Benefits Payable in Terminated Single-Employer Plans; Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 28037-28038 [E8-10886]
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Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Rules and Regulations
supplemental ANADA provides for the
veterinary prescription use of flunixin
meglumine solution by intravenous
injection in lactating dairy cattle for
control of pyrexia associated with acute
bovine mastitis.
DATES: This rule is effective May 15,
2008.
FOR FURTHER INFORMATION CONTACT: John
K. Harshman, Center for Veterinary
Medicine (HFV–104), Food and Drug
Administration, 7500 Standish Pl.,
Rockville, MD 20855, 240–276–8197, email: john.harshman@fda.hhs.gov.
SUPPLEMENTARY INFORMATION: IVX
Animal Health, Inc., 3915 South 48th
Street Ter., St. Joseph, MO 64503, filed
supplemental ANADA 200–124 that
provides for veterinary prescription use
of Flunixin Meglumine Injection
intravenously in lactating dairy cattle
for control of pyrexia associated with
acute bovine mastitis. The supplemental
ANADA is approved as of April 24,
2008, and the regulations are amended
in 21 CFR 522.970 to reflect the
approval.
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.
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.
yshivers on PROD1PC66 with RULES
List of Subjects in 21 CFR Part 522
Animal drugs.
I Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
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
VerDate Aug<31>2005
15:14 May 14, 2008
Jkt 214001
Authority: 21 U.S.C. 360b.
2. In § 522.970, revise paragraphs
(b)(2) and (b)(4) to read as follows:
I
§ 522.970
Flunixin.
*
*
*
*
*
(b) * * *
(2) See Nos. 057561 and 061623 for
use as in paragraphs (e)(1), (e)(2)(i)(A),
(e)(2)(ii)(A), and (e)(2)(iii) of this
section.
*
*
*
*
*
(4) See Nos. 055529 and 059130 for
use as in paragraphs (e)(1) and (e)(2) of
this section.
*
*
*
*
*
Dated: May 6, 2008.
Bernadette Dunham,
Director, Center for Veterinary Medicine.
[FR Doc. E8–10856 Filed 5–14–08; 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 June 2008. Interest assumptions
are also published on the PBGC’s Web
site (https://www.pbgc.gov).
DATES: Effective June 1, 2008.
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
PO 00000
Frm 00013
Fmt 4700
Sfmt 4700
28037
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 2008, (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
2008, 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 2008.
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 5.68
percent for the first 20 years following
the valuation date and 4.75 percent
thereafter. These interest assumptions
represent a decrease (from those in
effect for May 2008) of 0.13 percent for
the first 20 years following the valuation
date and 0.13 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 3.25 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 no change from those in effect
for May 2008. 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
E:\FR\FM\15MYR1.SGM
15MYR1
28038
Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Rules and Regulations
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 2008, 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
Rate set
For plans with a valuation
date
On or after
*
176
Before
amendment, the Regulatory Flexibility
Act of 1980 does not apply. See 5 U.S.C.
601(2).
List of Subjects
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Employee benefit plans, Pension
insurance, Pensions.
I In consideration of the foregoing, 29
CFR parts 4022 and 4044 are amended
as follows:
2. In appendix B to part 4022, Rate Set
176, 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
On or after
*
176
Before
*
*
*
*
*
i2
i3
*
4.00
4.00
n1
*
n2
*
*
4.00
7
8
n1
n2
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
*
*
i1
3.25
i2
*
4.00
*
07–1–08
*
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
06–1–08
i1
3.25
*
Rate set
I
Deferred annuities (percent)
Immediate
annuity rate
(percent)
*
3. In appendix C to part 4022, Rate Set
176, as set forth below, is added to the
table.
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
29 CFR Part 4044
07–1–08
I
1. The authority citation for part 4022
continues to read as follows:
I
29 CFR Part 4022
*
06–1–08
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
i3
4.00
*
*
*
4.00
7
8
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
Appendix B to Part 4044—Interest
Rates Used to Value Benefits
5. In appendix B to part 4044, a new
entry for June 2008, 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
*
*
*
June 2008 .........................................................................
yshivers on PROD1PC66 with RULES
Issued in Washington, DC, on this 9th day
of May 2008.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E8–10886 Filed 5–14–08; 8:45 am]
BILLING CODE 7709–01–P
for t =
it
for t =
1–20
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.0475
>20
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.0568
N/A
Notice of enforcement of
regulation.
Coast Guard
SUMMARY: The Coast Guard will enforce
a safety zone for the Weymouth 4th of
July fireworks event. This action is to
ensure the safety of life and protection
of property during the fireworks event.
During the enforcement period, no
person or vessel may enter the safety
zone without permission of the Captain
of the Port Boston.
33 CFR Part 100
[Docket No. USCG–2008–0323]
Jkt 214001
*
N/A
ACTION:
AGENCY:
15:14 May 14, 2008
*
for t =
DEPARTMENT OF HOMELAND
SECURITY
Notice of Enforcement of Regulation
VerDate Aug<31>2005
it
PO 00000
Coast Guard, DHS.
Frm 00014
Fmt 4700
Sfmt 4700
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15MYR1
]]>Agencies
[Federal Register Volume 73, Number 95 (Thursday, May 15, 2008)]
[Rules and Regulations]
[Pages 28037-28038]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10886]
=======================================================================
-----------------------------------------------------------------------
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 2008. Interest assumptions are
also published on the PBGC's Web site (https://www.pbgc.gov).
DATES: Effective June 1, 2008.
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 June 2008, (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 2008, 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 2008.
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 5.68 percent for the first 20 years following the
valuation date and 4.75 percent thereafter. These interest assumptions
represent a decrease (from those in effect for May 2008) of 0.13
percent for the first 20 years following the valuation date and 0.13
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 3.25
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 no change from those in
effect for May 2008. 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
[[Page 28038]]
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 2008,
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 176, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
176 06-1-08 07-1-08 3.25 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 176, 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
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
176 06-1-08 07-1-08 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.
0
5. In appendix B to part 4044, a new entry for June 2008, 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 2008................... .0568 1-20 .0475 >20 N/A N/A
----------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 9th day of May 2008.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E8-10886 Filed 5-14-08; 8:45 am]
BILLING CODE 7709-01-P
