Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Rules and Regulations 40453 

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. 

and results in no more than de minimis 

costs. 

Regulatory Flexibility Act 

We certify that this final rule will not 

have a significant economic impact on 

a substantial number of small entities 

because it affects individuals only. 

Therefore, the Regulatory Flexibility 

Act, as amended, does not require us to 

prepare a regulatory flexibility analysis. 

Paperwork Reduction Act 

These rules do not create any new or 

affect any existing collections and, 

therefore, do not require Office of 

Management and Budget approval 

under the Paperwork Reduction Act. 

(Catalog of Federal Domestic Assistance 

Program Nos. 96.001, Social Security— 

Disability Insurance; 96.002, Social 

Security—Retirement Insurance; 96.004, 

Social Security—Survivors Insurance; 

96.006, Supplemental Security Income.) 

List of Subjects 

20 CFR Part 404 

Administrative practice and 

procedure; Blind; Disability benefits; 

Old-age, Survivors and Disability 

Insurance; Reporting and recordkeeping 

requirements; Social security. 

20 CFR Part 416 

Administrative practice and 

procedure; Reporting and recordkeeping 

requirements; Supplemental Security 

Income (SSI). 

Nancy A. Berryhill, 

Acting Commissioner of Social Security. 

For the reasons stated in the 

preamble, we are amending subpart J of 

part 404 and subpart N of part 416 of 

Chapter III of title 20 of the Code of 

Federal Regulations as set forth below: 

PART 404—FEDERAL OLD–AGE, 

SURVIVORS AND DISABILITY 

INSURANCE 

(1950– ) 

Subpart J—[Amended] 

■ 1. The authority citation for subpart J 

of part 404 continues to read as follows: 

Authority: Secs. 201(j), 204(f), 205(a)–(b), 

(d)–(h), and (j), 221, 223(i), 225, and 702(a)(5) 

of the Social Security Act (42 U.S.C. 401(j), 

404(f), 405(a)–(b), (d)–(h), and (j), 421, 423(i), 

425, and 902(a)(5)); sec. 5, Pub. L. 97–455, 96 

Stat. 2500 (42 U.S.C. 405 note); secs. 5, 6(c)– 

(e), and 15, Pub. L. 98–460, 98 Stat. 1802 (42 

U.S.C. 421 note); sec. 202, Pub. L. 108–203, 

118 Stat. 509 (42 U.S.C. 902 note). 

§ 404.942 [Amended] 

■ 2. In § 404.942, remove paragraph (g). 

PART 416—SUPPLEMENTAL 

SECURITY INCOME FOR THE AGED, 

BLIND, AND DISABLED 

Subpart N—[Amended] 

■ 3. The authority citation for subpart N 

continues to read as follows: 

Authority: Secs. 702(a)(5), 1631, and 1633 

of the Social Security Act (42 U.S.C. 

902(a)(5), 1383, and 1383b); sec. 202, Pub. L. 

108–203, 118 Stat. 509 (42 U.S.C. 902 note). 

§ 416.1442 [Amended] 

■ 4. In § 416.1442, remove paragraph 

(g). 

[FR Doc. 2018–17547 Filed 8–14–18; 8:45 am] 

BILLING CODE 4191–02–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 

September 2018. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective September 1, 2018. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@pbgc.gov), 

Assistant General Counsel for 

Regulatory Affairs, Pension Benefit 

Guaranty Corporation, 1200 K Street 

NW, Washington, DC 20005, 202–326– 

4400 ext. 3839. (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. 3839.) 

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 September 2018.1

The September 2018 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 August 2018, 

these assumptions represent no change 

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 September 2018, 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. 


daltland on DSKBBV9HB2PROD with RULES
40454 Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Rules and Regulations 

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 

299 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

*******

299 9–1–18 10–1–18 1.25 4.00 4.00 4.00 7 8 

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

299 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

*******

299 9–1–18 10–1–18 1.25 4.00 4.00 4.00 7 8 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2018–17351 Filed 8–14–18; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2018–0782] 

Drawbridge Operation Regulation; 

Sacramento River, Sacramento, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

drawbridge regulation. 

SUMMARY: The Coast Guard has issued a 

temporary deviation from the operating 

schedule that governs the Tower 

Drawbridge across the Sacramento 

River, mile 59.0, at Sacramento, CA. The 

deviation is necessary to allow 

commercial filming. This deviation 

allows the bridge to remain in the 

closed-to-navigation position. 

DATES: This deviation is effective from 

7 a.m. through 9 p.m. on August 25, 

2018. 

ADDRESSES: The docket for this 

deviation, USCG–2018–0782, is 

available at http://www.regulations.gov. 

Type the docket number in the 

‘‘SEARCH’’ box and click ‘‘SEARCH.’’ 

Click on Open Docket Folder on the line 

associated with this deviation. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this temporary 

deviation, call or email Carl T. Hausner, 

Chief, Bridge Section, Eleventh Coast 

Guard District; telephone 510–437– 

3516, email Carl.T.Hausner@uscg.mil. 

SUPPLEMENTARY INFORMATION: The 

California Department of Transportation 

has requested a temporary change to the 

operation of the Tower Drawbridge, 

mile 59.0, over Sacramento River, at 

Sacramento, CA. The drawbridge 

navigation span provides a vertical 

clearance of 30 feet above Mean High 

Water in the closed-to-navigation 

position. The draw operates as required 

by 33 CFR 117.189(a). Navigation on the 

waterway is commercial and 

recreational. 

The drawspan will be secured in the 

closed-to-navigation position from 7 

a.m. to 9 p.m. on August 25, 2018, to 

allow filming and a photoshoot for 

commercial advertisement. This 

temporary deviation has been 

coordinated with the waterway users. 

No objections to the proposed 

temporary deviation were raised. 

Vessels able to pass through the bridge 

in the closed position may do so at 

anytime. The bridge will be able to open 

for emergencies and there is no 

immediate alternate route for vessels to 

pass. The Coast Guard will also inform 

the users of the waterway through our 

Local and Broadcast Notices to Mariners 

of the change in operating schedule for 

the bridge so that vessel operators can 

arrange their transits to minimize any 

impact caused by the temporary 

deviation. 

In accordance with 33 CFR 117.35(e), 

the drawbridge must return to its regular 

operating schedule immediately at the 

end of the effective period of this 

temporary deviation. This deviation 

from the operating regulations is 

authorized under 33 CFR 117.35. 

Dated: August 9, 2018. 

Carl T. Hausner, 

District Bridge Chief, Eleventh Coast Guard 

District. 

[FR Doc. 2018–17522 Filed 8–14–18; 8:45 am] 

BILLING CODE 9110–04–P 


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