35294 Federal Register / Vol. 68, No. 114 / Friday, June 13, 2003 / Rules and Regulations 

comments that raised significant issues 

regarding the order. This action is part 

of the ongoing implementation of the 

Anabolic Steroid Control Act (ASCA) of 

1990.

EFFECTIVE DATE: June 13, 2003.

FOR FURTHER INFORMATION CONTACT:

Frank Sapienza, Chief, Drug and 

Chemical Evaluation Section, Office of 

Diversion Control, Drug Enforcement 

Administration, Washington, DC 20537, 

Telephone: (202) 307–7183.

SUPPLEMENTARY INFORMATION: 

Background 

The ASCA of 1990 (Title XIX of Pub. 

L. 101–647) placed anabolic steroids 

into Schedule III of the CSA (21 U.S.C. 

812). Section 1903 of the ASCA 

provides that the Attorney General may 

exempt products which contain 

anabolic steroids from all or any part of 

the CSA (21 U.S.C. 801 et seq.) if the 

products have no significant potential 

for abuse. The authority to exempt these 

products was delegated from the 

Attorney General to the Administrator 

of the Drug Enforcement Administration 

(28 CFR 0.1009b), who, in turn, 

redelegated this authority to the Deputy 

Assistant Administrator, Office of 

Diversion Control, Drug Enforcement 

Administration (28 CFR appendix to 

subpart R, Section 7, paragraph (g)). The 

procedure for implementing this section 

of the ASCA is found in § 1308.33 of 

Title 21 of the Code of Federal 

Regulations. 

In conformance with § 1308.33 of 

Title 21 of the Code of Federal 

Regulations, an application was 

received from Syntho Pharmaceuticals 

to exempt two of their anabolic steroid 

products, Syntest H.S. and Syntest D.S. 

This application was forwarded to the 

Secretary of Health and Human Services 

(HHS) for his evaluation. Upon the 

recommendation of HHS and other 

relevant information, the DEA 

published an interim rule and request 

for comments (68 FR 1964, January 15, 

2003) in which the Deputy Assistant 

Administrator ordered the products to 

be added to the list of exempt anabolic 

steroids. 

Suspension of Order To Add Anabolic 

Steroid Products to the List of Products 

Exempted From Application of the CSA 

DEA received two comments from 

interested persons that raised significant 

issues regarding findings of fact or 

conclusions of law upon which this 

order was based. As set forth in 21 CFR 

1308.33(d), the Deputy Assistant 

Administrator hereby immediately 

suspends the effectiveness of this order 

until she may reconsider the application 

in light of the comments and objections 

filed. Thereafter, the Deputy Assistant 

Administrator will reinstate, revoke, or 

amend her original order as she 

determines appropriate.

Dated: June 4, 2003. 

Laura M. Nagel, 

Deputy Assistant Administrator, Office of 

Diversion Control.

[FR Doc. 03–14901 Filed 6–12–03; 8:45 am] 

BILLING CODE 4410–09–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 July 2003. Interest assumptions 

are also published on the PBGC’s Web 

site (http://www.pbgc.gov).

EFFECTIVE DATE: July 1, 2003.

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 July 2003, (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 July 

2003, 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 July 2003. 

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 5.25 percent thereafter. These 

interest assumptions represent a 

decrease (from those in effect for June 

2003) of 0.40 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 3.00 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 June 2003) of 0.50 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 July 2003, the 

PBGC finds that good cause exists for 

making the assumptions set forth in this 

Federal Register / Vol. 68, No. 114 / Friday, June 13, 2003 / Rules and Regulations 35295

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 

117, 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

* * * * * * * 

117 7–1–03 8–1–03 3.00 4.00 4.00 4.00 7 8 

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

117, 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

* * * * * * * 

117 7–1–03 8–1–03 3.00 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 = 

* * * * * * * 

July 2003 .......................................................................... .0430 1–20 .0525 >20 N/A N/A 

35296 Federal Register / Vol. 68, No. 114 / Friday, June 13, 2003 / Rules and Regulations 

Issued in Washington, DC, on this 9th day 

of June 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–14952 Filed 6–12–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD07–03–051] 

RIN 1625–AA09 

Drawbridge Operation Regulations; 

Atlantic Intracoastal Waterway, Mile 

1070.5 at Hollywood, Broward County, 

FL

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

temporarily changing the regulations 

governing the operation of the Sheridan 

Street Bridge, mile 1070.5, Hollywood, 

Broward County, Florida. This 

temporary rule allows this bridge to 

limit openings to a single leaf not more 

than once every 20 minutes. Double-leaf 

openings will be available during 

certain times with a two-hour advance 

notice to the bridge tender. This 

temporary rule is necessary to allow the 

bridge owner to safely complete repairs 

to the bridge.

DATES: This rule is effective from 7 a.m. 

on June 5, 2003 to 6 p.m. on September 

26, 2003.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket [CGD07–03–

051] and are available for inspection or 

copying at Commander (obr), Seventh 

Coast Guard District, 909 S.E. 1st 

Avenue, Room 432, Miami, Florida 

33131 between 7:30 a.m. and 4 p.m., 

Monday through Friday, except Federal 

holidays.

FOR FURTHER INFORMATION CONTACT: Mr. 

Michael Lieberum, Project Officer, 

Seventh Coast Guard District, Bridge 

Branch at (305) 415–6744.

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

We did not publish a notice of 

proposed rulemaking (NRPM) for this 

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

Coast Guard finds that good cause exists 

for not publishing an NPRM. Publishing 

an NPRM would be impracticable and 

contrary to the public interest. 

Publishing an NPRM and delaying the 

effective date of the rule would 

adversely affect public safety by 

delaying the contractor’s ability to safely 

repair the bridge. 

For the same reasons, 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. 

Background and Purpose 

The Sheridan Street Bridge, mile 

1070.5 at Hollywood, Broward County, 

Florida, has a vertical clearance of 22 

feet at mean high water and a horizontal 

clearance of 45 feet between the down 

span and the fender system. The 

existing operating regulations in 33 CFR 

117.5 require the bridge to open on 

signal. 

On February 28, 2003, PCL 

Contractors requested that the Coast 

Guard modify the bridge opening 

schedule because of safety issues 

including, but not limited to, welding 

deck plates and modifying 

counterweight girders. Specifically, they 

requested that the bridge open only a 

single leaf no more than every 20 

minutes with double-leaf openings 

available, during certain periods, with 

two hours advance notice given to the 

bridge tender. Double-leaf openings, 

however, will not be available from June 

5 until July 3, 2003, because painting 

tarps will be in position to catch lead 

paint. Also, workers will be modifying 

the bridge’s counterweights at that time. 

The contractor will be working 24 hours 

a day, seven days a week to complete 

bridge repairs as quickly as possible. 

This rule is necessary to ensure worker 

safety during repairs to the bridge and 

does not significantly hinder navigation. 

During this time of year, the majority of 

vessels that would normally require a 

double-leaf opening will be traversing 

the open ocean and not using the 

Intracoastal Waterway. 

Regulatory Evaluation 

This rule is not a ‘‘significant 

regulatory action’’ under section 3(f) of 

Executive Order 12866, Regulatory 

Planning and Review, and does not 

require an assessment of potential costs 

and benefits under section 6(a)(3) of that 

Order. The Office of Management and 

Budget has not reviewed it under that 

Order. It is not ‘‘significant’’ under the 

regulatory policies and procedures of 

the Department of Homeland Security 

(DHS). The Coast Guard expects the 

economic impact of this rule to be so 

minimal that a full Regulatory 

Evaluation is unnecessary, because the 

regulations affect a limited amount of 

marine traffic and only for certain 

periods. Most vessels will be able to 

safely transit through a single span of 

the bridge, and both spans of the bridge 

will open with two hours advance 

notice to the bridge tender, except from 

June 5 until July 3, 2003. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we considered 

whether this temporary rule would have 

a significant economic impact on a 

substantial number of small entities. 

The term ‘‘small entities’’ comprises 

small businesses, not-for-profit 

organizations that are independently 

owned and operated and are not 

dominant in their fields, and 

governmental jurisdictions with 

populations of less than 50,000.

The Coast Guard certifies under 5 

U.S.C. 605(b) that this temporary rule 

will not have a significant economic 

impact on a substantial number of small 

entities. Most vessels will be able to 

safely transit through a single span of 

the bridge, and both spans of the bridge 

can be opened with two hours advanced 

notice to the bridge tender, except from 

June 5 to July 3, 2003. 

Assistance for Small Entities 

Under section 213(a) of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Pub. L. 104–121), 

we want to assist small entities in 

understanding this temporary rule so 

that they can better evaluate its effects 

on them and participate in the 

rulemaking. If this temporary rule will 

affect your small business, organization, 

or governmental jurisdiction and you 

have questions concerning its 

provisions or options for compliance, 

please contact the person listed in FOR

FURTHER INFORMATION CONTACT.

Small businesses may send comments 

on the actions of Federal employees 

who enforce, or otherwise determine 

compliance with, Federal regulations to 

the Small Business and Agriculture 

Regulatory Enforcement Ombudsman 

and the Regional Small Business 

Regulatory Fairness Boards. The 

Ombudsman evaluates these actions 

annually and rates each agency’s 

responsiveness to small business. If you 

wish to comment on actions by 

employees of the Coast Guard, call 1–

888–REG–FAIR (1–888–734–3247). 

Collection of Information 

This temporary rule calls for no new 

collection of information under the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501–3520).