63544 Federal Register / Vol. 67, No. 199 / Tuesday, October 15, 2002 / Rules and Regulations 

rule did not contain an amendatory 

instruction for one section of the 

miscellaneous regulations relating to 

tobacco products and cigarette papers 

and tubes.

DATES: This rule is effective October 15, 

2002.

FOR FURTHER INFORMATION CONTACT:

Robert Ruhf, Regulations Division, 

Bureau of Alcohol, Tobacco and 

Firearms, 650 Massachusetts Avenue 

NW., Washington, DC 20226; telephone 

202–927–8210.

SUPPLEMENTARY INFORMATION: 

Background 

We published a final rule (T.D. ATF 

472) in the Federal Register on February 

27, 2002, (67 FR 8878) placing all of the 

Director’s delegated authorities in parts 

45 and 46 of title 27 of the Code of 

Federal Regulations with the 

‘‘appropriate ATF officer.’’ The final 

rule also removed references to specific 

officers subordinate to the Director. 

Along with T.D. ATF 472, we 

published ATF Order 1130.28, 

Delegation of the Director’s Authorities 

in 27 CFR Parts 45 and 46, which 

delegated certain of these authorities to 

the appropriate organizational level. 

The issuance of Order 1130.28 

consolidated all delegations of authority 

into one delegation instrument. This 

action simplified the process for 

determining which ATF officer is 

authorized to perform a particular 

function and will facilitate the updating 

of such delegations in the future. 

Need for Correction 

As published, T.D. ATF 472 did not 

amend 27 CFR 46.8, Data to be shown 

in claim. Paragraph 13 of the final rule’s 

amendatory instructions should have 

contained an additional instruction 

removing the words ‘‘regional director 

(compliance)’’ and adding the words 

‘‘appropriate ATF officer’’ in the last 

sentence of § 46.8. This document 

corrects this inadvertent error, which 

may prove misleading if it is not 

clarified.

List of Subjects in 27 CFR Part 46 

Administrative practice and 

procedure, Authority delegations, Cigars 

and cigarettes, Claims, Excise taxes, 

Packaging and containers, Penalties, 

Reporting and recordkeeping 

requirements, Seizures and forfeitures, 

Surety bonds, Tobacco.

Accordingly, 27 CFR part 46 is 

corrected by making the following 

correcting amendment:

PART 46—MISCELLANEOUS 

REGULATIONS RELATING TO 

TOBACCO PRODUCTS AND 

CIGARETTE PAPERS AND TUBES 

Paragraph 1. The authority citation 

for part 46 continues to read as follows:

Authority: 18 U.S.C. 2341–2346, 26 U.S.C. 

5708, 5751, 5761–5763, 6001, 6601, 6621, 

6622, 7212, 7342, 7602, 7606, 7805, 44 U.S.C. 

3504(h), 49 U.S.C. 782, unless otherwise 

noted.

§ 46.8 [Amended] 

Par. 2. In the last sentence of § 46.8(f), 

remove the words ‘‘regional director 

(compliance)’’ and add, in substitution, 

the words ‘‘appropriate ATF officer’’.

Signed: October 3, 2002. 

Bradley A. Buckles, 

Director.

[FR Doc. 02–25999 Filed 10–11–02; 8:45 am] 

BILLING CODE 4810–31–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 November 2002. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: November 1, 2002.

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 November 2002, 

(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 

November 2002, 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 

November 2002. 

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 5.00 

percent for the first 25 years following 

the valuation date and 4.25 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for October 2002) of 0.30 percent 

for the first 25 years following the 

valuation date and are otherwise 

unchanged. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.75 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 a decrease (from those in 

effect for October 2002) 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 

determining and paying lump sums (set 

forth in Appendix B to part 4022).

Federal Register / Vol. 67, No. 199 / Tuesday, October 15, 2002 / Rules and Regulations 63545

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 November 2002, 

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 

109, 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

* * * * * * * 

109 11–1–02 12–1–02 3.75 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 109, 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

* * * * * * * 

109 11–1–02 12–1–02 3.75 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: 

i

t

 for t = it for t = it for t = 

* * * * * * * 

November 2002 ................................................................................................ .0500 1–25 .0425 >25 N/A N/A 

63546 Federal Register / Vol. 67, No. 199 / Tuesday, October 15, 2002 / Rules and Regulations 

Issued in Washington, DC, on this 8th day 

of October 2002. 

Joseph H. Grant, 

Deputy Executive Director and Chief, 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 02–26111 Filed 10–11–02; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard 

33 CFR Part 117 

[CGD01–02–113] 

RIN 2115–AE47 

Drawbridge Operation Regulations: 

Harlem River, Newtown Creek, NY

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

temporarily changing the drawbridge 

operation regulations that govern the 

operation of the Willis Avenue Bridge, 

mile 1.5, and the Madison Avenue 

Bridge, mile 2.3, both across the Harlem 

River, and the Pulaski Bridge, mile 0.6, 

across Newtown Creek in New York 

City, New York. This temporary final 

rule allows the bridge owner to close the 

above three bridges on November 3, 

2002, as follows: Willis Avenue and 

Madison Avenue bridges from 10 a.m. to 

5 p.m. and the Pulaski Bridge from 8:30 

a.m. to 3 p.m. This action is necessary 

to facilitate public safety during the 

running of the New York City Marathon.

DATES: This rule is effective on 

November 3, 2002.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket (CGD01–02–

113) and are available for inspection or 

copying at the First Coast Guard 

District, Bridge Administration Office, 

408 Atlantic Avenue, Boston, 

Massachusetts, 02110–3350, between 7 

a.m. and 3 p.m., Monday through 

Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Mr. 

Joseph Schmied, Project Officer, First 

Coast Guard District, (212) 668–7165.

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

regulation. Under 5 U.S.C. 553(b)(B), the 

Coast Guard finds that good cause exists 

for not publishing an NPRM in the 

Federal Register. 

Conclusive information about the 

New York City Marathon was not 

provided to the Coast Guard until 

September 12, 2002, making it 

impossible to draft or publish a NPRM. 

This closure is not expected to have a 

significant impact on navigation 

because vessel traffic on the Harlem 

River and Newtown Creek is mostly 

commercial vessels that normally pass 

under the draws without openings. The 

commercial vessels that do require 

openings are work barges that do not 

operate on Sundays. Any delay 

encountered in this regulation’s 

effective date would be unnecessary and 

contrary to the public interest since 

immediate action is needed to close the 

bridge in order to provide for public 

safety and the safety of marathon 

participants. 

Background and Purpose 

The Willis Avenue Bridge, mile 1.5, 

across the Harlem River has a vertical 

clearance of 24 feet at mean high water 

(MHW) and 30 feet at mean low water 

(MLW) in the closed position. The 

Madison Avenue Bridge, mile 2.3, 

across the Harlem River has a vertical 

clearance of 25 feet at MHW and 29 feet 

at MLW in the closed position. The 

Pulaski Bridge across Newtown Creek, 

mile 0.6, has a vertical clearance of 39 

feet at MHW and 43 feet at MLW in the 

closed position. 

The current operating regulations for 

the Willis Avenue and Madison Avenue 

bridges, listed at 33 CFR 117.789(c), 

require the bridges to open on signal 

from 10 a.m. to 5 p.m., if at least fourhours notice is given. The current 

operating regulations for the Pulaski 

Bridge listed at 117.801(g) require it to 

open on signal if at least a two-hour 

advance notice is given. 

The bridge owner, New York City 

Department of Transportation 

(NYCDOT), requested a temporary 

change to the operating regulations 

governing the Willis Avenue Bridge, the 

Madison Avenue Bridge, and the 

Pulaski Bridge, to allow the bridges to 

remain in the closed position at 

different times on November 3, 2002, to 

facilitate the running of the New York 

City Marathon. Vessels that can pass 

under the bridges without bridge 

openings may do so at all times during 

these bridge closures. 

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 Transportation 

(DOT) (44 FR 11040; February 26, 1979). 

This conclusion is based on the fact 

that the requested closures are of short 

duration and on Sunday when there 

have been few requests to open these 

bridges. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we 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 less than 50,000. 

The Coast Guard certifies under 5 

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

have a significant economic impact on 

a substantial number of small entities. 

This conclusion is based on the fact 

that the bridge closures are of short 

duration and on Sunday when there 

have been few requests to open these 

bridges. 

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). 

Federalism 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on State or local governments and 

would either preempt State law or 

impose a substantial direct cost of 

compliance on them. We have analyzed 

this rule under that Order and have 

determined that it does not have 

implications for federalism. 

Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 or more in any one year. 

Though this rule will not result in such 

an expenditure, we do discuss the 

effects of this rule elsewhere in this 

preamble.

Taking of Private Property 

This rule will not effect a taking of 

private property or otherwise have 

taking implications under Executive