83 FR 57307 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 221 (November 15, 2018)
Federal Register Volume 83, Issue 221 (November 15, 2018)
| Page Range | 57307-57308 | |
| FR Document | 2018-24746 |
[Federal Register Volume 83, Number 221 (Thursday, November 15, 2018)] [Rules and Regulations] [Pages 57307-57308] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24746] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. ======================================================================== Federal Register / Vol. 83, No. 221 / Thursday, November 15, 2018 / Rules and Regulations [[Page 57307]] 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 December 2018. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective December 1, 2018. FOR FURTHER INFORMATION CONTACT: Melissa Rifkin (rifkin.melissa@PBGC.gov), Attorney, Regulatory Affairs Division, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-326-4400 ext. 6563. (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. 6563.) 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 December 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 December 2018 interest assumptions under the benefit payments regulation will be 1.50 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 November 2018, these assumptions represent an increase of 0.25% 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 December 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 302 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 date Immediate Deferred annuities (percent) Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------ On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 302 12-1-18 1-1-19 1.50 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 57308]] 0 3. In appendix C to part 4022, Rate Set 302 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 date Immediate Deferred annuities (percent) Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------ On or after Before (percent) i1 i2 i3 n1 n2 -------------------------------------------------------------------------------------------------------------------------------------------------------- * * * * * * * 302 12-1-18 1-1-19 1.50 4.00 4.00 4.00 7 8 -------------------------------------------------------------------------------------------------------------------------------------------------------- Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2018-24746 Filed 11-14-18; 8:45 am] BILLING CODE 7709-02-P
![57308 Federal Register / Vol. 83, No. 221 / Thursday, November 15, 2018 / Rules and Regulations
■ 3. In appendix C to part 4022, Rate Set Appendix C to Part 4022—Lump Sum
302 is added at the end of the table to Interest Rates for Private-Sector
read as follows: Payments
* * * * *
For plans with a valuation Deferred annuities
Immediate
date (percent)
Rate set annuity rate
(percent)
On or after Before i1 i2 i3 n1 n2
* * * * * * *
302 12–1–18 1–1–19 1.50 4.00 4.00 4.00 7 8
Issued in Washington, DC. Background interests in property that are in the
Hilary Duke,
On May 28, 2009, OFAC issued the United States, that come within the
Assistant General Counsel for Regulatory Democratic Republic of the Congo United States, or that are or come within
Affairs, Pension Benefit Guaranty
Sanctions Regulations, 31 CFR part 547 the possession or control of any U.S.
Corporation. person, of: (i) The persons listed in the
(the ‘‘Regulations’’) (74 FR 25439, May
[FR Doc. 2018–24746 Filed 11–14–18; 8:45 am]
28, 2009) to implement Executive Order Annex to amended E.O. 13413; and (ii)
BILLING CODE 7709–02–P
13413 of October 27, 2006 (71 FR 64105, any person determined by the Secretary
October 31, 2006) (E.O. 13413). of the Treasury, in consultation with the
Secretary of State:
DEPARTMENT OF THE TREASURY Executive Order 13671 (A) To be a political or military leader
On July 8, 2014, the President, of a foreign armed group operating in
Office of Foreign Assets Control invoking the authority of, inter alia, the the Democratic Republic of the Congo
International Emergency Economic that impedes the disarmament,
31 CFR Part 547 Powers Act (50 U.S.C. 1701–1706) demobilization, voluntary repatriation,
(IEEPA) and section 5 of the United resettlement, or reintegration of
Democratic Republic of the Congo combatants;
Sanctions Regulations Nations Participation Act (22 U.S.C.
287c) (UNPA), issued Executive Order (B) to be a political or military leader
AGENCY: Office of Foreign Assets 13671 (79 FR 39949, July 10, 2014) (E.O. of a Congolese armed group that
Control, Treasury. 13671). In E.O. 13671, the President impedes the disarmament,
amended E.O. 13413 to take additional demobilization, voluntary repatriation,
ACTION: Final rule.
steps to deal with the national resettlement, or reintegration of
SUMMARY: The Department of the emergency with respect to the situation combatants;
Treasury’s Office of Foreign Assets in or in relation to the Democratic (C) to be responsible for or complicit
Control (OFAC) is adopting a final rule Republic of the Congo declared in E.O. in, or to have engaged in, directly or
amending the Democratic Republic of 13413, in view of multiple United indirectly, any of the following in or in
the Congo Sanctions Regulations to Nations Security Council Resolutions, relation to the Democratic Republic of
implement Executive Order 13671 of including Resolution 2136 of January the Congo: (1) Actions or policies that
July 8, 2014 (‘‘Taking Additional Steps 30, 2014, and in light of the threaten the peace, security, or stability
to Address the National Emergency continuation of activities that threaten of the Democratic Republic of the
With Respect to the Conflict in the the peace, security, or stability of the Congo; (2) actions or policies that
Democratic Republic of the Congo’’). Democratic Republic of the Congo and undermine democratic processes or
This rule also incorporates other the surrounding region, including institutions in the Democratic Republic
technical and conforming changes. operations by armed groups, widespread of the Congo; (3) the targeting of women,
violence and atrocities, human rights children, or any civilians through the
DATES: Effective: November 15, 2018.
abuses, recruitment and use of child commission of acts of violence
FOR FURTHER INFORMATION CONTACT: The (including killing, maiming, torture, or
Department of the Treasury’s Office of soldiers, attacks on peacekeepers,
obstruction of humanitarian operations, rape or other sexual violence),
Foreign Assets Control: Assistant abduction, forced displacement, or
Director for Licensing, tel.: 202–622– and exploitation of natural resources to
finance persons engaged in these attacks on schools, hospitals, religious
2480; Assistant Director for Regulatory sites, or locations where civilians are
Affairs, tel: 202–622–4855; Assistant activities.
seeking refuge, or through conduct that
Director for Sanctions Compliance & E.O. 13671 amends several sections of
would constitute a serious abuse or
Evaluation, tel.: 202–622–2490; or the E.O. 13413 but does not amend the
violation of human rights or a violation
Department of the Treasury’s Office of Annex to E.O. 13413 as originally
of international humanitarian law; (4)
the Chief Counsel (Foreign Assets issued. Section 1 of E.O. 13671 amends
the use or recruitment of children by
Control), Office of the General Counsel, E.O. 13413 by replacing subsection 1(a)
armed groups or armed forces in the
tel.: 202–622–2410. of E.O. 13413 in its entirety. New
context of the conflict in the Democratic
khammond on DSK30JT082PROD with RULES
SUPPLEMENTARY INFORMATION:
subsection 1(a) of E.O. 13413 as
Republic of the Congo; (5) the
amended by E.O. 13671 (‘‘amended E.O.
Electronic Availability obstruction of the delivery or
13413’’) 1 blocks all property and
distribution of, or access to,
This document and additional 1 For the purposes of this subsection, the term humanitarian assistance; (6) attacks
information concerning OFAC are ‘‘amended E.O. 13413’’ refers to E.O. 13413 as
available from OFAC’s website amended by E.O. 13671. Because E.O. 13671 did E.O. 13413’’ refers to the Annex as originally issued
(www.treasury.gov/ofac). not amend the Annex, the term ‘‘Annex to amended to E.O. 13413.
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Document Created: 2018-11-15 04:01:02
Document Modified: 2018-11-15 04:01:02
| 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 December 1, 2018. | |
| Contact | Melissa Rifkin ([email protected]), Attorney, Regulatory Affairs Division, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005, 202-326-4400 ext. 6563. (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. 6563.) | |
| FR Citation | 83 FR 57307 | |
| CFR Associated | Employee Benefit Plans; Pension Insurance; Pensions and Reporting and Recordkeeping Requirements |
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