Federal Register / Vol. 69, No. 219 / Monday, November 15, 2004 / Rules and Regulations 65543

annual effect on the economy of $100 

million or more, a major increase in 

costs or prices, or significant adverse 

effects on competition, employment, 

investment, productivity, innovation, or 

the ability of United States-based 

enterprises to compete with foreignbased enterprises in domestic and 

export markets. 

This action pertains to agency 

management, personnel, and 

organization and does not substantially 

affect the rights or obligations of nonagency parties. Accordingly, it is not a 

rule for purposes of the reporting 

requirement of 5 U.S.C. 801. 

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 

Enforcment 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.

■ Accordingly, chapter 1 of title 28 of the 

Code of Federal Regulations is amended 

as follows:

PART 0—ORGANIZATION OF THE 

DEPARTMENT OF JUSTICE

■ 1. The authority citation for part 0 

continues to read as follows:

Authority: 5 U.S.C. 301; 28 U.S.C. 509, 

510, 515–519.

■ 2. In § 0.85, paragraph (a) is amended 

by removing ‘‘specifically’’ and adding 

in its place ‘‘exclusively,’’ and paragraph 

(d) is revised to read as follows:

§ 0.85 General functions.

* * * * *

(d) Carry out the Presidential directive 

of September 6, 1939, as reaffirmed by 

Presidential directives of January 8, 

1943, July 24, 1950, and December 15, 

1953, designating the Federal Bureau of 

Investigation to take charge of 

investigative work in matters relating to 

espionage, sabotage, subversive 

activities, and related matters, including 

investigating any potential violations of 

the Arms Export Control Act, the Export 

Administration Act, the Trading with 

the Enemy Act, or the International 

Emergency Economic Powers Act, 

relating to any foreign 

counterintelligence matter.

* * * * *

Dated: November 5, 2004. 

John Ashcroft, 

Atorney General.

[FR Doc. 04–25252 Filed 11–12–04; 8:45 am] 

BILLING CODE 4410–02–M

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 December 2004. Interest 

assumptions are also published on the 

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

EFFECTIVE DATES: December 1, 2004.

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 December 2004, 

(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 

December 2004, 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 

December 2004.

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 3.80 

percent for the first 20 years following 

the valuation date and 5.00 percent 

thereafter. These interest assumptions 

are unchanged from those in effect for 

November 2004. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 2.75 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 are 

unchanged from those in effect for 

November 2004. 

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 December 2004, 

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. 

65544 Federal Register / Vol. 69, No. 219 / Monday, November 15, 2004 / Rules and Regulations 

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 

134, 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

* * * * * * * 

134 12–1–04 1–1–05 2.75 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 134, 

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

* * * * * * * 

134 12–1–04 1–1–05 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, 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 = 

*******

December 2004 ................................................................ .0380 1–20 .0500 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of December 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–25320 Filed 11–12–04; 8:45 am] 

BILLING CODE 7708–01–P

FEDERAL COMMUNICATIONS 

COMMISSION 

47 CFR Part 1

[WT Docket No. 00–230; FCC 03–113; DA 

04–239; DA 04–252] 

Promoting Efficient Use of Spectrum 

Through Elimination of Barriers to the 

Development of Secondary Markets

AGENCY: Federal Communications 

Commission.

ACTION: Final rule, announcement of 

effective date. 

SUMMARY: The Wireless 

Telecommunications Bureau (Bureau) of 

the Federal Communications 

Commission (Commission) announces 

that certain Commission rules adopted 

in the Secondary Markets proceeding 

(WT Docket No. 00–230) in 2003, to the 

extent they contained information 

collection requirements relating to 

spectrum leasing notifications and 

applications that required approval by 

the Office of Management and Budget 

(OMB), are now in effect with the 

issuance of FCC Form 603–T.

DATES: Sections 1.913(a), 1.913(a)(3), 

1.2002(d), 1.2003, 1.9003, 1.9020(e), 

1.9030(e), and 1.9035(e), published at 68 

FR 66252 (Nov. 25, 2003), contained 

information collection requirements that