78742 Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Rules and Regulations 

Furthermore, comment letters explained 

how the conditions in the U.S. affiliate 

provision, coupled with the anti-evasion 

provisions (with some modifications), 

balance the flexibility needed by CPOs to 

make prudent capital allocation decisions 

with preventive measures reducing the 

likelihood of abuse. While it is possible that 

some less than forthright actors could 

attempt to use the regulation 3.10(c) 

exemption to skirt the CPO registration 

requirements when soliciting commodity 

interest investments from U.S. persons, the 

Final Rule has appropriate restrictions that 

will facilitate enforcement when necessary. 

In conclusion, the Final Rule makes 

prudent, limited amendments that reduce the 

burdens on the Commission’s limited 

resources while maintaining the necessary 

protections intended for U.S. commodity 

pool participants. I would like to thank the 

commenters for their contribution to 

improving the Final Rule and the CFTC staff 

for working with my office to address my 

concerns. 

[FR Doc. 2020–23810 Filed 12–2–20; 4:15 pm] 

BILLING CODE 6351–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4044 

Allocation of Assets in SingleEmployer Plans; Valuation of Benefits 

and Assets; Expected Retirement Age 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This rule amends the Pension 

Benefit Guaranty Corporation’s 

regulation on Allocation of Assets in 

Single-Employer Plans by substituting a 

new table for determining expected 

retirement ages for participants in 

pension plans undergoing distress or 

involuntary termination with valuation 

dates falling in 2021. This table is 

needed to compute the value of early 

retirement benefits and, thus, the total 

value of benefits under a plan. 

DATES: This rule is effective January 1, 

2021. 

FOR FURTHER INFORMATION CONTACT: 

Gregory Katz (katz.gregory@pbgc.gov), 

Attorney, Regulatory Affairs Division, 

Office of the General Counsel, Pension 

Benefit Guaranty Corporation, 1200 K 

Street NW, Washington, DC 20005, 202– 

229–3829. (TTY users may call the 

Federal relay service toll-free at 1–800– 

877–8339 and ask to be connected to 

202–229–3829.) 

SUPPLEMENTARY INFORMATION: The 

Pension Benefit Guaranty Corporation 

(PBGC) administers the pension plan 

termination insurance program under 

title IV of the Employee Retirement 

Income Security Act of 1974 (ERISA). 

PBGC’s regulation on Allocation of 

Assets in Single-Employer Plans (29 

CFR part 4044) sets forth (in subpart B) 

the methods for valuing plan benefits of 

terminating single-employer plans 

covered under title IV. Guaranteed 

benefits and benefit liabilities under a 

plan that is undergoing a distress 

termination must be valued in 

accordance with subpart B of part 4044. 

In addition, when PBGC terminates an 

underfunded plan involuntarily 

pursuant to ERISA section 4042(a), it 

uses the subpart B valuation rules to 

determine the amount of the plan’s 

underfunding. 

Under § 4044.51(b) of the asset 

allocation regulation, early retirement 

benefits are valued based on the annuity 

starting date, if a retirement date has 

been selected, or the expected 

retirement age, if the annuity starting 

date is not known on the valuation date. 

Sections 4044.55 through 4044.57 set 

forth rules for determining the expected 

retirement ages for plan participants 

entitled to early retirement benefits. 

Appendix D of part 4044 contains tables 

to be used in determining the expected 

early retirement ages. 

Table I in appendix D (Selection of 

Retirement Rate Category) is used to 

determine whether a participant has a 

low, medium, or high probability of 

retiring early. The determination is 

based on the year a participant would 

reach ‘‘unreduced retirement age’’ (i.e., 

the earlier of the normal retirement age 

or the age at which an unreduced 

benefit is first payable) and the 

participant’s monthly benefit at 

unreduced retirement age. The table 

applies only to plans with valuation 

dates in the current year and is updated 

annually by PBGC to reflect changes in 

the cost of living, etc. 

Tables II–A, II–B, and II–C (Expected 

Retirement Ages for Individuals in the 

Low, Medium, and High Categories 

respectively) are used to determine the 

expected retirement age after the 

probability of early retirement has been 

determined using Table I. These tables 

establish, by probability category, the 

expected retirement age based on both 

the earliest age a participant could retire 

under the plan and the unreduced 

retirement age. This expected retirement 

age is used to compute the value of the 

early retirement benefit and, thus, the 

total value of benefits under the plan. 

This document amends appendix D to 

replace Table I–20 with Table I–21 to 

provide an updated correlation, 

appropriate for calendar year 2021, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–21 will be used to value benefits 

in plans with valuation dates during 

calendar year 2021. 

PBGC has determined that notice of, 

and public comment on, this rule are 

impracticable, unnecessary, and 

contrary to the public interest. PBGC’s 

update of appendix D for calendar year 

2021 is routine. If a plan has a valuation 

date in 2021, the plan administrator 

needs the updated table being 

promulgated in this rule to value 

benefits. Accordingly, PBGC finds that 

the public interest is best served by 

issuing this table expeditiously, without 

an opportunity for notice and comment, 

and that good cause exists for making 

the table set forth in this amendment 

effective less than 30 days after 

publication to allow the use of the 

proper table to estimate the value of 

plan benefits for plans with valuation 

dates in early 2021. 

PBGC has determined that this action 

is not a ‘‘significant regulatory action’’ 

under the criteria set forth in Executive 

Order 12866 and Executive Order 

13771. 

Because no general notice of proposed 

rulemaking is required for this 

regulation, the Regulatory Flexibility 

Act of 1980 does not apply (5 U.S.C. 

601(2)). 

List of Subjects in 29 CFR Part 4044 

Employee benefit plans, Pension 

insurance. 

In consideration of the foregoing, 29 

CFR part 4044 is amended as follows: 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE–EMPLOYER 

PLANS 

■ 1. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 2. Appendix D to part 4044 is 

amended by removing Table I–20 and 

adding in its place Table I–21 to read as 

follows: 

Appendix D to Part 4044—Tables Used 

To Determine Expected Retirement Age 


khammond on DSKJM1Z7X2PROD with RULES
Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Rules and Regulations 78743 

TABLE I–21—SELECTION OF RETIREMENT RATE CATEGORY

[For valuation dates in 2021 1] 

If participant reaches URA in year— 

Participant’s Retirement Rate Category is— 

Low 2 if monthly 

benefit at URA 

is less than— 

Medium 3 if monthly benefit at 

URA is— High 4 if monthly 

benefit at URA 

is greater than— From— To— 

2022 ................................................................................................. 686 686 2,896 2,896 

2023 ................................................................................................. 701 701 2,963 2,963 

2024 ................................................................................................. 718 718 3,031 3,031 

2025 ................................................................................................. 734 734 3,100 3,100 

2026 ................................................................................................. 751 751 3,172 3,172 

2027 ................................................................................................. 768 768 3,245 3,245 

2028 ................................................................................................. 786 786 3,319 3,319 

2029 ................................................................................................. 804 804 3,396 3,396 

2030 ................................................................................................. 822 822 3,474 3,474 

2031 or later .................................................................................... 841 841 3,554 3,554 

1Applicable tables for valuation dates before 2021 are available on PBGC’s website (www.pbgc.gov). 2Table II–A. 

3Table II–B. 

4Table II–C. 

* * * * * 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2020–26209 Filed 12–4–20; 8:45 am] 

BILLING CODE 7709–02–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Parts 9 and 721 

[EPA–HQ–OPPT–2019–0650; FRL–10015– 

16] 

RIN 2070–AB27 

Significant New Use Rules on Certain 

Chemical Substances (20–2.B) 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Final rule. 

SUMMARY: EPA is issuing significant new 

use rules (SNURs) under the Toxic 

Substances Control Act (TSCA) for 

chemical substances which were the 

subject of premanufacture notices 

(PMNs). This action requires persons to 

notify EPA least 90 days before 

commencing manufacture (defined by 

statute to include import) or processing 

of any of these chemical substances for 

an activity that is designated as a 

significant new use by this rule. This 

action further requires that persons not 

commence manufacture or processing 

for the significant new use until they 

have submitted a Significant New Use 

Notice (SNUN), and EPA has conducted 

a review of the notice, made an 

appropriate determination on the notice, 

and has taken any risk management 

actions as are required as a result of that 

determination. 

DATES: This rule is effective on February 

5, 2021. For purposes of judicial review, 

this rule shall be promulgated at 1 p.m. 

(e.s.t.) on December 21, 2020. 

FOR FURTHER INFORMATION CONTACT: For 

technical information contact: William 

Wysong, New Chemicals Division 

(7405M), Office of Pollution Prevention 

and Toxics, Environmental Protection 

Agency, 1200 Pennsylvania Ave. NW, 

Washington, DC 20460–0001; telephone 

number: (202) 564–4163; email address: 

wysong.william@epa.gov. 

For general information contact: The 

TSCA-Hotline, ABVI-Goodwill, 422 

South Clinton Ave., Rochester, NY 

14620; telephone number: (202) 554– 

1404; email address: TSCA-Hotline@

epa.gov. 

SUPPLEMENTARY INFORMATION: 

I. General Information 

A. Does this action apply to me? 

You may be potentially affected by 

this action if you manufacture, process, 

or use the chemical substances 

contained in this rule. The following list 

of North American Industrial 

Classification System (NAICS) codes is 

not intended to be exhaustive, but rather 

provides a guide to help readers 

determine whether this document 

applies to them. Potentially affected 

entities may include: 

• Manufacturers or processors of one 

or more subject chemical substances 

(NAICS codes 325 and 324110), e.g., 

chemical manufacturing and petroleum 

refineries. 

This action may also affect certain 

entities through pre-existing import 

certification and export notification 

rules under TSCA. Chemical importers 

are subject to the TSCA section 13 (15 

U.S.C. 2612) import provisions. This 

action may also affect certain entities 

through pre-existing import certification 

and export notification rules under 

TSCA, which would include the SNUR 

requirements. The EPA policy in 

support of import certification appears 

at 40 CFR part 707, subpart B. In 

addition, pursuant to 40 CFR 721.20, 

any persons who export or intend to 

export a chemical substance that is the 

subject of this rule are subject to the 

export notification provisions of TSCA 

section 12(b) (15 U.S.C. 2611(b)), and 

must comply with the export 

notification requirements in 40 CFR part 

707, subpart D. 

B. How can I access the docket? 

The docket includes information 

considered by the Agency in developing 

the proposed and final rules. The docket 

for this action, identified by docket 

identification (ID) number EPA–HQ– 

OPPT–2019–0650, is available at 

https://www.regulations.gov and at the 

Office of Pollution Prevention and 

Toxics Docket (OPPT Docket), 

Environmental Protection Agency 

Docket Center (EPA/DC), West William 

Jefferson Clinton Bldg., Rm. 3334, 1301 

Constitution Ave. NW, Washington, DC. 

The Public Reading Room is open from 

8:30 a.m. to 4:30 p.m., Monday through 

Friday, excluding legal holidays. The 

telephone number for the Public 

Reading Room is (202) 566–1744, and 

the telephone number for the OPPT 

Docket is (202) 566–0280. Please review 

the visitor instructions and additional 

information about the docket available 

at https://www.epa.gov/dockets. 


khammond on DSKJM1Z7X2PROD with RULES