Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits, 7180-7181 [E9-3135]
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7180
Federal Register / Vol. 74, No. 29 / Friday, February 13, 2009 / Rules and Regulations
Dated: February 9, 2009.
William F. Hagy III,
Acting Deputy Under Secretary, Rural
Development.
[FR Doc. E9–3092 Filed 2–12–09; 8:45 am]
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.
BILLING CODE 3410–XY–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 520
List of Subjects in 21 CFR Part 520
[Docket No. FDA–2009–N–0665]
Animal drugs.
Oral Dosage Form New Animal Drugs;
Tiamulin
AGENCY:
Food and Drug Administration,
HHS.
cprice-sewell on PRODPC61 with RULES
ACTION:
Final rule.
SUMMARY: The Food and Drug
Administration (FDA) is amending the
animal drug regulations to reflect
approval of a supplemental new animal
drug application (NADA) filed by
Novartis Animal Health US, Inc. The
supplemental NADA provides for
removal of a 250-pound weight
restriction and the addition of a
reproductive caution statement to
labeling of tiamulin concentrate
solution used in drinking water for the
treatment of certain bacterial respiratory
and enteric diseases in swine.
DATES: This rule is effective February
13, 2009.
FOR FURTHER INFORMATION CONTACT:
Cindy L. Burnsteel, Center for
Veterinary Medicine (HFV–130), Food
and Drug Administration, 7500 Standish
Pl., Rockville, MD 20855, 240–276–
8341, e-mail:
cindy.burnsteel@fda.hhs.gov.
SUPPLEMENTARY INFORMATION: Novartis
Animal Health US, Inc., 3200 Northline
Ave., suite 300, Greensboro, NC 27408,
filed a supplement to NADA 140–916
for DENAGARD (tiamulin) Liquid
Concentrate used for the treatment of
certain bacterial respiratory and enteric
diseases in swine. The supplemental
NADA provides for removal of a 250pound weight restriction and the
addition of a reproductive caution
statement to labeling. The supplemental
NADA is approved as of January 27,
2009, and 21 CFR 520.2455 is amended
to reflect the approval.
Approval of this supplemental NADA
did not require review of additional
safety or effectiveness data or
information. Therefore, a freedom of
information summary is not required.
The agency has determined under 21
CFR 25.33(d)(1) that this action is of a
VerDate Nov<24>2008
13:38 Feb 12, 2009
Jkt 217001
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 520 is amended as follows:
■
PART 520—ORAL DOSAGE FORM
NEW ANIMAL DRUGS
1. The authority citation for 21 CFR
part 520 continues to read as follows:
■
Authority: 21 U.S.C. 360b.
2. In § 520.2455, remove paragraph
(d), redesignate paragraph (e) as
paragraph (d), and revise newly
redesignated paragraph (d)(2) to read as
follows:
■
§ 520.2455
Tiamulin.
*
*
*
*
*
(d) * * *
(2) Limitations. Use as only source of
drinking water. Prepare fresh medicated
water daily. Withdraw medication 3
days before slaughter following
treatment at 3.5 mg/lb and 7 days before
slaughter following treatment at 10.5
mg/lb of body weight. Swine being
treated with tiamulin should not have
access to feeds containing polyether
ionophores (e.g., lasalocid, monensin,
narasin, salinomycin, or semduramycin)
as adverse reactions may occur. The
effects of tiamulin on swine
reproductive performance, pregnancy,
and lactation have not been determined.
Dated: February 10, 2009.
Steven D. Vaughn,
Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. E9–3131 Filed 2–12–09; 8:45 am]
BILLING CODE 4160–01–S
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PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Valuing and Paying Benefits
AGENCY: Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
SUMMARY: Pension Benefit Guaranty
Corporation’s regulation on Benefits
Payable in Terminated Single-Employer
Plans prescribes interest assumptions
for valuing and paying certain benefits
under terminating single-employer
plans. This final rule amends the benefit
payments regulation to adopt interest
assumptions for plans with valuation
dates in March 2009. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective March 1, 2009.
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: 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.
These interest assumptions are found
in two PBGC regulations: The regulation
on Benefits Payable in Terminated
Single-Employer Plans (29 CFR part
4022) and the regulation on Allocation
of Assets in Single-Employer Plans (29
CFR Part 4044). Assumptions under the
asset allocation regulation are updated
quarterly; assumptions under the benefit
payments regulation are updated
monthly. This final rule updates only
the assumptions under the benefit
payments regulation.
Two sets of interest assumptions are
prescribed under the benefit payments
regulation: (1) A set for PBGC to use to
determine whether a benefit is payable
as a lump sum and to determine lumpsum amounts to be paid by PBGC (found
in Appendix B to Part 4022), and (2) a
set for private-sector pension
practitioners to refer to if they wish to
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Federal Register / Vol. 74, No. 29 / Friday, February 13, 2009 / Rules and Regulations
use lump-sum interest rates determined
using PBGC’s historical methodology
(found in Appendix C to Part 4022).
This amendment (1) adds to
Appendix B to Part 4022 the interest
assumptions for PBGC to use for its own
lump-sum payments in plans with
valuation dates during March 2009, and
(2) 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 PBGC’s historical
methodology for valuation dates during
March 2009.
The interest assumptions that PBGC
will use for its own lump-sum payments
(set forth in Appendix B to part 4022)
will be 3.50 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 February 2009) of 0.50 percent
in the immediate annuity rate 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 PBGC for
determining and paying lump sums (set
forth in Appendix B to part 4022).
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 2009,
PBGC finds that good cause exists for
making the assumptions set forth in this
amendment effective less than 30 days
after publication.
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
For plans with a
valuation date
On or after
Before
*
185 ....................................
*
*
4–1–09
3.50
3–1–09
3. In appendix C to part 4022, Rate Set
185, as set forth below, is added to the
table.
■
*
For plans with a
valuation date
*
*
Before
*
*
4–1–09
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BILLING CODE 7709–01–P
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
4.00
*
4.00
*
n1
*
n2
*
7
8
n1
n2
Deferred annuities
(percent)
i1
i2
i3
4.00
*
4.00
4.00
*
*
*
7
8
DEPARTMENT OF HOMELAND
SECURITY
ACTION: Interim rule with request for
comments.
Coast Guard
SUMMARY: The Coast Guard is
establishing a safety zone around the
Perdido Regional Host (PRH), a highproduction, manned oil and natural gas
platform. The platform needs to be
protected from vessels operating outside
the normal shipping channels and
fairways. Placing a safety zone around
the platform will significantly reduce
the threat of allisions, oil spills, and
releases of natural gas, and thereby
protect the safety of life, property, and
the environment.
33 CFR Part 147
[Docket No. USCG–2008–1051]
AGENCY:
Jkt 217001
2. In appendix B to part 4022, Rate Set
185, as set forth below, is added to the
table.
■
i3
Safety Zone; Perdido Regional Host
Outer Continental Shelf Platform in the
Gulf of Mexico
13:38 Feb 12, 2009
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
i2
RIN 1625–AA00
VerDate Nov<24>2008
1. The authority citation for part 4022
continues to read as follows:
■
*
3.50
Issued in Washington, DC, on this 6th day
of February 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E9–3135 Filed 2–12–09; 8:45 am]
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
4.00
Immediate
annuity rate
(percent)
3–1–09
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
■
i1
*
On or after
*
185 ....................................
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
Appendix C to Part 4022—Lump Sum
Interest Rates for Private-Sector
Payments
*
Rate set
List of Subjects in 29 CFR Part 4022
Deferred annuities
(percent)
Immediate
annuity rate
(percent)
Rate set
amendment, the Regulatory Flexibility
Act of 1980 does not apply. See 5 U.S.C.
601(2).
PO 00000
Coast Guard, DHS.
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]]>Agencies
[Federal Register Volume 74, Number 29 (Friday, February 13, 2009)]
[Rules and Regulations]
[Pages 7180-7181]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-3135]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated Single-Employer Plans; Interest
Assumptions for Valuing and Paying Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: Pension Benefit Guaranty Corporation's regulation on Benefits
Payable in Terminated Single-Employer Plans prescribes interest
assumptions for valuing and paying certain benefits under terminating
single-employer plans. This final rule amends the benefit payments
regulation to adopt interest assumptions for plans with valuation dates
in March 2009. Interest assumptions are also published on PBGC's Web
site (https://www.pbgc.gov).
DATES: Effective March 1, 2009.
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: 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.
These interest assumptions are found in two PBGC regulations: The
regulation on Benefits Payable in Terminated Single-Employer Plans (29
CFR part 4022) and the regulation on Allocation of Assets in Single-
Employer Plans (29 CFR Part 4044). Assumptions under the asset
allocation regulation are updated quarterly; assumptions under the
benefit payments regulation are updated monthly. This final rule
updates only the assumptions under the benefit payments regulation.
Two sets of interest assumptions are prescribed under the benefit
payments regulation: (1) A set for PBGC to use to determine whether a
benefit is payable as a lump sum and to determine lump-sum amounts to
be paid by PBGC (found in Appendix B to Part 4022), and (2) a set for
private-sector pension practitioners to refer to if they wish to
[[Page 7181]]
use lump-sum interest rates determined using PBGC's historical
methodology (found in Appendix C to Part 4022).
This amendment (1) adds to Appendix B to Part 4022 the interest
assumptions for PBGC to use for its own lump-sum payments in plans with
valuation dates during March 2009, and (2) 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 PBGC's historical methodology for valuation dates during March
2009.
The interest assumptions that PBGC will use for its own lump-sum
payments (set forth in Appendix B to part 4022) will be 3.50 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
February 2009) of 0.50 percent in the immediate annuity rate 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 PBGC for determining and paying lump sums (set forth in
Appendix B to part 4022).
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
2009, PBGC finds that good cause exists for making the assumptions set
forth in this amendment effective less than 30 days after publication.
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 in 29 CFR Part 4022
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
0
In consideration of the foregoing, 29 CFR part 4022 is 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 185, 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 Deferred annuities (percent)
valuation date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
185..................................... 3-1-09 4-1-09 3.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
0
3. In appendix C to part 4022, Rate Set 185, 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 Deferred annuities (percent)
valuation date Immediate ---------------------------------------------------------------------
Rate set ---------------------------- annuity rate
On or after Before (percent) i1 i2 i3 n1 n2
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
185..................................... 3-1-09 4-1-09 3.50 4.00 4.00 4.00 7 8
--------------------------------------------------------------------------------------------------------------------------------------------------------
Issued in Washington, DC, on this 6th day of February 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. E9-3135 Filed 2-12-09; 8:45 am]
BILLING CODE 7709-01-P
