Federal Register / Vol. 79, No. 52 / Tuesday, March 18, 2014 / Rules and Regulations 15009 

[FR Doc. 2014–05765 Filed 3–17–14; 8:45 am] 

BILLING CODE 4910–13–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in April 2014 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the second quarter of 2014. The 

interest assumptions are used for 

valuing and paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective April 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 

regulations on Allocation of Assets in 

Single-Employer Plans (29 CFR Part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR Part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http://

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. 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 asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for April 2014 and 

updates the asset allocation interest 

assumptions for the second quarter 

(April through June) of 2014. 

The second quarter 2014 interest 

assumptions under the allocation 

regulation will be 3.47 percent for the 

first 20 years following the valuation 

date and 3.64 percent thereafter. In 

comparison with the interest 

assumptions in effect for the first 

quarter of 2014, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

an increase of 0.12 percent in the select 

rate, and an increase of 0.14 percent in 

the ultimate rate (the final rate). 

The April 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 March 2014, 

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 valuation 

and payment of benefits under plans 

with valuation dates during April 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 

29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

29 CFR Part 4044 

Employee benefit plans, Pension 

insurance, Pensions. 

In consideration of the foregoing, 29 

CFR parts 4022 and 4044 are 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 

246, 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

*******

246 4–1–14 5–1–14 1.50 4.00 4.00 4.00 7 8 


sroberts on DSK5SPTVN1PROD with RULES
15010 Federal Register / Vol. 79, No. 52 / Tuesday, March 18, 2014 / Rules and Regulations 

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

246, 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

*******

246 4–1–14 5–1–14 1.50 4.00 4.00 4.00 7 8 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE–EMPLOYER 

PLANS 

■ 4. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 5. In appendix B to part 4044, a new 

entry for April—June 2014, as set forth 

below, is added to the table. 

Appendix B to Part 4044—Interest 

Rates Used to Value Benefits 

* * * * * 

For valuation dates occurring in the 

month— 

The values of it are: 

it for t = it for t = it for t = 

*******

April—June 2014 0.0347 1–20 0.0364 >20 N/A N/A 

Issued in Washington, DC, on this 12th day 

of March 2014. 

Philip Hertz, 

Acting General Counsel, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2014–05854 Filed 3–17–14; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2014–0015] 

RIN 1625–AA00 

Safety zone; Sea World San Diego 

Fireworks, Mission Bay; San Diego, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone 

within the navigable waters of Mission 

Bay for Sea World firework shows. This 

temporary safety zone covers four 

evening events held in March 2014. The 

temporary safety zones provide for the 

safety of participants, crew, rescue 

personnel, and other users of the 

waterway. Persons and vessels are 

prohibited from entering into, transiting 

through, or anchoring within this safety 

zone unless authorized by the Captain 

of the Port or his designated 

representative. 

DATES: This rule is effective March 18, 

2014 until March 23, 2014 and will be 

enforced from 8:50 p.m. to 10 p.m. on 

the following four evenings: March 18, 

March 20, March 21, and March 22, 

2014. 

ADDRESSES: Documents mentioned in 

this preamble are part of docket [USCG– 

2014–0015]. To view documents 

mentioned in this preamble as being 

available in the docket, go to 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 

rulemaking. 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 rule, call or 

email Petty Officer Bryan Gollogly, 

Waterways Management, U.S. Coast 

Guard Sector San Diego, Coast Guard; 

telephone 619–278–7656, email 

d11marineeventssandiego@uscg.mil. If 

you have questions on viewing or 

submitting material to the docket, call 

Cheryl Collins, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: 

Table of Acronyms 

DHS Department of Homeland Security 

FR Federal Register 

NPRM Notice of Proposed Rulemaking 

TFR Temporary Final Rule 

A. Regulatory History and Information 

The Coast Guard is issuing this 

temporary final rule without prior 

notice and opportunity to comment 

pursuant to authority under section 4(a) 

of the Administrative Procedure Act 

(APA) (5 U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because doing 

so would be impracticable and contrary 

to the public interest. The logistical 

details for this event were not known to 

the Coast Guard until there was 

insufficient time remaining before the 

events to publish an NPRM. Thus, 

delaying the effective date of this rule to 

wait for a comment period to run would 

be both impracticable and contrary to 

the public interest because it would 

inhibit the Coast Guard’s ability to 

protect spectators and vessels from the 

hazards associated with a maritime 


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