282, email d13-pf- impact caused by the temporary
d13bridges@uscg.mil. SUMMARY: The Coast Guard has issued a deviation.
temporary deviation from the operating In accordance with 33 CFR 117.35(e),
SUPPLEMENTARY INFORMATION: Seattle
schedule that governs the Metro-North the drawbridge must return to its regular
Department of Transportation (SDOT) operating schedule immediately at the
has requested a temporary deviation Bridge across the Mianus River, mile
1.0, at Greenwich, Connecticut. This end of the effective period of this
from the operating schedule for the temporary deviation. This deviation
Fremont Bridge, mile 2.6, crossing the deviation is necessary to allow the
bridge owner to perform superstructure from the operating regulations is
Lake Washington Ship Canal at Seattle, authorized under 33 CFR 117.35.
WA. The deviation is necessary to repairs and replace timber ties.
rmajette on DSK2TPTVN1PROD with RULES
accommodate heavy pedestrian and DATES: This deviation is effective from Dated: July 12, 2016.
cycling traffic across the bridge during 8 a.m. on September 12, 2016 to 8 a.m. C.J. Bisignano,
the ‘Fun Ride’ fundraising event. To on September 26, 2016. Supervisory Bridge Management Specialist,
facilitate this event, the double bascule ADDRESSES: The docket for this First Coast Guard District.
draw of the bridge will not open for deviation, [USCG–2016–0632] is [FR Doc. 2016–16775 Filed 7–14–16; 8:45 am]
vessel traffic during said date and time. available at http://www.regulations.gov. BILLING CODE 9110–04–P
VerDate Sep<11>2014 16:52 Jul 14, 2016 Jkt 238001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\15JYR1.SGM 15JYR1](https://thefederalregister.org/doc/81_FR_46105/page/3.svg)
Document Created: 2016-07-15 02:53:35
Document Modified: 2016-07-15 02:53:35
| 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 August 1, 2016. | |
| Contact | Deborah C. Murphy ([email protected]), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 ext. 3451. (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400 ext. 3451). | |
| FR Citation | 81 FR 45969 | |
| CFR Associated | Employee Benefit Plans; Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR