Federal Register / Vol. 69, No. 240 / Wednesday, December 15, 2004 / Rules and Regulations 74973

TABLE OF CONCENTRATION LIMITS—Continued

DEA chemical 

code number Concentration Special conditions 

Sulfuric acid ........................................................... 6552 20% by Weight or Volume.Sulfuric acid in an inert carrier solvent, such as 

aqueous or alcoholic solutions, is not considered a mixture. Weight is based on sulfuric 

acid in the mixture and not the combined 

weight of the carrier solvent, if any. 

Toluene ................................................................. 594 35% by Weight or Volume.Exports only; Limit applies to toluene or any 

combination of acetone, ethyl ether, 2-butanone, methyl isobutyl ketone, and toluene if 

present in the mixture by summing the concentrations for each chemical. 

(d) The following categories of 

chemical mixtures are automatically 

exempt from the provisions of the 

Controlled Substances Act as described 

in paragraph (a) of this section: 

(1) * * * 

(2) Chemical mixtures that are 

distributed directly to an incinerator for 

destruction or directly to an authorized 

waste recycler or reprocessor where 

such distributions are documented on 

United States Environmental Protection 

Agency Form 8700–22; persons 

distributing the mixture to the 

incinerator or recycler must maintain 

and make available to agents of the 

Administration, upon request, such 

documentation for a period of no less 

than two years. 

(3) Completely formulated paints and 

coatings: Completely formulated paints 

and coatings are only those formulations 

that contain all the components of the 

paint or coating for use in the final 

application without the need to add any 

additional substances except a thinner if 

needed in certain cases. A completely 

formulated paint or coating is defined as 

any clear or pigmented liquid, 

liquefiable or mastic composition 

designed for application to a substrate 

in a thin layer that is converted to a 

clear or opaque solid protective, 

decorative, or functional adherent film 

after application. Included in this 

category are clear coats, topcoats, 

primers, varnishes, sealers, adhesives, 

lacquers, stains, shellacs, inks, and 

temporary protective coatings.

* * * * *

Dated: December 9, 2004. 

Michele M. Leonhart, 

Deputy Administrator.

[FR Doc. 04–27449 Filed 12–14–04; 8:45 am] 

BILLING CODE 4410–09–P

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

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 singleemployer plans. This final rule amends 

the regulations to adopt interest 

assumptions for plans with valuation 

dates in January 2005. Interest 

assumptions are also published on the 

PBGC’s Web site (http://www.pbgc.gov).

EFFECTIVE DATE: January 1, 2005.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General 

Counsel, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

1200 K Street, NW., Washington, DC 

20005, 202–326–4024. (TTY/TDD users 

may call the Federal relay service tollfree 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). 

Accordingly, 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 January 2005, (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 

January 2005, 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 January 2005.

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 4.10 

percent for the first 20 years following 

the valuation date and 4.75 percent 

thereafter. These interest assumptions 

(in comparison to those in effect for 

December 2004) represent an increase of 

0.30 percent for the first 20 years 

following the valuation date and a 

decrease of 0.25 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 an increase (from those in 

effect for December 2004) of 0.25 

percent for the period during which a 

74974 Federal Register / Vol. 69, No. 240 / Wednesday, December 15, 2004 / Rules and Regulations 

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 

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 January 2005, 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.

■ In consideration of the foregoing, 29 

CFR parts 4022 and 4044 are amended as 

follows:

PART 4022—BENEFITS PAYABLE IN 

TERMINATED SINGLE-EMPLOYER 

PLANS

■ 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.

■ 2. In appendix B to part 4022, Rate Set 

135, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

Appendix B to Part 4022—Lump Sum 

Interest Rates For PBGC Payments

* * * * *

Rate set 

For plans with a valuation 

date Immediate

annuity rate

(percent) 

Deferred annuities

(percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

135 1–1–05 2–1–05 3.00 4.00 4.00 4.00 7 8 

■ 3. In appendix C to part 4022, Rate Set 

135, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

Appendix C to Part 4022—Lump Sum 

Interest Rates For Private-Sector 

Payments

* * * * *

Rate set 

For plans with a valuation 

date Immediate

annuity rate

(percent) 

Deferred annuities

(percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

135 1–1–05 2–1–05 3.00 4.00 4.00 4.00 7 8 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS

■ 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.

■ 5. In appendix B to part 4044, a new 

entry, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

Appendix B to Part 4044—Interest 

Rates Used To Value Benefits

* * * * *

For valuation dates occurring in the month—

The values of it are: 

it for t = it for t = it for t = 

* * * * * * * 

January 2005 ........................................................ .0410 1–20 .0475 >20 N/A N/A 

Federal Register / Vol. 69, No. 240 / Wednesday, December 15, 2004 / Rules and Regulations 74975

Issued in Washington, DC, on this 9th day 

of December 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–27443 Filed 12–14–04; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD08–04–033] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

Mississippi River, Iowa, and Illinois

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

SUMMARY: The Coast Guard is changing 

the regulation governing the Rock Island 

Railroad & Highway Drawbridge, across 

the Upper Mississippi River at Mile 

482.9, at Rock Island, Illinois. The 

drawbridge need not open for river 

traffic and may remain in the closed-tonavigation position from 7 a.m., 

December 15, 2004, until 8 a.m., March 

15, 2005. This rule allows time for 

making upgrades to critical mechanical 

components and perform scheduled 

annual maintenance/repairs.

DATES: This rule is effective 7 a.m., 

December 15, 2004, until 8 a.m., March 

15, 2005.

ADDRESSES: Comments and material 

received from the public, as well as 

documents indicated in this preamble as 

being available in the docket, are part of 

the docket [CGD08–04–033] and are 

available for inspection or copying at 

room 2.107f in the Robert A. Young 

Federal Building at Eighth Coast Guard 

District, between 8 a.m. and 4 p.m., 

Monday through Friday, except Federal 

holidays. Commander (obr), Eighth 

Coast Guard District, maintains the 

public docket for this rulemaking.

FOR FURTHER INFORMATION CONTACT: Mr. 

Roger K. Wiebusch, Bridge 

Administrator, (314) 539–3900, 

extension 2378.

SUPPLEMENTARY INFORMATION: 

Regulatory History 

On October 21, 2004, we published a 

notice of proposed rulemaking (NPRM) 

entitled Drawbridge Operation 

Regulation; Mississippi River, Iowa and 

Illinois in the Federal Register (69 FR 

61770). We received no comment letters 

on the proposed rule. No public meeting 

was requested, and none was held. 

Good Cause for Making Rule Effective 

in Less Than 30 Days 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective in less than 30 

days after publication in the Federal 

Register. This drawbridge requires 

critical repairs and annual maintenance 

that necessitate it to remain in the 

closed-to-navigation position for 89 

consecutive days. Navigation on the 

waterway consists primarily of 

commercial tows and recreational 

watercraft that will not be significantly 

impacted due to the reduced navigation 

in winter months. Thus, it is in the 

public’s interest to complete these 

repairs during the winter months. To 

keep the closure within the primary 

winter months this rule must go into 

effect by December 15, 2004. 

Additionally, the closure dates were 

included in the NPRM, and no 

comments were received objecting to 

the dates. 

Background and Purpose 

On August 12, 2004, the Department 

of Army, Rock Island Arsenal, requested 

a temporary change to the operation of 

the Rock Island Railroad & Highway 

Drawbridge across the Upper 

Mississippi River, Mile 482.9, at Rock 

Island, Illinois to allow the drawbridge 

to remain in the closed-to-navigation 

position for 89 consecutive days for 

critical repairs and annual maintenance. 

Navigation on the waterway consists 

primarily of commercial tows and 

recreational watercraft and will not be 

significantly impacted due to the 

reduced navigation in winter months. 

Presently, the draw opens on signal for 

passage of river traffic. The Rock Island 

Arsenal requested the drawbridge be 

permitted to remain closed-tonavigation from 7 a.m., December 15, 

2004, until 8 a.m., March 15, 2005.

Discussion of Comments and Changes 

The Coast Guard received no 

comment letters. No changes will be 

made to this final rule. 

Regulatory Evaluation 

This rule is not a ‘‘significant 

regulatory action’’ under section 3(f) of 

Executive Order 12866, Regulatory 

Planning and Review, and does not 

require an assessment of potential costs 

and benefits under section 6(a)(3) of that 

Order. The Office of Management and 

Budget has not reviewed it under that 

Order. It is not ‘‘significant’’ under the 

regulatory policies and procedures of 

the Department of Homeland Security 

(DHS). 

The Coast Guard expects that this 

temporary change to operation of the 

Rock Island Railroad & Highway 

Drawbridge will have minimal 

economic impact on commercial traffic 

operating on the Upper Mississippi 

River. This temporary change has been 

written in such a manner as to allow for 

minimal interruption of the 

drawbridge’s regular operation. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we have considered 

whether this rule would have a 

significant economic impact on a 

substantial number of small entities. 

The term ‘‘small entities’’ comprises 

small businesses, not-for-profit 

organizations that are independently 

owned and operated and are not 

dominant in their fields, and 

governmental jurisdictions with 

populations of less than 50,000. 

This proposed rule will have a 

negligible impact on vessel traffic. The 

primary users of the Upper Mississippi 

River in Rock Island, Illinois are 

commercial towboat operators. With the 

onset of winter conditions most activity 

on the Upper Mississippi River is 

curtailed and there are few, if any, 

significant navigation demands for 

opening the draw span. 

The Coast Guard certifies under 5 

U.S.C. 605(b) that this rule would not 

have a significant economic impact on 

a substantial number of small entities. 

Assistance for Small Entities 

Under section 213(a) of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Public Law 104–

121), we offered to assist small entities 

in understanding the rule so that they 

could better evaluate its effects on them 

and participate in the rulemaking 

process. Small businesses may send 

comments on the actions of Federal 

employees who enforce or otherwise 

determine compliance with, Federal 

regulations to the Small Business and 

Agriculture Regulatory Enforcement 

Ombudsman and the Regional Small 

Business Regulatory Fairness Boards. 

The Ombudsman evaluates these 

actions annually and rates each agency’s 

responsiveness to small business. If you 

wish to comment on actions by 

employees of the Coast Guard, call 1–

800–REG–FAIR (1–800–734–3247). 

Collection of Information 

This rule calls for no new collection 

of information under the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501–

3520).