41270 Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Rules and Regulations 

1Appendix B to PBGC’s regulation on Allocation 

of Assets in Single-Employer Plans (29 CFR Part 

4044) prescribes interest assumptions for valuing 

benefits under terminating covered single-employer 

plans for purposes of allocation of assets under 

ERISA section 4044. Those assumptions are 

updated quarterly. 

07–52 and adding in its place ‘‘CBP Dec. 

12–13’’. 

Thomas Winkowski, 

Acting Commissioner, U.S. Customs and 

Border Protection. 

Approved: July 5, 2012. 

Timothy E. Skud, 

Deputy Assistant Secretary of the Treasury. 

[FR Doc. 2012–16989 Filed 7–12–12; 8:45 am] 

BILLING CODE 9111–14–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Parts 1 and 602 

[TD 9590] 

RIN 1545–BJ82 

Health Insurance Premium Tax Credit 

Correction 

In rule document 2012–12421 

appearing on pages 30377–30400 in the 

issue of Wednesday, May 23, 2012, 

make the following corrections: 

■ 1. On page 30385, in the third column, 

in the third line, ‘‘Washington, DC All’’ 

should read ‘‘Washington DC. All’’. 

§ 1.36B–4 [Corrected] 

■ 2. On page 30399, in the second 

column, in § 1.36B–4(b)(6), in Example 

9, in the last two lines of paragraph (ii), 

the equation in parentheses should read 

‘‘($60,000 × .095)’’. 

[FR Doc. C1–2012–12421 Filed 7–12–12; 8:45 am] 

BILLING CODE 1505–01–D 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans to 

prescribe interest assumptions under 

the regulation for valuation dates in 

August 2012. The interest assumptions 

are used for paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective August 1, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@pbgc.gov), Manager, 

Regulatory and Policy Division, 

Legislative and Regulatory Department, 

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: PBGC’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribes actuarial 

assumptions—including interest 

assumptions—for paying plan benefits 

under terminating single-employer 

plans covered by title IV of the 

Employee Retirement Income Security 

Act of 1974. The interest assumptions in 

the regulation are also published on 

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

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 benefit 

payments regulation are updated 

monthly. This final rule updates the 

benefit payments interest assumptions 

for August 2012.1

The August 2012 interest assumptions 

under the benefit payments regulation 

will be 1.00 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. In comparison with the interest 

assumptions in effect for July 2012, 

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 payment of 

benefits under plans with valuation 

dates during August 2012, 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 in 29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

In consideration of the foregoing, 29 

CFR part 4022 is 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 

226, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Rules and Regulations 41271 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

226 8–1–12 9–1–12 1.00 4.00 4.00 4.00 7 8 

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

226, 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

*******

226 8–1–12 9–1–12 1.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 10th day 

of July 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–17165 Filed 7–12–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2012–0538] 

RIN 1625–AA00 

Safety Zone; Newburgh to Beacon 

Swim, Newburgh, Hudson River, NY 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone on 

the navigable waters of the Hudson 

River, NY in the vicinity of Newburgh, 

NY for the annual Newburgh Beacon 

Swim event. This temporary safety zone 

is necessary to protect swimmers, 

spectators and vessels from the hazards 

associated with swimmers competing in 

a swim across the Hudson River. 

Persons and vessels are prohibited from 

entering into, transiting through, or 

anchoring within the safety zone unless 

authorized by the Captain of the Port 

(COTP) New York or the designated 

representative. 

DATES: This rule is effective from 9:30 

a.m. until 11:30 a.m. on July 21, 2012. 

ADDRESSES: Documents mentioned in 

this preamble are part of docket [USCG– 

2012–0538]. To view documents 

mentioned in this preamble as being 

available in the docket, go to 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 

rulemaking. 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 Ensign Kimberly Farnsworth, 

Coast Guard; Telephone (718) 354–4163, 

email Kimberly.A.Farnsworth@uscg.mil. 

If you have questions on viewing or 

submitting material to the docket, call 

Renee V. Wright, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: 

Table of Acronyms 

DHS Department of Homeland Security 

FR Federal Register 

CFR Code of Federal Regulations 

NPRM Notice of Proposed Rulemaking 

COTP Captain of the Port 

A. Regulatory History and Information 

The Newburgh Beacon Swim is an 

annual recurring event that has a 

permanent safety zone found at 33 CFR 

165.160. The effective date for the 

permanent safety zone is the last 

weekend in July with a rain date as the 

first weekend in August each year. 

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)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because 

delaying this event would be contrary to 

the public interest. 

The Newburgh Beacon Swim event 

will occur this year on July 21, 2012. On 

May 24, 2012, the sponsor of the event 

advised the Coast Guard that due to 

optimal tide, current, and weather 

conditions needed to promote the safety 

of the swim participants, they were 

changing the date of the event from the 

last weekend in July (with a rain date as 

the first weekend in August) to July 21, 

2012, thereby rendering the permanent 

safety zone set forth in 33 CFR 165.160 

inapplicable for this year’s event. 

Any delay in the effective date of this 

rule would be contrary to the public 

interest because immediate action is 

needed to provide for the safety of life 

on the navigable waters from the 

hazards of swimming in the Hudson 

River, particularly in the vicinity of the 

shipping channel. The safety zone is 

necessary to provide for the safety of 

event participants, spectator crafts, and 

other vessels operating near the event 

area. For the safety concerns noted, it is 

in the public interest to have this 


tkelley on DSK3SPTVN1PROD with RULES