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

77569 

Vol. 80, No. 240 

Tuesday, December 15, 2015 

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. 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

15 CFR Part 922 

[Docket No. 130405335–5999–03] 

RIN 0648–BD18 

Notice of Delay of Discharge 

Requirements for U.S. Coast Guard 

Activities in Greater Farallones and 

Cordell Bank National Marine 

Sanctuaries; Correction 

AGENCY: Office of National Marine 

Sanctuaries (ONMS), National Ocean 

Service (NOS), National Oceanic and 

Atmospheric Administration (NOAA), 

Department of Commerce (DOC). 

ACTION: Final rule; delay of effectiveness 

for discharge requirements with regard 

to Coast Guard activities; correction. 

SUMMARY: The National Oceanic and 

Atmospheric Administration (NOAA) 

published a document in the Federal 

Register of December 1, 2015 

concerning the postponement of the 

discharge requirements for U.S. Coast 

Guard activities for another 6 months to 

provide adequate time for completion of 

an environmental assessment, and 

subsequent rulemaking, as appropriate. 

That document was missing the 

associated Rule Identification Number 

(RIN). 

DATES: Effective on December 15, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Maria Brown, Greater Farallones 

National Marine Sanctuary 

Superintendent, at Maria.Brown@

noaa.gov or 415–561–6622; or Dan 

Howard, Cordell Bank National Marine 

Sanctuary Superintendent, at 

Dan.Howard@noaa.gov or 415–464– 

5260. 

SUPPLEMENTARY INFORMATION: 

Correction 

In the Federal Register of December 1, 

2015 (80 FR 74985), on page 74985, in 

the second column, the agency title 

should have been followed by the RIN 

0648–BD18. 

Authority: 16 U.S.C. 1431 et seq.; 16 U.S.C. 

470. 

Dated: December 3, 2015. 

John Armor, 

Acting Director for the Office of National 

Marine Sanctuaries. 

[FR Doc. 2015–31494 Filed 12–14–15; 8:45 am] 

BILLING CODE 3510–NK–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 

January 2016. The interest assumptions 

are used for paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. As 

discussed below, PBGC will publish a 

separate final rule document dealing 

with interest assumptions under its 

regulation on Allocation of Assets in 

Single-Employer Plans for the first 

quarter of 2016. 

DATES: Effective January 1, 2016. 

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 January 2016.1

PBGC normally updates the 

assumptions under the benefit payments 

regulation for January at the same time 

as PBGC updates assumptions for the 

first quarter of the year under its 

regulation on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) in a single rulemaking document. 

Because of delays in obtaining data used 

in setting assumptions under Part 4044 

for the first quarter of 2016, PBGC is 

publishing two separate rulemaking 

documents to update the benefit 

payments regulation for January 2016 

and the allocation regulation for the first 

quarter of 2016. 

The January 2016 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 December 

2015, these interest assumptions are 

unchanged. 

PBGC has determined that notice and 

public comment on this amendment are 


asabaliauskas on DSK5VPTVN1PROD with RULES
77570 Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Rules and Regulations 

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 January 2016, 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 

267, 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

*******

267 .................................... 1–1–16 2–1–16 1.25 4.00 4.00 4.00 7 8 

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

267, 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

*******

267 .................................... 1–1–16 2–1–16 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 9th day 

of December, 2015. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2015–31568 Filed 12–14–15; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2015–1031] 

RIN 1625–AA00 

Safety Zone, Great Egg Harbor Bay; 

Somers Point, NJ 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is extending 

the dates for a temporary safety zone on 

the waters of Great Egg Harbor Bay in 

the vicinity of the Garden State Parkway 

Bridge in Somers Point, NJ. Due to the 

severe weather felt in the Mid-Atlantic 

region in the past month the project has 

been delayed by a number of weeks and 

more time is needed to complete the 

critical repairs for the Garden State 

Parkway Bridge. The safety zone will 

continue to restrict vessel traffic on a 

portion of the Great Egg Harbor Bay 

while critical girder erection work is 

being conducted as part of the 

rehabilitation project of the main 

navigational channel section of the 

bridge. This extension of the temporary 

safety zone is necessary to protect the 

surrounding public and vessels from the 

hazards associated with the bridge 

construction operations. 

DATES: This rule is effective without 

actual notice from December 15, 2015 

through December 31, 2015. For 

purposes of enforcement, actual notice 

will be used from October 5, 2015 

through December 15, 2015. 

ADDRESSES: To view documents 

mentioned in this preamble as being 

available in the docket, go to http://

www.regulations.gov, type USCG–2015– 

1031 in the ‘‘SEARCH’’ box and click 

‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rule. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email Lieutenant Brennan Dougherty, 

U.S. Coast Guard, Sector Delaware Bay, 

Chief Waterways Management Division, 

Coast Guard; telephone (215) 271–4851, 

email Brennan.P.Dougherty@uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

DHS Department of Homeland Security 

E.O. Executive order 

FR Federal Register 

Pub. L. Public Law 

§ Section 

U.S.C. United States Code 

COTP Captain of the Port 


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