48688 Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Rules and Regulations 

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. 

allow those students to receive 

continued educational and cultural 

programming offered by the Department 

for a period of one additional year. 

Mara Tekach, 

Deputy Assistant Secretary for Professional 

Exchanges, Bureau of Educational and 

Cultural Affairs. 

[FR Doc. 2015–19586 Filed 8–13–15; 8:45 am] 

BILLING CODE 4710–05–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 

September 2015. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective September 1, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion (Klion.Catherine@

pbgc.gov), 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 September 2015.1

The September 2015 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 August 2015, 

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 September 2015, 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 

263, 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

*******

263 9–1–15 10–1–15 1.25 4.00 4.00 4.00 7 8 

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

263, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 80, No. 157 / Friday, August 14, 2015 / Rules and Regulations 48689 

Rate set 

For plans with a 

valuation date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

263 9–1–15 10–1–15 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 6th day 

of August 2015. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2015–20064 Filed 8–13–15; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2015–0710] 

Drawbridge Operation Regulation; 

Narrow Bay, Suffolk County, NY 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

drawbridge regulation. 

SUMMARY: The Coast Guard has issued a 

temporary deviation from the operating 

schedule that governs the operation of 

the Smith Point Bridge across Narrow 

Bay, mile 6.1, at Suffolk County, New 

York. This deviation is necessary to 

accommodate the 5K Run for Literacy. 

This deviation allows the bridge to 

remain in the closed position for one 

hour. 

DATES: This deviation is effective from 

9 a.m. through 10 a.m. on September 12, 

2015. 

ADDRESSES: The docket for this 

deviation, [USCG–2015–0710] is 

available at http://www.regulations.gov. 

Type the docket number in the 

‘‘SEARCH’’ box and click ‘‘SEARCH.’’ 

Click on Open Docket Folder on the line 

associated with this deviation. You may 

also visit the Docket Management 

Facility in Room W12–140, on the 

ground floor of the Department of 

Transportation West Building, 1200 

New Jersey Avenue SE., Washington, 

DC 20590, between 9 a.m. and 5 p.m., 

Monday through Friday, except Federal 

holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this temporary 

deviation, call or email Ms. Judy K. 

Leung-Yee, Project Officer, First Coast 

Guard District, telephone (212) 514– 

4330, judy.k.leung-yee@uscg.mil. If you 

have questions on viewing the docket, 

call Ms. Cheryl Collins, Program 

Manager, Docket Operations, telephone 

(202) 366–9826. 

SUPPLEMENTARY INFORMATION: The Smith 

Point Bridge, mile 6.1, across Narrow 

Bay, has a vertical clearance in the 

closed position of 18 feet at mean high 

water and 19 feet at mean low water. 

The existing bridge operating 

regulations are found at 33 CFR 

117.799(d). 

The waterway is transited by seasonal 

recreational vessels of various sizes. 

The Community Family Literacy 

Project, Inc. requested a temporary 

deviation from the normal operating 

schedule to facilitate the 5K Run for 

Literacy. 

Under this temporary deviation the 

Smith Point Bridge may remain in the 

closed position for one hour between 9 

a.m. and 10 a.m. on Saturday September 

12, 2015. 

There are no alternate routes for 

vessel traffic; however, vessels that can 

pass under the closed draws during this 

closure may do so at all times. The 

bridge may be opened in the event of an 

emergency. 

The Coast Guard will inform the users 

of the waterways through our Local and 

Broadcast Notice to Mariners of the 

change in operating schedule for the 

bridge so that vessels can arrange their 

transits to minimize any impact caused 

by the temporary deviation. 

In accordance with 33 CFR 117.35(e), 

the drawbridge must return to its regular 

operating schedule immediately at the 

end of the effective period of this 

temporary deviation. This deviation 

from the operating regulations is 

authorized under 33 CFR 117.35. 

Dated: August 5, 2015. 

C.J. Bisignano, 

Supervisory Bridge Management Specialist, 

First Coast Guard District. 

[FR Doc. 2015–20117 Filed 8–13–15; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2015–0765] 

Drawbridge Operation Regulation; 

Townsend Gut, Boothbay and 

Southport, Maine 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

drawbridge regulation. 

SUMMARY: The Coast Guard has issued a 

temporary deviation from the operating 

schedule that governs the Southport (SR 

27) Bridge, across Townsend Gut, mile 

0.7, at Boothbay and Southport, Maine. 

This deviation is necessary to facilitate 

replacement of the bridge wedge motor. 

This deviation allows the bridge to 

remain in the closed position for 24 

hours. 

DATES: This deviation is effective from 

7 a.m. on October 5, 2015 through 7 a.m. 

on October 6, 2015. 

ADDRESSES: The docket for this 

deviation, [USCG–2015–0765] is 

available at http://www.regulations.gov. 

Type the docket number in the 

‘‘SEARCH’’ box and click ‘‘SEARCH.’’ 

Click on Open Docket Folder on the line 

associated with this deviation. You may 

also visit the Docket Management 

Facility in Room W12–140, on the 

ground floor of the Department of 

Transportation West Building, 1200 

New Jersey Avenue SE., Washington, 

DC 20590, between 9 a.m. and 5 p.m., 

Monday through Friday, except Federal 

holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this temporary 

deviation, contact Mr. Joe M. Arca, 

Project Officer, First Coast Guard 

District, telephone (212) 514–4336, 

email joe.m.arca@uscg.mil. If you have 

questions on viewing the docket, call 

Ms. Cheryl Collins, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: The 

Southport (SR 27) Bridge, mile 0.7, 

across the Townsend Gut has a vertical 

clearance in the closed position of 10 


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