Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Rules and Regulations 29767 

1Appendix 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. 

PART 4302—PENALTIES FOR 

FAILURE TO PROVIDE CERTAIN 

MULTIEMPLOYER PLAN NOTICES 

■ 7. The authority citation for part 4302 

is revised to read as follows: 

Authority: 28 U.S.C. 2461 note, as 

amended by sec. 701, Pub. L. 114–74, 129 

Stat. 599–601; 29 U.S.C. 1302(b)(3), 1452. 

§ 4302.3 [Amended] 

■ 8. In § 4302.3, the figures ‘‘$110’’ are 

removed and the figures $275’’ are 

added in their place. 

Issued in Washington, DC, this 5 day of 

May, 2016. 

W. Thomas Reeder, 

Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2016–11296 Filed 5–12–16; 8:45 am] 

BILLING CODE 7709–02–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer 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 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 June 1, 2016. 

FOR FURTHER INFORMATION CONTACT: 

Deborah C. Murphy (Murphy.Deborah@

pbgc.gov), Deputy Assistant General 

Counsel for Regulatory Affairs, Pension 

Benefit Guaranty Corporation, 1200 K 

Street NW., Washington, DC 20005, 

202–326–4024. (TTY/TDD users may 

call the Federal relay service toll-free at 

1–800–877–8339 and ask to be 

connected to 202–326–4024.) 

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 June 2016.1

The June 2016 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 May 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 June 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 

■ 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. 

■ 2. In appendix B to part 4022, Rate Set 

272, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 

Rate set 

For plans with a valuation date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

272 ................................................................ 6–1–16 7–1–16 0.75 4.00 4.00 4.00 7 8 

■ 3. In appendix C to part 4022, Rate Set 

272, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 


ehiers on DSK5VPTVN1PROD with RULES
29768 Federal Register / Vol. 81, No. 93 / Friday, May 13, 2016 / Rules and Regulations 

Rate set 

For plans with a valuation date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

272 ................................................................ 6–1–16 7–1–16 0.75 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 5th day 

of May 2016. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2016–11297 Filed 5–12–16; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket Number USCG–2016–0276] 

RIN 1625–AA08 

Special Local Regulation; Lake of the 

Ozarks, Lakeside, MO 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a special local regulation 

for certain waters of the Lake of the 

Ozarks. This action is necessary to 

provide for the safety of life on these 

navigable waters near Lakeside, MO, 

during a powerboat race on June 4, 

2016. This regulation designates 

prohibited areas for the race course and 

associated safety buffer, spectator areas, 

and location for vessels to transit during 

the race at no wake speeds. Deviation 

from the established special local 

regulation must be authorized by the 

Captain of the Port Upper Mississippi 

River or a designated representative. 

DATES: This rule is effective from 9 a.m. 

to 6 p.m. on June 4, 2016. 

ADDRESSES: To view documents 

mentioned in this preamble as being 

available in the docket, go to http://

www.regulations.gov, type USCG–2016– 

0276 in the ‘‘SEARCH’’ box and click 

‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rule. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email LCDR Sean Peterson, Chief of 

Prevention, U.S. Coast Guard; telephone 

314–269–2332, email Sean.M.Peterson@

uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

COTP Captain of the Port 

DHS Department of Homeland Security 

FR Federal Register 

NPRM Notice of proposed rulemaking 

§ Section 

U.S.C. United States Code 

II. Background Information and 

Regulatory History 

On March 16, 2016, the Lake Race 

Steering Committee notified the Coast 

Guard that it will be hosting a 

powerboat race from 9 a.m. until 6 p.m. 

on June 4, 2016. In response, on April 

20, 2016, the Coast Guard published a 

notice of proposed rulemaking (NPRM) 

titled Special Local Regulation; Lake of 

the Ozarks, Lakeside, MO (81 FR 

23223). There we stated why we issued 

the NPRM, and invited comments on 

our proposed regulatory action related 

to this powerboat race. During the 

comment period that ended May 5, 

2016, we received no comments. 

We are issuing this rule, and under 5 

U.S.C. 553(d)(3), the Coast Guard finds 

that good cause exists for making it 

effective less than 30 days after 

publication in the Federal Register. On 

March 16, 2016, the Coast Guard was 

notified of the event being held and an 

NPRM with a 15 day comment period 

was published on April 20, 2016. 

Though we are not providing a full 30 

day notice period, the Coast Guard did 

provide notice and opportunity to 

comment through the NPRM process 

and is now providing less than 30 days 

notice before the final rule goes into 

effect on June 4, 2016. It is 

impracticable to provide a full 30-days 

notice because this rule must be 

effective June 4, 2016. 

III. Legal Authority and Need for Rule 

The Coast Guard is issuing this rule 

under authority in 33 U.S.C. 1233. The 

Captain of the Port (COTP) Upper 

Mississippi River has determined that 

potential hazards associated with the 

powerboat race are a safety concern. The 

purpose of this rule is to ensure safety 

of vessels and the navigable waters in 

the special local regulation before, 

during, and after the scheduled event. 

IV. Discussion of Comments, Changes, 

and the Rule 

As noted above, we received no 

comments on our NPRM published 

April 20, 2016. There are no changes in 

the regulatory text of this rule from the 

proposed rule in the NPRM. This rule 

establishes a special local regulation 

from 9 a.m. until 6 p.m. on June 4, 2016, 

designating the race course and location 

of spectator areas. Vessels transiting 

near the course will be restricted to 

transiting at the slowest safe speed. This 

special local regulation covers navigable 

waters on the Lake of the Ozarks Osage 

Branch between miles 0 and 4. The 

Coast Guard has also posted a map 

depicting the location and restricted 

areas for this special local regulation in 

the docket. Six anchorage areas for 

spectators are designated and are also 

shown on the map and labeled as A 

through F. This map may be viewed as 

indicated under the ADDRESSES section. 

The duration of the regulation is 

intended to ensure the safety of vessels 

and these navigable waters before, 

during, and after the power boat race, 

scheduled from 9 a.m. to 6 p.m. No 

vessel or person will be permitted to 

deviate from the special local regulation 

without obtaining permission from the 

COTP or a designated representative. 

V. Regulatory Analyses 

We developed this rule after 

considering numerous statutes and 

Executive Orders related to rulemaking. 

Below we summarize our analyses 

based on a number of these statutes and 

Executive Orders, and we discuss First 

Amendment rights of protestors. 

A. Regulatory Planning and Review 

Executive Orders 12866 and 13563 

direct agencies to assess the costs and 

benefits of available regulatory 

alternatives and, if regulation is 

necessary, to select regulatory 

approaches that maximize net benefits. 

Executive Order 13563 emphasizes the 

importance of quantifying both costs 

and benefits, of reducing costs, of 

harmonizing rules, and of promoting 

flexibility. This rule has not been 

designated a ‘‘significant regulatory 

action,’’ under Executive Order 12866. 

Accordingly, it has not been reviewed 


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