52848 Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Rules and Regulations 

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. 

standards and practices to determine if 

it should take action in the future. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. 2017–24728 Filed 11–14–17; 8:45 am] 

BILLING CODE 6750–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9803] 

RIN 1545–BL87 

Treatment of Certain Transfers of 

Property to Foreign Corporations; 

Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains 

corrections to final regulations (TD 

9803) that were published in the 

Federal Register on Friday, December 

16, 2016. The final regulations are 

related to certain transfers of property 

by United States persons to foreign 

corporations. 

DATES: This correction is effective on 

November 15, 2017 and is applicable on 

or after December 16, 2016. 

FOR FURTHER INFORMATION CONTACT: 

Lynlee Baker at (202) 317–6937 (not a 

toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations (TD 9803) that 

are the subject of this correction are 

issued under section 367 of the Internal 

Revenue Code. 

Need for Correction 

As published, the final regulations 

published in the Federal Register on 

Friday, December 16, 2016 (81 FR 

91012) (TD 9803) contain an error that 

needs to be corrected. Specifically, 

paragraph (e) was inadvertently omitted 

from the final regulations. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendment: 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 continues to read in part as 

follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 2. Section 1.367(a)–1 is amended 

by adding paragraph (e) to read as 

follows: 

§ 1.367(a)–1 Transfers to foreign 

corporations subject to section 367(a): In 

general. 

* * * * * 

(e) Close of taxable year in certain 

section 368(a)(1)(F) reorganizations. If a 

domestic corporation is the transferor 

corporation in a reorganization 

described in section 368(a)(1)(F) after 

March 30, 1987, in which the acquiring 

corporation is a foreign corporation, 

then the taxable year of the transferor 

corporation shall end with the close of 

the date of the transfer and the taxable 

year of the acquiring corporation shall 

end with the close of the date on which 

the transferor’s taxable year would have 

ended but for the occurrence of the 

transfer. With regard to the 

consequences of the closing of the 

taxable year, see section 381 and the 

regulations thereunder. 

* * * * * 

Martin V. Franks, 

Chief, Publications and Regulations Branch, 

Legal Processing Division, Associate Chief 

Counsel (Procedure and Administration). 

[FR Doc. 2017–24687 Filed 11–14–17; 8:45 am] 

BILLING CODE 4830–01–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 

December 2017. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective December 1, 2017. 

FOR FURTHER INFORMATION CONTACT: 

Daniel S. Liebman (liebman.daniel@

pbgc.gov), Acting Assistant General 

Counsel for Regulatory Affairs, Pension 

Benefit Guaranty Corporation, 1200 K 

Street NW., Washington, DC 20005, 

202–326–4400 ext. 6510. (TTY/TDD 

users may call the Federal relay service 

toll-free at 1–800–877–8339 and ask to 

be connected to 202–326–4400, ext. 

6510.) 

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 

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 December 2017.1

The December 2017 interest 

assumptions under the benefit payments 

regulation will be 0.75 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 November 

2017, these assumptions are 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. 


sradovich on DSK3GMQ082PROD with RULES
Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Rules and Regulations 52849 

Because of the need to provide 

immediate guidance for the payment of 

benefits under plans with valuation 

dates during December 2017, 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 

290 is added to the table in numerical 

order 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

*******

290 ........................ 12–1–17 1–1–18 0.75 4.00 4.00 4.00 7 8 

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

290 is added to the table in numerical 

order 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

*******

290 ........................ 12–1–17 1–1–18 0.75 4.00 4.00 4.00 7 8 

Daniel S. Liebman, 

Acting Assistant General Counsel for 

Regulatory Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2017–24597 Filed 11–14–17; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 300 

RIN 0648–XF775 

Fraser River Sockeye and Pink Salmon 

Fisheries; Inseason Orders 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Temporary orders; inseason 

orders. 

SUMMARY: NMFS publishes Fraser River 

salmon inseason orders to regulate 

treaty and non-treaty (all citizen) 

commercial salmon fisheries in U.S. 

waters. The orders were issued by the 

Fraser River Panel (Panel) of the Pacific 

Salmon Commission (Commission) and 

subsequently approved and issued by 

NMFS during the 2017 salmon fisheries 

within the U.S. Fraser River Panel Area. 

These orders established fishing dates, 

times, and areas for the gear types of 

U.S. treaty Indian and all citizen 

commercial fisheries during the period 

the Panel exercised jurisdiction over 

these fisheries. 

DATES: The effective dates for the 

inseason orders are set out in this 

document under the heading Inseason 

Orders. 

FOR FURTHER INFORMATION CONTACT: 

Peggy Mundy at 206–526–4323. 

SUPPLEMENTARY INFORMATION: The 

Treaty between the Government of the 

United States of America and the 

Government of Canada concerning 

Pacific Salmon was signed at Ottawa on 

January 28, 1985, and subsequently was 

given effect in the United States by the 

Pacific Salmon Treaty Act (Act) at 16 

U.S.C. 3631–3644. 

Under authority of the Act, Federal 

regulations at 50 CFR part 300, subpart 

F, provide a framework for the 

implementation of certain regulations of 

the Commission and inseason orders of 

the Commission’s Fraser River Panel for 

U.S. sockeye and pink salmon fisheries 

in the Fraser River Panel Area. 

The regulations close the U.S. portion 

of the Fraser River Panel Area to U.S. 

sockeye and pink salmon tribal and 

non-tribal commercial fishing unless 

opened by Panel orders that are given 

effect by inseason regulations published 

by NMFS. During the fishing season, 

NMFS may issue regulations that 

establish fishing times and areas 

consistent with the Commission 

agreements and inseason orders of the 

Panel. Such orders must be consistent 

with domestic legal obligations and are 

issued by the Regional Administrator, 

West Coast Region, NMFS. Official 

notification of these inseason actions is 

provided by two telephone hotline 

numbers described at 50 CFR 


sradovich on DSK3GMQ082PROD with RULES