Federal Register / Vol. 69, No. 135 / Thursday, July 15, 2004 / Rules and Regulations 42333

notice of proposed rulemaking and an 

opportunity for public comment are not 

required to be given for this rule under 

the Administrative Procedure Act or by 

any other law, the analytical 

requirements of the Regulatory 

Flexibility Act (5 U.S.C. 601 et seq.) are 

not applicable. Therefore, this 

regulation is issued in final form. 

Although there is no formal comment 

period, public comments on this 

regulation are welcome on a continuing 

basis. Comments should be submitted to 

Sheila Quarterman, Office of Exporter 

Services, Bureau of Industry and 

Security, Department of Commerce, P.O. 

Box 273, Washington, DC 20044.

List of Subjects 

15 CFR Part 736

Exports, foreign trade. 

15 CFR Part 744

Exports, Foreign trade, Reporting and 

recordkeeping requirements.

■ Accordingly, parts 736 and 744 of the 

Export Administration Regulations (15 

CFR parts 730–799) are amended as 

follows:

PART 736—[AMENDED]

■ 1. The authority citation for 15 CFR 

part 736 continues to read as follows:

Authority: 50 U.S.C. app. 2401 et seq.; 50 

U.S.C. 1701 et seq.; 22 U.S.C. 2151 note, Pub. 

L. 108–175; E.O. 12938, 59 FR 59099, 3 CFR, 

1994 Comp., p. 950; E.O. 13020, 61 FR 54079, 

3 CFR, 1996 Comp. p. 219; E.O. 13026, 61 FR 

58767, 3 CFR, 1996 Comp., p. 228; E.O. 

13222, 66 FR 44025, 3 CFR, 2001 Comp., p. 

783; E.O. 13338, 69 FR 26751, May 13, 2004; 

Notice of October 29, 2003, 68 FR 62209, 3 

CFR, 2003 Comp., p. 347; Notice of August 

7, 2003, 68 FR 47833, 3 CFR, 2003 Comp., 

p. 328.

■ 2. Supplement No. 1 to part 736 is 

amended by removing General Order No. 

3.

PART 744—[AMENDED]

■ 3. The authority citation for 15 CFR 

part 744 is revised to read as follows:

Authority: 50 U.S.C. app. 2401 et seq.; 50 

U.S.C. 1701 et seq.; 22 U.S.C. 3201 et seq.; 

42 U.S.C. 2139a; Sec. 901–911, Pub. L. 106–

387; Sec. 221, Pub. L. 107–56; E.O. 12058, 43 

FR 20947, 3 CFR, 1978 Comp., p. 179; E.O. 

12851, 58 FR 33181, 3 CFR, 1993 Comp., p. 

608; E.O. 12938, 59 FR 59099, 3 CFR, 1994 

Comp., p. 950; E.O. 12947, 60 FR 5079, 3 

CFR, 1995 Comp., p. 356; E.O. 13026, 61 FR 

58767, 3 CFR, 1996 Comp., p. 228; E.O. 

13099, 63 FR 45167, 3 CFR, 1998 Comp., p. 

208; E.O. 13222, 66 FR 44025, 3 CFR, 2001 

Comp., p. 783; E.O. 13224, 66 FR 49079, 3 

CFR, 2001 Comp., p. 786; Notice of October 

29, 2003, 68 FR 62209, 3 CFR, 2003 Comp., 

p. 347; Notice of August 7, 2003, 68 FR 

47833, 3 CFR, 2003 Comp., p. 328.

§ 744.15 [Removed]

■ 4. Part 744 is amended by removing 

and reserving § 744.15.

Dated: July 5, 2004. 

Peter Lichtenbaum, 

Assistant Secretary for Export 

Administration.

[FR Doc. 04–16012 Filed 7–14–04; 8:45 am] 

BILLING CODE 3510–33–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 August 2004. Interest 

assumptions are also published on the 

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

DATES: Effective Date: August 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 

§ 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 lumpsum 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 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 

August 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 August 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 4.30 percent for 

the first 20 years following the valuation 

date and 5.00 percent thereafter. These 

interest assumptions represent a 

decrease (from those in effect for July 

2004) 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 3.50 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. These interest assumptions are 

unchanged from those in effect for July 

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 August 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 

42334 Federal Register / Vol. 69, No. 135 / Thursday, July 15, 2004 / Rules and Regulations 

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 

130, 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

*******

130 8–1–04 9–1–04 3.50 4.00 4.00 4.00 7 8 

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

130, 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

*******

130 8–1–04 9–1–04 3.50 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 2004 ...................................................................... .0430 1–20 .0500 >20 N/A N/A 

Federal Register / Vol. 69, No. 135 / Thursday, July 15, 2004 / Rules and Regulations 42335

Issued in Washington, DC, on this 9th day 

of July, 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief, 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–16002 Filed 7–14–04; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Parts 110 and 165 

[CGD01–04–088] 

RIN 1625–AA87, 1625–AA00, 1625–AA01, 

1625–AA11 

Regulated Navigation Areas, 

Anchorage Grounds, Safety and 

Security Zones; Tall Ships Rhode 

Island 2004, Narragansett Bay, RI

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

establishing regulated navigation areas, 

anchorage grounds, and safety and 

security zones in and adjacent to 

Narragansett Bay, Rhode Island for the 

Tall Ships Rhode Island 2004 event. 

These actions are necessary to provide 

for the safety of life and property on the 

navigable waters in and adjacent to 

Narragansett Bay, Rhode Island and for 

the security of participating Tall Ships 

during the Tall Ships Rhode Island 2004 

event, Narragansett Bay, Rhode Island. 

These actions will temporarily restrict 

vessel traffic in portions of and adjacent 

to Narragansett Bay.

DATES: This rule is effective from 6 a.m., 

e.d.t. July 14, 2004 through 8 p.m., e.d.t. 

July 19, 2004.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket CGD01–04–

088 and are available for inspection or 

copying at the Waterways Management 

Department, Coast Guard Marine Safety 

Office Providence, 20 Risho Avenue, 

East Providence, RI 02914, between 8 

a.m. and 3 p.m., Monday through 

Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT:

Lieutenant P. Garcia, Waterways 

Management Department, Coast Guard 

Marine Safety Office Providence, at 

(401) 435–2363.

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

regulation. Under 5 U.S.C. 553(b)(B), the 

Coast Guard finds that good cause exists 

for not publishing an NPRM. Due to the 

complex planning and coordination 

involved, final details for the Tall Ships 

Rhode Island 2004 event were not 

provided to the Coast Guard until June 

22, 2004, making it impossible to 

publish a NPRM or a final rule 30 days 

in advance. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. Any delay in implementing 

this rule will be contrary to the public 

interest due to the risks inherent in this 

high visibility marine event with the 

participation of a large number of 

spectator and participating vessels. 

Background and Purpose 

Newport, Rhode Island, will host the 

Tall Ships Rhode Island 2004 festival 

from July 16–19, 2004. While the Tall 

Ships Rhode Island 2004 event is not an 

annual event, this visit of Class A, B and 

C sailing vessels is part of an annual 

series of sail training races, rallies, 

cruise and port festivals organized by 

the American Sail Training Association 

(‘‘ASTA’’) in conjunction with host 

ports in the United States and Canada. 

The Tall Ships visit to Newport, 

which will occur from July 14–19, 2004, 

will include the festival from July 16–

19, 2004 and a Parade of Sail on July 19, 

2004. Approximately 20 Class A, B and 

C vessels are expected to participate in 

the Parade of Sail. These regulations 

will provide for the safety of life and 

protection of property on the navigable 

waters in and adjacent to Narragansett 

Bay, Rhode Island by preventing the 

large number of spectator vessels from 

interfering with the organized Parade of 

Sail. There will be vessels participating 

in the event from several foreign 

countries and the high visibility of this 

event warrants that both safety and 

security zones be established to 

safeguard participating vessels, their 

crews and the maritime public from 

sabotage or other subversive acts, 

accidents, or other hazards of a similar 

nature. 

The participating vessels will anchor 

in designated anchorages in the East 

Passage of Narragansett Bay on July 14, 

2004. On July 15, 2004, the participating 

vessels will depart the anchorage area 

and proceed to moor at Goat Island in 

preparation for the festival. On July 19, 

2004, Coast Guard Cutter (CGC) EAGLE 

will depart State Pier and the Tall Ships 

will depart Goat Island and proceed to 

a parade staging area just seaward of, 

and adjacent to the East Passage, 

Narragansett Bay. At noon e.d.t. on July 

19, 2004 the vessels will transit up the 

East Passage, Narragansett Bay, to a 

turning point just north of Gould Island, 

the vessels will then transit back down 

the East Passage, exit Narragansett Bay 

and head for sea. 

These rules create vessel movement 

controls and safety and security zones 

for the Parade of Sail, and creates 

temporary anchorage regulations. The 

regulations will be in effect at various 

times in Narragansett Bay and in the 

waters adjacent to and seaward of East 

Passage, Narragansett Bay, beginning on 

July 14, 2004 until July 19, 2004. Vessel 

congestion due to the large number of 

participating and spectator vessels poses 

a significant threat to the safety of life 

and property. This temporary 

rulemaking is necessary to ensure the 

safety of life and property in the 

navigable waters of the United States, 

and to safeguard participating vessels, 

their crews and the maritime public 

from sabotage or other subversive acts, 

accidents, or other hazards of a similar 

nature.

Regulated Navigation Areas 

The Coast Guard is establishing three 

temporary Regulated Navigation Areas 

in Narragansett Bay, one from July 14–

15, 2004, one from July 15–19, 2004 and 

one on July 19, 2004. 

Regulated Navigation Area ‘‘A’’ (Area 

A) is needed to protect the maritime 

public and participating vessels from 

hazards to navigation associated with 

the overnight anchoring of Tall Ships in 

temporary anchorage Potter Cove 

located in the East Passage, Narragansett 

Bay. 

Area A includes all waters of charted 

Anchorage A in the East Passage, 

Narragansett Bay, that lay north of the 

Claiborne Pell/Newport Bridge. (The 

portion of Anchorage A south of the 

Claiborne Pell/Newport Bridge is not 

affected by these regulations). This 

Regulated Navigation Area is effective 

from 6 a.m. e.d.t. on July 14, 2004 to 8 

p.m. e.d.t. on July 15, 2004. 

Vessels transiting Area A must do so 

at no wake speed or at speeds not to 

exceed 6 knots, whichever is less. 

Vessels transiting Area A must not 

maneuver within 20 yards of a Tall Ship 

or other vessel participating in the Tall 

Ships Rhode Island 2004 event, unless 

authorized by the Captain of the Port 

(COTP) Providence or her designated 

on-scene representatives. On-scene 

representatives include commissioned, 

warrant, and petty officers of the U.S. 

Coast Guard. 

Regulated Navigation Area ‘‘B’’ (Area 

B) is needed to protect the maritime 

public and participating vessels from 

hazards to navigation associated with 

numerous spectator craft approaching