2148 Federal Register / Vol. 71, No. 9 / Friday, January 13, 2006 / Rules and Regulations 

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 

148, 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

* * * * * * * 

148 2–1–06 3–1–06 2.75 4.00 4.00 4.00 7 8 

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

148, 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

* * * * * * * 

148 2–1–06 3–1–06 2.75 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 for February 2006, 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 month—

The values of it are: 

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

* * * * * * * 

February 2006 ............................................................................................................... .0560 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of January 2006. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 06–329 Filed 1–12–06; 8:45 am] 

BILLING CODE 7708–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4044 

Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets 

in Single-Employer Plans; Interest 

Assumptions for Valuing and Paying 

Benefits; Correction 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule; correction. 

SUMMARY: The Pension Benefit Guaranty 

Corporation published in the Federal 

Register of December 15, 2005, a final 

rule amending its regulation on 

Allocation of Assets in Single-Employer 

Plans to adopt interest assumptions for 

plans with valuation dates in January 

2006. This document corrects an 

inadvertent error in that final rule. 

DATES: Effective January 1, 2006. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Attorney, Legislative 

and Regulatory Department, Pension 

Benefit Guaranty Corporation, 1200 K 

Street, NW., Washington, DC 20005, 

202–326–4024. (TYY/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 

Pension Benefit Guaranty Corporation 

published a document in the December 

15, 2005, Federal Register (70 FR 

74200), amending its regulation on 

Allocation of Assets in Single-Employer 

Plans (29 CFR part 4044) to adopt 


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Federal Register / Vol. 71, No. 9 / Friday, January 13, 2006 / Rules and Regulations 2149 

interest assumptions for plans with 

valuation dates in January 2006. This 

documents corrects an inadvertent error 

in the January 2006 entry to Appendix 

B to part 4044. (There was no 

corresponding error in the preamble to 

the document.) 

List of Subjects in 29 CFR Part 4044 

Employee benefit plans, Pension 

insurance, Pensions. 

■ Accordingly 29 CFR part 4044 is 

corrected by making the following 

correcting amendments: 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE–EMPLOYER 

PLANS 

■ 1. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 2. In appendix B to part 4044, correct 

the entry for January 2006, as set forth 

below, To read as follows: 

Appendix B to Part 4044—Interest 

Rates Used To Value Benefits 

* * * * * 

For valuation dates occurring in the month—

The values of ic are: 

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

* * * * * * * 

January 2006 .................................................................... .0570 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of January 2006. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 06–330 Filed 1–12–06; 8:45 am] 

BILLING CODE 7708–01–M 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Part 215 

RIN 1510–AB06 

Withholding of District of Columbia, 

State, City and County Income or 

Employment Taxes by Federal 

Agencies 

AGENCY: Financial Management Service, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: The Financial Management 

Service is issuing this final rule which 

governs the withholding of District of 

Columbia, State, City and County 

income or employment taxes by Federal 

agencies. This rule revises the office 

within the Department of the Treasury 

which will correspond with government 

entities requesting that the Secretary of 

the Treasury enter into an agreement 

with them for the mandatory 

withholding of the requesting entity’s 

taxes from Federal employees’ salaries. 

The revision is necessary in order to 

streamline the process by which 

Treasury receives such requests and 

responds to them. The revision also 

updates the regulation by removing 

outdated provisions no longer 

applicable. 

EFFECTIVE DATE: January 13, 2006. 

FOR FURTHER INFORMATION CONTACT: 

James E. Knox, Financial Program 

Specialist, at (202) 874–6809; or Marc I. 

Seldin, Senior Attorney, at (202) 874–

6863. 

SUPPLEMENTARY INFORMATION: 

Background 

Pursuant to 5 U.S.C. 5516, 5 U.S.C. 

5517, 5 U.S.C. 5520 and Executive 

Order 11997, the Secretary of the 

Treasury enters into withholding 

agreements with the District of 

Columbia, States, cities, and counties 

for the mandatory withholding of a 

jurisdiction’s taxes from the salaries of 

Federal employees within a taxing 

jurisdiction. When a taxing jurisdiction 

wishes to enter into such a withholding 

agreement, it forwards a request to the 

Department of the Treasury (Treasury). 

Treasury reviews the request, 

determines whether it meets the 

statutory and regulatory requirements 

for such an agreement, and notifies the 

requesting taxing jurisdiction of 

Treasury’s determination as to whether 

it will enter into a withholding 

agreement with the requesting taxing 

jurisdiction. Currently, Treasury’s 

governing regulation, 31 CFR part 215, 

lists Treasury’s Fiscal Assistant 

Secretary as the point of contact for 

such requests. Following receipt of such 

requests by that office, the requests are 

forwarded to Treasury’s Financial 

Management Service (FMS), to which 

the Fiscal Assistant Secretary has 

delegated the authority to enter into 

such withholding agreements. In order 

to streamline the process by which 

Treasury receives and responds to 

requests to enter into withholding 

agreements, the revised rule amends 

§ 215.4 (which is redesignated as 

§ 215.3, as described below) to provide 

that requesting taxing jurisdictions will 

forward their requests directly to FMS, 

and FMS will respond to the requests. 

The revised rule also makes a 

conforming change to a definition set 

forth in § 215.2(l). 

Additionally, the revised rule updates 

§§ 215.1, 215.3, 215.4, and 215.5 by 

deleting several outdated provisions 

which are no longer effective. Section 

215.3, codified on July 1, 1977 and 

effective on that date, provided actions 

which could be taken within 90 days of 

that date. Section 215.5 provided details 

on the actions set forth in § 215.3. The 

last sentence of § 215.1 referenced the 

actions described in §§ 215.3 and 215.5. 

Since the time for any such actions has 

long since expired, and for clarity, the 

revised rule deletes outdated provisions 

from §§ 215.1 and 215.3, deletes § 215.5 

in its entirety (as it is no longer 

applicable), and makes conforming 

changes to § 215.4. For convenience to 

the reader, § 215.3 and § 215.4 are 

redesignated as § 215.4 and § 215.3, 

respectively. As a result of § 215.5 being 

deleted, subsequent sections § 215.6 

through § 215.13 are redesignated as 

§ 215.5 through § 215.12. In addition, 

the current rule references a ‘‘Standard 

Agreement’’ for withholding, and a 

long-since expired opportunity in 1977 

for requesting entities to request 

deviations from the Standard 

Agreement. Since there is only one 

withholding agreement which 

requesting entities may seek currently, 

for clarity, the term ‘‘Standard 

Agreement’’ has been replaced by the 

term ‘‘Withholding Agreement.’’

The revised rule also updates two 

definitions in § 215.2 in order to 

conform to revisions made to an 

underlying statute, 5 U.S.C. 5517, since 

the rule was last revised. The definition 

of ‘‘State’’ now specifically includes a 

territory, possession, or commonwealth 

of the United States. The citations 

referenced in the definition of 

‘‘Members of the Armed Forces’’ are 

also updated. Neither of these 


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