This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

61761 

Vol. 79, No. 199 

Wednesday, October 15, 2014 

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 

Continued 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 13 

[Docket No.: FAA–2014–0505; Amdt. No. 

13–36 A] 

RIN 2120–AK43 

Orders of Compliance, Cease and 

Desist Orders, Order of Denial, and 

Other Orders 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; confirmation of 

effective date; disposition of comments. 

SUMMARY: On August 12, 2014, the FAA 

published an immediate final rule (79 

FR 46964) entitled ‘‘Orders of 

Compliance, Cease and Desist Orders, 

Orders of Denial, and Other Orders.’’ 

This action confirms the effective date 

of the immediate final rule and 

responds to the comments received on 

that immediate final rule. 

DATES: The immediate final rule 

published August 12, 2014 (79 FR 

46964) will become effective on October 

14, 2014. 

ADDRESSES: You may review the public 

docket for this rulemaking (Docket No. 

FAA–2014–0505) at the Docket 

Management Facility in Room W12–140 

of the West Building Ground Floor at 

1200 New Jersey Avenue SE., 

Washington, DC 20590–0001 between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. You 

may also review the public docket on 

the Internet at http://

www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: For 

technical or legal questions concerning 

this action, contact Edmund Averman, 

Office of the Chief Counsel (AGC–210), 

Federal Aviation Administration, 800 

Independence Avenue SW., 

Washington, DC 20591; telephone (202) 

267–3147; email Ed.Averman@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

On August 12, 2014, the FAA 

published an immediate final rule 

entitled ‘‘Orders of Compliance, Cease 

and Desist Orders, Orders of Denial, and 

Other Orders’’ (79 FR 46964). That 

rulemaking provides the opportunity for 

an informal conference with an FAA 

attorney before an order is issued under 

14 CFR 13.20, the FAA’s regulation 

covering orders other than certificate 

action and civil penalty orders. The 

change is necessary to provide 

additional fairness and process to those 

persons who are subject to such an 

order, and is consistent with the process 

available in other enforcement actions. 

These conferences may result in either 

a resolution of the matter or a narrowing 

of the issues, thereby conserving 

resources for respondents and the FAA. 

Discussion of Comments 

The FAA received one comment on 

the immediate final rule. The National 

Business Aviation Association (NBAA) 

welcomed the FAA’s amendment to 

§ 13.20. The NBAA recognized this 

change provides additional fairness to 

those subject to an order. The NBAA 

acknowledged this rule as a positive 

change for the industry. 

Conclusion 

After consideration of the comments 

submitted in response to the immediate 

final rule, the FAA has determined that 

no revisions to the rule are warranted 

based on the comments received. 

Issued under authority provided by 49 

U.S.C. 106(f), 44701(a), and 44707 in 

Washington, DC, on October 9, 2014. 

Lirio Liu, 

Director, Office of Rulemaking. 

[FR Doc. 2014–24566 Filed 10–14–14; 8:45 am] 

BILLING CODE 4910–13–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 

November 2014. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective November 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 tollfree 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 November 2014.1


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61762 Federal Register / Vol. 79, No. 199 / Wednesday, October 15, 2014 / Rules and Regulations 

plans for purposes of allocation of assets under ERISA section 4044. Those assumptions are 

updated quarterly. 

The November 2014 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 October 2014, 

these interest assumptions represent an 

increase 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 November 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 

253, 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

*******

253 11–1–14 12–1–14 1.25 4.00 4.00 4.00 7 8 

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

253, 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

*******

253 11–1–14 12–1–14 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 7th day 

of October 2014. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2014–24440 Filed 10–14–14; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2014–0715] 

RIN 1625–AA08 

Special Local Regulation; Mavericks 

Invitational Surf Competition, Half 

Moon Bay, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Interim rule and request for 

comments. 

SUMMARY: The Coast Guard is 

establishing a special local regulation in 

the navigable waters of Half Moon Bay, 

CA near Pillar Point in support of the 

Mavericks Invitational Surf Competition 

to be held one day between November 

1 of each year and March 31 of the 

following year, from 6 a.m. until 6 p.m. 

This special local regulation will 

temporarily restrict vessel traffic in 

vicinity of Pillar Point and prohibit 

vessels not participating in the surfing 

event from entering the dedicated 

surfing area and a designated no-entry 

area. This regulation is necessary to 

provide for the safety of life on the 

navigable waters immediately prior to, 

during, and immediately after the 

surfing competition. 

DATES: This rule is effective November 

1, 2014. 


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