34052 Federal Register / Vol. 80, No. 114 / Monday, June 15, 2015 / Rules and Regulations 

advance if potential impeachment 

records collected and maintained in 

order to sufficiently meet the 

Department’s Giglio requirements and 

obligations are all relevant and 

necessary. In order to ensure that the 

Department’s prosecutors and 

investigative agencies receive sufficient 

information to meet their obligations 

under Giglio, it is appropriate to 

maintain potential impeachment 

information in accordance with 

Department policy as such records 

could later be relevant and necessary in 

a different case in which the same 

witness or affiant subsequently testifies. 

(5) From subsection (e)(2) because 

collecting information directly from the 

subject individual could serve notice 

that the individual is the subject of 

investigation and because of the nature 

of the records in this system, which are 

used to impeach or demonstrate bias of 

a witness, requires that the information 

be collected from others. 

(6) From subsection (e)(3) because 

federal law enforcement officers receive 

notice from their supervisors and 

prosecuting attorneys that impeachment 

information may be used at trial. Law 

enforcement officers are also given 

notice by the Giglio decision itself. 

(7) From subsections (e)(4)(G), (H), 

and (I) because this system of records is 

exempt from the access and amendment 

provisions of subsection (d). 

(8) From subsection (e)(5) because it 

may not be possible to determine in 

advance if all potential impeachment 

records collected and maintained in 

order to sufficiently meet the 

Department’s Giglio requirements and 

obligations are all accurate, relevant, 

timely, and complete at the time of 

collection. Although the Department has 

policies in place to verify the records, 

the records may be originated from 

another agency, third party, or open 

source media and it may be impossible 

to ensure the accuracy, relevance, 

timeliness, and completeness of 

potential impeachment information 

maintained prior to and during the 

process of being verified. 

(9) From subsection (e)(8) because the 

nature of the Giglio discovery process 

renders notice of compliance with the 

compulsory discovery process 

impractical. 

(10) From subsections (f) and (g) 

because these subsections are 

inapplicable to the extent that the 

system is exempt from other specific 

subsections of the Privacy Act. 

Dated: June 4, 2015. 

Erika Brown Lee, 

Chief Privacy and Civil Liberties Officer, 

United States Department of Justice. 

[FR Doc. 2015–14641 Filed 6–12–15; 8:45 am] 

BILLING CODE 4410–FB–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 July 2015 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the third quarter of 2015. 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 July 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 

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 July 2015 and 

updates the asset allocation interest 

assumptions for the third quarter (July 

through September) of 2015. 

The third quarter 2015 interest 

assumptions under the allocation 

regulation will be 2.32 percent for the 

first 20 years following the valuation 

date and 2.37 percent thereafter. In 

comparison with the interest 

assumptions in effect for the second 

quarter of 2015, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

a decrease of 0.39 percent in the select 

rate, and a decrease of 0.41 percent in 

the ultimate rate (the final rate). 

The July 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 June 2015, 

these interest assumptions represent an 

increase of 0.50 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 valuation 

and payment of benefits under plans 

with valuation dates during July 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’’ 


wreier-aviles on DSK5TPTVN1PROD with RULES
Federal Register / Vol. 80, No. 114 / Monday, June 15, 2015 / Rules and Regulations 34053 

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 

261 is added to the table to read as 

follows: 

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

*******

261 .......................................................................... 7–1–15 8–1–15 1.25 4.00 4.00 4.00 7 8 

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

261 is added to the table to read as 

follows: 

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

*******

261 .......................................................................... 7–1–15 8–1–15 1.25 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 July–September 2015 is added 

to the table to read as follows: 

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 = 

*******

July–September 2015 ............................... 0.0232 1–20 0.0237 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of June 2015. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2015–14592 Filed 6–12–15; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Parts 515 and 596 

Cuban Assets Control Regulations; 

Terrorism List Governments Sanctions 

Regulations 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Final rule. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is amending the 

Terrorism List Governments Sanctions 

Regulations to replace the list of 

countries designated as supporting 

international terrorism with information 

on the availability of state sponsor of 

terrorism determination and rescission 

decisions in the Federal Register and 

the availability of a current list of state 

sponsors of terrorism maintained on the 

Web site of the Department of State. A 

conforming amendment is made to the 

Cuban Assets Control Regulations. 

DATES: Effective: June 15, 2015. 


wreier-aviles on DSK5TPTVN1PROD with RULES