<div> 42706Federal Register / Vol. 85, No. 136 / Wednesday, July 15, 2020 / Rules and Regulations                                 [FR Doc. 2020–13675 Filed 7–14–20; 8:45 am] BILLING CODE 6717–01–C   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 (PBGC). 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 August 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 August 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 August 2020 measurement dates. The August 2020 lump sum interest assumptions will be 0.00 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 July 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 August 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, 29CFR part 4022 is amended as follows: <table><tr><td><div class="indented">Federal Register / Vol. 85, No. 136 / Wednesday, July 15, 2020 / Rules and Regulations</div></td><td>42707</td></tr><tr><td> </td><td> </td></tr><tr><td> </td><td> </td></tr></table>   PART 4022—BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS <ul><li>1. The authority citation for part 4022 continues to read as follows:</li></ul> Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344. <ul><li>2. In appendix B to part 4022, rate set 322 is added at the end of the table to read as follows:</li></ul>  Appendix B to Part 4022 — Lump Sum Interest Rates for PBGC Payments *****  <table><tr><td> </td><td colspan="2">For plans with a</td><td>Immediate</td><td> </td><td> </td><td>Deferred annuities</td><td> </td><td> </td><td> </td></tr><tr><td> </td><td colspan="2">valuation date</td><td> </td><td> </td><td> </td><td>(percent)</td><td> </td><td> </td><td> </td></tr><tr><td>Rate set</td><td colspan="2"> </td><td>annuity rate</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>On or after</td><td>Before</td><td>(percent)</td><td>i1</td><td>i2</td><td>i3</td><td>n1</td><td>n2</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>*</td><td> </td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td> </td><td>*</td><td> </td></tr><tr><td>322</td><td>8–1–20</td><td>9–1–20</td><td>0.00</td><td>4.00</td><td>4.00</td><td>4.00</td><td>7</td><td>8</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>   <ul><li>3. In appendix C to part 4022, rate set 322 is added at the end of the table to read as follows:</li></ul>  Appendix C to Part 4022 — LumpSum Interest Rates for Private-SectorPayments  <table><tr><td> </td><td> </td><td> </td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td colspan="2"> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td colspan="2">For plans with a</td><td> </td><td>Immediate</td><td> </td><td> </td><td> </td><td> </td><td>Deferred annuities</td><td> </td><td> </td><td> </td></tr><tr><td> </td><td colspan="2">valuation date</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td>(percent)</td><td> </td><td> </td><td> </td></tr><tr><td>Rate set</td><td colspan="2"> </td><td colspan="3">annuity rate</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="3"> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>On or after</td><td>Before</td><td> </td><td>(percent)</td><td> </td><td> </td><td>i1</td><td>i2</td><td>i3</td><td>n1</td><td>n2</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>*</td><td> </td><td>*</td><td> </td><td>*</td><td> </td><td> </td><td>*</td><td>*</td><td>*</td><td> </td><td>*</td><td> </td></tr><tr><td>322</td><td>8–1–20</td><td>9–1–20</td><td> </td><td>0.00</td><td> </td><td> </td><td>4.00</td><td>4.00</td><td>4.00</td><td>7</td><td>8</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>   Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2020–15123 Filed 7–14–20; 8:45 am] BILLING CODE 7709–02–P   DEPARTMENT OF DEFENSE Office of the Secretary 32 CFR Part 103 [DOD–2008–OS–0124] RIN 0790–AJ40 Sexual Assault Prevention and Response (SAPR) Program AGENCY: Department of Defense. ACTION: Final rule.  SUMMARY: The Department of Defense (DoD) is finalizing two interim final rules in a single final rule which deletes all guidance internal to DoD, and incorporate only those policy provisions directly affecting DoD’s obligations to provide sexual assault prevention and response (SAPR) services to certain members of the public who are adult victims of sexual assault. This revision also makes SAPR policy updates as required by legal mandates. DATES: This rule is effective August 14, 2020.  FOR FURTHER INFORMATION CONTACT: Diana Rangoussis, Senior Policy Advisor, Sexual Assault Prevention and Response Office (SAPRO), (703) 696– 9422. SUPPLEMENTARY INFORMATION: The Department of Defense is revising 32 CFR part 103 by finalizing the interim final rule published on September 27, 2016 (81 FR 66185–66189), deleting all guidance internal to DoD, and incorporating those policy provisions from 32 CFR part 105 that directly affect DoD’s obligations to provide sexual assault prevention and response (SAPR) services to certain members of the public, who are adult victims of sexual assault. With the publication of this rule, 32 CFR part 103 will be the only part that outlines the Department’s obligations to provide SAPR services to certain members of the public. The Department is also making a conforming change to comply with law. The rule implements NDAA FY 2020 section 536 which sets forth a procedure for persons making a Restricted Report to retrieve any personal property that was obtained when the individual makes a Restricted Report. The rule sets forth an internal agency procedure mandated by Congress in Section 536 and although internal agency procedures are exempt from rule making and public comment, it is included in this Final Rule for completeness.  This rule is being published as part of DoD’s regulatory reform work as part of Executive Order (E.O.) 13777, ‘‘Enforcing the Regulatory Reform Agenda’’ (February 24, 2017), which requires Executive departments and agencies to appoint a Regulatory Reform Officer to oversee the implementation of regulatory reform initiatives and policies and establish a Regulatory Reform Task Force (Task Force) to review and evaluate existing regulations and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law. Those reform initiatives and policies include E.O. 13771, ‘‘Reducing Regulation and Controlling Regulatory Costs’’ (January 30, 2017), Section 6 of E.O. 13563, ‘‘Improving Regulation and Regulatory Review’’ (January 18, 2011), and E.O. 12866, ‘‘Regulatory Planning and Review’’ (September 30, 1993). More information on DoD’s work can be found at https://open.defense.gov/ Regulatory-Program/RRTF2.aspx. The Department’s internal policies and procedures are published in DoD Directive 6495.01, ‘‘Sexual Assault Prevention and Response (SAPR) Program’’ (last updated April 11, 2017, and available at https:// www.esd.whs.mil/Portals/54/ Documents/DD/issuances/dodd/ 649501p.pdf), and DoD Instruction  6495.02, ‘‘Sexual Assault Prevention and Response (SAPR) Program</div>

PBGC Publishes Rates for Paying Single-Employer Plan Benefits

Pension Benefit Guaranty Corp.

The Pension Benefit Guaranty Corp. has published the interest assumptions for paying benefits under terminating single-employer plans with valuation dates in August 2020 and has provided interest rates and factors for valuing benefits to be paid as annuities and as lump sums.

The Pension Benefit Guaranty Corp. has published the interest assumptions for paying benefits under terminating single-employer plans with valuation dates in August 2020 and has provided interest rates and factors for valuing benefits to be paid as annuities and as lump sums.