Federal Register / Vol. 74, No. 177 / Tuesday, September 15, 2009 / Rules and Regulations 47097 

Regulatory Order 12866—Regulatory 

Planning and Review 

This action has been drafted and 

reviewed in accordance with Executive 

Order 12866, Regulatory Planning and 

Review, § 1(b), Principles of Regulation. 

This rule is limited to agency 

organization, management and 

personnel as described by Executive 

Order 12866 § 3(d)(3) and, therefore, is 

not a ‘‘regulation’’ or ‘‘rule’’ as defined 

by that Executive Order. Accordingly, 

this action has not been reviewed by the 

Office of Management and Budget. 

Executive Order 12988—Civil Justice 

Reform 

This regulation meets the applicable 

standards set forth in sections 3(a) and 

3(b)(2) of Executive Order 12988. 

Executive Order 13132—Federalism 

This regulation will not have 

substantial direct effects on the States, 

on the relationship between the national 

government and the States, or on the 

distribution of power and 

responsibilities among the various 

levels of government. Therefore, in 

accordance with Executive Order 13132, 

it is determined that this rule does not 

have sufficient federalism implications 

to warrant the preparation of a Federal 

Assessment. 

Unfunded Mandates Reform Act of 

1995 

This rule will not result in the 

expenditure by state, local and tribal 

governments, in the aggregate, or by the 

private sector, of $100,000,000 or more 

in any one year, and it will not 

significantly or uniquely affect small 

governments. Therefore, no actions were 

deemed necessary under the provisions 

of the Unfunded Mandates Reform Act 

of 1995. 

Congressional Review Act 

This action pertains to agency 

management, personnel and 

organization and does not substantially 

affect the rights or obligations of nonagency parties and, accordingly, is not 

a ‘‘rule’’ as that term is used by the 

Congressional Review Act (Subtitle E of 

the Small Business Regulatory 

Enforcement Fairness Act of 1996 

(SBREFA)). Therefore, the reporting 

requirement of 5 U.S.C. 801 does not 

apply. 

List of Subjects in 28 CFR Part 0 

Authority delegations (government 

agencies), Government employees, 

Organization and functions (government 

agencies), Whistleblowing. 

■ By virtue of the authority vested in me 

by 28 U.S.C. 509 and 510, and 5 U.S.C. 

301, Subpart B of Part 0 of Chapter I of 

Title 28, Code of Federal Regulations, is 

amended as follows: 

PART 0—ORGANIZATION OF THE 

DEPARTMENT OF JUSTICE 

■ 1. The authority citation of Part 0 

continues to read as follows: 

Authority: 5 U.S.C. 301; 28 U.S.C. 209, 

510, 515–519. 

■ 2. In § 0.10, paragraphs (a) and (c) are 

revised to read: 

§ 0.10 Attorney General’s Advisory 

Committee of United States Attorneys. 

(a) The Attorney General’s Advisory 

Committee of United States Attorneys 

shall consist of an appropriate number 

of United States Attorneys, designated 

by the Attorney General. The 

membership shall be selected to 

represent the various geographic areas 

of the Nation and various sized United 

States Attorneys’ Offices. Members shall 

serve at the pleasure of the Attorney 

General, but such service normally shall 

not exceed three years and shall be 

subject to adjustment by the Attorney 

General so as to assure the annual 

rotation of approximately one-third of 

the Committee’s membership. The 

United States Attorney for the District of 

Columbia shall serve as an ex officio 

member of the Committee. The Attorney 

General may designate additional 

personnel from United States Attorneys’ 

Offices to serve as members of the 

Committee. 

* * * * * 

(c) The Attorney General will select 

from the Committee’s membership a 

chairperson and a vice-chairperson. The 

Attorney General may establish such 

subcommittees as deemed necessary to 

carry out the Committee’s objectives. 

The Committee, in consultation with the 

Director of the Executive Office for 

United States Attorneys, will select 

chairpersons for such subcommittees. 

United States Attorneys who are not 

members of the Committee may be 

included in the membership of 

subcommittees. 

* * * * * 

Dated: September 4, 2009. 

Eric H. Holder, Jr., 

Attorney General. 

[FR Doc. E9–22124 Filed 9–14–09; 8:45 am] 

BILLING CODE P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; 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 regulations on Allocation 

of Assets in Single-Employer Plans and 

Benefits Payable in Terminated SingleEmployer Plans prescribe interest 

assumptions for valuing and paying 

certain benefits under terminating 

single-employer plans. This final rule 

amends the asset allocation regulation 

to adopt interest assumptions for plans 

with valuation dates in the fourth 

quarter of 2009 and amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in October 2009. Interest 

assumptions are also published on 

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

DATES: Effective October 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 Allocation of Assets in SingleEmployer Plans (29 CFR part 4044) and 

the regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022). Assumptions under the 

asset allocation regulation are updated 

quarterly; assumptions under the benefit 

payments regulation are updated 

monthly. This final rule updates the 

assumptions under the asset allocation 

regulation for the fourth quarter 

(October through December) of 2009 and 

updates the assumptions under the 


srobinson on DSKHWCL6B1PROD with RULES
47098 Federal Register / Vol. 74, No. 177 / Tuesday, September 15, 2009 / Rules and Regulations 

benefit payments regulation for October 

2009. 

The interest assumptions prescribed 

under the asset allocation regulation 

(found in Appendix B to Part 4044) are 

used for the valuation of benefits for 

allocation purposes under ERISA 

section 4044. 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 privatesector pension practitioners to refer to if 

they wish to 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 4044 the interest 

assumptions for valuing benefits for 

allocation purposes in plans with 

valuation dates during the fourth 

quarter (October through December) of 

2009, (2) 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 

October 2009, 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 PBGC’s 

historical methodology for valuation 

dates during October 2009. 

The interest assumptions that PBGC 

will use for valuing benefits for 

allocation purposes (set forth in 

Appendix B to part 4044) will be 5.30 

percent for the first 20 years following 

the valuation date and 5.01 percent 

thereafter. In comparison with the 

interest assumptions in effect for the 

third quarter of 2009, these interest 

assumptions represent a decrease of 

0.01 percent for the first 20 years 

following the valuation date and a 

decrease of 0.03 percent for all years 

thereafter. 

The interest assumptions that PBGC 

will use for its own lump-sum payments 

(set forth in Appendix B to part 4022) 

will be 2.50 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. In comparison with the interest 

assumptions in effect for September 

2009, these interest assumptions 

represent a decrease 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 October 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 

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 

192, as set forth below, is added to the 

table. 

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

* * * * * * * 

192 10–1–09 11–1–09 2.50 4.00 4.00 4.00 7 8 

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

192, as set forth below, is added to the 

table. 

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

* * * * * * * 

192 10–1–09 11–1–09 2.50 4.00 4.00 4.00 7 8 


srobinson on DSKHWCL6B1PROD with RULES
Federal Register / Vol. 74, No. 177 / Tuesday, September 15, 2009 / Rules and Regulations 47099 

1The UOC was published as a final rule on 

January 5, 1993, at 58 FR 412, and is codified, as 

amended, at 31 CFR part 356. The UOC, together 

with the offering announcement for each auction, 

sets out the terms and conditions for the sale and 

issuance by Treasury to the public of marketable 

book-entry Treasury bills, notes, and bonds. 2Public Debt News Release on June 25, 2009, 

which is available at the Bureau of the Public Debt’s 

Web site at: http://www.treasurydirect.gov/instit/ 

annceresult/press/preanre/2009/ 

BPD_SPL_20090625_1.pdf. 

3See June 25, 2009 Treasury offering 

announcements for the 91-day, 182-day, and 364- 

day Treasury bills. As noted in § 356.10, if anything 

in the auction announcement differs from the UOC, 

the auction announcement will control. 

4Once this final rule becomes effective, we will 

no longer include the customer confirmation 

threshold amount in each specific offering 

announcement. 

5 ‘‘Customer’’ is already defined in the UOC as a 

bidder that directs a depository institution or dealer 

to submit or forward a bid for a specific amount of 

securities in a specific auction on the bidder’s 

behalf. § 356.2. 

6 § 356.24(d). See Department of the Treasury, 

Securities and Exchange Commission and Board of 

Governors of the Federal Reserve System, Joint 

Report on the Government Securities Market 7–8. 

(January 1992). 

7 § 356.24(d). 

8 If an authorized representative signs the 

confirmation, it must include the capacity in which 

the representative is acting. Id. 

9 71 FR 76150, December 20, 2006. Treasury also 

added e-mail as an acceptable method for customers 

to send confirmations. 

10See note 2, supra. 

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 for October–December 2009, as set 

forth below, is added to the table. 

Appendix B to Part 4044—Interest 

Rates Used To Value Benefits 

* * * * * 

For valuation dates occurring in the months— 

The values of it are: 

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

* * * * * * * 

October–December 2009 ................................................. 0.0530 1–20 0.0501 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of September 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–22129 Filed 9–14–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Part 356 

[Docket No. BPD GSRS 09–02] 

Sale and Issue of Marketable BookEntry Treasury Bills, Notes, and 

Bonds; Customer Confirmation 

Reporting Requirement Threshold 

Amount 

AGENCY: Bureau of the Public Debt, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: Treasury recently raised the 

customer confirmation reporting 

requirement threshold amount from 

$750 million to $2 billion for all 

Treasury marketable securities auctions. 

This final rule amends Treasury’s 

auction rules to conform to the new $2 

billion threshold amount. 

DATES: Effective Date: Effective 

September 15, 2009. 

ADDRESSES: This final rule is available 

on the Bureau of the Public Debt’s Web 

site at: http://www.treasurydirect.gov. It 

is also available for public inspection 

and copying at the Treasury Department 

Library, Room 1428, Main Treasury 

Building, 1500 Pennsylvania Avenue, 

NW., Washington, DC, 20220. To visit 

the library, one can call (202) 622–0990 

for an appointment. 

FOR FURTHER INFORMATION CONTACT: Lori 

Santamorena, Lee Grandy, or Kevin 

Hawkins, Department of the Treasury, 

Bureau of the Public Debt, Government 

Securities Regulations Staff, (202) 504– 

3632. 

SUPPLEMENTARY INFORMATION: The 

Department of the Treasury (‘‘Treasury,’’ 

‘‘we,’’ or ‘‘us’’) is issuing an amendment 

to 31 CFR 356.24(d) of the Uniform 

Offering Circular for the Sale and Issue 

of Marketable Book-Entry Treasury 

Bills, Notes, and Bonds (‘‘UOC’’ or 

‘‘auction rules’’) 1 to raise the threshold 

amount for the customer confirmation 

reporting requirement from $750 

million to $2 billion. In a press release 

on June 25, 2009, we announced that 

this new threshold amount would be 

effective beginning with auctions 

conducted on June 29, 2009.2 Beginning 

with the Treasury auctions announced 

on June 25, 2009, we stated the new 

threshold amount in each Treasury 

auction offering announcement.3 This 

final rule amends the UOC to conform 

to the new $2 billion threshold 

amount.4 Treasury is also restructuring, 

without making any substantive 

changes, the current § 356.24(d) to make 

clearer which provisions apply to 

customers and which apply to 

submitters and intermediaries. 

Starting in 1992, Treasury required 

customers 5 that were awarded a par 

amount of $500 million or more in a 

Treasury auction to provide written 

confirmation of their awarded bids, 

including the name of the submitter that 

submitted the bids on their behalf.6 The 

confirmation must also include a 

statement with specific information 

related to the customer’s net long 

position.7 The customer must send the 

confirmation no later than 10 a.m. on 

the day following the auction. The UOC 

requires that the confirmation be in 

writing and signed by the customer or 

by an authorized representative.8

Treasury established the customer 

confirmation reporting requirement in 

order to verify the authenticity of large 

customer bids that resulted in securities 

being awarded. Treasury subsequently 

raised the customer confirmation 

reporting requirement threshold amount 

in § 356.24(d) from $500 million to $750 

million, effective on January 1, 2007.9

Treasury auction offering amounts, on 

average, are substantially higher than 

when we last raised the customer 

confirmation reporting requirement 

threshold amount in 2007. For this 

reason, on June 25, 2009, Treasury again 

raised the customer confirmation 

threshold, from $750 million to $2 

billion.10 We now amend the UOC to 

reflect that change. 

We have restructured § 356.24(d) to 

make clearer which provisions apply to 

customers and which apply to 

submitters and intermediaries. The new 

subparagraph (d)(1) states the customer 


srobinson on DSKHWCL6B1PROD with RULES