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.

Rules and Regulations Federal Register

123 

Vol. 84, No. 12 

Thursday, January 17, 2019 

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. 

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 

February 2019. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective February 1, 2019. 

FOR FURTHER INFORMATION CONTACT: 

Melissa Rifkin (rifkin.melissa@

PBGC.gov), Attorney, Regulatory Affairs 

Division, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005, 202–326–4400 

ext. 6563. (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. 6563.) 

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 terminated 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 

website (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 February 2019.1

The February 2019 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 January 2019, 

these assumptions represent a decrease 

of 0.25% in the immediate 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 February 2019, 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 

304 is added at the end of the table to 

read as follows: 

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

*******

304 2–1–19 3–1–19 1.25 4.00 4.00 4.00 7 8 


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124 Federal Register / Vol. 84, No. 12 / Thursday, January 17, 2019 / Rules and Regulations 

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

304 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

*******

304 2–1–19 3–1–19 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC, by 

Stephanie Cibinic, 

Deputy Assistant General Counsel for 

Regulatory Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2019–00071 Filed 1–16–19; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 679 

[Docket No. 170817779–8161–02] 

RIN 0648–XG701 

Fisheries of the Exclusive Economic 

Zone Off Alaska; Pacific Cod by 

Catcher Vessels Greater Than or Equal 

to 60 Feet Length Overall Using Pot 

Gear in the Bering Sea and Aleutian 

Islands Management Area 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Temporary rule; closure. 

SUMMARY: NMFS is prohibiting directed 

fishing for Pacific cod by catcher vessels 

greater than or equal to 60 feet (18.3 

meters (m)) length overall (LOA) using 

pot gear in the Bering Sea and Aleutian 

Islands management area (BSAI). This 

action is necessary to prevent exceeding 

the A season apportionment of the 2019 

Pacific cod total allowable catch 

allocated to catcher vessels greater than 

or equal to 60 feet (18.3m) LOA using 

pot gear in the BSAI. 

DATES: Effective 1200 hours, Alaska 

local time (A.l.t.), January 15, 2019, 

through 1200 hours, A.l.t., September 1, 

2019. 

FOR FURTHER INFORMATION CONTACT: Josh 

Keaton, 907–586–7228. 

SUPPLEMENTARY INFORMATION: NMFS 

manages the groundfish fishery in the 

BSAI exclusive economic zone 

according to the Fishery Management 

Plan for Groundfish of the Bering Sea 

and Aleutian Islands Management Area 

(FMP) prepared by the North Pacific 

Fishery Management Council under 

authority of the Magnuson-Stevens 

Fishery Conservation and Management 

Act. Regulations governing fishing by 

U.S. vessels in accordance with the FMP 

appear at subpart H of 50 CFR part 600 

and 50 CFR part 679. 

The A season apportionment of the 

2019 Pacific cod total allowable catch 

(TAC) allocated to catcher vessels 

greater than or equal to 60 feet (18.3m) 

LOA using pot gear in the BSAI is 6,884 

metric tons (mt) as established by the 

final 2018 and 2019 harvest 

specifications for groundfish in the 

BSAI (83 FR 8365, February 27, 2018) 

and inseason adjustment (83 FR 67144, 

December 28, 2018). 

In accordance with § 679.20(d)(1)(iii), 

the Administrator, Alaska Region, 

NMFS (Regional Administrator), has 

determined that the A season 

apportionment of the 2019 Pacific cod 

TAC allocated as a directed fishing 

allowance to catcher vessels greater than 

or equal to 60 feet (18.3m) LOA using 

pot gear in the BSAI will soon be 

reached. Consequently, NMFS is 

prohibiting directed fishing for Pacific 

cod by catcher vessels greater than or 

equal to 60 feet (18.3m) LOA using pot 

gear in the BSAI. 

After the effective date of this closure 

the maximum retainable amounts at 

§ 679.20(e) and (f) apply at any time 

during a trip. 

Classification 

This action responds to the best 

available information recently obtained 

from the fishery. The Assistant 

Administrator for Fisheries, NOAA 

(AA), finds good cause to waive the 

requirement to provide prior notice and 

opportunity for public comment 

pursuant to the authority set forth at 5 

U.S.C. 553(b)(B) as such requirement is 

impracticable and contrary to the public 

interest. This requirement is 

impracticable and contrary to the public 

interest as it would prevent NMFS from 

responding to the most recent fisheries 

data in a timely fashion and would 

delay the closure of directed fishing for 

Pacific cod by catcher vessels greater 

than or equal to 60 feet (18.3m) LOA 

using pot gear in the BSAI. NMFS was 

unable to publish a notice providing 

time for public comment because the 

most recent, relevant data only became 

available as of January 11, 2019. 

The AA also finds good cause to 

waive the 30-day delay in the effective 

date of this action under 5 U.S.C. 

553(d)(3). This finding is based upon 

the reasons provided above for waiver of 

prior notice and opportunity for public 

comment. 

This action is required by § 679.20 

and is exempt from review under 

Executive Order 12866. 

Authority: 16 U.S.C. 1901 et seq. 

Dated: January 14, 2019. 

Samuel D. Rauch III, 

Deputy Assistant Administrator for 

Regulatory Programs, National Marine 

Fisheries Service. 

[FR Doc. 2019–00072 Filed 1–14–19; 4:15 pm] 

BILLING CODE 3510–22–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 679 

[Docket No. 170817779–8161–02] 

RIN 0648–XG699 

Fisheries of the Exclusive Economic 

Zone Off Alaska; Pacific Cod by Pot 

Catcher/Processors in the Bering Sea 

and Aleutian Islands Management Area 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Temporary rule; closure. 

SUMMARY: NMFS is prohibiting directed 

fishing for Pacific cod by catcher/ 

processors using pot gear in the Bering 


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