33860 Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations 

■ 2. In § 922.3: 

■ a. Remove the definition of ‘‘Active 

Candidate’’; 

■ b. Add a definition of ‘‘inventory’’; 

and 

■ c. Remove the definition of ‘‘Site 

Evaluation List (SEL)’’. 

The addition reads as follows: 

§ 922.3 Definitions. 

* * * * * 

Inventory means a list of nominated 

areas selected by the Director as 

qualifying for future consideration of 

designation as a national marine 

sanctuary. 

* * * * * 

■ 3. Revise subpart B to read as follows: 

Subpart B—Sanctuary Nomination 

Process 

Sec. 

922.10 General. 

922.11 Selection of nominated areas for 

national marine sanctuary designation. 

§ 922.10 General. 

(a) Nomination process. The 

sanctuary nomination process (see 

National Marine Sanctuaries Web site 

www.sanctuaries.noaa.gov) is the means 

by which the public can submit areas of 

the marine and Great Lakes 

environments for consideration by 

NOAA as a national marine sanctuary. 

(b) National significance criteria. The 

Director will consider the following in 

determining if a nominated area is of 

special national significance: 

(1) The area’s natural resources and 

ecological qualities are of special 

significance and contribute to: 

Biological productivity or diversity; 

maintenance or enhancement of 

ecosystem structure and function; 

maintenance of ecologically or 

commercially important species or 

species assemblages; maintenance or 

enhancement of critical habitat, 

representative biogeographic 

assemblages, or both; or maintenance or 

enhancement of connectivity to other 

ecologically significant resources. 

(2) The area contains submerged 

maritime heritage resources of special 

historical, cultural, or archaeological 

significance, that: Individually or 

collectively are consistent with the 

criteria of eligibility or listing on the 

National Register of Historic Places; 

have met or which would meet the 

criteria for designation as a National 

Historic Landmark; or have special or 

sacred meaning to the indigenous 

people of the region or nation. 

(3) The area supports present and 

potential economic uses, such as: 

Tourism; commercial and recreational 

fishing; subsistence and traditional uses; 

diving; and other recreational uses that 

depend on conservation and 

management of the area’s resources. 

(4) The publicly-derived benefits of 

the area, such as aesthetic value, public 

recreation, and access to places depend 

on conservation and management of the 

area’s resources. 

(c) Management considerations. The 

Director will consider the following in 

determining the manageability of a 

nominated area: 

(1) The area provides or enhances 

opportunities for research in marine 

science, including marine archaeology. 

(2) The area provides or enhances 

opportunities for education, including 

the understanding and appreciation of 

the marine and Great Lakes 

environments. 

(3) Adverse impacts from current or 

future uses and activities threaten the 

area’s significance, values, qualities, and 

resources. 

(4) A national marine sanctuary 

would provide unique conservation and 

management value for this area that also 

have beneficial values for adjacent 

areas. 

(5) The existing regulatory and 

management authorities for the area 

could be supplemented or 

complemented to meet the conservation 

and management goals for the area. 

(6) There are commitments or possible 

commitments for partnerships 

opportunities such as cost sharing, 

office space or exhibit space, vessel 

time, or other collaborations to aid 

conservation or management programs 

for the area. 

(7) There is community-based support 

for the nomination expressed by a broad 

range of interests, such as: Individuals 

or locally-based groups (e.g., friends of 

group, chamber of commerce); local, 

tribal, state, or national agencies; elected 

officials; or topic-based stakeholder 

groups, at the local, regional or national 

level (e.g., a local chapter of an 

environmental organization, a 

regionally-based fishing group, a 

national-level recreation or tourism 

organization, academia or science-based 

group, or an industry association). 

(d) Following evaluation of a 

nomination against the national 

significance criteria and management 

considerations, the Director may place 

nominated areas in a publicly available 

inventory for future consideration of 

designation as a national marine 

sanctuary. 

(e) A determination that a site is 

eligible for national marine sanctuary 

designation, by itself shall not subject 

the site to any regulatory control under 

the Act. Such controls may only be 

imposed after designation. 

§ 922.11 Selection of nominated areas for 

national marine sanctuary designation. 

(a) The Director may select a 

nominated area from the inventory for 

future consideration as a national 

marine sanctuary. 

(b) Selection of a nominated area from 

the inventory shall begin the formal 

sanctuary designation process. A notice 

of intent to prepare a draft 

environmental impact statement shall 

be published in the Federal Register 

and posted on the Office of National 

Marine Sanctuaries Web site. Any 

designation process will follow the 

procedures for designation and 

implementation set forth in section 304 

of the Act. 

§ 922.21 [Removed and Reserved] 

■ 4. Remove and reserve § 922.21. 

§ 922.23 [Removed and Reserved] 

■ 5. Remove and reserve § 922.23. 

[FR Doc. 2014–13807 Filed 6–12–14; 8:45 am] 

BILLING CODE 3510–NK–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in July 2014 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the third quarter of 2014. The interest 

assumptions are used for valuing and 

paying benefits under terminating 

single-employer plans covered by the 

pension insurance system administered 

by PBGC. 

DATES: Effective July 1, 2014. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion (Klion.Catherine@

PBGC.gov), Assistant General Counsel 

for Regulatory Affairs, Pension Benefit 

Guaranty Corporation, 1200 K Street 

mstockstill on DSK4VPTVN1PROD with RULES

Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations 33861 

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: PBGC’s 

regulations on Allocation of Assets in 

Single-Employer Plans (29 CFR Part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http://

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. PBGC uses the interest 

assumptions in Appendix B to Part 4022 

to determine whether a benefit is 

payable as a lump sum and to determine 

the amount to pay. Appendix C to Part 

4022 contains interest assumptions for 

private-sector pension practitioners to 

refer to if they wish to use lump-sum 

interest rates determined using PBGC’s 

historical methodology. Currently, the 

rates in Appendices B and C of the 

benefit payment regulation are the same. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for July 2014 and 

updates the asset allocation interest 

assumptions for the third quarter (July 

through September) of 2014. 

The third quarter 2014 interest 

assumptions under the allocation 

regulation will be 3.43 percent for the 

first 20 years following the valuation 

date and 3.66 percent thereafter. In 

comparison with the interest 

assumptions in effect for the second 

quarter of 2014, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

a decrease of 0.04 percent in the select 

rate, and an increase of 0.02 percent in 

the ultimate rate (the final rate). 

The July 2014 interest assumptions 

under the benefit payments regulation 

will be 1.25 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. In comparison with the interest 

assumptions in effect for June 2014, 

these interest assumptions are 

unchanged. 

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 under plans 

with valuation dates during July 2014, 

PBGC finds that good cause exists for 

making the assumptions set forth in this 

amendment effective less than 30 days 

after publication. 

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 

249 is added to the table to read as 

follows: 

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

*******

249 7–1–14 8–1–14 1.25 4.00 4.00 4.00 7 8 

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

249 is added to the table to read as 

follows: 

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

*******

249 7–1–14 8–1–14 1.25 4.00 4.00 4.00 7 8 

mstockstill on DSK4VPTVN1PROD with RULES

33862 Federal Register / Vol. 79, No. 114 / Friday, June 13, 2014 / Rules and Regulations 

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, an entry 

for July–September 2014 is added to the 

table to read as follows: 

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–September 

2014 

0.0343 1–20 0.0366 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of June 2014. 

Judith Starr, 

General Counsel, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2014–13896 Filed 6–12–14; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2014–0197] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

West Pearl River, Pearl River, LA 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is removing 

the existing drawbridge operation 

regulation for the Norfolk Southern 

Railroad Bridge across the West Pearl 

River, mile 22.1 at Pearl River Station, 

St. Tammany Parish, Louisiana. The 

bridge was modified from a swing 

bridge to a fixed bridge and the current 

operating regulation is no longer 

necessary. 

DATES: This rule is effective June 13, 

2014. 

ADDRESSES: The docket for this final 

rule, [USCG–2014–0197] is available at 

http://www.regulations.gov. Type the 

docket number in the ‘‘SEARCH’’ box 

and click ‘‘SEARCH.’’ Click on Open 

Docket Folder on the line associated 

with this final rule. You may also visit 

the Docket Management Facility in 

Room W12–140 on the ground floor of 

the Department of Transportation West 

Building, 1200 New Jersey Avenue SE., 

Washington, DC 20590, between 9 a.m. 

and 5 p.m., Monday through Friday, 

except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email Donna Gagliano, Coast Guard; 

telephone 504–671–2128, email 

Donna.Gagliano@uscg.mil. If you have 

questions on viewing the docket, call 

Cheryl Collins, Program Manager, 

Docket Operations, telephone 202–366– 

9826. 

SUPPLEMENTARY INFORMATION: 

A. Regulatory History and Information 

The Coast Guard is issuing this final 

rule without prior notice and 

opportunity to comment pursuant to 

authority under section 4(a) of the 

Administrative Procedure Act (APA) 

(5 U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b), the Coast Guard finds that good 

cause exists for not publishing a notice 

of proposed rulemaking (NPRM) with 

respect to this rule because the Norfolk 

Southern Railroad Bridge, that once 

required draw operations in 33 CFR 

117.511(a), crossing the West Pearl 

River, was modified from a swing bridge 

to a fixed bridge in February 2014. 

Therefore, the regulation is no longer 

applicable and shall be removed from 

publication. It is unnecessary to publish 

an NPRM because this regulatory action 

does not purport to place any 

restrictions on mariners but rather 

removes a restriction that has no further 

use or value. 

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

Guard finds that good cause exists for 

making this rule effective in less than 30 

days after publication in the Federal 

Register. The bridge has been a fixed 

bridge on the West Pearl River since 

February and this rule merely requires 

an administrative change to the Federal 

Register, in order to omit a regulatory 

requirement that is no longer applicable 

or necessary. The modification has 

already taken place and the removal of 

the regulation will not affect mariners 

currently operating on this waterway. 

Therefore, a delayed effective date is 

unnecessary. 

B. Basis and Purpose 

The Norfolk Southern Railroad Bridge 

across the West Pearl River, mile 22.1, 

was modified into a fixed bridge in 

February of 2014. The modification of 

this bridge from a drawbridge to a fixed 

bridge necessitates the removal of the 

drawbridge operation regulation 

governing this bridge as published in 33 

CFR 117.511. 

The purpose of this rule is to remove 

the section of 33 CFR 117.511 that refers 

to the Norfolk Southern Railroad Bridge 

over West Pearl River at mile 22.1, 

which is paragraph (a), from the CFR 

since it governs a bridge that is no 

longer able to open. 

C. Discussion of Final Rule 

The Coast Guard is changing the 

regulation in 33 CFR 117.511 by 

removing restrictions and the regulatory 

burden related to the draw operations 

for the Norfolk Southern Railroad 

Bridge, which has been modified from 

a swing bridge to a fixed bridge. The 

bridge was modified based on the 

known needs of existing vessel traffic in 

the area and no requests to open for over 

10 years. The change removes paragraph 

(a) from 33 CFR 117.511, which is the 

section of the regulation governing the 

Norfolk Southern Railroad Bridge since 

the bridge is no longer be a drawbridge. 

D. Regulatory Analyses 

We developed this rule after 

considering numerous statutes and 

executive orders related to rulemaking. 

Below we summarize our analyses 

based on these statutes or executive 

orders. 

1. Regulatory Planning and Review 

This rule is not a significant 

regulatory action under section 3(f) of 

Executive Order 12866, Regulatory 

mstockstill on DSK4VPTVN1PROD with RULES