83 FR 22387 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 94 (May 15, 2018)
Federal Register Volume 83, Issue 94 (May 15, 2018)
| Page Range | 22387-22389 | |
| FR Document | 2018-10038 |
[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)] [Rules and Regulations] [Pages 22387-22389] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10038] ======================================================================= ----------------------------------------------------------------------- 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 June 2018. The interest assumptions are used for paying benefits under [[Page 22388]] terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective June 1, 2018. FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-326- 4400 ext. 3839. (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400, ext. 3839.) 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 website (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 June 2018.\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 June 2018 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 May 2018, these assumptions represent an increase of 0.25 percent in the immediate 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 June 2018, 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 296 is added at the end of the table to read as follows: Appendix B to Part 4022--Lump Sum Interest Rates for PBGC Payments * * * * * -------------------------------------------------------------------------------------------------------------------------------------------------------- For plans with a valuation Deferred annuities (percent) date Immediate --------------------------------------------------------------------- Rate set ---------------------------- annuity rate On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 296..................................... 6-1-18 7-1-18 1.25 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- 0 3. In appendix C to part 4022, Rate Set 296 is added at the end of the table to read as follows: Appendix C to Part 4022--Lump Sum Interest Rates for Private-Sector Payments * * * * * -------------------------------------------------------------------------------------------------------------------------------------------------------- For plans with a valuation Deferred annuities (percent) date Immediate --------------------------------------------------------------------- Rate set ---------------------------- annuity rate On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 296..................................... 6-1-18 7-1-18 1.25 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 22389]] Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2018-10038 Filed 5-14-18; 8:45 am] BILLING CODE 7709-02-P
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(A) Paragraph (b) of § 32.6; or ■ b. Add paragraph (d). WTC responder, to meet the definition
(B) The Act, at 34 U.S.C. 10281(f). The addition reads as follows: at section 104.2(i) of this title (as in
* * * * * effect on January 17, 2017); or
§ 32.53 Review.
(ii) The date on which the WTC-
§ 32.34 [Amended] * * * * * related health condition, if any, is
■ 24. In paragraph (c) of § 32.34, remove (d) The Director may reconsider a certified, for the WTC responder, (as
‘‘abandoned.’’ and add in its place claim under subparts B or C of this part applicable) 42 U.S.C. 300mm–
‘‘abandoned, as though never filed.’’ that has been denied in a final agency 22(b)(1)(B)(ii) or 42 U.S.C. 300mm–
determination if— 22(b)(2)(A)(ii).
§ 32.36 [Amended] (1) The public safety officer was a
■ 33. Amend § 32.54 as follows:
■ 25. In paragraph (a) of § 32.36, remove WTC responder;
■ a. Revise paragraph (a).
‘‘42 U.S.C. 3796d–1(a)(2),’’ and add in (2) The claim was based on the
■ b. In paragraph (c) introductory text,
its place ‘‘34 U.S.C. 10302(a)(2),’’. allegation that—
(i) The WTC responder sustained an remove ‘‘may—’’ and add in its place
injury that was the direct and proximate ‘‘may (among other things)—’’.
§ 32.43 [Amended]
cause of his death or of his permanent The revision reads as follows:
■ 26. In paragraph (a) of § 32.43, remove
‘‘42 U.S.C. 3787’’ and add in its place and total disability; and § 32.54 Director determination.
(ii) The WTC responder’s injury was (a) Upon the Director’s approving or
‘‘34 U.S.C. 10225’’.
sustained in the course of performance denying a claim, the PSOB Office shall
■ 27. Revise paragraph (b) of § 32.44 to
of line of duty activity or a line of duty serve notice of the same simultaneously
read as follows: action that exposed him to airborne upon the claimant (and upon any other
§ 32.44 Hearing Officer determination. toxins, other hazards, or other adverse claimant who may have filed a claim
* * * * * conditions resulting from the September with respect to the same public safety
(b) Upon a Hearing Officer’s 11, 2001, attacks; officer), and upon any Hearing Officer
approving or denying a claim, the PSOB (3) The sole ground of the denial was who made a determination with respect
Office shall serve notice of the same that the claim did not establish that— to the claim. Such notice shall—
(i) The WTC responder sustained an
simultaneously upon the claimant (and (1) Specify the factual findings and
injury in the course of performance of
upon any other claimant who may have legal conclusions that support it; and
line of duty activity or a line of duty
filed a claim with respect to the same (2) In the event of a denial, provide
action; or
public safety officer). Such notice information as to judicial appeals.
(ii) The injury allegedly sustained by
shall— * * * * *
the WTC responder was the direct and
(1) Specify the Hearing Officer’s ■ 34. Revise § 32.55 to read as follows:
proximate cause of his death or
factual findings and legal conclusions
permanent and total disability;
that support it; and § 32.55 Judicial appeal.
(4) The alleged injury on which the
(2) In the event of a denial, provide Consistent with § 32.8, no
claim was based is a WTC-related health
information as to Director appeals. administrative action other than an
condition; and
* * * * * (5) The claimant files with the PSOB approval or denial described in
■ 28. Amend § 32.45 as follows: Office a motion for such reconsideration § 32.54(a) shall constitute a final agency
■ a. In paragraph (d)(1), remove ‘‘; and’’. before the later of— determination for purposes of the Act, at
■ b. In paragraph (d)(2), remove the (i) Two years after the earlier of— 34 U.S.C. 10287.
period and add in its place ‘‘; and’’. (A) The date on which the WTC- Dated May 2, 2018.
■ c. Add paragraph (d)(3). related physical health condition, if any, Alan R. Hanson,
The addition reads as follows: is determined by the September 11th Principal Deputy Assistant Attorney General.
§ 32.45 Hearings.
Victim Compensation Fund, for the [FR Doc. 2018–09640 Filed 5–14–18; 8:45 am]
WTC responder, to meet the definition
* * * * * at section 104.2(i) of this title (as in
BILLING CODE 4410–18–P
(d) * * * effect on January 17, 2017); or
(3) Shall (unless the Director should (B) The date on which the WTC-
direct or allow otherwise) be the only related health condition, if any, is PENSION BENEFIT GUARANTY
individual (other than the claimant’s certified, for the WTC responder, under CORPORATION
representative, if any) who may examine (as applicable) 42 U.S.C. 300mm–
the claimant. 29 CFR Part 4022
22(b)(1)(B)(ii) or 42 U.S.C. 300mm–
* * * * * 22(b)(2)(A)(ii); or Benefits Payable in Terminated Single-
§ 32.51 [Amended]
(ii) June 14, 2020. Employer Plans; Interest Assumptions
■ 32. Effective June 14, 2020, revise for Paying Benefits
■ 29. In § 32.51, remove ‘‘42 U.S.C. paragraph (d)(5) of § 32.53, to read as
3796c–1’’ and add in its place ‘‘34 follows: AGENCY: Pension Benefit Guaranty
U.S.C. 10286’’. Corporation.
§ 32.53 Review. ACTION: Final rule.
§ 32.52 [Amended]
* * * * *
■ 30. In paragraph (b) of § 32.52, remove (d) * * * SUMMARY: This final rule amends the
‘‘nonphysical’’ and add in its place Pension Benefit Guaranty Corporation’s
daltland on DSKBBV9HB2PROD with RULES
(5) The claimant files with the PSOB
‘‘non-physical’’. Office a motion for such reconsideration regulation on Benefits Payable in
■ 31. Effective June 14, 2018, amend before the earlier of two year— Terminated Single-Employer Plans to
§ 32.53 as follows: (i) The date on which the WTC- prescribe interest assumptions under
■ a. In paragraph (b)(2), remove ‘‘42 related physical health condition, if any, the regulation for valuation dates in
U.S.C. 3796c–1’’ and add in its place is determined by the September 11th June 2018. The interest assumptions are
‘‘34 U.S.C. 10286’’. Victim Compensation Fund, for the used for paying benefits under
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Issued in Washington, DC. and were terminated before they could when a rule responds to an emergency,
Hilary Duke, be published in the Federal Register. or when an event occurs without
Assistant General Counsel for Regulatory ADDRESSES: Temporary rules listed in sufficient advance notice. The affected
Affairs, Pension Benefit Guaranty this document may be viewed online, public is, however, often informed of
Corporation. under their respective docket numbers, these rules through Local Notices to
[FR Doc. 2018–10038 Filed 5–14–18; 8:45 am] using the Federal eRulemaking Portal at Mariners, press releases, and other
BILLING CODE 7709–02–P http://www.regulations.gov. means. Moreover, actual notification is
FOR FURTHER INFORMATION CONTACT: For provided by Coast Guard patrol vessels
questions on this document contact enforcing the restrictions imposed by
Yeoman First Class David Hager, Office the rule. Because Federal Register
DEPARTMENT OF HOMELAND of Regulations and Administrative Law, publication was not possible before the
SECURITY telephone (202) 372–3862. end of the effective period, mariners
SUPPLEMENTARY INFORMATION: Coast were personally notified of the contents
Coast Guard of these safety zones, security zones,
Guard District Commanders and
Captains of the Port (COTP) must be special local regulations, regulated
33 CFR Parts 100, 117, 147, and 165 navigation areas or drawbridge
immediately responsive to the safety
and security needs within their operation regulations by Coast Guard
[USCG–2018–0276]
jurisdiction; therefore, District officials on-scene prior to any
2018 Quarterly Listings; Safety Zones, Commanders and COTPs have been enforcement action. However, the Coast
Security Zones, Special Local delegated the authority to issue certain Guard, by law, must publish in the
Regulations, Drawbridge Operation local regulations. Safety zones may be Federal Register notice of substantive
Regulations and Regulated Navigation established for safety or environmental rules adopted. To meet this obligation
Areas purposes. A safety zone may be without imposing undue expense on the
stationary and described by fixed limits public, the Coast Guard periodically
AGENCY: Coast Guard, DHS. or it may be described as a zone around publishes a list of these temporary
ACTION:Notification of expired a vessel in motion. Security zones limit safety zones, security zones, special
temporary rules issued. access to prevent injury or damage to local regulations, regulated navigation
vessels, ports, or waterfront facilities. areas and drawbridge operation
SUMMARY: This document provides Special local regulations are issued to regulations. Permanent rules are not
notification of substantive rules issued enhance the safety of participants and included in this list because they are
by the Coast Guard that were made spectators at regattas and other marine published in their entirety in the
temporarily effective but expired before events. Drawbridge operation Federal Register. Temporary rules are
they could be published in the Federal regulations authorize changes to also published in their entirety if
Register. This document lists temporary drawbridge schedules to accommodate sufficient time is available to do so
safety zones, security zones, special bridge repairs, seasonal vessel traffic, before they are placed in effect or
local regulations, drawbridge operation and local public events. Regulated terminated.
regulations and regulated navigation Navigation Areas are water areas within The following unpublished rules were
areas, all of limited duration and for a defined boundary for which placed in effect temporarily during the
which timely publication in the Federal regulations for vessels navigating within period between January 2018 and March
Register was not possible. the area have been established by the 2018 unless otherwise indicated. To
DATES: This document lists temporary regional Coast Guard District view copies of these rules, visit
Coast Guard rules that became effective, Commander. www.regulations.gov and search by the
primarily between January 2018 and Timely publication of these rules in docket number indicated in the
March 2018, unless otherwise indicated, the Federal Register may be precluded following table.
Docket No. Type Location Effective date
USCG–2012– Safety Zones .............................................................. Long island Sound Zone ........................................... 11/25/2017
1036.
USCG–2017– Safety Zones .............................................................. Sandusky, OH ............................................................ 12/31/2017
1103.
USCG–2018– Safety Zones .............................................................. Bellaire, OH ............................................................... 1/6/2018
0001.
USCG–2018– Safety Zones .............................................................. Palm Beach, FL ......................................................... 1/11/2018
0021.
USGC–2018– Security Zones ........................................................... Palm Beach, FL ......................................................... 1/12/2018
0018.
USCG–2017– Security Zones ........................................................... Detroit, MI .................................................................. 1/13/2018
1088.
USCG–2017– Safety Zones .............................................................. Piti, GU ...................................................................... 1/17/2018
1096.
USCG–2018– Safety Zones .............................................................. Thebes, IL .................................................................. 1/18/2018
0053.
daltland on DSKBBV9HB2PROD with RULES
USCG–2017– Safety Zones .............................................................. Harbor, GU ................................................................ 1/24/2018
1110.
USCG–2018– Special Local Regulations ......................................... New York Zone .......................................................... 1/26/2018
0062.
USCG–2017– Special Local Regulations ......................................... San Diego Captain of the Port .................................. 1/27/2018
1029.
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Document Created: 2018-05-15 00:32:59
Document Modified: 2018-05-15 00:32:59
| 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 June 1, 2018. | |
| Contact | Hilary Duke ([email protected]), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-326- 4400 ext. 3839. (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400, ext. 3839.) | |
| FR Citation | 83 FR 22387 | |
| CFR Associated | Employee Benefit Plans; Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
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