81_FR_93844 81 FR 93599 - Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits

81 FR 93599 - Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 81, Issue 245 (December 21, 2016)

Page Range93599-93600
FR Document2016-30634

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 valuation dates in the first quarter of 2017. The interest assumptions are used for valuing benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. As discussed below, PBGC has published a separate final rule document dealing with interest assumptions under its regulation on Benefits Payable in Terminated Single-Employer Plans for January 2017.

Federal Register, Volume 81 Issue 245 (Wednesday, December 21, 2016) 
[Federal Register Volume 81, Number 245 (Wednesday, December 21, 2016)]
[Rules and Regulations]
[Pages 93599-93600]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30634]


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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.

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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 valuation dates in the first quarter of 2017. The 
interest assumptions are used for valuing benefits under terminating 
single-employer plans covered by the pension insurance system 
administered by PBGC. As discussed below, PBGC has published a separate 
final rule document dealing with interest assumptions under its 
regulation on Benefits Payable in Terminated Single-Employer Plans for 
January 2017.

DATES: Effective January 1, 2017.

FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy 
([email protected]), Assistant General Counsel for Regulatory 
Affairs, Office of the General Counsel, 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.)

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 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).
    The interest assumptions in Appendix B to Part 4044 are used to 
value benefits for allocation purposes under ERISA section 4044. 
Assumptions under the asset allocation regulation are updated quarterly 
and are intended to reflect current conditions in the financial and 
annuity markets. This final rule updates the asset allocation interest 
assumptions for the first quarter (January through March) of 2017.
    The first quarter 2017 interest assumptions under the allocation 
regulation will be 1.87 percent for the first 20 years following the 
valuation date and 2.37 percent thereafter. In comparison with the 
interest assumptions in effect for the fourth quarter of 2016, these 
interest assumptions represent no change in the select period (the 
period during which the select rate (the initial rate) applies), a 
decrease of 0.11 percent in the select rate, and a decrease of 0.30 
percent in the ultimate rate (the final rate).
    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 valuation 
of benefits under plans with valuation dates during the first quarter 
of 2017, PBGC finds that good cause exists for

[[Page 93600]]

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 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, a new entry for January-March 2017, as 
set forth below, is added to the table.

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 =
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
January-March 2017................................          0.0187             1-20           0.0237              >20              N/A              N/A
--------------------------------------------------------------------------------------------------------------------------------------------------------


    Signed in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2016-30634 Filed 12-20-16; 8:45 am]
BILLING CODE 7709-02-P

Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Rules and Regulations 93599 that in accordance with 21 U.S.C. by Executive Order 12866 (Regulatory Reporting and recordkeeping 811(h)(4), the Administrator will take Planning and Review), section 3(f), and, requirements. into consideration any comments accordingly, this action has not been submitted by the Assistant Secretary reviewed by the Office of Management For the reasons set out above, the DEA with regard to the proposed temporary and Budget. amends 21 CFR part 1308 as follows: scheduling order. This action will not have substantial Further, the DEA believes that this direct effects on the States, on the PART 1308—SCHEDULES OF temporary scheduling action is not a relationship between the national CONTROLLED SUBSTANCES ‘‘rule’’ as defined by 5 U.S.C. 601(2), government and the States, or on the and, accordingly, is not subject to the distribution of power and ■ 1. The authority citation for part 1308 requirements of the Regulatory responsibilities among the various continues to read as follows: Flexibility Act (RFA). The requirements levels of government. Therefore, in Authority: 21 U.S.C. 811, 812, 871(b), for the preparation of an initial accordance with Executive Order 13132 unless otherwise noted. regulatory flexibility analysis in 5 U.S.C. (Federalism) it is determined that this 603(a) are not applicable where, as here, action does not have sufficient ■ 2. In § 1308.11, add paragraphs (h)(23) the DEA is not required by section 553 federalism implications to warrant the through (28) to read as follows: of the APA or any other law to publish preparation of a Federalism Assessment. § 1308.11 Schedule I a general notice of proposed rulemaking. List of Subjects in 21 CFR Part 1308 * * * * * Additionally, this action is not a Administrative practice and (h) * * * significant regulatory action as defined procedure, Drug traffic control, (23) methyl 2-(1-(5-fluoropentyl)-1H-indazole-3-carboxamido)-3,3-dimethylbutanoate, its optical, positional, and geometric iso- mers, salts and salts of isomers (Other names: 5F–ADB; 5F–MDMB–PINACA) ........................................................................... (7034) (24) methyl 2-(1-(5-fluoropentyl)-1H-indazole-3-carboxamido)-3-methylbutanoate, its optical, positional, and geometric isomers, salts and salts of isomers (Other names: 5F–AMB) ....................................................................................................................... (7033) (25) N-(adamantan-1-yl)-1-(5-fluoropentyl)-1H-indazole-3-carboxamide, its optical, positional, and geometric isomers, salts and salts of isomers (Other names: 5F–APINACA, 5F–AKB48) ............................................................................................................ (7049) (26) N-(1-amino-3,3-dimethyl-1-oxobutan-2-yl)-1-(4-fluorobenzyl)-1H-indazole-3-carboxamide, its optical, positional, and geo- metric isomers, salts and salts of isomers (Other names: ADB–FUBINACA) ................................................................................ (7010) (27) methyl 2-(1-(cyclohexylmethyl)-1H-indole-3-carboxamido)-3,3-dimethylbutanoate, its optical, positional, and geometric iso- mers, salts and salts of isomers (Other names: MDMB–CHMICA, MMB–CHMINACA) ................................................................ (7042) (28) methyl 2-(1-(4-fluorobenzyl)-1H-indazole-3-carboxamido)-3,3-dimethylbutanoate, its optical, positional, and geometric iso- mers, salts and salts of isomers (Other names: MDMB–FUBINACA) ............................................................................................ (7020) Dated: December 13, 2016. assumptions under its regulation on current conditions in the financial and Chuck Rosenberg, Benefits Payable in Terminated Single- annuity markets. This final rule updates Acting Administrator. Employer Plans for January 2017. the asset allocation interest assumptions [FR Doc. 2016–30595 Filed 12–20–16; 8:45 am] DATES: Effective January 1, 2017. for the first quarter (January through BILLING CODE 4410–09–P FOR FURTHER INFORMATION CONTACT: March) of 2017. Deborah C. Murphy (Murphy.Deborah@ The first quarter 2017 interest PBGC.gov), Assistant General Counsel assumptions under the allocation PENSION BENEFIT GUARANTY for Regulatory Affairs, Office of the regulation will be 1.87 percent for the CORPORATION General Counsel, Pension Benefit first 20 years following the valuation Guaranty Corporation, 1200 K Street date and 2.37 percent thereafter. In 29 CFR Part 4044 NW., Washington, DC 20005, 202–326– comparison with the interest 4400 ext. 3451. (TTY/TDD users may assumptions in effect for the fourth Allocation of Assets in Single- call the Federal relay service toll free at quarter of 2016, these interest Employer Plans; Interest Assumptions 1–800–877–8339 and ask to be assumptions represent no change in the for Valuing Benefits connected to 202–326–4400 ext. 3451.) select period (the period during which AGENCY: Pension Benefit Guaranty SUPPLEMENTARY INFORMATION: PBGC’s the select rate (the initial rate) applies), Corporation. regulation on Allocation of Assets in a decrease of 0.11 percent in the select Single-Employer Plans (29 CFR part rate, and a decrease of 0.30 percent in ACTION: Final rule. 4044) prescribes actuarial the ultimate rate (the final rate). SUMMARY: This final rule amends the assumptions—including interest PBGC has determined that notice and Pension Benefit Guaranty Corporation’s assumptions—for valuing plan benefits public comment on this amendment are regulation on Allocation of Assets in under terminating single-employer impracticable and contrary to the public Single-Employer Plans to prescribe plans covered by title IV of the interest. This finding is based on the interest assumptions under the asset Employee Retirement Income Security need to determine and issue new allocation regulation for valuation dates Act of 1974. The interest assumptions in interest assumptions promptly so that asabaliauskas on DSK3SPTVN1PROD with RULES in the first quarter of 2017. The interest the regulation are also published on the assumptions can reflect current assumptions are used for valuing PBGC’s Web site (http://www.pbgc.gov). market conditions as accurately as benefits under terminating single- The interest assumptions in Appendix possible. employer plans covered by the pension B to Part 4044 are used to value benefits Because of the need to provide insurance system administered by for allocation purposes under ERISA immediate guidance for the valuation of PBGC. As discussed below, PBGC has section 4044. Assumptions under the benefits under plans with valuation published a separate final rule asset allocation regulation are updated dates during the first quarter of 2017, document dealing with interest quarterly and are intended to reflect PBGC finds that good cause exists for VerDate Sep<11>2014 17:05 Dec 20, 2016 Jkt 241001 PO 00000 Frm 00029 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1

93600 Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Rules and Regulations making the assumptions set forth in this List of Subjects in 29 CFR Part 4044 Authority: 29 U.S.C. 1301(a), 1302(b)(3), amendment effective less than 30 days 1341, 1344, 1362. Employee benefit plans, Pension after publication. insurance, Pensions. PBGC has determined that this action ■ 2. In appendix B to part 4044, a new In consideration of the foregoing, 29 entry for January–March 2017, as set is not a ‘‘significant regulatory action’’ CFR part 4044 is amended as follows: forth below, is added to the table. under the criteria set forth in Executive Order 12866. PART 4044—ALLOCATION OF Appendix B to Part 4044—Interest Because no general notice of proposed ASSETS IN SINGLE-EMPLOYER Rates Used To Value Benefits rulemaking is required for this PLANS amendment, the Regulatory Flexibility * * * * * Act of 1980 does not apply. See 5 U.S.C. ■ 1. The authority citation for part 4044 601(2). continues to read as follows: The values of it are: For valuation dates occurring in the month— it for t = it for t = it for t = * * * * * * * January–March 2017 ................................ 0.0187 1–20 0.0237 >20 N/A N/A Signed in Washington, DC. soundside area without the requirement for the use and management of [National Deborah Chase Murphy, of an ORV permit. Park] System units.’’ 54 U.S.C. Assistant General Counsel for Regulatory DATES: This rule is effective on January 100751(a). Affairs, Pension Benefit Guaranty 20, 2017. Corporation. Off-Road Motor Vehicle Regulation FOR FURTHER INFORMATION CONTACT: [FR Doc. 2016–30634 Filed 12–20–16; 8:45 am] Executive Order 11644, Use of Off- Superintendent, Cape Hatteras National BILLING CODE 7709–02–P Road Vehicles on the Public Lands, was Seashore, 1401 National Park Drive, issued in 1972 in response to the Manteo, North Carolina 27954. Phone widespread and rapidly increasing off- 252–475–9032. road driving on public lands ‘‘often for DEPARTMENT OF THE INTERIOR SUPPLEMENTARY INFORMATION: legitimate purposes but also in frequent National Park Service Background conflict with wise land and resource management practices, environmental Description of Cape Hatteras National values, and other types of recreational 36 CFR Part 7 Seashore activity.’’ Executive Order 11644 was [NPS–SER–CAHA–22533; PPSECAHAS0, Situated along the Outer Banks of amended by Executive Order 11989 in PPMPSPD1Z.YM0000] North Carolina, Cape Hatteras National 1977, and together they are jointly Seashore (Seashore or park) was referred to in this rule as the ‘‘E.O.’’ The RIN 1024–AE33 E.O. requires Federal agencies that authorized by Congress in 1937 and established in 1953 as the nation’s first allow motorized vehicle use in off-road Special Regulations; Areas of the national seashore. Consisting of more areas to designate specific areas and National Park System, Cape Hatteras than thirty thousand acres distributed routes on public lands where the use of National Seashore—Off-Road Vehicle along approximately 67 miles of motorized vehicles may be permitted Management shoreline, the Seashore is part of a and to minimize user conflicts and AGENCY: National Park Service, Interior. dynamic barrier island system. resource impacts. ACTION: Final rule. The Seashore contains important The NPS regulation at 36 CFR 4.10(b) wildlife habitat created by dynamic implements the E.O. and requires that SUMMARY: The National Park Service environmental processes. Several routes and areas designated for ORV use (NPS) amends its special regulation for species listed under the Endangered be promulgated as special regulations off-road vehicle (ORV) use at Cape Species Act, including the piping and that the designation of routes and Hatteras National Seashore, North plover, rufa subspecies of the red knot, areas must comply with 36 CFR 1.5 and Carolina, to revise the times that certain and five species of sea turtles, are found E.O. 11644. It also states that ORV beaches open to ORV use in the within the park. The Seashore also routes and areas may be designated only morning, to extend the dates that certain serves as a popular recreation in national recreation areas, national seasonal ORV routes are open in the fall destination where users participate in a seashores, national lakeshores, and and spring, and to modify the size and variety of activities. national preserves. This rule is location of certain vehicle-free areas. consistent with these authorities and The NPS was required to consider these Authority and Jurisdiction To with Section 8.2.3.1 (Motorized Off-road changes by section 3057 of the National Promulgate Regulations Vehicle Use) of NPS Management asabaliauskas on DSK3SPTVN1PROD with RULES Defense Authorization Act for Fiscal In the NPS Organic Act (54 U.S.C. Policies 2006, available at: http:// Year 2015. The NPS also amends this 100101), Congress granted the NPS www.nps.gov/policy/mp/policies.html. special regulation to allow the broad authority to regulate the use of Superintendent to issue ORV permits areas under its jurisdiction. The Organic Recent ORV Management at Cape for different lengths of time than are Act authorizes the Secretary of the Hatteras National Seashore currently allowed, and to remove an Interior, acting through the NPS, to In 2010, the NPS completed the Off- ORV route designation on Ocracoke ‘‘prescribe such regulations as the Road Vehicle Management Plan and Island to allow vehicle access to a Secretary considers necessary or proper Environmental Impact Statement (ORV VerDate Sep<11>2014 17:05 Dec 20, 2016 Jkt 241001 PO 00000 Frm 00030 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1


Document Created: 2018-02-14 09:11:36
Document Modified: 2018-02-14 09:11:36
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal rule.
DatesEffective January 1, 2017.
ContactDeborah C. Murphy ([email protected]), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, 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 Citation81 FR 93599 
CFR AssociatedEmployee Benefit Plans; Pension Insurance and Pensions
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