Federal Register / Vol. 72, No. 157 / Wednesday, August 15, 2007 / Rules and Regulations 45637 

Regulatory Findings 

Administrative Procedure Act 

The Department is publishing this 

rule as an interim final rule, with a 30- 

day provision for post-promulgation 

public comments, based on the ‘‘good 

cause’’ exceptions set forth at 5 U.S.C. 

553(b)(3)(B) and 553(d)(3). Publishing 

the rule in this way, with a postpromulgation opportunity for comment, 

will allow the Department of State to 

make the rule effective at the earliest 

opportunity. Allowing a full 30-day 

comment period followed by a 

publication of the final rule with a 

further 30 days before its effective date 

is not practicable or in the public 

interest. That process would delay 

retention by the Department of State of 

the increased surcharge, urgently 

needed in order to cover the increased 

costs attendant to implementing the 

provisions of the Intelligence Reform 

and Terrorism Prevention Act of 2004 

on travel to the United States. That law, 

passed in the aftermath of the 

September 11, 2001 terrorist attacks, 

seeks to increase the national security of 

the United States by requiring all 

arrivals (both foreign nationals and U.S. 

citizen), even from countries where it 

was previously not required, to possess 

a suitably secure travel document. By 

expedited retention of the surcharge 

through an interim final rule, the 

Department of State will be able to fund 

the costs of increased passport demand 

and the production of a new, convenient 

card format passport to be introduced in 

fiscal year 2008. 

Regulatory Flexibility Act/Executive 

Order 13272: Small Business 

These changes to the regulations are 

hereby certified as not expected to have 

a significant impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act, 

5 U.S.C. 601–612. 

The Small Business Regulatory 

Enforcement Fairness Act of 1996 

This rule is not a major rule as 

defined by 5 U.S.C. 804, for purposes of 

congressional review of agency 

rulemaking under the Small Business 

Regulatory Enforcement Fairness Act of 

1996, Public Law 104–121. This rule 

will not result in an annual effect on the 

economy of $100 million or more; a 

major increase in costs or prices; or 

adverse effects on competition, 

employment, investment, productivity, 

innovation, or the ability of United 

States-based companies to compete with 

foreign based companies in domestic 

and import markets. 

The Unfunded Mandates Reform Act of 

1995 

Section 202 of the Unfunded 

Mandates Reform Act of 1995 (UFMA), 

Public Law 104–4; 109 Stat. 48; 2 U.S.C. 

1532, generally requires agencies to 

prepare a statement before proposing 

any rule that may result in an annual 

expenditure of $100 million or more by 

State, local, or tribal governments, or by 

the private sector. This rule does not 

result in any such expenditure nor will 

it significantly or uniquely affect small 

governments. Therefore, no actions were 

deemed necessary. 

Executive Order 13132: Federalism 

The Department of State finds that 

this regulation will not have substantial 

direct effects on the States, on the 

relationship between the national 

government and the States, or the 

distribution of power and 

responsibilities among the various 

levels of government. Nor does the rule 

have federalism implications warranting 

the application of Executive Orders No. 

12372 and No. 13132. 

Executive Order 12866: Regulatory 

Review 

The Department of State has reviewed 

this interim final rule to ensure its 

consistency with the regulatory 

philosophy and principles set forth in 

Executive Order 12866. The Office of 

Management and Budget (OMB) has 

determined that this rule has important 

policy implications and is significant. 

This rule has been provided to OMB for 

review. 

Executive Order 12988: Civil Justice 

Reform 

The Department has reviewed the 

regulations in light of sections 3(a) and 

3(b)(2) of Executive Order No. 12988 to 

eliminate ambiguity, minimize 

litigation, establish clear legal 

standards, and reduce burden. 

The Paperwork Reduction Act of 1995 

This rule does not impose information 

collection requirements under the 

provisions of the Paperwork Reduction 

Act, 44 U.S.C., Chapter 35. 

List of Subjects in 22 CFR Part 51 

Administrative practice and 

procedure, Drug traffic control, 

Passports and Visas. 

■ Accordingly, for the reason set forth 

above, 22 CFR part 51 is amended as 

follows: 

PART 51—PASSPORTS 

■ 1. The authority citation for part 51 is 

continues to read as follows: 

Authority: 8 U.S.C. 1153 note, 1351, 1351 

note; 10 U.S.C. 2602(c); 22 U.S.C. 214, 

2504(a), 4201, 4206, 4215, 4219; 31 U.S.C. 

9701; Pub. L. 105–277, 112 Stat. 2681 et seq.; 

Pub. L. 109–167, 119 Stat. 3578; Pub. L. 108–

447, 118 Stat. 2809 et seq.; E.O. 10718, 22 FR 

4632, 3 CFR, 1954–1958 Comp., p. 382; E.O. 

11295, 31 FR 10603, 3 CFR, 1966–1970 

Comp., p. 570. 

■ 2. Section 51.61(b) is amended to read 

as follows: 

§ 51.61 Passport fees. 

* * * * * 

(b) A surcharge of twenty dollars on 

the filing of each application for a 

passport in order to cover the costs of 

meeting the increased demand for 

passports as a result of actions taken to 

comply with section 7209(b) of the 

Intelligence Reform and Terrorism 

Prevention Act of 2004 (8 U.S.C. 1165 

note). The surcharge will be recovered 

by the Department of State from within 

the passport fee reflected in Schedule of 

Consular Fees. 

* * * * * 

Dated: August 10, 2007. 

Henrietta Fore, 

Under Secretary for Management, 

Department of State. 

[FR Doc. E7–16177 Filed 8–14–07; 8:45 am] 

BILLING CODE 4710–06–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 September 2007. Interest 

assumptions are also published on the 

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

DATES: Effective September 1, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, Legislative and 

Regulatory Department, Pension Benefit 

Guaranty Corporation, 1200 K Street, 


ebenthall on PRODPC61 with RULES
45638 Federal Register / Vol. 72, No. 157 / Wednesday, August 15, 2007 / Rules and Regulations 

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). 

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 September 2007, 

(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 

September 2007, 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 

September 2007. 

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 5.53 

percent for the first 20 years following 

the valuation date and 5.20 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for August 2007) of 0.04 percent 

for the first 20 years following the 

valuation date and 0.04 percent for all 

years thereafter. 

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 

represent a decrease of 0.25 percent in 

the immediate rate from those in effect 

for August 2007 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 current 

market conditions as accurately as 

possible. 

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during September 2007, 

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: 

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 

167, as set forth below, is added to the 

table. 

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

* * * * * * * 

167 9–1–07 10–1–07 3.25 4.00 4.00 4.00 7 8 

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

167, as set forth below, is added to the 

table. 

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

* * * * * * * 

167 9–1–07 10–1–07 3.25 4.00 4.00 4.00 7 8 


ebenthall on PRODPC61 with RULES
Federal Register / Vol. 72, No. 157 / Wednesday, August 15, 2007 / Rules and Regulations 45639 

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 for September 2007, as set forth 

below, is added to the table. 

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 = 

* * * * * * * 

September 2007 ................................................................... .0553 1–20 .0520 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of August 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–15986 Filed 8–14–07; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. CGD05–07–059] 

RIN 1625–AA08 

Special Local Regulation for Marine 

Event, Bogue Sound, Morehead City, 

NC 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing temporary special local 

regulations for the ‘‘Crystal Coast Super 

Boat Grand Prix’’, a power boat race to 

be held on the waters of Bogue Banks 

adjacent to Morehead City, NC. 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 Morehead City Turning 

Basin including sections of the IntraCoastal Waterways and Morehead City 

Channel during the power boat race. 

DATES: This rule is effective from 9 a.m. 

to 5 p.m. on September 23, 2007. 

ADDRESSES: Comments and material 

received from the public, as well as 

documents indicated in this preamble as 

being available in the docket, are part of 

docket CGD05–07–059 and are available 

for inspection or copying at Commander 

(dpi), Fifth Coast Guard District, Room 

415, 431 Crawford Street, Portsmouth, 

Virginia 23704 between 9 a.m. and 2 

p.m., Monday through Friday, except 

Federal holidays. 

FOR FURTHER INFORMATION CONTACT: 

CWO Christopher Humphrey, 

Prevention Department, Sector North 

Carolina, at (252) 247–4525 or via e-mail 

to Christopher.D.Humphrey@uscg.mil. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

On June 13, 2007, we published a 

notice of proposed rulemaking (NPRM) 

entitled Special Local Regulation for 

Marine Event, Bogue Sound, Morehead 

City, North Carolina in the Federal 

Register (72 FR 32567). We received no 

letters commenting on the proposed 

rule. No public meeting was requested, 

and none was held. 

Background and Purpose 

On September 23, 2007, the Super 

Boat International Productions Inc. will 

sponsor the ‘‘Crystal Coast Super Boat 

Grand Prix’’, on the waters of Bogue 

Sound including the Morehead City 

Turning Basin, sections of the IntraCoastal Waterway, and Morehead City 

Channel at Morehead City, North 

Carolina. The event will consist of 

approximately 35 power boats 

participating in two high-speed 

competitive races, traveling counterclockwise around a race course. A fleet 

of spectator vessels are expected to 

gather near the event site to view the 

competition. To provide for the safety of 

participants, spectators and other 

transiting vessels, the Coast Guard will 

temporarily restrict vessel traffic in the 

event area during the races. 

Discussion of Comments and Changes 

The Coast Guard did not receive 

comments in response to the notice of 

proposed rulemaking (NPRM) published 

in the Federal Register. Accordingly, 

the Coast Guard is establishing 

temporary special local regulations on 

specified waters of the Bogue Sound, 

Morehead City, NC. 

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. 

We expect the economic impact of 

this proposed rule to be so minimal that 

a full Regulatory Evaluation is 

unnecessary. Although this regulation 

prevents traffic from transiting a portion 

of Morehead City State Port Turning 

Basin, sections of the Intra-Coastal 

Waterway and Morehead City Channel 

during the event, the effect of this 

regulation will not be significant due to 

the limited duration that the regulated 

area will be in effect. Extensive advance 

notification will be made to the 

maritime community via marine 

information broadcast, local radio 

stations, and area newspapers so 

mariners can adjust their plans 

accordingly. Additionally, the regulated 

area has been narrowly tailored to 

impose the least impact on general 

navigation yet provide the level of safety 

deemed necessary. Vessel traffic will be 

able to transit the regulated area 

between heats, when the Coast Guard 

Patrol Commander deems it is safe to do 

so. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we have considered 

whether this 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 rule will not have 

a significant economic impact on a 

substantial number of small entities. 

This rule will affect the following 

entities, some of which may be small 

entities: The owners or operators of 


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