Source: https://regulations.justia.com/regulations/fedreg/2017/03/15/2017-04945.html
Timestamp: 2020-04-06 19:34:35
Document Index: 582540678

Matched Legal Cases: ['art 51', 'arts 4022', 'art 4044', 'art 4022', 'art 4044', 'art 4022', 'art 4022', 'art 4022', 'art 4044', 'arts 4022', 'ART 4022', 'art 4022', 'art 4022', 'art 4022', 'art 4022', 'art 4022', 'ART 4044', 'art 4044', 'art 4044', 'art 4044', 'art 117', 'art 4022', 'art 4022', 'art 4044']

Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 13755-13756 [2017-04945] :: Pension Benefit Guaranty Corporation :: Agencies And Commissions :: Regulation Tracker :: Justia
Justia Regulation Tracker Agencies And Commissions Pension Benefit Guaranty Corporation Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 13755-13756 [2017-04945]
Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 13755-13756 [2017-04945]
Download as PDF Federal Register / Vol. 82, No. 49 / Wednesday, March 15, 2017 / Rules and Regulations (k) Material Incorporated by Reference (1) The Director of the Federal Register approved the incorporation by reference (IBR) of the service information listed in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51. (2) You must use this service information as applicable to do the actions required by this AD, unless the AD specifies otherwise. (i) Safran Helicopter Engines Alert Mandatory Service Bulletin A292 73 0851, Version A, dated January 31, 2017. (ii) Reserved. (3) For Safran Helicopter Engines service information identified in this AD, contact Safran Helicopter Engines, S.A., 40220 Tarnos, France; phone: (33) 05 59 74 40 00; fax: (33) 05 59 74 45 15. (4) You may view this service information at FAA, Engine & Propeller Directorate, 1200 District Avenue, Burlington, MA. For information on the availability of this material at the FAA, call 781–238–7125. (5) You may view this service information at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http:// www.archives.gov/federal-register/cfr/ibrlocations.html. Issued in Burlington, Massachusetts, on March 8, 2017. Carlos A. Pestana, Acting Assistant Manager, Engine & Propeller Directorate, Aircraft Certification Service. [FR Doc. 2017–05236 Filed 3–14–17; 8:45 am] BILLING CODE 4910–13–P PENSION BENEFIT GUARANTY CORPORATION 29 CFR Parts 4022 and 4044 Allocation of Assets in SingleEmployer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits Pension Benefit Guaranty Corporation. ACTION: Final rule. AGENCY: This final rule amends the Pension Benefit Guaranty Corporation’s regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the benefit payments regulation for valuation dates in April 2017 and interest assumptions under the asset allocation regulation for valuation dates in the second quarter of 2017. The interest assumptions are used for valuing and paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES: Effective April 1, 2017. rmajette on DSK30RV082PROD with RULES SUMMARY: VerDate Sep<11>2014 14:21 Mar 14, 2017 Jkt 241001 FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy (Murphy.Deborah@ PBGC.gov), Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005, 202–326– 4400 ext. 3451. (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. 3451.) SUPPLEMENTARY INFORMATION: PBGC’s regulations on Allocation of Assets in Single-Employer Plans (29 CFR part 4044) and Benefits Payable in Terminated Single-Employer Plans (29 CFR part 4022) prescribe actuarial assumptions—including interest assumptions—for valuing and paying plan benefits under terminating singleemployer plans covered by title IV of the Employee Retirement Income Security Act of 1974. The interest assumptions in the regulations are also published on PBGC’s Web site (http:// www.pbgc.gov). The interest assumptions in Appendix B to part 4044 are used to value benefits for allocation purposes under ERISA section 4044. 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 asset allocation regulation are updated quarterly; assumptions under the benefit payments regulation are updated monthly. This final rule updates the benefit payments interest assumptions for April 2017 and updates the asset allocation interest assumptions for the second quarter (April through June) of 2017. The second quarter 2017 interest assumptions under the allocation regulation will be 2.15 percent for the first 20 years following the valuation date and 2.60 percent thereafter. In comparison with the interest assumptions in effect for the first quarter of 2017, these interest assumptions represent no change in the select period (the period during which the select rate (the initial rate) applies), an increase of 0.28 percent in the select rate, and an increase of 0.23 percent in the ultimate rate (the final rate). The April 2017 interest assumptions under the benefit payments regulation PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 13755 will be 1.00 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 March 2017, these interest assumptions represent a decrease of 0.25 percent in the immediate rate and no changes in i1, i2, or i3. 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 valuation and payment of benefits under plans with valuation dates during April 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 29 CFR Part 4022 Employee benefit plans, Pension insurance, Pensions, Reporting and recordkeeping requirements. 29 CFR Part 4044 Employee benefit plans, Pension insurance, Pensions. In consideration of the foregoing, 29 CFR parts 4022 and 4044 are 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 282, as set forth below, is added to the table. ■ Appendix B to Part 4022—Lump Sum Interest Rates For PBGC Payments * E:\FR\FM\15MRR1.SGM * * 15MRR1 * * 13756 Federal Register / Vol. 82, No. 49 / Wednesday, March 15, 2017 / Rules and Regulations Rate set For plans with a valuation date On or after * Before * 282 4–1–17 * Before 4–1–17 * * 4.00 * n1 * n2 * * 4.00 7 8 n1 n2 i1 1.00 i2 * 4.00 * 5–1–17 * Deferred annuities (percent) Immediate annuity rate (percent) * 282 i3 Appendix C to Part 4022—Lump Sum Interest Rates for Private-Sector Payments * For plans with a valuation date i2 * 4.00 1.00 3. In appendix C to part 4022, Rate Set 282, as set forth below, is added to the table. On or after i1 * 5–1–17 ■ Rate set Deferred annuities (percent) Immediate annuity rate (percent) i3 4.00 * * * 4.00 7 8 Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362. PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS Appendix B to Part 4044—Interest Rates Used to Value Benefits 5. In appendix B to part 4044, a new entry for April–June 2017, as set forth below, is added to the table. * ■ 4. The authority citation for part 4044 continues to read as follows: ■ * * * * The values of it are: For valuation dates occurring in the month— it * * * April–June 2017 ................................................................ Deborah Chase Murphy, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. for t = it for t = 1–20 * 0.0260 >20 * 0.0215 complete required maintenance including installation of new timber ties, miter rails, and steel repairs. This deviation is effective from 12:01 a.m. on March 27, 2017 through 12:01 a.m. on May 9, 2017. DATES: [FR Doc. 2017–04945 Filed 3–14–17; 8:45 am] BILLING CODE 7709–02–P 33 CFR Part 117 The docket for this deviation, USCG–2017–0085 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. [Docket No. USCG–2017–0085] FOR FURTHER INFORMATION CONTACT: ADDRESSES: DEPARTMENT OF HOMELAND SECURITY Coast Guard If you have questions on this temporary deviation, call or email James Moore, Bridge Management Specialist, First District Bridge Branch, U.S. Coast Guard; telephone 212–514–4334, email james.m.moore2@uscg.mil. Drawbridge Operation Regulation; Mianus River, Greenwich, CT Coast Guard, DHS. Notice of deviation from drawbridge regulation. AGENCY: rmajette on DSK30RV082PROD with RULES ACTION: VerDate Sep<11>2014 17:14 Mar 14, 2017 Jkt 241001 The owner of the bridge, the Connecticut Department of Transportation, requested a temporary deviation in order to facilitate maintenance of the bridge including installation of timber ties, miter rail replacement, and steel repairs. SUPPLEMENTARY INFORMATION: The Coast Guard has issued a temporary deviation from the operating schedule that governs the Metro-North Bridge across the Mianus River, mile 1.0 at Greenwich, Connecticut. This deviation is necessary in order to SUMMARY: PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 it * for t = * N/A N/A The Metro-North Bridge across the Mianus River, mile 1.0 at Greenwich, Connecticut is a single-leaf bascule railroad bridge offering mariners a vertical clearance of 20 feet at mean high water and 27 feet at mean low water in the closed position. The existing drawbridge operating regulations are listed at 33 CFR 117.209. The temporary deviation will allow the owner of the Metro-North Bridge to close the span for openings each week beginning 8 a.m. Monday through 4 p.m. Friday from March 27, 2017 to May 8, 2017. The span will open on signal from 4 p.m. Friday through 8 a.m. Monday, provided 24 hours advance notice is given. The regular operating schedule for the span will be restored April 8, 2017 through April 11, 2017 in order to accommodate a previously scheduled boating event. Vessels able to pass through the bridge in the closed position may do at anytime. The bridge will be able to open for emergencies. There is no alternate route for vessels to pass. The Coast Guard will also inform the users of the waterways through our E:\FR\FM\15MRR1.SGM 15MRR1
[FR Doc No: 2017-04945]
for valuation dates in April 2017 and interest assumptions under the
asset allocation regulation for valuation dates in the second quarter
of 2017. The interest assumptions are used for valuing and paying
benefits under terminating single-employer plans covered by the pension
DATES: Effective April 1, 2017.
the Federal relay service toll free at 1-800-877-8339 and ask to be
assumptions in the regulations are also published on PBGC's Web site
updates the benefit payments interest assumptions for April 2017 and
updates the asset allocation interest assumptions for the second
quarter (April through June) of 2017.
The second quarter 2017 interest assumptions under the allocation
regulation will be 2.15 percent for the first 20 years following the
interest assumptions in effect for the first quarter of 2017, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), an
increase of 0.28 percent in the select rate, and an increase of 0.23
percent in the ultimate rate (the final rate).
The April 2017 interest assumptions under the benefit payments
assumptions in effect for March 2017, these interest assumptions
represent a decrease of 0.25 percent in the immediate rate and no
changes in i1, i2, or i3.
and payment of benefits under plans with valuation dates during April
2017, PBGC finds that good cause exists for making the assumptions set
2. In appendix B to part 4022, Rate Set 282, as set forth below, is
282            4-1-17           5-1-17             1.00             4.00             4.00             4.00                7                8
3. In appendix C to part 4022, Rate Set 282, as set forth below, is
5. In appendix B to part 4044, a new entry for April-June 2017, as set
forth below, is added to the table.
For valuation dates     -----------------------------------------------------------------------------------
occurring in the month--          i          for t =          i          for t =          i          for t =
April-June 2017.............       0.0215          1-20        0.0260           >20           N/A           N/A