47090 Federal Register / Vol. 71, No. 158 / Wednesday, August 16, 2006 / Rules and Regulations 

assistance efforts, as contained in the 

April 28, 2006, revised plan, were 

approved by the Assistant Secretary on 

August 16, 2006. 

(m) In accordance with 29 CFR 

1956.51(m), the State has developed and 

implemented a public employer and 

employee training and education 

program with procedures described in 

the Field Operations Manual, which, as 

contained in the April 28, 2006, revised 

plan, was approved by the Assistant 

Secretary on August 16, 2006. 

(n) A revised State plan as submitted 

on April 28, 2006, was approved and in 

accordance with 29 CFR 1956.23 of this 

chapter, the New York occupational 

safety and health State plan for public 

employees only was certified on August 

16, 2006 as having successfully 

completed all developmental steps 

specified in the plan as initially 

approved on June 1, 1984. This 

certification attests to the structural 

completeness of the plan, but does not 

render judgment as to adequacy of 

performance. 

§ 1956.53 [Removed and reserved] 

■ 4. Remove the section heading and 

reserve § 1956.53. 

■ 5. Revise § 1956.54 to read as follows: 

§ 1956.54 Location of basic State plan 

documentation. 

Copies of basic State plan 

documentation are maintained at the 

following locations. Specific documents 

are available upon request, and will also 

be provided in electronic format, to the 

extent possible. Contact the Directorate 

of Cooperative and State Programs, 

Office of State Programs, U.S. 

Department of Labor, Occupational 

Safety and Health Administration, 200 

Constitution Avenue, NW., Room N–

3700, Washington, DC 20210; Office of 

the Regional Administrator, U.S. 

Department of Labor, Occupational 

Safety and Health Administration, 201 

Varick Street, Room 670, New York, 

New York 10014; and the New York 

Department of Labor, Public Employee 

Safety and Health Program, State Office 

Campus Building 12, Room 158, 

Albany, New York 12240. Current 

contact information for these offices 

(including telephone numbers and 

mailing addresses) is available on 

OSHA’s Web site, http://www.osha.gov. 

§ 1956.55 [Removed and reserved] 

■ 6. Remove and reserve § 1956.55. 

[FR Doc. E6–13504 Filed 8–15–06; 8:45 am] 

BILLING CODE 4510–26–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 September 2006. Interest 

assumptions are also published on the 

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

DATES: Effective September 1, 2006. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manger, 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: 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). 

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 September 2006, 

(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 

September 2006, 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 

September 2006. 

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 6.20 

percent for the first 20 years following 

the valuation date and 4.75 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for August 2006) of 0.20 percent 

for the first 20 years following the 

valuation date and are otherwise 

unchanged. These interest assumptions 

reflect the PBGC’s recently updated 

mortality assumptions, which are 

effective for terminations on or after 

January 1, 2006. See the PBGC’s final 

rule published December 2, 2005 (70 FR 

72205), which is available at http:// 

www.pbgc.gov/docs/05-23554.pdf. 

Because the updated mortality 

assumptions reflect improvements in 

mortality, these interest assumptions are 

higher than they would have been using 

the old mortality assumptions. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.25 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 August 2006) of 0.25 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 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 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 September 2006, 

the PBGC finds that good cause exists 

for making the assumptions set forth in 


cprice-sewell on PROD1PC66 with RULES
Federal Register / Vol. 71, No. 158 / Wednesday, August 16, 2006 / Rules and Regulations 47091 

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 

155, 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

* * * * * * * 

155 9–1–06 10–1–06 3.25 4.00 4.00 4.00 7 8 

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

155, 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

* * * * * * * 

155 9–1–06 10–1–06 3.25 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 September 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 = 

* * * * * * * 

September 2006 ............................................................... .0620 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of August 2006. 

Vincent K. Snowbarger, 

Acting Executive Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 06–6958 Filed 8–15–06; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

32 CFR Part 199 

Civilian Health and Medical Program of 

the Uniformed Services (CHAMPUS) 

AGENCY: Department of Defense. 

ACTION: Final rule; correction. 

SUMMARY: This rule is published to 

correct a previously published 

definition of ‘‘Homebound’’ by restoring 

language that had been inadvertently 

deleted in the Final Rule published at 

70 FR 61368 and to revise certain 

references published at 69 FR 51559. 

DATES: This rule is effective August 16, 

2006. 

FOR FURTHER INFORMATION CONTACT: 

Michael Kottyan, 303–676–3520. 

SUPPLEMENTARY INFORMATION: On Friday, 

August 20, 2004, the Department 

revised the definition of ‘‘Homebound’’

by adding a sentence at the end. See 69 

FR 51559. On Monday, October 24, 

2005, the Department again revised the 


cprice-sewell on PROD1PC66 with RULES