Federal Register / Vol. 70, No. 135 / Friday, July 15, 2005 / Rules and Regulations 40881

data and information submitted to 

support approval of this application 

may be seen in the Division of Dockets 

Management (HFA–305), Food and Drug 

Administration, 5630 Fishers Lane, rm. 

1061, Rockville, MD 20852, between 9 

a.m. and 4 p.m., Monday through 

Friday.

The agency has determined under 21 

CFR 25.33(a)(1) that this action is of a 

type that does not individually or 

cumulatively have a significant effect on 

the human environment. Therefore, 

neither an environmental assessment 

nor an environmental impact statement 

is required.

This rule does not meet the definition 

of ‘‘rule’’ in 5 U.S.C. 804(3)(A) because 

it is a rule of ‘‘particular applicability.’’

Therefore, it is not subject to the 

congressional review requirements in 5 

U.S.C. 801–808.

List of Subjects in 21 CFR Part 520

Animal drugs.

■ Therefore, under the Federal Food, 

Drug, and Cosmetic Act and under 

authority delegated to the Commissioner 

of Food and Drugs and redelegated to the 

Center for Veterinary Medicine, 21 CFR 

part 520 is amended as follows:

PART 520—ORAL DOSAGE FORM 

NEW ANIMAL DRUGS

■ 1. The authority citation for 21 CFR 

part 520 continues to read as follows:

Authority: 21 U.S.C. 360b.

§ 520.1265 [Amended]

■ 2. Section 520.1265 is amended in 

paragraph (b)(2) by removing ‘‘No. 

059130’’ and by adding in its place ‘‘Nos. 

059130 and 061623’’.

Dated: July 1, 2005.

Catherine P. Beck,

Acting Director, Center for Veterinary 

Medicine.

[FR Doc. 05–13975 Filed 7–14–05; 8:45 am]

BILLING CODE 4160–01–S

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 August 2005. Interest 

assumptions are also published on the 

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

DATES: Effective August 1, 2005.

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. (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). 

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 August 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 

August 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 August 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 3.40 

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 July 2005) of 0.20 percent for 

the first 20 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 2.25 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 July 2005) 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). 

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 August 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:

40882 Federal Register / Vol. 70, No. 135 / Friday, July 15, 2005 / Rules and Regulations 

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 

142, 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

* * * * * * * 

142 .................................... 8–1–05 9–1–05 2.25 4.00 4.00 4.00 7 8 

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

142, 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

* * * * * * * 

142 .................................... 8–1–05 9–1–05 2.25 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, 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 =

* * * * * * * 

August 2005 .......................................................................... .0340 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 7th day 

of July, 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–13906 Filed 7–14–05; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[CGD05–05–073] 

RIN 1625–AA08 

Special Local Regulations for Marine 

Events; Manasquan River, Manasquan 

Inlet and Atlantic Ocean, Point 

Pleasant Beach to Bay Head, NJ

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

establishing temporary special local 

regulations for the ‘‘Point Pleasant OPA/

NJ Offshore Grand Prix’’, a marine event 

to be held on the waters of the 

Manasquan River, Manasquan Inlet and 

Atlantic Ocean between Point Pleasant 

Beach and Bay Head, New Jersey. These 

special local regulations are necessary to 

provide for the safety of life on 

navigable waters during the event. This 

action is intended to restrict vessel 

traffic in the regulated area during the 

event.

DATES: This rule is effective from 9:30 

a.m. on August 12, 2005 to 3:30 p.m. on 

August 13, 2005.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket, are part of docket CGD05–05–

073 and are available for inspection or 

copying at Commander (oax), Fifth 

Coast Guard District, 431 Crawford 

Street, Portsmouth, Virginia 23704–

5004, between 9 a.m. and 2 p.m., 

Monday through Friday, except Federal 

holidays.