Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 69277-69279 [05-22604]
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Federal Register / Vol. 70, No. 219 / Tuesday, November 15, 2005 / Rules and Regulations
Under these conditions, FDA believes
that it is appropriate to categorically
exclude the establishment of a special
control from the requirement to prepare
an EA or EIS.
B. HDE
FDA is amending § 25.34 to include
approval of an HDE as a category of
action that does not individually or
cumulatively have a significant effect on
the human environment and for which
neither an EA nor EIS is required.
Because humanitarian use devices are
limited by definition to use for treating
or diagnosing diseases or conditions
affecting fewer than 4,000 individuals in
the United States per year, any
environmental impact associated with
use of a humanitarian use device is very
limited. FDA approves few HDEs,
further limiting any potential
environmental impact. FDA’s
experience in reviewing HDEs has
shown that no HDE reviewed thus far
has had a significant environmental
impact.
V. Environmental Impact
The agency has determined that under
21 CFR 24.30(h) this action is of a type
that does not individually or
cumulatively have a significant effect on
the human environment. Therefore,
neither an environmental assessment
nor an environmental impact statement
is required.
VI. Analysis of Impacts
FDA has examined the impacts of the
final rule under Executive Order 12866
and the Regulatory Flexibility Act (5
U.S.C. 601–612), and the Unfunded
Mandates Reform Act of 1995 (Public
Law 104–4). Executive Order 12866
directs agencies to assess all costs and
benefits of available regulatory
alternatives and, when regulation is
necessary, to select regulatory
approaches that maximize net benefits
(including potential economic,
environmental, public health and safety,
and other advantages; distributive
impacts; and equity). The agency
believes that this final rule is not a
significant regulatory action under the
Executive order.
The Regulatory Flexibility Act
requires agencies to analyze regulatory
options that would minimize any
significant impact of a rule on small
entities. Because this final rule provides
for an exclusion from the requirement to
prepare an EA or EIS and, as such,
relieves a burden, the agency certifies
that this final rule will not have a
significant economic impact on
substantial number of small entities.
VerDate Aug<31>2005
12:15 Nov 14, 2005
Jkt 208001
Section 202(a) of the Unfunded
Mandates Reform Act of 1995 requires
that agencies prepare a written
statement, which includes an
assessment of anticipated costs and
benefits, before finalizing ‘‘any rule that
includes any Federal mandate that may
result in the expenditure by State, local,
and tribal governments, in the aggregate,
or by the private sector, of $100,000,000
or more (adjusted annually for inflation)
in any one year.’’ The current threshold
after adjustment for inflation is $115
million, using the most current (2003)
Implicit Price Deflator for the Gross
Domestic Product. FDA does not expect
this final rule to result in any 1-year
expenditure that would meet or exceed
this amount.
VII. Federalism
FDA has analyzed this final rule in
accordance with the principles set forth
in Executive Order 13132. FDA has
determined that the rule does not
contain policies that have substantial
direct effects on the States, on the
relationship between the National
Government and the States, or on the
distribution of power and
responsibilities among the various
levels of government. Accordingly, the
agency has concluded that the rule does
not contain policies that have
federalism implications as defined in
the Executive order and, consequently,
a federalism summary impact statement
is not required.
VIII. Paperwork Reduction Act of 1995
This final rule contains no collection
of information. Therefore, clearance by
the Office of Management and Budget
under the Paperwork Reduction Act of
1995 is not required.
List of Subjects in 21 CFR Part 25
Environmental impact statements,
Foreign relations, Reporting and
recordkeeping requirements.
Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of the Food and Drug Administration,
21 CFR part 25 is amended as follows:
I
PART 25—ENVIRONMENTAL IMPACT
CONSIDERATIONS
1. The authority citation for 21 CFR
part 25 continues to read as follows:
I
Authority: 21 U.S.C. 321–393; 42 U.S.C.
262, 263b–264; 42 U.S.C. 4321, 4332; 40 CFR
parts 1500–1508; E.O. 11514, 35 FR 4247, 3
CFR, 1971 Comp., p. 531–533 as amended by
E.O. 11991, 42 FR 26967, 3 CFR, 1978 Comp.,
p. 123–124 and E.O. 12114, 44 FR 1957, 3
CFR, 1980 Comp., p. 356–360.
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69277
2. Section 25.34 is amended by
revising paragraph (b) and adding
paragraph (i) to read as follows:
I
§ 25.34
Devices and electronic products.
*
*
*
*
*
(b) Classification or reclassification of
a device under part 860 of this chapter,
including the establishment of special
controls, if the action will not result in
increases in the existing levels of use of
the device or changes in the intended
use of the device or its substitutes.
*
*
*
*
*
(i) Approval of humanitarian device
exemption under subpart H of part 814
of this chapter.
Dated: October 14, 2005.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 05–22563 Filed 11–14–05; 8:45 am]
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 December 2005. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective December 1, 2005.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, 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
PBGC’s regulations prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits of terminating singleemployer plans covered by title IV of
E:\FR\FM\15NOR1.SGM
15NOR1
69278
Federal Register / Vol. 70, No. 219 / Tuesday, November 15, 2005 / Rules and Regulations
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).
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 December 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
December 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
December 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
Rate set
For plans with a
valuation date
On or after
*
146
the valuation date and 4.75 percent
thereafter. These interest assumptions
represent an increase (from those in
effect for November 2005) of 0.30
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 2.75 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
represent an increase (from those in
effect for November 2005) of 0.25
percent for the period during which a
benefit is in pay status and are
otherwise unchanged.
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 December 2005,
the PBGC finds that good cause exists
for making the assumptions set forth in
*
12–1–05
On or after
*
146
VerDate Aug<31>2005
Before
*
12–1–05
12:15 Nov 14, 2005
*
*
Immediate
annuity rate
(percent)
*
1–1–06
Jkt 208001
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:
I
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
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.
2. In appendix B to part 4022, Rate Set
146, as set forth below, is added to the
table.
I
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
*
*
*
*
*
i3
4.00
n1
*
*
4.00
n2
*
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates For Private-Sector
Payments
*
For plans with a
valuation date
29 CFR Part 4022
i2
*
4.00
2.75
3. In appendix C to part 4022, Rate Set
146, as set forth below, is added to the
table.
I
Rate set
i1
*
1–1–06
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Before
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).
2.75
PO 00000
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*
*
Deferred annuities
(percent)
i1
i2
*
4.00
4.00
Fmt 4700
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i3
*
*
4.00
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7
8
69279
Federal Register / Vol. 70, No. 219 / Tuesday, November 15, 2005 / Rules and Regulations
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 December 2005, as set forth
below, is added to the table.
*
I
4. The authority citation for part 4044
continues to read as follows:
I
*
*
*
*
The values of it are:
For valuation dates occurring in the month—
it
*
*
*
December 2005 ................................................................
Issued in Washington, DC, on this 9th day
of November 2005.
James J. Armbruster,
Acting Director, Legislative and Regulatory
Department, Pension Benefit Guaranty
Corporation.
[FR Doc. 05–22604 Filed 11–14–05; 8:45 am]
BILLING CODE 7708–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[CGD05–05–126]
RIN 1625–AA08
Special Local Regulations for Marine
Events; Approaches to Annapolis
Harbor, Spa Creek and Severn River,
Annapolis, MD
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
SUMMARY: The Coast Guard will enforce
the special local regulations at 33 CFR
100.511 during the Eastport Yacht Club
Lights Parade, a marine event to be held
December 10, 2005, on the waters of Spa
Creek and the Severn River at
Annapolis, Maryland. These special
local regulations are necessary to
control vessel traffic due to the confined
nature of the waterway and expected
vessel congestion during the event. The
effect will be to restrict general
navigation in the regulated area for the
safety of event participants, spectators
and vessels transiting the event area.
DATES: 33 CFR 100.511 will be enforced
from 5:30 p.m. to 8:30 p.m. on
December 10, 2005.
FOR FURTHER INFORMATION CONTACT:
Ronald Houck, Marine Events
Coordinator, Commander, Coast Guard
Sector Baltimore, 2401 Hawkins Point
Road, Baltimore, MD 21226–1971, and
(410) 576–2674.
VerDate Aug<31>2005
12:15 Nov 14, 2005
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for t =
it
for t =
1–20
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>20
*
.0400
The
Eastport Yacht Club will sponsor a
lighted boat parade on the waters of Spa
Creek and the Severn River at
Annapolis, Maryland. The event will
consist of approximately 50 boats
traveling at slow speed along two
separate parade routes in Annapolis
Harbor. The participating boats will
range in length from 10 to 60 feet, and
each will be decorated with holiday
lights. In order to ensure the safety of
participants, spectators and transiting
vessels, 33 CFR 100.511 will be
enforced for the duration of the event.
Under provisions of 33 CFR 100.511,
vessels may not enter the regulated area
without permission from the Coast
Guard Patrol Commander. Spectator
vessels may anchor outside the
regulated area but may not block a
navigable channel. Because these
restrictions will be in effect for a limited
period, they should not result in a
significant disruption of maritime
traffic.
In addition to this notice, the
maritime community will be provided
extensive advance notification via the
Local Notice to Mariners, marine
information broadcasts, and area
newspapers, so mariners can adjust
their plans accordingly.
SUPPLEMENTARY INFORMATION:
Dated: November 2, 2005.
Larry L. Hereth,
Rear Admiral, U.S. Coast Guard, Commander,
Fifth Coast Guard District.
[FR Doc. 05–22574 Filed 11–14–05; 8:45 am]
BILLING CODE 4910–15–P
PO 00000
it
*
for t =
*
N/A
N/A
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[CGD05–05–123]
RIN 1625–AA87
Security Zone; Cape Fear River, Eagle
Island, North Carolina State Port
Authority Terminal, Wilmington, NC
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
SUMMARY: The Coast Guard is
establishing a temporary security zone
at the North Carolina State Port
Authority (NCSPA), Wilmington to
include the Cape Fear River and Eagle
Island. Entry into or movement within
the security zone will be prohibited
without authorization from the Captain
of the Port (COTP), Wilmingon, NC.
This action is necessary to safeguard the
vessels and the facility from sabotage,
subversive acts, or other threats.
DATES: This rule is effective from
October 1, 2005, until December 31,
2005.
Documents indicated in this
preamble as being available in the
docket are part of docket CGD05–05–
123 and are available for inspection or
copying at the Marine Safety Unit 721
Medical Center Drive, Suite 100,
Wilmington, North Carolina 28401
between 7:30 a.m. and 3 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
LTJG Diego Benavides, Branch Chief,
Port Safety and Security (910) 772–2200
or toll free (877) 229–0770.
SUPPLEMENTARY INFORMATION:
ADDRESSES:
Regulatory Information
We did not publish a notice of
proposed rulemaking (NPRM) for this
rule. The Coast Guard is promulgating
this security zone regulation to protect
NCSPA Wilmington and the
Frm 00031
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]]>Agencies
[Federal Register Volume 70, Number 219 (Tuesday, November 15, 2005)]
[Rules and Regulations]
[Pages 69277-69279]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22604]
=======================================================================
-----------------------------------------------------------------------
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 December 2005. Interest assumptions
are also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective December 1, 2005.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney,
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 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
[[Page 69278]]
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).
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 December 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 December 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 December 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 an increase (from those in effect for November 2005) of 0.30
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 2.75
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 represent an increase (from those in
effect for November 2005) of 0.25 percent for the period during which a
benefit is in pay status and are otherwise unchanged.
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 December
2005, the PBGC finds that good cause exists 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 146, as set forth below, is
added to the table.
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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
146 12-1-05 1-1-06 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 146, as set forth below, is
added to the table.
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) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
146 12-1-05 1-1-06 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 69279]]
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 for December 2005, as set
forth below, is added to the table.
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 =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
December 2005............... .0400 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of November 2005.
James J. Armbruster,
Acting Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 05-22604 Filed 11-14-05; 8:45 am]
BILLING CODE 7708-01-P
