Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Rules and Regulations 8857 

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. 

Authority: Sec. 18, 84 Stat. 1608 (29 U.S.C. 

667); 29 CFR part 1902; Secretary of Labor’s 

Order No. 1–2012 (77 FR 3912). 

Subpart Y—Hawaii 

■ 2. Amend § 1952.314 by revising 

paragraph (b) to read as follows: 

§ 1952.314 Level of Federal enforcement. 

* * * * * 

(b) To provide a workable division of 

enforcement responsibilities, Hawaii 

and Federal OSHA have entered into an 

operational status agreement. Electronic 

copies of the agreement are available at: 

http://www.osha.gov/dcsp/osp/

stateprogs/hawaii.html. 

[FR Doc. 2014–03286 Filed 2–13–14; 8:45 am] 

BILLING CODE 4510–26–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 

March 2014. The interest assumptions 

are used for paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective March 1, 2014. 

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 March 2014.1

The March 2014 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 February 2014, 

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 March 2014, 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 

245, 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

*******

245 3–1–14 4–1–14 1.50 4.00 4.00 4.00 7 8 

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

245, 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
8858 Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / 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

*******

245 3–1–14 4–1–14 1.50 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 5th day 

of February 2014. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2014–03283 Filed 2–13–14; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Parts 353, 360, and 363 

Regulations Governing Definitive 

United States Savings Bonds, Series 

EE and HH; Regulations Governing 

Definitive United States Savings 

Bonds, Series I; Regulations 

Governing Securities Held in 

TreasuryDirect 

AGENCY: Bureau of the Fiscal Service, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: The Department of the 

Treasury (Treasury) is eliminating the 

printing of paper Series EE and Series 

I savings bonds in reissue and claims 

transactions. Customers requesting these 

transactions will now have the option of 

receiving either book-entry (electronic) 

bonds or payment in lieu of the 

traditional paper bonds. Treasury is also 

updating agency contact information 

and making a minor revision in the 

Regulations Governing Securities Held 

in TreasuryDirect®. 

DATES: This final rule is effective 

February 14, 2014. 

ADDRESSES: You can download this 

Final Rule at the following Internet 

addresses: http://

www.publicdebt.treas.gov; http://

www.gpo.gov; or http://

www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: 

Technical information: Jerry Kelly, 

Acting Director, 304–480–6319 or 

jerry.kelly@fiscal.treasury.gov. 

Legal information: Lisa Martin, 

Attorney-Adviser, 304–480–8692 or 

lisa.martin@fiscal.treasury.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

In continuation of its all-electronic 

initiative announced in 2010, Treasury 

is working toward a goal of issuing 

savings bonds only in book-entry 

(electronic) form and eliminating the 

issuance or reissuance of definitive 

(paper) savings bonds. 

Through previous actions, Treasury 

has created its online TreasuryDirect®

system in which savings bond 

customers may safely purchase and hold 

their Series EE and Series I bonds in 

book-entry form. Treasury has 

developed rules and procedures that 

allow customers already holding paper 

Series EE and I bonds to convert those 

bonds to book-entry in their 

TreasuryDirect® accounts. This was 

followed by development of a process 

that accommodates regular payrollbased savings through an employee’s 

TreasuryDirect® account and the 

discontinuation of the old paper payroll 

savings bond program. And, as of 

January 2012, Treasury discontinued the 

issuance of paper Series EE and I bonds 

through traditional over-the-counter 

sales. 

II. Amendments to Title 31 CFR 

Now, with this action to eliminate the 

printing of paper Series EE and I bonds 

in reissue and claims transactions, 

Treasury is moving another step closer 

to our all-electronic goal. Customers 

requesting reissue or replacement of 

paper Series EE and I bonds after 

February 14, 2014, may receive their 

new bonds in book-entry (electronic) 

form in their TreasuryDirect® accounts. 

Any customers not wishing to receive 

book-entry bonds may elect to receive 

payment instead. The option to receive 

payment will also be available to the 

relatively small number of paper bond 

owners who may not be eligible to open 

a TreasuryDirect® account. 

These changes will allow Treasury to 

reduce program costs, enhance customer 

service, and minimize environmental 

impact. Moving more savings bonds into 

a book-entry environment where most 

routine transactions are paperless 

furthers Treasury’s initiative to ‘‘go 

green, save green.’’ 

Treasury is also conforming 

references to the TreasuryDirect®

system, updating agency contact 

information, and revising one of the 

example registrations for TreasuryDirect 

accounts owned by trusts. 

III. Procedural Requirements 

A. Administrative Procedure Act (APA) 

Because this rule relates to United 

States securities, which are contracts 

between Treasury and the owner of the 

security, this rule falls within the 

contract exception to the APA at 5 

U.S.C. 553(a)(2). As a result, the notice, 

public comment, and delayed effective 

date provisions of the APA are 

inapplicable to this rule. 

B. Congressional Review Act (CRA) 

This rule is not a major rule pursuant 

to the CRA, 5 U.S.C. 801 et seq., because 

it is a minor amendment that is 

expected to decrease costs for taxpayers. 

It is not expected to lead to any of the 

results listed in 5 U.S.C. 804(2). This 

rule may take immediate effect after we 

submit a copy of it to Congress and the 

Comptroller General. 

C. Paperwork Reduction Act (PRA) 

There is no new collection of 

information contained in this final rule 

that would be subject to the PRA, 44 

U.S.C. 3501 et seq. Under the PRA, an 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a valid OMB control number. 

The Office of Management and Budget 

already has approved all collections of 

information for these parts (OMB No. 

1535–0004, OMB No. 1535–0009, OMB 

No. 1535–0012, OMB No. 1535–0013, 

OMB No. 1535–0023, OMB No. 1535– 

0036, OMB No. 1535–0063, OMB No. 

1535–0098, OMB No. 1535–0118, and 

OMB No. 1535–0131). 

D. Regulatory Flexibility Act 

The provisions of the Regulatory 

Flexibility Act, 5 U.S.C. 601 et seq., do 

not apply to this rule because, pursuant 

to 5 U.S.C. 553(a)(2), it is not required 

to be issued with notice and 

opportunity for public comment. 

E. Executive Order 12866 

This rule is not a significant 

regulatory action pursuant to Executive 

Order 12866. 


tkelley on DSK3SPTVN1PROD with RULES