Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits
| Published date | 15 October 2020 |
| Citation | 85 FR 65224 |
| Record Number | 2020-22550 |
| Section | Rules and Regulations |
| Court | Pension Benefit Guaranty Corporation |
65224
Federal Register / Vol. 85, No. 200 / Thursday, October 15, 2020 / Rules and Regulations
(i) Correcting or eliminating any
information that is found to be
incomplete, inaccurate, irrelevant to a
statutory purpose of OSHRC, or
untimely and notifying the requester in
writing when this action is complete; or
(ii) Notifying the requester in writing
of a determination not to amend the
personal record, including the reasons
for the denial, and advising the
requester of his or her right to appeal in
accordance with § 2400.7.
§ 2400.7 Procedures for appealing.
(a) Submission of appeal. (1) If a
request to provide notification of a
personal record, or to access or amend
a personal record, is denied either in
whole or in part, or if no determination
is made within the period prescribed by
this part, then the requester may appeal
in writing to the Chairman by mailing
an appeal letter to the following
address: Privacy Appeal, OSHRC, One
Lafayette Centre, 1120 20th Street NW,
Ninth Floor, Washington, DC 20036–
3457.
(2) To be considered timely, the
requester must submit the appeal letter
within 30 calendar days of the date of
denial, or within 90 calendar days of his
or her request if the appeal is from a
failure of the Privacy Officer to make a
determination. The appeal letter should
include, as applicable:
(i) Reasonable identification of the
system to which notification was
sought, the personal record to which
access was sought, or the amendment
that was requested.
(ii) A statement of the OSHRC action
or failure to act being appealed and the
relief sought.
(iii) A copy of the request, the
notification of denial, and any other
related correspondence.
(b) Final decisions. The Chairman
must make a final decision no later than
30 working days from the date of the
request, but the Chairman may extend
this time period for good cause. The
requester, however, must be notified of
the extension within the initial 30
working-day period, and the extension
may not exceed 90 calendar days from
the date of the request. Any personal
record found on appeal to be
incomplete, inaccurate, irrelevant, or
untimely, shall within 30 working days
of the date of such findings be
appropriately amended.
(c) Decision requirements. The
decision of the Chairman constitutes the
final decision of OSHRC on the right of
the requester to be notified of, or to
access or amend, a personal record. The
decision on the appeal shall be in
writing and, in the event of a denial,
shall set forth the reasons for such
denial and state the individual’s right to
obtain judicial review in a district court
of the United States. An indexed file of
the agency’s decisions on appeal shall
be maintained by the Privacy Officer.
§ 2400.8 Procedures for statements of
disagreement and notification of
amendment.
(a) Submission of statement of
disagreement. If a final decision
concerning an amendment request does
not satisfy the requester, then the
requester may provide a statement of
disagreement that is of reasonable
length and sets forth a position
regarding the disputed information.
This statement of disagreement shall be
accepted by OSHRC and included in the
relevant personal record. If deemed
appropriate, OSHRC may also include a
concise statement in the record of its
reasons for not making a requested
amendment.
(b) Notification of amendment and
statement of disagreement. (1) OSHRC
shall inform any person or other agency
about an amendment to a personal
record, or notation made to the record
under paragraph (a) of this section, if
that record has been disclosed to the
person or agency, the amendment or
notation was made pursuant to this part,
and an accounting of the disclosure was
made pursuant to 5 U.S.C. 552a(c).
(2) When a personal record is
disclosed to a person or other agency
after a notation under paragraph (a) of
this section is made to the record,
OSHRC shall clearly note any portion of
the record that is disputed and provide
a copy of any notation included in the
record.
§ 2400.9 Schedule of fees.
(a) Policy. The purpose of this section
is to establish fair and equitable fees to
permit reproduction of personal records
for concerned individuals.
(b) Reproduction. (1) For the fees
associated with reproduction of
personal records, refer to appendix A to
part 2201, Schedule of Fees.
(2) OSHRC shall not normally furnish
more than one copy of any record.
(c) Limitations. No fee shall be
charged to any individual for the
process of retrieving, reviewing, or
amending personal records.
[FR Doc. 2020–21011 Filed 10–14–20; 8:45 am]
BILLING CODE 7600–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated Single-
Employer 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 certain interest assumptions
under the regulation for plans with
valuation dates in November 2020.
These interest assumptions are used for
paying certain benefits under
terminating single-employer plans
covered by the pension insurance
system administered by PBGC.
DATES
: Effective November 1, 2020.
FOR FURTHER INFORMATION CONTACT
:
Gregory Katz (katz.gregory@pbgc.gov),
Attorney, Regulatory Affairs Division,
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
: 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
(ERISA). The interest assumptions in
the regulation are also published on
PBGC’s website (https://www.pbgc.gov).
PBGC uses the interest assumptions in
appendix B to part 4022 (‘‘Lump Sum
Interest Rates for PBGC Payments’’) to
determine whether a benefit is payable
as a lump sum and to determine the
amount to pay. Because some private-
sector pension plans use these interest
rates to determine lump sum amounts
payable to plan participants (if the
resulting lump sum is larger than the
amount required under section 417(e)(3)
of the Internal Revenue Code and
section 205(g)(3) of ERISA), these rates
are also provided in appendix C to part
4022 (‘‘Lump Sum Interest Rates for
Private-Sector Payments’’).
This final rule updates appendices B
and C of the benefit payments regulation
to provide the rates for November 2020
measurement dates.
The November 2020 lump sum
interest assumptions will be 0.00
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Federal Register / Vol. 85, No. 200 / Thursday, October 15, 2020 / Rules and Regulations
percent for the period during which a
benefit is (or is assumed to be) 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 October 2020,
these assumptions represent no change
in the immediate rate and are otherwise
unchanged.
PBGC updates appendices B and C
each month. 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 issue
new interest assumptions promptly so
that they are available for plans that rely
on our publication of them each month
to calculate lump sum benefit amounts.
Because of the need to provide
immediate guidance for the payment of
benefits under plans with valuation
dates during November 2020, 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
325 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 i
1
i
2
i
3
n
1
n
2
*******
325 11–1–20 12–1–20 0.00 4.00 4.00 4.00 7 8
■3. In appendix C to part 4022, rate set
325 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 i
1
i
2
i
3
n
1
n
2
*******
325 11–1–20 12–1–20 0.00 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. 2020–22550 Filed 10–14–20; 8:45 am]
BILLING CODE 7709–02–P
POSTAL SERVICE
39 CFR Part 20
International Competitive Services
Product and Price Changes
AGENCY
: Postal Service
TM
.
ACTION
: Final rule.
SUMMARY
: The Postal Service is revising
Mailing Standards of the United States
Postal Service, International Mail
Manual (IMM
®
), to reflect the prices,
product features, and classification
changes to Competitive Services and
other changes, as established by the
Governors of the Postal Service.
DATES
: Effective date: January 24, 2021.
FOR FURTHER INFORMATION CONTACT
:
Kathy Frigo at 202–268–4178.
SUPPLEMENTARY INFORMATION
: New
prices will be posted under Docket
Number CP2021–15 on the Postal
Regulatory Commission’s website at
www.prc.gov.
The number of country groups for
Priority Mail Express International
®
(PMEI) and Priority Mail International
®
(PMI) will increase from 17 to 20. For
both International Priority Airmail
®
(IPA) and International Surface Air Lift
®
(ISAL), the number of country groups
will increase from 19 to 20. The number
of country groups for outbound single-
piece First-Class Package International
Service
®
(FCPIS) will increase from 9 to
20.
Country groupings and prices for
PMEI, PMI, IPA, ISAL, and outbound
single-piece FCPIS will be realigned.
The minimum size limits of small
packets when sent as IPA, ISAL and
FCPIS will be revised to conform to
Universal Postal Union (UPU)
standards.
This final rule describes the
international price and classification
changes and the corresponding mailing
standards changes for the following
Competitive Services:
•Global Express Guaranteed
®
(GXG)
®
.
•Priority Mail Express International.
•Priority Mail International.
•First-Class Package International
Service.
•International Priority Airmail (IPA).
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