Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 2568-2570 [05-793]
Download as PDF
<![CDATA[
2568
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Rules and Regulations
Decoquinate in
grams/ton
Combination in
grams/ton
*
*
(vii) 90.9 to 535.7
*
*
Indications for use
*
*
Chlortetracycline
4,000 to
20,000.
*
*
BILLING CODE 4160–01–S
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4022 and 4044
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
SUMMARY: The Pension Benefit Guaranty
Corporation’s regulations on Benefits
Payable in Terminated Single-Employer
Plans and Allocation of Assets in
Single-Employer Plans prescribe interest
assumptions for valuing and paying
benefits under terminating singleemployer plans. This final rule amends
the regulations to adopt interest
assumptions for plans with valuation
dates in February 2005. Interest
assumptions are also published on the
PBGC’s Web site https://www.pbgc.gov.
EFFECTIVE DATE: February 1, 2005.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Acting Assistant
General Counsel, Office of the General
Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street, NW.,
Washington, DC 20005, (202) 326–4024.
13:05 Jan 13, 2005
Jkt 205001
*
Calves, beef, and nonlactating
dairy cattle: As in paragraph
(e)(2)(i) of this section; for treatment of bacterial enteritis
caused by Escherichia coli; and
for treatment of bacterial pneumonia caused by Pasteurella
multocida organisms susceptible to chlortetracycline.
Dated: January 7, 2005.
Steven D. Vaughn,
Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. 05–789 Filed 1–13–05; 8:45 am]
VerDate jul<14>2003
Limitations
*
Frm 00008
Fmt 4700
*
Feed Type C medicated feed supplements as a
top dress or mix into the daily ration to provide
22.7 mg decoquinate and 1 gram chlortetracycline per 100 lb body weight per day for not
more than 5 days. When consumed, feed 22.7
mg decoquinate per 100 lb body weight per day
for a total of 28 days to prevent coccidiosis.
Withdraw 24 hours prior to slaughter when manufactured from CTC (chlortetracycline) Type A
medicated articles under NADA 141–147. Zero
withdrawal time when manufactured from AUREOMYCIN (chlortetracycline) Type A medicated
articles under NADA 141–185. A withdrawal period has not been established for this product in
preruminating calves. Do not use in calves to be
processed for veal. Do not feed to animals producing milk for food. Chlortetracycline as provided by No. 046573 in § 510.600(c) of this
chapter.
(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
PBGC’s regulations prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits of terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions are intended to reflect
current conditions in the financial and
annuity markets.
Three sets of interest assumptions are
prescribed: (1) A set for the valuation of
benefits for allocation purposes under
section 4044 (found in Appendix B to
Part 4044), (2) a set for the PBGC to use
to determine whether a benefit is
payable as a lump sum and to determine
lump-sum amounts to be paid by the
PBGC (found in Appendix B to Part
4022), and (3) a set for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using the PBGC’s historical
methodology (found in Appendix C to
Part 4022).
Accordingly, this amendment (1) adds
to Appendix B to Part 4044 the interest
assumptions for valuing benefits for
allocation purposes in plans with
valuation dates during February 2005,
(2) adds to Appendix B to Part 4022 the
interest assumptions for the PBGC to
use for its own lump-sum payments in
plans with valuation dates during
February 2005, and (3) adds to
Appendix C to Part 4022 the interest
assumptions for private-sector pension
practitioners to refer to if they wish to
use lump-sum interest rates determined
PO 00000
Sponsor
Sfmt 4700
*
046573
using the PBGC’s historical
methodology for valuation dates during
February 2005.
For valuation of benefits for allocation
purposes, the interest assumptions that
the PBGC will use (set forth in
Appendix B to part 4044) will be 4.00
percent for the first 20 years following
the valuation date and 4.75 percent
thereafter. These interest assumptions
represent a decrease (from those in
effect for January 2005) of 0.10 percent
for the first 20 years following the
valuation date and are otherwise
unchanged.
The interest assumptions that the
PBGC will use for its own lump-sum
payments (set forth in Appendix B to
part 4022) will be 3.00 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. These interest assumptions are
unchanged from those in effect for
January 2005.
For private-sector payments, the
interest assumptions (set forth in
Appendix C to part 4022) will be the
same as those used by the PBGC for
determining and paying lump sums (set
forth in Appendix B to part 4022).
The 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, as
accurately as possible, current market
conditions.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during February 2005,
the PBGC finds that good cause exists
E:\FR\FM\14JAR1.SGM
14JAR1
2569
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Rules and Regulations
for making the assumptions set forth in
this amendment effective less than 30
days after publication.
List of Subjects
The PBGC has determined that this
action is not a ‘‘significant regulatory
action’’ under the criteria set forth in
Executive Order 12866.
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
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).
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
29 CFR Part 4022
1. The authority citation for part 4022
continues to read as follows:
I
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
29 CFR Part 4044
2. In appendix B to part 4022, Rate Set
136, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
I
Employee benefit plans, Pension
insurance, Pensions.
In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended as Appendix B to Part 4022—Lump Sum
follows:
Interest Rates For PBGC Payments
I
*
Rate set
For plans with a valuation
date
On or after
*
136
*
2–1–05
3. In appendix C to part 4022, Rate Set
136, as set forth below, is added to the
table. (The introductory text of the table
is omitted.)
I
Rate set
*
136
*
4.00
*
*
*
*
i3
n1
*
n2
*
*
4.00
7
8
n1
n2
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
i1
3.00
i2
*
4.00
*
3–1–05
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
table. (The introductory text of the table
is omitted.)
5. In appendix B to part 4044, a new
entry, as set forth below, is added to the
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
I
4. The authority citation for part 4044
continues to read as follows:
I
*
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
2–1–05
i2
*
4.00
3.00
For plans with a valuation
date
On or after
i1
*
3–1–05
*
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
*
*
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
February 2005 ......................................................................
VerDate jul<14>2003
13:37 Jan 13, 2005
Jkt 069102
PO 00000
Frm 00009
for t =
*
.0400
Fmt 4700
Sfmt 4700
it
for t =
*
1–20
*
>20
.0475
E:\FR\FM\14JAR1.SGM
14JAR1
it
N/A
for t =
*
N/A
2570
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Rules and Regulations
Issued in Washington, DC, on this 10th day
of January 2005.
Joseph H. Grant,
Chief Operating Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–793 Filed 1–13–05; 8:45 am]
BILLING CODE 7708–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[CGD08–05–005]
RIN 1625–AA09
Drawbridge Operation Regulations;
Upper Mississippi River, Dubuque, IA
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
SUMMARY: The Commander, Eighth
Coast Guard District has issued a
temporary deviation from the regulation
governing the operation of the Illinois
Central Railroad Drawbridge, across the
Upper Mississippi River, mile 579.9 at
Dubuque, Iowa. This deviation allows
the drawbridge to remain closed to
navigation unless at least 12 hours
advance notice is given for an opening
from 6 a.m., January 17, 2005, until 6
p.m., February 28, 2005, Central
Standard Time. The deviation is
necessary to allow time for making
repairs of critical mechanical
components essential to the continued
safe operation of the drawbridge.
DATES: This temporary deviation is
effective from 6 a.m., January 17, 2005
through 6 p.m., February 28, 2005.
ADDRESSES: Materials referred to in this
document are available for inspection or
copying at Room 2.107F in the Robert A.
Young Federal Building, 1222 Spruce
Street, St. Louis, MO 63103–2832,
between 8 a.m. and 4 p.m., Monday
through Friday, except Federal holidays.
The Bridge Administration Branch
maintains the public docket for this
temporary deviation.
FOR FURTHER INFORMATION CONTACT:
Roger K. Wiebusch, Bridge
Administrator, (314) 539–3900,
extension 2378.
SUPPLEMENTARY INFORMATION: The
Chicago, Central and Pacific Railroad
requested a temporary deviation to
allow time to conduct repairs to the
Illinois Central Railroad Drawbridge,
across the Upper Mississippi River, mile
579.9 at Dubuque, Iowa. The Illinois
Central Railroad Drawbridge currently
VerDate jul<14>2003
13:37 Jan 13, 2005
Jkt 069102
operates in accordance with 33 CFR
117.5 which requires the drawbridge to
open promptly and fully for passage of
vessels when a request to open is given
in accordance with 33 CFR 117, subpart
A. In order to repair the main stringers
over the turntable of the swing span, the
bridge must be kept in the closed to
navigation position. This deviation
allows the bridge to remain closed to
navigation for 43 days from 6 a.m.,
January 17, 2005 until 6 p.m., February
28, 2005. The drawbridge will open
during this time period upon 12 hours
advance notice. There are no alternate
routes for vessels transiting through
mile 579.9 on the Upper Mississippi
River.
The Illinois Central Railroad
Drawbridge provides a vertical
clearance of 19.9 feet above normal
pool. Navigation on the waterway
consists primarily of commercial tows
and recreational watercraft. This
deviation has been coordinated with
waterway users. No objections were
received.
In accordance with 33 CFR 117.35(c),
this work will be performed with all due
speed in order to return the bridge to
normal operation as soon as possible.
This deviation from the operating
regulations is authorized under 33 CFR
117.35.
DATES:
Dated: January 7, 2005.
Roger K. Wiebusch,
Bridge Administrator.
[FR Doc. 05–790 Filed 1–13–05; 8:45 am]
BILLING CODE 4910–15–P
This deviation is effective from
January 22, 2005 through February 3,
2005.
John
McDonald, Project Officer, First Coast
Guard District, at (617) 223–8364.
SUPPLEMENTARY INFORMATION: The Essex
Merrimack Bridge, at mile 5.8, across
the Merrimack River, has a vertical
clearance of 15 feet at mean high water,
and 22 feet at mean low water in the
closed position. The existing regulations
are listed at 33 CFR 117.605(c).
The bridge owner, Massachusetts
Highway Department, requested a
temporary deviation from the
drawbridge operating regulations to
facilitate necessary structural repairs to
the balance wheels at the bridge.
This deviation to the operating
regulations allows the bridge to remain
in the closed position from January 22,
2005 through February 3, 2005.
This deviation from the operating
regulations is authorized under 33 CFR
117.35 and will be performed with all
due speed in order to return the bridge
to normal operation as soon as possible.
FOR FURTHER INFORMATION CONTACT:
Dated: January 7, 2005.
Gary Kassof,
Bridge Program Manager, First Coast Guard
District.
[FR Doc. 05–791 Filed 1–13–05; 8:45 am]
DEPARTMENT OF HOMELAND
SECURITY
BILLING CODE 4910–15–P
Coast Guard
DEPARTMENT OF HOMELAND
SECURITY
33 CFR Part 117
[CGD08–05–006]
Coast Guard
RIN 1625–AA09
33 CFR Part 117
[CGD01–04–156]
Drawbridge Operation Regulations;
Upper Mississippi River, Fort Madison,
IA and Burlington, IA
Drawbridge Operation Regulations;
Merrimack River, MA
AGENCY:
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
SUMMARY: The Commander, First Coast
Guard District, has issued a temporary
deviation from the drawbridge operation
regulations for the Essex Merrimack
Bridge, mile 5.8, across the Merrimack
River, at Newburyport, Massachusetts.
This deviation allows the bridge to
remain in the closed position from
January 22, 2005 through February 3,
2005. This temporary deviation is
necessary to facilitate structural repairs
at the bridge.
PO 00000
Frm 00010
Fmt 4700
Sfmt 4700
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
ACTION:
SUMMARY: The Commander, Eighth
Coast Guard District has issued a
temporary deviation from the regulation
governing the operation of the Fort
Madison Drawbridge, mile 383.9, Fort
Madison, Iowa and the Burlington
Railroad Drawbridge, mile 403.1,
Burlington, Iowa, across the Upper
Mississippi River. This deviation allows
the drawbridges to remain closed to
navigation unless at least 4 hours
advance notice is given for an opening
from 8 a.m., January 24, 2005, until 8
a.m., March 1, 2005, Central Standard
E:\FR\FM\14JAR1.SGM
14JAR1
]]>Agencies
[Federal Register Volume 70, Number 10 (Friday, January 14, 2005)]
[Rules and Regulations]
[Pages 2568-2570]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-793]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4022 and 4044
Benefits Payable in Terminated Single-Employer Plans; Allocation
of Assets in Single-Employer Plans; Interest Assumptions for Valuing
and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation's regulations on
Benefits Payable in Terminated Single-Employer Plans and Allocation of
Assets in Single-Employer Plans prescribe interest assumptions for
valuing and paying benefits under terminating single-employer plans.
This final rule amends the regulations to adopt interest assumptions
for plans with valuation dates in February 2005. Interest assumptions
are also published on the PBGC's Web site https://www.pbgc.gov.
EFFECTIVE DATE: February 1, 2005.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Acting Assistant
General Counsel, Office of the General Counsel, 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 PBGC's regulations prescribe actuarial
assumptions--including interest assumptions--for valuing and paying
plan benefits of terminating single-employer plans covered by title IV
of the Employee Retirement Income Security Act of 1974. The interest
assumptions are intended to reflect current conditions in the financial
and annuity markets.
Three sets of interest assumptions are prescribed: (1) A set for
the valuation of benefits for allocation purposes under section 4044
(found in Appendix B to Part 4044), (2) a set for the PBGC to use to
determine whether a benefit is payable as a lump sum and to determine
lump-sum amounts to be paid by the PBGC (found in Appendix B to Part
4022), and (3) a set for private-sector pension practitioners to refer
to if they wish to use lump-sum interest rates determined using the
PBGC's historical methodology (found in Appendix C to Part 4022).
Accordingly, this amendment (1) adds to Appendix B to Part 4044 the
interest assumptions for valuing benefits for allocation purposes in
plans with valuation dates during February 2005, (2) adds to Appendix B
to Part 4022 the interest assumptions for the PBGC to use for its own
lump-sum payments in plans with valuation dates during February 2005,
and (3) adds to Appendix C to Part 4022 the interest assumptions for
private-sector pension practitioners to refer to if they wish to use
lump-sum interest rates determined using the PBGC's historical
methodology for valuation dates during February 2005.
For valuation of benefits for allocation purposes, the interest
assumptions that the PBGC will use (set forth in Appendix B to part
4044) will be 4.00 percent for the first 20 years following the
valuation date and 4.75 percent thereafter. These interest assumptions
represent a decrease (from those in effect for January 2005) of 0.10
percent for the first 20 years following the valuation date and are
otherwise unchanged.
The interest assumptions that the PBGC will use for its own lump-
sum payments (set forth in Appendix B to part 4022) will be 3.00
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. These interest assumptions are unchanged from those in effect
for January 2005.
For private-sector payments, the interest assumptions (set forth in
Appendix C to part 4022) will be the same as those used by the PBGC for
determining and paying lump sums (set forth in Appendix B to part
4022).
The 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, as accurately
as possible, current market conditions.
Because of the need to provide immediate guidance for the valuation
and payment of benefits in plans with valuation dates during February
2005, the PBGC finds that good cause exists
[[Page 2569]]
for making the assumptions set forth in this amendment effective less
than 30 days after publication.
The 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.
0
In consideration of the foregoing, 29 CFR parts 4022 and 4044 are
amended as follows:
PART 4022--BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
0
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.
0
2. In appendix B to part 4022, Rate Set 136, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix B to Part 4022--Lump Sum Interest Rates For PBGC Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i \1\ i \2\ i \3\ n \1\ n \2\
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
136 2-1-05 3-1-05 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 136, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix C to Part 4022--Lump Sum Interest Rates For Private-Sector
Payments
* * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
For plans with a valuation date Immediate Deferred annuities (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i \1\ i \2\ i \3\ n \1\ n \2\
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
136 2-1-05 3-1-05 3.00 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
0
4. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
5. In appendix B to part 4044, a new entry, as set forth below, is
added to the table. (The introductory text of the table is omitted.)
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
February 2005................ .0400 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
[[Page 2570]]
Issued in Washington, DC, on this 10th day of January 2005.
Joseph H. Grant,
Chief Operating Officer, Pension Benefit Guaranty Corporation.
[FR Doc. 05-793 Filed 1-13-05; 8:45 am]
BILLING CODE 7708-01-P
