20158 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Rules and Regulations 

1Footnote 1: [Reserved] 

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. 

assets, total assets, Tier 1 capital and 

total capital of the institution on a pro 

forma basis; 

* * * * * 

■ 9. In appendix C to part 225, revise 

the heading and, under section 1, revise 

the first undesignated paragraph to read 

as follows: 

Appendix C to Part 225—Small Bank 

Holding Company and Savings and 

Loan Holding Company Policy 

Statement 

* * * * * 

1. Applicability of Policy Statement 

This policy statement applies only to bank 

holding companies with pro forma 

consolidated assets of less than $1 billion 

that (i) are not engaged in significant 

nonbanking activities either directly or 

through a nonbank subsidiary; (ii) do not 

conduct significant off-balance sheet 

activities (including securitization and asset 

management or administration) either 

directly or through a nonbank subsidiary; 

and (iii) do not have a material amount of 

debt or equity securities outstanding (other 

than trust preferred securities) that are 

registered with the Securities and Exchange 

Commission. The Board may in its discretion 

exclude any bank holding company, 

regardless of asset size, from the policy 

statement if such action is warranted for 

supervisory purposes.1 With the exception of 

section 4 (Additional Application 

Requirements for Expedited/Waived 

Processing), the policy statement applies to 

savings and loan holding companies as if 

they were bank holding companies. 

* * * * * 

PART 238—SAVINGS AND LOAN 

HOLDING COMPANIES (REGULATION 

LL) 

■ 10. The authority citation for part 238 

continues to read as follows: 

Authority: 5 U.S.C. 552, 559; 12 U.S.C. 

1462, 1462a, 1463, 1464, 1467, 1467a, 1468, 

1813, 1817, 1829e, 1831i, 1972; 15 U.S.C. 78l. 

■ 11. Add § 238.9 to subpart A to read 

as follows: 

§ 238.9 Small Bank Holding Company 

Policy Statement. 

(a) The Board’s Small Bank Holding 

Company Policy Statement (12 CFR part 

225, appendix C) (Policy Statement) 

applies to savings and loan holding 

companies as if they were bank holding 

companies. To qualify or rely on the 

Policy Statement, savings and loan 

holding companies must meet all 

qualifying requirements in the Policy 

Statement as if they were a bank holding 

company. For purposes of applying the 

Policy Statement, the term ‘‘nonbank 

subsidiary’’ as used in the Policy 

Statement refers to a subsidiary of a 

savings and loan holding company other 

than a savings association or a 

subsidiary of a savings association. 

(b) The Board may exclude any 

savings and loan holding company, 

regardless of asset size, from the Policy 

Statement under paragraph (a) of this 

section if the Board determines that 

such action is warranted for supervisory 

purposes. 

By order of the Board of Governors of the 

Federal Reserve System, April 9, 2015. 

Margaret McCloskey Shanks, 

Deputy Secretary of the Board. 

[FR Doc. 2015–08513 Filed 4–14–15; 8:45 am] 

BILLING CODE 6210–01–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 

May 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 May 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 May 2015.1

The May 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 

assumptions in effect for April 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 May 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: 

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Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Rules and Regulations 20159 

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 

259, 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

*******

259 .................................... 5–1–15 6–1–15 0.75 4.00 4.00 4.00 7 8 

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

259, 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

*******

259 .................................... 5–1–15 6–1–15 0.75 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 7th day 

of April 2015. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2015–08636 Filed 4–14–15; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Parts 3 and 141 

[Docket No. USCG–2013–0491] 

RIN 1625–AB88 

Consolidation of Officer in Charge, 

Marine Inspection for Outer 

Continental Shelf Activities; Eighth 

Coast Guard District; Technical, 

Organizational, and Conforming 

Amendments 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is issuing a 

final rule establishing a consolidated 

Officer in Charge, Marine Inspection 

(OCMI) for the purposes of inspecting 

mobile offshore drilling units, and fixed 

and floating facilities, engaged in OCS 

activities in the Eighth Coast Guard 

District. This final rule also addresses 

comments submitted in response to our 

notice and request for comments related 

to the consolidation of the OCMI, for 

OCS activities, and makes other nonsubstantive changes. This rule will have 

no substantive effect on the regulated 

public. 

DATES: This rule is effective May 1, 

2015. 

ADDRESSES: Documents mentioned in 

this preamble as being available in the 

docket, are part of docket USCG–2013– 

0491 and are available for inspection or 

copying at the Docket Management 

Facility (M–30), U.S. Department of 

Transportation, West Building Ground 

Floor, Room W12–140, 1200 New Jersey 

Avenue, Washington, DC 20590, 

between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

You may also view the docket on the 

Internet by going to http://

www.regulations.gov, inserting USCG– 

2013–0491 in the ‘‘Search’’ box, and 

then clicking ‘‘Search.’’ 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this notice, call 

or email Commander Steven Keel, U.S. 

Coast Guard Headquarters, Office of 

Commercial Vessel Compliance; 

telephone (202) 372–1230, email 

steven.r.keel@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 Contents for Preamble 

I. Abbreviations 

II. Regulatory History and Information 

III. Basis and Purpose 

IV. Discussion of Comments Received 

V. Discussion of the Rule 

VI. Regulatory Analysis 

A. Regulatory Planning and Review 

B. Small Entities 

C. Assistance for Small Business 

D. Collection of Information 

E. Federalism 

F. Unfunded mandates Reform Act 

G. Taking of Private Property 

H. Civil Justice Reform 

I. Protection of Children 

J. Indian Tribal Governments 

K. Energy Effects 

L. Technical Standards 

M. Environment 

I. Abbreviations 

CFR Code of Federal Regulations 

DHS Department of Homeland Security 

E.O. Executive Order 

FR Federal Register 

NCOE National Center of Expertise 

OCMI Officer in Charge, Marine Inspection 

OMB Office of Management and Budget 

OCS Outer Continental Shelf 

Pub. L. Public Law 

§ Section Symbol 

U.S.C. United States Code 

II. Regulatory History and Information 

This rule reflects the internal 

organization of the Coast Guard’s Eighth 

District, and affects administrative 

procedures such as contact information. 

It is a rule of agency organization, 

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