Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 7871-7873 [06-1375]
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Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Rules and Regulations
subject to review 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 classification of this
device in class II will relieve
manufacturers of the device of the cost
of complying with the premarket
approval requirements of section 515 of
the act (21 U.S.C. 360e), and may permit
small potential competitors to enter the
marketplace by lowering their costs, the
agency certifies that the final rule will
not have a significant economic impact
on a substantial number of small
entities.
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 proposing ‘‘any rule that
includes any Federal mandate that may
result in the expenditure by State, local,
and tribal governments, in the aggregate,
or 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.
cprice-sewell on PROD1PC66 with RULES
IV. Does This Rule Have Federalism
Implications?
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.
V. How Does This Rule Comply With
the Paperwork Reduction Act of 1995?
This final rule contains no collection
of information. Therefore, clearance by
the Office of Management and Budget
(OMB) under the Paperwork Reduction
Act of 1995 (the PRA) (44 U.S.C. 3501–
3520) is not required.
FDA also concludes that the special
controls guidance document does not
contain new information collection
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13:14 Feb 14, 2006
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provisions that are subject to review and
clearance by OMB under the PRA.
PENSION BENEFIT GUARANTY
CORPORATION
VI. What References are on Display?
29 CFR Parts 4022 and 4044
The following reference has been
placed on display in the Division of
Dockets Management (HFA–305), Food
and Drug Administration, 5630 Fishers
Lane, rm. 1061, Rockville, MD 20852,
and may be seen by interested persons
between 9 a.m. and 4 p.m., Monday
through Friday.
Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets
in Single-Employer Plans; Interest
Assumptions for Valuing and Paying
Benefits
1. Petition from CardioMEMS, Inc., dated
August 9, 2005.
List of Subjects in 21 CFR Part 870
Medical devices.
Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs, 21 CFR part 870 is
amended as follows:
I
PART 870—CARDIOVASCULAR
DEVICES
1. The authority citation for 21 CFR
part 870 continues to read as follows:
I
Authority: 21 U.S.C. 351, 360, 360c, 360e,
360j, 371.
2. Section 870.2855 is added to
subpart C to read as follows:
I
§ 870.2855 Implantable Intra-aneurysm
Pressure Measurement System.
(a) Identification. Implantable intraaneurysm pressure measurement system
is a device used to measure the intra-sac
pressure in a vascular aneurysm. The
device consists of a pressure transducer
that is implanted into the aneurysm and
a monitor that reads the pressure from
the transducer.
(b) Classification. Class II (special
controls). The special control is FDA’s
guidance document entitled ‘‘Class II
Special Controls Guidance Document:
Implantable Intra-Aneurysm Pressure
Measurement System.’’ See § 870.1 (e)
for the availability of this guidance
document.
Dated: February 6, 2006.
Linda S. Kahan,
Deputy Director, Center for Devices and
Radiological Health.
[FR Doc. 06–1417 Filed 2–14–06; 8:45 am]
BILLING CODE 4160–01–S
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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 March 2006. Interest
assumptions are also published on the
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective March 1, 2006.
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 should
call the Federal relay service by dialing
711 and ask for 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).
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 March 2006, (2)
adds to Appendix B to Part 4022 the
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15FER1
7872
Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Rules and Regulations
interest assumptions for the PBGC to
use for its own lump-sum payments in
plans with valuation dates during
March 2006, 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 March 2006.
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 5.70
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 February 2006) of 0.10 percent
for the first 20 years following the
valuation date and are otherwise
unchanged. These interest assumptions
reflect the PBGC’s recently updated
mortality assumptions, which are
effective for terminations on or after
January 1, 2006. See the PBGC’s final
rule published December 2, 2005 (70 FR
72205), which is available at https://
www.pbgc.gov/docs/05–23554.pdf.
Because the updated mortality
assumptions reflect improvements in
mortality, these interest assumptions are
higher than they would have been using
the old mortality assumptions.
The interest assumptions that the
PBGC will use for its own lump-sum
Rate set
For plans with a valuation
date
On or after
*
149
Before
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 no change from those in effect
for February 2006.
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 March 2006, 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.
3. In appendix C to part 4022, Rate Set
149, as set forth below, is added to the
table.
On or after
*
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149
Before
2.75
Jkt 208001
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
149, 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
*
n2
*
*
4.00
7
8
*
n1
n2
*
Deferred annuities
(percent)
i1
i2
*
4.00
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, a new
entry for March 2006, as set forth below,
is added to the table.
*
I
4. The authority citation for part 4044
continues to read as follows:
I
13:14 Feb 14, 2006
*
*
4–1–06
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
VerDate Aug<31>2005
*
Immediate
annuity rate
(percent)
*
3–1–06
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
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
I
Rate set
i1
*
4–1–06
List of Subjects
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
*
3–1–06
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).
PO 00000
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Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Rules and Regulations
The values of it are:
For valuation dates occurring in the month—
for t =
it
*
*
*
March 2006 ...........................................................................
Issued in Washington, DC, on this 8th day
of February 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 06–1375 Filed 2–14–06; 8:45 am]
BILLING CODE 7709–01–P
NATIONAL AERONAUTICS AND
SPACE ADMINISTRATION
48 CFR Part 1802
RIN: 2700–AD21
Change in Definition of Head of the
Contracting Activity
National Aeronautics and
Space Administration.
ACTION: Final rule.
AGENCY:
SUMMARY: This final rule amends the
NASA FAR Supplement (NFS) by
revising the definition for ‘‘Head of the
contracting activity (HCA).’’
DATES: Effective Date: February 15,
2006.
FOR FURTHER INFORMATION CONTACT:
Sheryl Goddard, NASA, Office of
Procurement, Program Operations
Division; (703) 553–2519; e-mail:
Sheryl.Goddard@nasa.gov.
SUPPLEMENTARY INFORMATION:
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A. Background
This final rule revises the definition
of ‘‘Head of the contracting activity
(HCA)’’ in NFS 1802.101 to designate
the Associate Administrator for the
VerDate Aug<31>2005
13:14 Feb 14, 2006
Jkt 208001
*
.0570
it
for t =
*
1–20
Space Operations Mission Directorate
(SOMD) as head of the contracting
activity for SOMD contracts. Previously,
the center director of the NASA
installation cognizant for award of an
SOMD contract was the designated
HCA. This administrative change is
consistent with the roles and
responsibilities of NASA officials.
B. Regulatory Flexibility Act
The Regulatory Flexibility Act does
not apply to this final rule. This final
rule does not constitute a significant
revision within the meaning of FAR
1.501 and Public Law 98–577, and
publication for public comment is not
required. However, NASA will consider
comments from small entities
concerning the affected NFS part 1802
in accordance with 5 U.S.C. 610.
Interested parties must submit such
comments separately and should cite 5
U.S.C. 601, et seq., in correspondence.
C. Paperwork Reduction Act
The Paperwork Reduction Act does
not apply because the changes do not
impose recordkeeping or information
collection requirements which require
the approval of the Office of
Management and Budget under 44
U.S.C. 3501, et seq.
List of Subjects in 48 CFR Part 1802
Government Procurement.
*
>20
.0475
1. The authority citation for 48 CFR
part 1802 continues to read as follows:
Authority: 42 U.S.C. 2473(c)(1).
2. Amend section 1802.101 by
revising the definition of ‘‘Head of the
contracting activity (HCA)’’ to read as
follows:
I
1802.101
Definitions.
*
*
*
*
*
Head of the contracting activity (HCA)
means, for field installations, the
Director or other head, and for NASA
Headquarters, the Assistant
Administrator for Management Systems.
For Space Operations Mission
Directorate (SOMD) contracts, the HCA
is the Associate Administrator for
SOMD in lieu of the field Center
Director(s). For Exploration Systems
Mission Directorate (ESMD) contracts,
the HCA is the Associate Administrator
for ESMD in lieu of the field Center
Director(s). For NASA Shared Services
Center (NSSC) contracts, the HCA is the
Executive Director of the NSSC in lieu
of the field Center Director(s).
*
*
*
*
*
[FR Doc. 06–1430 Filed 2–14–06; 8:45 am]
BILLING CODE 7510–01–P
Accordingly, 48 CFR part 1802 is
amended as follows:
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*
N/A
I
I
Frm 00031
N/A
for t =
PART 1802—DEFINITIONS OF WORDS
AND TERMS
Tom Luedtke,
Assistant Administrator for Procurement.
PO 00000
it
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]]>Agencies
[Federal Register Volume 71, Number 31 (Wednesday, February 15, 2006)]
[Rules and Regulations]
[Pages 7871-7873]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-1375]
=======================================================================
-----------------------------------------------------------------------
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 March 2006. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective March 1, 2006.
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 should call the Federal relay service by dialing 711 and
ask for 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).
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 March 2006, (2) adds to Appendix B to Part 4022
the
[[Page 7872]]
interest assumptions for the PBGC to use for its own lump-sum payments
in plans with valuation dates during March 2006, 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 March 2006.
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 5.70 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 February 2006) of 0.10
percent for the first 20 years following the valuation date and are
otherwise unchanged. These interest assumptions reflect the PBGC's
recently updated mortality assumptions, which are effective for
terminations on or after January 1, 2006. See the PBGC's final rule
published December 2, 2005 (70 FR 72205), which is available at https://
www.pbgc.gov/docs/05-23554.pdf. Because the updated mortality
assumptions reflect improvements in mortality, these interest
assumptions are higher than they would have been using the old
mortality assumptions.
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 no change from those in
effect for February 2006.
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 March
2006, 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 149, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
149 3-1-06 4-1-06 2.75 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 149, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
149 3-1-06 4-1-06 2.75 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 for March 2006, as set forth
below, is added to the table.
Appendix B to Part 4044--Interest Rates Used to Value Benefits
* * * * *
[[Page 7873]]
----------------------------------------------------------------------------------------------------------------
The values of it are:
For valuation dates occurring ----------------------------------------------------------------------------------
in the month-- it for t = it for t = it for t =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
March 2006................... .0570 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 8th day of February 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 06-1375 Filed 2-14-06; 8:45 am]
BILLING CODE 7709-01-P
