Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 27959-27961 [06-4489]
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27959
Federal Register / Vol. 71, No. 93 / Monday, May 15, 2006 / Rules and Regulations
Combination in
grams per ton
Zoalene in grams per ton
(ii) 113.5 (0.0125%).
*
Indications for use
*
*
Limitations
*
*
*
*
*
*
Bacitracin 100
to 500
*
*
*
Bambermycins
1
Feed continuously as sole ration. Do
not feed to chickens over 14 weeks
of age. Bambermycins as provided
by No. 016592 in § 510.600(c) of this
chapter.
Bambermycins
1 plus
roxarsone
22.7
*
Broiler chickens: As an aid in the prevention and control of coccidiosis;
and for increased rate of weight gain
and improved feed efficiency.
Broiler chickens: As an aid in the prevention and control of coccidiosis;
and for increased rate of weight gain
and improved feed efficiency.
Feed continuously as sole ration. Do
not feed to chickens over 14 weeks
of age; feed as sole source of organic arsenic; withdraw 5 days before slaughter. Bambermycins as
provided by No. 016592, roxarsone
by No. 046573 in § 510.600(c) of this
chapter.
*
*
(2) Zoalene may also be used in
combination with roxarsone as in
§ 558.530.
Dated: May 3, 2006.
Steven D. Vaughn,
Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. 06–4505 Filed 5–12–06; 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.
dsatterwhite on PROD1PC76 with RULES
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 June 2006. Interest assumptions
are also published on the PBGC’s Web
site (https://www.pbgc.gov).
DATES: Effective June 1, 2006.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, Legislative
and Regulatory Department, Pension
Benefit Guaranty Corporation, 1200 K
VerDate Aug<31>2005
21:49 May 12, 2006
Jkt 208001
*
*
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
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 June 2006, (2) adds to appendix
B to part 4022 the interest assumptions
for the PBGC to use for its own lumpsum payments in plans with valuation
dates during June 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
PO 00000
Frm 00011
Fmt 4700
Sfmt 4700
*
*
use lump-sum interest rates determined
using the PBGC’s historical
methodology for valuation dates during
June 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 6.20 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 May
2006) of 0.30 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 3.25 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 May 2006) 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
E:\FR\FM\15MYR1.SGM
15MYR1
27960
Federal Register / Vol. 71, No. 93 / Monday, May 15, 2006 / Rules and Regulations
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 current
market conditions as accurately as
possible.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during June 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
Rate set
For plans with a valuation
date
On or after
*
Before
*
152
For plans with a
valuation date
On or after
6–1–06
2. In appendix B to part 4022, Rate Set
152, as set forth below, is added to the
table.
I
29 CFR Part 4044
Appendix B to Part 4022—Lump Sum
Interest Rates For PBGC Payments
Employee benefit plans, Pension
insurance, Pensions.
I In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
*
i2
i1
*
n1
n2
*
4.00
*
*
*
*
*
4.00
7
8
n1
n2
*
Deferred annuities
(percent)
i1
i2
*
i3
*
3.25
4.00
*
4.00
*
4.00
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
4. The authority citation for part 4044
continues to read as follows:
*
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
7–1–06
I
*
i3
*
4.00
*
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
*
Deferred annuity
(percent)
Immediate
annuity rate
(percent)
Immediate
annuity rate
(percent)
Before
*
152
Appendix B—[Amended]
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
3.25
3. In appendix C to part 4022, Rate Set
152, as set forth below, is added to the
table.
*
29 CFR Part 4022
7–1–06
I
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.
*
Appendix C—[Amended]
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
List of Subjects
*
6–1–06
Rate set
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).
7
8
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
Appendix B—[Amended]
I 5. In appendix B to part 4044, a new
entry for June 2006, as set forth below,
is added to the table.
The values of it are:
For valuation dates occurring in the month—
it
dsatterwhite on PROD1PC76 with RULES
*
*
*
*
June 2006 .........................................................................
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21:49 May 12, 2006
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Sfmt 4700
for t =
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it
for t =
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>20
E:\FR\FM\15MYR1.SGM
15MYR1
N/A
N/A
Federal Register / Vol. 71, No. 93 / Monday, May 15, 2006 / Rules and Regulations
Issued in Washington, DC, on this 9th day
of May 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 06–4489 Filed 5–12–06; 8:45 am]
BILLING CODE 7709–01–P
DEPARTMENT OF DEFENSE
D. National Environmental Policy Act
The Department of the Army has
determined that the National
Environmental Policy Act does not
apply because the rule does not have an
adverse impact on the environment.
Department of the Army
32 CFR Part 635
RIN 0702–AA52–U
Law Enforcement Reporting
Department of the Army, DoD.
Final rule.
AGENCY:
ACTION:
SUMMARY: The Department of the Army
is publishing our rule concerning law
enforcement reporting, to implement
portions of Section 577(b)(5) of the
Ronald W. Reagan National Defense
Authorization Act for Fiscal Year 2005,
October 28, 2004, Public Law 108–375,
pertaining to reporting of sexual
assaults. This rule also implements
Department of Defense policy
concerning sexual assault.
DATES: Effective Date: June 14, 2006.
ADDRESSES: Headquarters, Department
of the Army, Office of the Provost
Marshal General, ATTN: DAPM–MPD–
LE, 2800 Army Pentagon, Washington,
DC 20310–2800.
FOR FURTHER INFORMATION CONTACT:
James Crumley, (703) 692–6721.
SUPPLEMENTARY INFORMATION:
dsatterwhite on PROD1PC76 with RULES
A. Background
In the December 9, 2005 issue of the
Federal Register (70 FR 73181) the
Department of the Army published a
proposed rule, amending 32 CFR part
635. This final rule amends 32 CFR part
635 to implement portions of Section
577(b)(5) of the Ronald W. Reagan
National Defense Authorization Act for
Fiscal Year 2005, October 28, 2004,
Public Law 108–375, pertaining to
reporting of sexual assaults. This
revision also implements Department of
Defense policy concerning sexual
assault. The Department of the Army
received no responses to the proposed
rule.
B. Regulatory Flexibility Act
The Department of the Army has
determined that the Regulatory
Flexibility Act does not apply because
the rule does not have a significant
economic impact on a substantial
number of small entities within the
meaning of the Regulatory Flexibility
Act, 5 U.S.C. 601–612.
VerDate Aug<31>2005
21:49 May 12, 2006
Jkt 208001
C. Unfunded Mandates Reform Act
The Department of the Army has
determined that the Unfunded
Mandates Reform Act does not apply
because the rule does not include a
mandate that may result in estimated
costs to State, local or tribal
governments in the aggregate, or the
private sector, of $100 million or more.
27961
For reasons stated in the preamble the
Department of the Army amends 32 CFR
part 635 to read as follows:
I
PART 635—LAW ENFORCEMENT
REPORTING
1. The authority citation for part 635
continues to read as follows:
I
Authority: 28 U.S.C. 534 note, 42 U.S.C.
10601, 18 U.S.C. 922, 42 U.S.C. 14071, 10
U.S.C. 1562, 10 U.S.C. Chap. 47, Pub. L. 108–
375.
§§ 635.33 through 635.36 [Redesignated as
§§ 635.34 through 635.37]
2. Redesignate §§ 625.33 through
635.36 as §§ 635.34 through 635.37,
respectively.
I
E. Paperwork Reduction Act
The Department of the Army has
determined that the Paperwork
Reduction Act does not apply because
the rule does not involve collection of
information from the public.
§§ 635.31 and 635.32 [Redesignated as
§§ 635.32 and 635.33]
F. Executive Order 12630 (Government
Actions and Interference With
Constitutionally Protected Property
Rights)
The Department of the Army has
determined that Executive Order 12630
does not apply because the rule does not
impair private property rights.
§ 635.31 Procedures for Restricted/
Unrestricted Reporting in Sexual Assault
Cases.
G. Executive Order 12866 (Regulatory
Planning and Review)
The Department of the Army has
determined that according to the criteria
defined in Executive Order 12866 this
rule is not a significant regulatory
action. As such, the rule is not subject
to Office of Management and Budget
review under section 6(a)(3) of the
Executive Order.
H. Executive Order 13045 (Protection of
Children From Environmental Health
Risk and Safety Risks)
The Department of the Army has
determined that according to the criteria
defined in Executive Order 13045 this
rule does not apply.
I. Executive Order 13132 (Federalism)
The Department of the Army has
determined that according to the criteria
defined in Executive Order 13132 this
rule does not apply because it will not
have a substantial effect 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.
Mark Darden,
Chief, Law Enforcement Policy Branch.
List of Subjects in 32 CFR Part 635
Crime, Law, Law enforcement, Law
enforcement officers, Military law.
PO 00000
Frm 00013
Fmt 4700
Sfmt 4700
3. Redesignate §§ 635.31 and 635.32
as §§ 635.32 and 635.33, respectively.
I 4. A new § 635.31 is added to Subpart
D to read as follows:
I
Active duty Soldiers, and Army
National Guard and U.S. Army Reserve
Soldiers who are subject to military
jurisdiction under the UCMJ, can elect
either restricted or unrestricted
reporting if they are the victim of a
sexual assault.
(a) Unrestricted Reporting.
Unrestricted reporting requires normal
law enforcement reporting and
investigative procedures.
(b) Restricted reporting requires that
law enforcement and criminal
investigative organizations not be
informed of a victim’s identity and not
initiate investigative procedures. The
victim may allow Sexual Assault
Response Coordinators (SARC), health
care providers (HCP), or chaplains to
collect specific items (clothing, bedding,
etc.) that may be later used as evidence,
should the victim later decide to report
the incident to law enforcement. In
sexual assault cases additional forensic
evidence may be collected using the
‘‘Sexual Assault Evidence Collection
Kit,’’ NSN 6640–01–423–9132, or a
suitable substitute (hereafter, ‘‘evidence
kit’’). The evidence kit, other items such
as clothing or bedding sheets, and any
other articles provided by the HCP,
SARC, or chaplain will be stored in the
installation provost marshal’s evidence
room separate from other evidence and
property. Procedures for handling
evidence specified in AR 195–5,
Evidence Procedures, will be strictly
followed.
(c) Installation Provost Marshals will
complete an information report in COPS
E:\FR\FM\15MYR1.SGM
15MYR1
]]>Agencies
[Federal Register Volume 71, Number 93 (Monday, May 15, 2006)]
[Rules and Regulations]
[Pages 27959-27961]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-4489]
=======================================================================
-----------------------------------------------------------------------
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 June 2006. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective June 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 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).
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 June 2006, (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 June 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 June 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 6.20 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 May 2006) of 0.30
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 3.25
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 May 2006) 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
[[Page 27960]]
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 current market
conditions as accurately as possible.
Because of the need to provide immediate guidance for the valuation
and payment of benefits in plans with valuation dates during June 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.
Appendix B--[Amended]
0
2. In appendix B to part 4022, Rate Set 152, 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 annuity (percent)
Rate set ---------------------------------- annuity rate ------------------------------------------------------------------------------------
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
152 6-1-06 7-1-06 3.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Appendix C--[Amended]
0
3. In appendix C to part 4022, Rate Set 152, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
152 6-1-06 7-1-06 3.25 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.
Appendix B--[Amended]
0
5. In appendix B to part 4044, a new entry for June 2006, 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 =
----------------------------------------------------------------------------------------------------------------
* * * * * * *
June 2006................... .0620 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
[[Page 27961]]
Issued in Washington, DC, on this 9th day of May 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 06-4489 Filed 5-12-06; 8:45 am]
BILLING CODE 7709-01-P
