Federal Register / Vol. 77, No. 94 / Tuesday, May 15, 2012 / Rules and Regulations 28477 

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. 

List of Subjects in 17 CFR Part 275 

Reporting and recordkeeping 

requirements; Securities. 

Text of Amendment 

For the reasons set out in the 

preamble, Title 17, Chapter II of the 

Code of the Federal Regulations is 

amended as follows: 

PART 275—RULES AND 

REGULATIONS, INVESTMENT 

ADVISERS ACT OF 1940 

■ 1. The authority for part 275 

continues to read in part as follows: 

Authority: 15 U.S.C. 80b–2(a)(11)(H), 80b– 

2(a)(17), 80b–3, 80b–4, 80b–4a, 80b–6(4), 

80b–6a, and 80b–11, unless otherwise noted. 

* * * * * 

■ 2. Section 275.206(4)–5 is amended by 

revising paragraph (f)(2)(i) to read as 

follows: 

§ 275.206(4)–5 Political contributions by 

certain investment advisers. 

* * * * * 

(f) * * * 

(2) * * * 

(i) Any general partner, managing 

member or executive officer, or other 

individual with a similar status or 

function; 

* * * * * 

Dated: May 8, 2012. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–11662 Filed 5–14–12; 8:45 am] 

BILLING CODE 8011–01–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 

June 2012. The interest assumptions are 

used for paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective June 1, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@pbgc.gov), Manager, 

Regulatory and Policy Division, 

Legislative and Regulatory Department, 

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 June 2012.1

The June 2012 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 May 2012, 

these interest assumptions represent an 

decrease 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 June 2012, 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 

224, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates For PBGC Payments 

* * * * * 


wreier-aviles on DSK7SPTVN1PROD with RULES
28478 Federal Register / Vol. 77, No. 94 / Tuesday, May 15, 2012 / Rules and Regulations 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

224 6–1–12 7–1–12 1.25 4.00 4.00 4.00 7 8 

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

224, 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

*******

224 6–1–12 7–1–12 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 7th day 

of May 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–11708 Filed 5–14–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE TREASURY 

Office of the Secretary 

31 CFR Part 1 

RIN 1505–AC32 

Privacy Act; Implementation 

AGENCY: Office of the Secretary, 

Treasury. 

ACTION: Final rule; technical 

amendments. 

SUMMARY: In accordance with the 

requirements of the Privacy Act of 1974, 

as amended, 5 U.S.C. 552a, the 

Department of the Treasury is revising 

this part by amending Subpart C to 

reflect changes affecting the 

Department’s organization since January 

2003. 

DATES: Effective Date: May 15, 2012. 

FOR FURTHER INFORMATION CONTACT: Dale 

Underwood, Privacy Act Officer, 

Department of the Treasury, at 202– 

622–0874, or by email at Privacy@

Treasury.gov. 

SUPPLEMENTARY INFORMATION: The 

Department is amending this part to 

reflect the transition, in 2003, of the 

United States Customs Service, the 

Federal Law Enforcement Training 

Center, and United States Secret Service 

from the Department of the Treasury to 

the Department of Homeland Security. 

In addition, the amendments reflect the 

2003 transfer of certain functions of the 

Bureau of Alcohol, Tobacco and 

Firearms (ATF) to the Department of 

Justice, and the remaining functions 

reorganized as the Alcohol and Tobacco 

Tax and Trade Bureau (TTB) within the 

Department of the Treasury. The 

amendment conforms 31 CFR 1.36 to 

the changes made to the organization of 

the Department as set out in Treasury 

Order 101–05 ‘‘Reporting Relationships 

and Supervision of Officials, Offices and 

Bureaus, and Delegation of Certain 

Authority in the Department of the 

Treasury,’’ dated January 10, 2011. 

The Privacy Act authorizes the head 

of the agency to promulgate rules in 

accordance with the Administrative 

Procedure Act to exempt Privacy Act 

systems of records from certain 

provisions of the Privacy Act, if the 

system of records contains records that 

fall within 5 U.S.C. 552a(j) and/or (k). 

No new systems of records are being 

exempted pursuant to this rule nor is 

any new exemption being added to any 

systems of records. The rule will update 

the regulations to reflect changes to the 

number or title of a system of records 

and by removing references to systems 

of records that have been deleted from 

the Department’s inventory of systems 

of records. 

For the reasons described above, this 

part is being amended to remove the 

headings, tables, and content pertaining 

to the following former Treasury 

bureaus: The U.S. Customs Service, the 

Federal Law Enforcement Training 

Center, and the U. S. Secret Service 

which are being deleted throughout 

Section 1.36. 

The document also amends this part 

by removing sections (i) and (j) which 

identified the system of records and the 

reasons for exempting the system of 

records under 5 U.S.C. 552a(k)(3). The 

system of records was maintained in 

connection with providing protective 

services to the President of the United 

States or other individuals pursuant to 

section 3056 of Title 18. Any references 

to protective investigative records found 

in sections (c), (d) and (g) of this part 

have also been removed. These 

functions are performed by the U.S. 

Secret Service and were transferred to 

the Department of Homeland Security in 

2003. The remaining sections have been 

re-designated. 

Under provisions of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act, Public Law 111–203, 

124 Stat. 1376 (2010) (Dodd-Frank Act) 

certain powers and authorities of the 

Office of Thrift Supervision (OTS) were 

transferred on July 21, 2011, to other 

banking agencies, including the Office 

of the Comptroller of the Currency 

(OCC) and then abolished. The OCC 

published a notice on July 26, 2011, at 

76 FR 44656 adopting the Privacy Act 

systems of records formerly maintained 

by the OTS. These systems of records 

will be revised, consolidated or deleted 

by the OCC at a later date. The headings 

‘‘Office of Thrift Supervision,’’ the 

tables and content found at sections 

(c)(1)(xii), (g)(1)(xii) and (m)(1)(xii) are 

removed. The OTS systems of records 

for which an exemption has been 

previously claimed have been [and as] 

adopted by the OCC are moved to the 

tables under the heading ‘‘Comptroller 

of the Currency’’ any remaining 

headings and tables are re-designated 


wreier-aviles on DSK7SPTVN1PROD with RULES