82 FR 47613 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 82, Issue 197 (October 13, 2017)
Federal Register Volume 82, Issue 197 (October 13, 2017)
| Page Range | 47613-47615 | |
| FR Document | 2017-22124 |
[Federal Register Volume 82, Number 197 (Friday, October 13, 2017)] [Rules and Regulations] [Pages 47613-47615] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22124] ======================================================================= ----------------------------------------------------------------------- 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 [[Page 47614]] regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in November 2017. 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, 2017. FOR FURTHER INFORMATION CONTACT: Daniel S. Liebman ([email protected]), Acting Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 ext. 6510. (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. 6510.) 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 terminated 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 2017.\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 2017 interest assumptions under the benefit payments regulation will be 0.75 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 2017, these 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 2017, 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 289 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 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 289 11-1-17 12-1-17 0.75 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- 0 3. In appendix C to part 4022, Rate Set 289 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 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 289 11-1-17 12-1-17 0.75 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 47615]] Issued in Washington, DC. Daniel S. Liebman, Acting Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2017-22124 Filed 10-12-17; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Rules and Regulations 47613
SUPPLEMENTARY INFORMATION: from the 6.8-mile radius of Taylor List of Subjects in 14 CFR Part 71
County Airport, Medford, WI by Airspace, Incorporation by reference,
Authority for This Rulemaking
removing the segment within 2.7 miles Navigation (air).
The FAA’s authority to issue rules each side of the 162° bearing from the
regarding aviation safety is found in airport extending from the 6.8-mile Adoption of the Amendment
Title 49 of the United States Code. radius to 7 miles southeast of the airport In consideration of the foregoing, the
Subtitle I, Section 106 describes the due to the decommissioning of the Federal Aviation Administration
authority of the FAA Administrator. Medford NDB and cancellation of the amends 14 CFR part 71 as follows:
Subtitle VII, Aviation Programs, NDB approach.
describes in more detail the scope of the PART 71—DESIGNATION OF CLASS A,
This action also modifies Class E
agency’s authority. This rulemaking is B, C, D, AND E AIRSPACE AREAS; AIR
airspace extending upward from 700
promulgated under the authority TRAFFIC SERVICE ROUTES; AND
feet above the surface at Waupaca
described in Subtitle VII, Part A, REPORTING POINTS
Municipal Airport, Waupaca, WI to
Subpart I, Section 40103. Under that
within a 6.6-mile (from a 6.4-mile) ■ 1. The authority citation for part 71
section, the FAA is charged with
radius of the airport and removes the continues to read as follows:
prescribing regulations to assign the use
segment within 2.7 miles each side of
of airspace necessary to ensure the Authority: 49 U.S.C. 106(f), 106(g); 40103,
the 118° bearing from the airport,
safety of aircraft and the efficient use of 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR,
extending from the 6.4-mile radius to 7 1959–1963 Comp., p. 389.
airspace. This regulation is within the
miles southeast of the airport due to the
scope of that authority as it would
decommissioning of the Waupaca NDB § 71.1 [Amended]
amend controlled airspace to support
and cancellation of the NDB approach. ■ 2. The incorporation by reference in
IFR operations at Taylor County and
Also, the geographic coordinates are 14 CFR 71.1 of FAA Order 7400.11B,
Waupaca Municipal airports.
corrected to be in concert with the Airspace Designations and Reporting
History FAA’s aeronautical database. Points, dated August 3, 2017, and
The FAA published in the Federal This action enhances the safety and effective September 15, 2017, is
Register a notice of proposed management of standard instrument amended as follows:
rulemaking (NPRM) (82 FR 26408, June approach procedures for IFR operations Paragraph 6005 Class E Airspace Areas
7, 2017) Docket No. FAA–2017–0388 to at these airports. Extending Upward From 700 Feet or More
modify Class E airspace extending Above the Surface of the Earth.
upward from 700 feet above the surface Regulatory Notices and Analyses
* * * * *
at Taylor County Airport, Medford, WI. The FAA has determined that this
Interested parties were invited to AGL WI E5 Medford, WI [Amended]
regulation only involves an established
participate in this rulemaking effort by body of technical regulations for which Taylor County Airport, WI
submitting written comments on the (Lat. 45°06′05″ N., long. 90°18′01″ W.)
frequent and routine amendments are
proposal to the FAA. No comments That airspace extending upward from 700
necessary to keep them operationally
were received. Subsequent to feet above the surface within a 6.8-mile
current, is non-controversial and radius of Taylor County Airport.
publication, the FAA found the unlikely to result in adverse or negative
geographic coordinates for Waupaca comments. It, therefore: (1) Is not a * * * * *
Municipal Airport, Waupaca, WI, were ‘‘significant regulatory action’’ under AGL WI E5 Waupaca, WI [Amended]
incorrect and makes the correction in Executive Order 12866; (2) is not a Waupaca Municipal Airport, WI
this rule. Class E airspace designations ‘‘significant rule’’ under DOT (Lat. 44°20′00″ N., long. 89°01′11″ W.)
are published in paragraph 6005 of FAA Regulatory Policies and Procedures (44 That airspace extending upward from 700
Order 7400.11B, dated August 3, 2017, FR 11034; February 26, 1979); and (3) feet above the surface within a 6.6-mile
and effective September 15, 2017, which does not warrant preparation of a radius of Waupaca Municipal Airport.
is incorporated by reference in 14 CFR regulatory evaluation as the anticipated Issued in Fort Worth, Texas, on October 5,
71.1. The Class E airspace designations impact is so minimal. Since this is a 2017.
listed in this document will be routine matter that only affects air traffic Christopher L. Southerland,
published subsequently in the Order. procedures and air navigation, it is Acting Manager, Operations Support Group,
Availability and Summary of certified that this rule, when ATO Central Service Center.
Documents for Incorporation by promulgated, does not have a significant [FR Doc. 2017–22119 Filed 10–12–17; 8:45 am]
Reference economic impact on a substantial BILLING CODE 4910–13–P
number of small entities under the
This document amends FAA Order
criteria of the Regulatory Flexibility Act.
7400.11B, Airspace Designations and
Reporting Points, dated August 3, 2017, Environmental Review PENSION BENEFIT GUARANTY
and effective September 15, 2017. FAA CORPORATION
Order 7400.11B is publicly available as The FAA has determined that this
listed in the ADDRESSES section of this action qualifies for categorical exclusion 29 CFR Part 4022
document. FAA Order 7400.11B lists under the National Environmental
Policy Act in accordance with FAA Benefits Payable in Terminated Single-
Class A, B, C, D, and E airspace areas,
Order 1050.1F, ‘‘Environmental Employer Plans; Interest Assumptions
air traffic service routes, and reporting
Impacts: Policies and Procedures,’’ for Paying Benefits
nlaroche on DSK9F9SC42PROD with RULES
points.
paragraph 5–6.5.a. This airspace action AGENCY: Pension Benefit Guaranty
The Rule is not expected to cause any potentially Corporation.
This amendment to Title 14, Code of significant environmental impacts, and ACTION: Final rule.
Federal Regulations (14 CFR) part 71 no extraordinary circumstances exist
modifies Class E airspace extending that warrant preparation of an SUMMARY: This final rule amends the
upward from 700 feet above the surface environmental assessment. Pension Benefit Guaranty Corporation’s
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![Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Rules and Regulations 47615
Issued in Washington, DC. participants and spectators, including Fischer, Bridge Administrator,
Daniel S. Liebman, all crews, vessels, and persons on the Thirteenth Coast Guard District;
Acting Assistant General Counsel for water in Pago Pago Harbor during the telephone 206–220–7282, email d13-pf-
Regulatory Affairs, Pension Benefit Guaranty event. This regulation for the marine d13bridges@uscg.mil.
Corporation. events, which will encompass portions
of Pago Pago Harbor. During the SUPPLEMENTARY INFORMATION: Union
[FR Doc. 2017–22124 Filed 10–12–17; 8:45 am]
enforcement periods, as reflected in 33 Pacific Railroad Company (UPRR),
BILLING CODE 7709–02–P
CFR 100.1401(c), if you are the operator bridge owner, has requested a temporary
of a vessel in the regulated area you deviation from the operating schedule
must comply with directions from the for the Steel Bridge across the
DEPARTMENT OF HOMELAND Willamette River, at mile 12.1, in
SECURITY Captain of the Port (COTP) Honolulu or
a designated representative. Portland, OR. The deviation is necessary
Coast Guard This notice of enforcement is issued to accommodate the Annual Run Like
under authority of 33 CFR 100 and 5 Hell Half Marathon event. The City of
33 CFR Part 100 U.S.C. 552 (a). In addition to this notice Portland is sponsoring the race and
of enforcement in the Federal Register, event. The Steel Bridge is a double-deck
[Docket No. USCG–2017–0968] lift bridge with a lower lift deck and an
the Coast Guard plans to provide
notification of this enforcement period upper lift deck which operate
Special Local Regulation; Fautasi independent of each other. To facilitate
Ocean Challenge Canoe Race, Pago via the Local Notice to Mariners and
Broadcast Notice to Mariners. this paving operation, the upper deck
Pago Harbor, American Samoa will remain in the closed-to-navigation
Dated: October 6, 2017. position. When the lower deck is in the
AGENCY: Coast Guard, DHS.
M.C. Long, closed-to-navigation position, the bridge
ACTION: Notice of enforcement of
Captain, U.S. Coast Guard, Captain of the provides 26 feet of vertical clearance
regulation. Port Honolulu. above Columbia River Datum 0.0; and in
SUMMARY: The Coast Guard will enforce [FR Doc. 2017–22191 Filed 10–12–17; 8:45 am] open-to-navigation position, the vertical
a Special Local Regulation for the BILLING CODE 9110–04–P clearance is 71 feet above Columbia
Fautasi Ocean Challenge Canoe Race on River Datum 0.0. The deviation period
the dates of November 10, 17, and 24, is from 8 a.m. to 11:30 a.m. on October
2017, to safeguard the participants and DEPARTMENT OF HOMELAND 22, 2017. The lower deck for the Steel
spectators, including all crews, vessels, SECURITY Bridge will continue to operate in
and persons on the water in Pago Pago accordance with 33 CFR
Coast Guard 117.897(c)(3)(ii), and at the end of this
Harbor during the event. This regulation
will functionally close the port to vessel deviation period, the upper deck of the
33 CFR Part 117 Steel Bridge will resume operating in
traffic during the race, but will not
require the evacuation of any vessels [Docket No. USCG–2017–0960] accordance with 33 CFR
from the harbor. Entry into, transiting, 117.897(c)(3)(ii).
or anchoring in the harbor will be Drawbridge Operation Regulation;
Waterway usage on this part of the
prohibited to all vessels not registered Willamette River, Portland, OR
Willamette River includes vessels
with the sponsor as participants or not AGENCY: Coast Guard, DHS. ranging from commercial tug and barge
part of the race patrol, unless ACTION:Notice of deviation from to small pleasure craft. Vessels able to
specifically authorized by the Captain of drawbridge regulation. pass through the bridge with the lower
the Port (COTP) Honolulu or a deck in the open-to-navigation position
designated representative. Vessels that SUMMARY: The Coast Guard has issued a or upper deck in the closed-to-
are already moored or anchored in the temporary deviation from the operating navigation position may do so at
harbor seeking permission to remain schedule that governs the upper deck of anytime. The upper lift and lower lift of
there shall request permission from the the Steel Bridge across the Willamette the Steel Bridge will be able to open for
COTP unless deemed a spectator vessel River, mile 12.1, in Portland, OR. The emergencies, and there is no immediate
that is moored to a waterfront facility deviation is necessary to support the alternate route for vessels to pass. The
within the regulated area. Annual Run Like Hell Half Marathon Coast Guard has conducted public
DATES: The regulations in 33 CFR event. This deviation allows the upper outreach regarding this closure of the
100.1401 will be enforced from 7:00 lift span of the bridge to remain in the upper deck on the subject bridge to
a.m. to 4:00 p.m. on the dates of closed-to-navigation position to ensure known mariners that transit on the river.
November 10, 17, and 24, 2017. the safety of construction crew The Coast Guard has not received any
FOR FURTHER INFORMATION CONTACT: If
members. objections to this temporary deviation
you have questions about this notice of DATES: This deviation is effective from from the operating schedule. The Coast
enforcement, call or email Lieutenant 8 a.m. until 11:30 a.m. on October 22, Guard will also inform the users of the
Commander John Bannon, Waterways 2017. waterways through our Local and
Management Division, U.S. Coast Guard ADDRESSES: The docket for this Broadcast Notices to Mariners of the
Sector Honolulu; telephone (808) 541– deviation, USCG–2017–0960, is change in operating schedule for the
4359, email john.e.bannon@uscg.mil. available at http://www.regulations.gov. bridge so that vessel operators can
Type the docket number in the arrange their transits to minimize any
nlaroche on DSK9F9SC42PROD with RULES
SUPPLEMENTARY INFORMATION: The Coast
Guard will enforce a Special Local ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ impact caused by the temporary
Regulation in 33 CFR 100.1401 for the Click on Open Docket Folder on the line deviation.
Fautasi Ocean Challenge Canoe Race associated with this deviation. In accordance with 33 CFR 117.35(e),
from 7:00 a.m. to 4:00 p.m. on the dates FOR FURTHER INFORMATION CONTACT: If the drawbridge must return to its regular
of November 10, 17, and 24, 2017. This you have questions on this temporary operating schedule immediately at the
action is being taken to safeguard the deviation, call or email Mr. Steven end of the designated time period. This
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Document Created: 2017-10-13 04:34:04
Document Modified: 2017-10-13 04:34:04
| 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, 2017. | |
| Contact | Daniel S. Liebman ([email protected]), Acting Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 ext. 6510. (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. 6510.) | |
| FR Citation | 82 FR 47613 | |
| CFR Associated | Employee Benefit Plans; Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
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