[Federal Register Volume 77, Number 47 (Friday, March 9, 2012)]
[Rules and Regulations]
[Pages 14275-14276]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5788]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Benefits Payable
in Terminated Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Correcting amendments.
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SUMMARY: The Pension Benefit Guaranty Corporation published a final
rule document in the Federal Register on June 15, 2011 (at 76 FR
34847), amending its regulations on Benefits Payable in Terminated
Single-Employer Plans and Allocation of Assets in Single-Employer Plans
to prescribe interest assumptions under those regulations. This
document corrects an inadvertent error in that final rule relating to
the prescribed interest assumption under the allocation regulation,
applicable to plans with valuation dates during the third quarter of
2011.
DATES: Effective March 9, 2012.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion
(Klion.Catherine@PBGC.gov), Manager, Regulatory and Policy Division,
Legislative and Regulatory Department, Pension Benefit Guaranty
Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4024.
(TTY/TDD users may call the Federal relay service toll free at 1-800-
877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation
published a final rule document in the Federal Register of June 15,
2011 (at 76 FR 34847), amending its regulations on Benefits Payable in
Terminated Single-Employer Plans and Allocation of Assets in Single-
Employer Plans to prescribe interest assumptions under those
regulations. The rule inadvertently misstated the prescribed interest
assumptions under the allocation regulation, applicable to plans with
valuation dates during the third quarter of 2011. The errors appeared
both in the preamble and in the amendatory instructions.
In the preamble, the third full paragraph in the second column on
p. 34847 should have read as follows:
The third quarter 2011 interest assumptions under the allocation
regulation will be 4.22 percent for the first 20 years following the
valuation date and 4.34 percent thereafter. In comparison with the
interest assumptions in effect for the second quarter of 2011, these
interest assumptions represent no change in the select period (the
period during which the select rate (the initial rate) applies), an
increase of 0.26 percent in the select rate, and an increase of 0.02
percent in the ultimate rate (the final rate).
List of Subjects in 29 CFR Part 4044
Employee benefit plans, Pension insurance, Pensions.
[[Page 14276]]
In consideration of the foregoing, 29 CFR part 4044 is corrected by
making the following correcting amendment:
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
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. In appendix B to part 4044, the entry for July-September 2011 is
corrected to read as follows:
Appendix B to Part 4044--Interest Rates Used To Value Benefits
* * * * *
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The values of it are:
For valuation dates -----------------------------------------------------------------------------------
occurring in the months-- it for t = it for t = it for t =
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* * * * * * *
July-September 2011......... 0.0422 1-20 0.0434 >20 N/A N/A
* * * * * * *
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Issued in Washington, DC, on this 6th day of March 2012.
Laricke Blanchard,
Deputy Director for Policy, Pension Benefit Guaranty Corporation.
[FR Doc. 2012-5788 Filed 3-8-12; 8:45 am]
BILLING CODE 7709-01-P