Federal Register / Vol. 80, No. 94 / Friday, May 15, 2015 / Rules and Regulations 27857 

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. 

approving it, certifies that the rule will 

not have a significant economic impact 

on a substantial number of small entities 

as defined in 5 U.S.C. 601(6). 

Unfunded Mandates Act of 1995 

This rule will not result in the 

expenditure by state, local, tribal, or 

territorial governments, in the aggregate, 

or by the private sector, of $100 million 

or more in any year and it will not 

significantly or uniquely affect small 

governments. Therefore, no actions were 

deemed necessary under the provisions 

of the Unfunded Mandates Reform Act 

of 1995, 2 U.S.C. 1501 et seq. 

Small Business Regulatory Enforcement 

Fairness Act of 1996 

This rule is not a major rule as 

defined by section 804 of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996, since it will not 

result in an annual effect on the 

economy of $100 million or more. See 

5 U.S.C. 804(2). 

Executive Orders 12866 and 13563 

This rule is not economically 

significant under Executive Order 

12866, section 3(f)(1), because it will not 

have an annual effect on the economy 

of $100 million or more. The 

Department expects the rule’s impact on 

the public to be minimal. The 

Department has reviewed this rule to 

ensure its consistency with the 

regulatory philosophy and principles set 

forth in the Executive Orders. 

Executive Order 13132 

This rule will not have substantial 

direct effects on the states, on the 

relationship between the national 

government and the states, or on the 

distribution of power and 

responsibilities among the various 

levels of government. Therefore, in 

accordance with section 6 of Executive 

Order 13132, the Department has 

determined that this rule does not have 

sufficient federalism implications to 

require consultations or warrant the 

preparation of a federalism summary 

impact statement. 

Executive Order 13175—Effect on Tribes 

The Department of State has 

determined that this rulemaking will 

not have tribal implications, will not 

impose substantial direct compliance 

costs on Indian tribal governments, and 

will not preempt tribal law. 

Accordingly, Executive Order 13175 

does not apply to this rulemaking. 

Paperwork Reduction Act 

This rule does not impose or alter any 

reporting or record-keeping 

requirements under the Paperwork 

Reduction Act. 

List of Subjects in 22 CFR Part 51 

Passports. 

Accordingly, for the reasons stated in 

the preamble, 22 CFR part 51 is 

amended as follows: 

PART 51—PASSPORTS 

■ 1. The authority citation for part 51 

continues to read as follows: 

Authority: 8 U.S.C. 1504; 18 U.S.C. 1621; 

22 U.S.C. 211a, 212, 213, 213n (Pub. L. 106– 

113 Div. B, Sec. 1000(a)(7) [Div. A, Title II, 

Sec. 236], 113 Stat. 1536, 1501A–430); 214, 

214a, 217a, 218, 2651a, 2671(d)(3), 2705, 

2714, 2721, & 3926; 26 U.S.C. 6039E; 31 

U.S.C. 9701; 42 U.S.C. 652(k) [Div. B, Title 

V of Pub. L. 103–317, 108 Stat. 1760]; E.O. 

11295, Aug. 6, 1966, FR 10603, 3 CFR, 1966– 

1970 Comp., p. 570; Sec. 1 of Pub. L. 109– 

210, 120 Stat. 319; Sec. 2 of Pub. L. 109–167, 

119 Stat. 3578; Sec. 5 of Pub. L. 109–472, 120 

Stat. 3554; Pub. L. 108–447, Div. B, Title IV, 

Dec. 8, 2004, 118 Stat. 2809; Pub. L. 108–458, 

118 Stat. 3638, 3823 (Dec. 17, 2004). 

■ 2. Revise paragraph (b) of § 51.3 to 

read as follows: 

§ 51.3 Types of passports. 

* * * * * 

(b) Official passport. When authorized 

by the Department, an official passport 

may be issued to: 

(1) An official or employee of the U.S. 

government traveling abroad to carry 

out official duties, and family members 

of such persons; 

(2) A U.S. government contractor 

traveling abroad to carry out official 

duties on behalf of the U.S. government; 

or 

(3) An official or employee of a state, 

local, tribal, or territorial government 

traveling abroad to carry out official 

duties in support of the U.S. 

government. 

* * * * * 

Patrick F. Kennedy, 

Undersecretary For Management. 

[FR Doc. 2015–11687 Filed 5–14–15; 8:45 am] 

BILLING CODE 4710–24–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 2015. 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, 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 June 2015.1

The June 2015 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 

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27858 Federal Register / Vol. 80, No. 94 / Friday, May 15, 2015 / Rules and Regulations 

assumptions in effect for May 2015, 

these interest assumptions are 

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 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 

260, 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

*******

260 6–1–15 7–1–15 0.75 4.00 4.00 4.00 7 8 

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

260, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

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

*******

260 6–1–15 7–1–15 0.75 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 6th day 

of May 2015. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2015–11858 Filed 5–14–15; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2015–0252] 

Special Local Regulation; Annual 

Marine Events on the Colorado River, 

Between Davis Dam (Bullhead City, 

Arizona) and Headgate Dam (Parker, 

Arizona) Within the San Diego Captain 

of the Port Zone 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of enforcement of 

regulation. 

SUMMARY: The Coast Guard will enforce 

the Great Western Parker Tube Float 

marine event and associated waterway 

special local regulations from 7 a.m. 

through 4 p.m. on June 6, 2015. This 

annual marine event occurs in the 

navigable waters of the Colorado River 

in Parker, Arizona, covering eight miles 

of the waterway from the La Paz County 

Park to the Headgate Dam. This action 

is necessary to provide for the safety of 

the participants, crew, spectators, safety 

vessels, and general users of the 

waterway. During the enforcement 

period, persons and vessels are 

prohibited from entering into, transiting 

through, or anchoring within this 

regulated area unless authorized by the 

Captain of the Port, or his designated 

representative. 

DATES: The regulations in 33 CFR 

100.1102, Table 1, item 9 will be 

enforced from 7 a.m. through 4 p.m. on 

June 6, 2015. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this document, 

call or email Petty Officer Nick 

Bateman, Waterways Management, U.S. 

Coast Guard Sector San Diego, CA; 

telephone 619–278–7656, D11-PFMarineEventsSanDiego@uscg.mil. 

SUPPLEMENTARY INFORMATION: The Coast 

Guard will enforce the special local 

regulations for the annual Great Western 

Parker Tube Float in 33 CFR 100.1102, 

Table 1, Item 9 from 7 a.m. to 4 p.m. on 

June 6, 2015. 

Under the provisions of 33 CFR 

100.1102, persons and vessels are 

prohibited from entering into, transiting 

through, or anchoring within this 

regulated area of the Colorado River 

unless authorized by the Captain of the 

Port, or his designated representative. 

The Coast Guard may be assisted by 

other Federal, State, or local law 

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