Federal Register / Vol. 69, No. 10 / Thursday, January 15, 2004 / Rules and Regulations 2299

U.S.C. § 4321 et seq.) and related 

directives. OJP has concluded that the 

issuance of this rule does not have a 

significant impact on the quality of the 

human environment and, therefore, 

does not require the preparation of an 

Environmental Impact Statement. 

Energy Impact Statement 

OJP has evaluated this rule and has 

determined that it creates no new 

impact on the energy supply or 

distribution.

List of Subjects in 28 CFR Part 91 

Grant programs—Law.

■ Accordingly, for the reasons set forth 

in the preamble, 28 CFR part 91, as 

amended by the interim rule published 

at 61 FR 49969 on September 24, 1996, 

is further amended by this second 

interim rule as follows:

PART 91—GRANTS FOR 

CORRECTIONAL FACILITIES

■ 1. The authority citation for subpart C 

continues to read as follows:

Authority: 42 U.S.C. 13701 et seq., as 

amended by Pub. L. 104–134.

■ 2. Subpart C is amended by revising 

the heading to read as follows:

Subpart C—Correctional Facilities on 

Tribal Lands 

2. Section 91.22 is amended by 

revising paragraphs (d) and (e) to read 

as follows:

§ 91.22 Definitions.

* * * * *

(d) Indian Tribe means an eligible 

Native American tribe as defined by the 

Indian Self Determination Act, 25 U.S.C. 

450b(e). 

(e) Construction means the erection, 

acquisition, renovation, repair, 

remodeling, or expansion of new or 

existing buildings or other physical 

facilities, and the acquisition or 

installation of fixed furnishings and 

equipment. It includes facility planning 

(including environmental impact 

analysis), pre-architectural 

programming, architectural design, 

preservation, construction, 

administration, construction 

management, or project management 

costs. Construction does not include the 

purchase of land.

Deborah J. Daniels, 

Assistant Attorney General, Office of Justice 

Programs.

[FR Doc. 04–281 Filed 1–14–04; 8:45 am] 

BILLING CODE 4410–18–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 February 2004. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: February 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 February 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 

February 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 February 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 4.10 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 

January 2004) of 0.10 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 3.25 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 are 

unchanged from those in effect for 

January 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 February 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. 

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).

2300 Federal Register / Vol. 69, No. 10 / Thursday, January 15, 2004 / Rules and Regulations 

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 

124, 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

* * * * * * * 

124 2–1–04 3–1–04 3.25 4.00 4.00 4.00 7 8

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

124, 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

* * * * * * * 

124 2–1–04 3–1–04 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, 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 = 

* * * * * * * 

February 2004 .0410 1–20 .0500 >20 N/A .......... N/A 

Issued in Washington, DC, on this 9th day 

of January 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–873 Filed 1–14–04; 8:45 am] 

BILLING CODE 7708–01–P

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[CA 289–0417a; FRL–7600–7] 

Revision to the California State 

Implementation Plan, Monterey Bay 

Unified Air Pollution Control District

AGENCY: Environmental Protection 

Agency (EPA).

ACTION: Direct final rule.

SUMMARY: EPA is taking direct final 

action to approve a revision to the 

Monterey Bay Unified Air Pollution 

Control District (MBUAPCD) portion of 

the California State Implementation 

Plan (SIP). The revision concerns the 

emission of volatile organic compounds 

(VOC) from the transfer of gasoline at 

dispensing stations. We are approving a 

local rule that regulates this emission 

source under the Clean Air Act as 

amended in 1990 (CAA or the Act).

DATES: This rule is effective on March 

15, 2004 without further notice, unless 

EPA receives adverse comments by 

February 17, 2004. If we receive such 

comments, we will publish a timely 

withdrawal in the Federal Register to 

notify the public that this rule will not 

take effect.

ADDRESSES: Send comments to Andy 

Steckel, Rulemaking Office Chief (AIR–

4), U.S. Environmental Protection 

Agency, Region IX, 75 Hawthorne 

Street, San Francisco, CA 94105, or eVerDate jul<14>2003 14:25 Jan 14, 2004 Jkt 203001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 E:\FR\FM\15JAR1.SGM 15JAR1