27898 Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Rules and Regulations 

(9) Performance data must support the 

shelf life of the device by demonstrating 

continued sterility, package integrity, 

and device functionality over the 

identified shelf life. 

(10) Performance data must validate 

the instructions for reprocessing and 

reliability of reusable components. 

(11) Labeling must include the 

following: 

(i) A section that summarizes the 

clinical testing results, including the 

adverse event profile and improvement 

in LUTS; 

(ii) A shelf life for single use 

components; 

(iii) A use life for reusable 

components; and 

(iv) Reprocessing instructions for 

reusable components. 

Dated: June 8, 2018. 

Leslie Kux, 

Associate Commissioner for Policy. 

[FR Doc. 2018–12829 Filed 6–14–18; 8:45 am] 

BILLING CODE 4164–01–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 2018 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the third quarter of 2018. 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, 2018. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@PBGC.gov), 

Assistant General Counsel for 

Regulatory Affairs, Pension Benefit 

Guaranty Corporation, 1200 K Street 

NW, Washington, DC 20005, 202–326– 

4400, ext. 3839. (TTY users may call the 

Federal relay service toll free at 1–800– 

877–8339 and ask to be connected to 

202–326–4400, ext. 3839.) 

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 (ERISA). The 

interest assumptions in the regulations 

are also published on PBGC’s website 

(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 2018 and 

updates the asset allocation interest 

assumptions for the third quarter (July 

through September) of 2018. 

The third quarter 2018 interest 

assumptions under the allocation 

regulation will be 2.53 percent for the 

first 25 years following the valuation 

date and 2.64 percent thereafter. In 

comparison with the interest 

assumptions in effect for the second 

quarter of 2018, these interest 

assumptions represent an increase of 5 

years in the select period (the period 

during which the select rate (the initial 

rate) applies), an increase of 0.26 

percent in the select rate, and an 

increase of 0.05 percent in the ultimate 

rate (the final rate). 

The July 2018 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 2018, 

these interest assumptions represent no 

change in the immediate rate and no 

changes in i1, i2, or i3. 

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 2018, 

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 

297 is added at the end of the table to 

read as follows: 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 


sradovich on DSK3GMQ082PROD with RULES
Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Rules and Regulations 27899 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

297 7–1–18 8–1–18 1.25 4.00 4.00 4.00 7 8 

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

297 is added at the end of 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

*******

297 7–1–18 8–1–18 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, an entry 

for ‘‘July–September 2018’’ is added at 

the end of 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 2018 .... 0.0253 1–25 0.0264 >25 N/A N/A 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2018–12549 Filed 6–14–18; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2018–0330] 

RIN 1625–AA00 

Safety Zone; Appomattox River, 

Hopewell, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone for 

a marine event on the navigable waters 

of the Appomattox River at confluence 

with the James River in Hopewell, VA. 

This action is necessary to provide for 

the safety of life on these navigable 

waters in Hopewell, VA, during a 

fireworks display on June 30, 2018. This 

rule prohibits persons and vessels from 

being in the safety zone unless 

authorized by the Captain of the Port 

Hampton Roads or a designated 

representative. 

DATES: This rule is effective from 9 p.m. 

to 11 p.m. on June 30, 2018. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email LCDR Barbara Wilk, Waterways 

Management Division Chief, Sector 

Hampton Roads, U.S. Coast Guard; 

telephone 757–668–5580, email 

HamptonRoadsWaterways@uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

COTP Captain of the Port 

DHS Department of Homeland Security 

FR Federal Register 

NPRM Notice of proposed rulemaking 

§ Section 

U.S.C. United States Code 

II. Background Information and 

Regulatory History 

On March 27, 2018, the Hopewell 

Recreation and Parks Department 

notified the Coast Guard that it will be 

conducting a fireworks display from 

approximately 9:30 to 9:45 p.m. on June 

30, 2018, to serve as the city of 

Hopewell’s Fourth of July celebration. 

The fireworks are to be launched from 

a barge in the Appomattox River near 

City Point in Hopewell, VA. In 

response, on May 31, 2018, the Coast 

Guard published a notice of proposed 

rulemaking (NPRM) titled Safety Zone; 

Appomattox River, Hopewell, VA (83 

FR 24950). There we stated why we 

issued the NPRM, and invited 

comments on our proposed regulatory 

action related to this fireworks display. 

During the comment period that ended 

June 7, 2018, we received no comments. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. Delaying the effective date of 

this rule would be impracticable 

because immediate action is needed to 


sradovich on DSK3GMQ082PROD with RULES