Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 7349-7351 [E7-2653]

Download as PDF Federal Register / Vol. 72, No. 31 / Thursday, February 15, 2007 / Rules and Regulations erjones on PRODPC74 with RULES rate of weight gain and improved feed efficiency in feedlot steers. DATES: This rule is effective February 15, 2007. FOR FURTHER INFORMATION CONTACT: Eric S. Dubbin, Center for Veterinary Medicine (HFV–126), Food and Drug Administration, 7500 Standish Pl., Rockville, MD 20855, 301–827–0232, email: eric.dubbin@fda.hhs.gov. SUPPLEMENTARY INFORMATION: Intervet, Inc., P.O. Box 318, 29160 Intervet Ln., Millsboro, DE 19966, filed NADA 141– 269 that provides for REVALOR XS (trenbolone acetate and estradiol), an ear implant, used for increased rate of weight gain and improved feed efficiency in steers fed in confinement for slaughter. The supplemental NADA is approved as of January 19, 2007, and the regulations are amended in § 522.2477 (21 CFR 522.2477) to reflect the approval. The basis of approval is discussed in the freedom of information summary. In addition, FDA is revising the regulations in § 522.2477 to correctly reflect products approved for another sponsor. This action is being taken to improve the accuracy of the regulations. In accordance with the freedom of information provisions of 21 CFR part 20 and 21 CFR 514.11(e)(2)(ii), a summary of safety and effectiveness data and information submitted to support approval of this application may be seen in the Division of Dockets Management (HFA–305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852, between 9 a.m. and 4 p.m., Monday through Friday. Under section 512(c)(2)(F)(ii) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 360b(c)(2)(F)(ii)), this approval qualifies for 3 years of marketing exclusivity beginning January 19, 2007. FDA has determined under 21 CFR 25.33(a)(1) that 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. This rule does not meet the definition of ‘‘rule’’ in 5 U.S.C. 804(3)(A) because it is a rule of ‘‘particular applicability.’’ Therefore, it is not subject to the congressional review requirements in 5 U.S.C. 801–808. List of Subjects in 21 CFR Part 522 Animal drugs. I Therefore, under the Federal Food, Drug, and Cosmetic Act and under the authority delegated to the Commissioner VerDate Aug<31>2005 14:51 Feb 14, 2007 Jkt 211001 of Food and Drugs and redelegated to the Center for Veterinary Medicine, 21 CFR part 522 is amended as follows: PART 522—IMPLANTATION OR INJECTABLE DOSAGE FORM NEW ANIMAL DRUGS 1. The authority citation for 21 CFR part 522 continues to read as follows: I Authority: 21 U.S.C. 360b. 2. In § 522.2477, revise paragraphs (b)(1), (b)(2), and (b)(3); and add paragraph (d)(1)(i)(G) to read as follows: I § 522.2477 estradiol. Trenbolone acetate and (b) * * * (1) No. 021641 for use as in paragraphs (d)(1)(i)(A), (d)(1)(i)(B), (d)(1)(i)(C), (d)(1)(i)(D), (d)(1)(i)(E), (d)(1)(i)(F), (d)(1)(ii), (d)(1)(iii), (d)(2), and (d)(3) of this section. (2) No. 057926 for use as in paragraphs (d)(1)(i)(A), (d)(1)(i)(C), (d)(1)(i)(D), (d)(1)(i)(G), (d)(1)(ii), (d)(1)(iii), (d)(2)(i)(A), (d)(2)(i)(C), (d)(2)(i)(D), (d)(2)(ii), (d)(2)(iii), (d)(3)(i)(A), (d)(3)(ii), and (d)(3)(iii) of this section. (3) No. 000856 for use as in paragraphs (d)(1)(i)(A), (d)(1)(i)(D), (d)(1)(ii), (d)(1)(iii), (d)(3)(i)(A), (d)(3)(ii), and (d)(3)(iii) of this section. (d) * * * (1) * * * (i) * * * (G) 200 milligram (mg) trenbolone acetate and 40 mg estradiol (one implant consisting of 10 pellets, each pellet containing 20 mg trenbolone acetate and 4 mg estradiol) per implant dose. Dated: February 6, 2007. Stephen F. Sundlof, Director, Center for Veterinary Medicine. [FR Doc. E7–2580 Filed 2–14–07; 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 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 7349 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 2007. Interest assumptions are also published on the PBGC’s Web site (https://www.pbgc.gov). DATES: Effective March 1, 2007. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, Regulatory and Policy Division, 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 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 2007, (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 March 2007, 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 2007. 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 5.22 percent for the first 20 years following the valuation date and 4.89 percent thereafter. These interest assumptions E:\FR\FM\15FER1.SGM 15FER1 7350 Federal Register / Vol. 72, No. 31 / Thursday, February 15, 2007 / Rules and Regulations represent an increase (from those in effect for February 2007) of 0.09 percent for the first 20 years following the valuation date and 0.09 percent for all years thereafter. 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 represent no change from those in effect for February 2007. 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 Immediate annuity rate (percent) Before * 3. In appendix C to part 4022, Rate Set 161, as set forth below, is added to the table. * For plans with a valuation date * * * * * * * i3 n1 4.00 * 4.00 7 8 n2 * n2 * * Deferred annuities (percent) i1 i2 3.00 i3 n1 4.00 * 4–1–07 * 4.00 7 * 4.00 * 8 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 March 2007, as set forth below, is added to the table. * I 4. The authority citation for part 4044 continues to read as follows: I * i2 4.00 Immediate annuity rate (percent) Before 3–1–07 2. In appendix B to part 4022, Rate Set 161, as set forth below, is added to the table. I Appendix C to Part 4022—Lump Sum Interest Rates For Private-Sector Payments Rate set * 161 Authority: 29 U.S.C. 1302, 1322, 1322b, 1341(c)(3)(D), and 1344. * i1 3.00 * On or after 1. The authority citation for part 4022 continues to read as follows: I Appendix B to Part 4022—Lump Sum Interest Rates For PBGC Payments * 4–1–07 I PART 4022—BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS Deferred annuities (percent) * 3–1–07 In consideration of the foregoing, 29 CFR parts 4022 and 4044 are amended as follows: I 29 CFR Part 4022 Employee benefit plans, Pension insurance, Pensions, Reporting and recordkeeping requirements. For plans with a valuation date * 161 Employee benefit plans, Pension insurance, Pensions. List of Subjects Rate set On or after 29 CFR Part 4044 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 March 2007, 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). * * * * The values of it are: For valuation dates occurring in the month— it erjones on PRODPC74 with RULES * * * March 2007 ....................................................................... VerDate Aug<31>2005 14:51 Feb 14, 2007 Jkt 211001 PO 00000 for t = it for t = 1–20 * .0489 >20 * .0522 Frm 00006 Fmt 4700 Sfmt 4700 E:\FR\FM\15FER1.SGM it * 15FER1 for t = * N/A N/A Federal Register / Vol. 72, No. 31 / Thursday, February 15, 2007 / Rules and Regulations Issued in Washington, DC, on this 12th day of February 2007. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. [FR Doc. E7–2653 Filed 2–14–07; 8:45 am] BILLING CODE 7709–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Parts 117 [USCG–2001–10881] RIN 1625–AA36 Drawbridge Operation Regulations; Amendments Coast Guard, DHS. ACTION: Final rule; correcting amendments. AGENCY: SUMMARY: This document contains corrections to the operating schedules of the SE. Third Avenue, Andrews Avenue and Marshal (Seventh Avenue) bridges across the New River, miles 1.4, 2.3, and 2.7 respectfully and the operating schedule of the Davie Boulevard (SW. Twelfth Street) bridge across the New River, South Fork, mile 0.9, Fort Lauderdale, Broward County, Florida published on December 4, 2006 in the Federal Register (71 FR 70305) under docket number USCG–2001–10881. DATES: This correction is effective February 15, 2007. ADDRESSES: Comments and material received from the public, as well as documents mentioned in this preamble as being available in the docket, are part of docket USCG–2001–10881 and are available for inspection or copying at the Docket Management Facility, U.S. Department of Transportation, room PL– 401, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. You may also find this docket on the Internet at https:// dms.dot.gov. Mr. Chris Jaufmann, Office of Bridge Administration, United States Coast Guard Headquarters, 202–372–1511. If you have questions on viewing or submitting material to the docket, call Renee V. Wright, Program Manager, Dockets Operations, Department of Transportation, telephone 202–493– 0402. erjones on PRODPC74 with RULES FOR FURTHER INFORMATION CONTACT: On December 4, 2006, the Coast Guard published a final rule (USCG–2001– SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 14:51 Feb 14, 2007 Jkt 211001 10881) that made technical, organizational, and conforming amendments throughout 33 CFR part 117. This rule became effective on January 4, 2007. (71 FR 70305) The effective date of this final rule inadvertently changed the operating schedules of the SE. Third Avenue, Andrews Avenue and Marshal (Seventh Avenue) bridges across the New River, miles 1.4, 2.3, and 2.7 respectfully and the operating schedule of the Davie Boulevard (SW. Twelfth Street) bridge across the New River, South Fork, mile 0.9, Fort Lauderdale, Broward County, Florida. The operating schedules for these bridges had been changed in a final rule published on November 8, 2006 in the Federal Register (docket number CGD07–06–019) and effective on December 8, 2006. (71 FR 65414) This correction document reverts the incorrect operating schedule back to the correct schedules established by the November 8, 2006 rule codified under CGD07–06–019. List of Subjects in 33 CFR Part 117 Bridges. Accordingly, 33 CFR part 117 is corrected by making the following correcting amendments: I PART 117—DRAWBRIDGE OPERATION REGULATIONS 1. The authority citation for part 117 continues to read as follows: I Authority: 33 U.S.C. 499; 33 CFR 1.05–1(g); and Department of Homeland Security Delegation No. 0170.1. 2. Revise § 117.313 paragraph (a) to read as follows: I § 117.313 New River. (a) The draw of the SE. Third Avenue bridge, mile 1.4 at Fort Lauderdale shall open on signal; except that, from 7:30 a.m. to 9 a.m. and 4:30 p.m. to 6 p.m., Monday through Friday, except Federal holidays, the draw need not open. Public vessels of the United States, tugs with tows, and vessels in distress shall be passed at any time. * * * * * I 3. Revise § 117.315 paragraph (a) to read as follows: § 117.315 New River, South Fork. (a) The draw of the Davie Boulevard (SW. Twelfth Street) bridge, mile 0.9 at Fort Lauderdale shall open on signal; except that, from 7:30 a.m. to 9 a.m. and 4:30 p.m. to 6 p.m., Monday through Friday, except Federal holidays, the draw need not open. Public vessels of the United States, tugs with tows, and PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 7351 vessels in distress shall be passed at any time. * * * * * Dated: February 9, 2007. Stefan G. Venckus, Chief, Office of Regulations and Administrative Law, United States Coast Guard. [FR Doc. E7–2589 Filed 2–14–07; 8:45 am] BILLING CODE 4910–15–P DEPARTMENT OF HOMELAND SECURITY Federal Emergency Management Agency 44 CFR Part 67 Final Flood Elevation Determinations Federal Emergency Management Agency, DHS. ACTION: Final rule. AGENCY: SUMMARY: Base (1% annual chance) Flood Elevations (BFEs) and modified BFEs are made final for the communities listed below. The BFEs and modified BFEs are the basis for the floodplain management measures that each community is required either to adopt or to show evidence of being already in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). DATES: The date of issuance of the Flood Insurance Rate Map (FIRM) showing BFEs and modified BFEs for each community. This date may be obtained by contacting the office where the maps are available for inspection as indicated on the table below. ADDRESSES: The final BFEs for each community are available for inspection at the office of the Chief Executive Officer of each community. The respective addresses are listed in the table below. FOR FURTHER INFORMATION CONTACT: William R. Blanton, Jr., Engineering Management Section, Mitigation Division, Federal Emergency Management Agency, 500 C Street, SW., Washington, DC 20472 (202) 646–3151. SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency (FEMA) makes the final determinations listed below for the modified BFEs for each community listed. These modified elevations have been published in newspapers of local circulation and ninety (90) days have elapsed since that publication. The Mitigation Division Director of FEMA has resolved any appeals resulting from this notification. E:\FR\FM\15FER1.SGM 15FER1

Agencies

[Federal Register Volume 72, Number 31 (Thursday, February 15, 2007)]
[Rules and Regulations]
[Pages 7349-7351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2653]


=======================================================================
-----------------------------------------------------------------------

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 2007. Interest assumptions are 
also published on the PBGC's Web site (https://www.pbgc.gov).

DATES: Effective March 1, 2007.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, 
Regulatory and Policy Division, 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 March 2007, (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 March 2007, 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 2007.
    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 5.22 percent for the first 20 years following the 
valuation date and 4.89 percent thereafter. These interest assumptions

[[Page 7350]]

represent an increase (from those in effect for February 2007) of 0.09 
percent for the first 20 years following the valuation date and 0.09 
percent for all years thereafter.
    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 represent no change from those in 
effect for February 2007. 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 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 March 
2007, 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 161, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
           161             3-1-07            4-1-07              3.00              4.00              4.00              4.00                 7       8
--------------------------------------------------------------------------------------------------------------------------------------------------------


0
3. In appendix C to part 4022, Rate Set 161, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                      * * * * * * *
           161             3-1-07            4-1-07              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 for March 2007, 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 =
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
March 2007..................        .0522          1-20         .0489           >20           N/A           N/A
----------------------------------------------------------------------------------------------------------------



[[Page 7351]]

    Issued in Washington, DC, on this 12th day of February 2007.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty Corporation.
 [FR Doc. E7-2653 Filed 2-14-07; 8:45 am]
BILLING CODE 7709-01-P
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