Federal Register / Vol. 69, No. 94 / Friday, May 14, 2004 / Rules and Regulations 26769

Federal Register of December 30, 2003 

(68 FR 75116). The direct final rule 

amends the biologics regulations by 

providing options to the existing 

requirement for separate, dedicated 

facilities and equipment for work with 

spore-forming microorganisms. This 

document confirms the effective date of 

the direct final rule.

DATES: Effective date confirmed: June 1, 

2004.

FOR FURTHER INFORMATION CONTACT:

Valerie A. Butler, Center for Biologics 

Evaluation and Research (HFM–17), 

Food and Drug Administration, 1401 

Rockville Pike, Rockville, MD 20852–

1448, 301–827–6210.

SUPPLEMENTARY INFORMATION: In the 

Federal Register of December 30, 2003 

(68 FR 75116), FDA issued a direct final 

rule amending the biologics regulations 

by providing options to the existing 

requirement for separate, dedicated 

facilities and equipment for work with 

spore-forming microorganisms. The 

regulations were amended due to 

advances in facility, system, and 

equipment design and in sterilization 

technologies that allow work with 

spore-forming microorganisms to be 

performed in multiproduct 

manufacturing areas.

FDA solicited comments concerning 

the direct final rule for a 75-day period 

ending March 15, 2004. FDA stated that 

the effective date of the direct final rule 

would be on June 1, 2004, unless any 

significant adverse comment was 

submitted to FDA during the comment 

period. FDA received only one comment 

(from private industry) on the direct 

final rule. The comment requested FDA 

to revise § 600.11(e)(4) (21 CFR 

600.11(e)(4)), and asked whether this 

rulemaking affects the interpretation of 

§ 600.11(e)(4). That comment is beyond 

the scope of this rulemaking, which is 

not intended to affect the requirements 

for live vaccine processing set forth in 

§ 600.11(e)(4). FDA has determined that 

the received comment is not a 

significant adverse comment.

Authority: Therefore, under the 

Federal Food, Drug, and Cosmetic Act 

and the Public Health Service Act and 

under authority delegated to the 

Commissioner of Food and Drugs, the 

amendments issued thereby become 

effective on June 1, 2004.

Dated: May 7, 2004.

Jeffrey Shuren,

Assistant Commissioner for Policy.

[FR Doc. 04–11027 Filed 5–13–04; 8:45 am]

BILLING CODE 4160–01–S

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 June 2004. Interest assumptions 

are also published on the PBGC’s Web 

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

DATES: Effective Date: June 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 June 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 June 

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 June 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 4.30 

percent for the first 20 years following 

the valuation date and 5.00 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for May 2004) 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 3.50 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 an increase (from those in 

effect for May 2004) 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 June 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).

26770 Federal Register / Vol. 69, No. 94 / Friday, May 14, 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 

128, 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

* * * * * * * 

128 6–1–04 7–1–04 3.50 4.00 4.00 4.00 7 8 

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

128, 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

* * * * * * * 

128 6–1–04 7–1–04 3.50 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 = 

* * * * * * * 

June 2004 ......................................................................... .0430 1–20 .0500 >20 N/A N/A 

Issued in Washington, DC, on this 11th day 

of May 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–11031 Filed 5–13–04; 8:45 am] 

BILLING CODE 7708–01–P

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 180

[OPP–2004–0135; FRL–7358–9] 

Phosphomannose Isomerase and the 

Genetic Material Necessary for Its 

Production in All Plants; Exemption 

from the Requirement of a Tolerance

AGENCY: Environmental Protection 

Agency (EPA).

ACTION: Final rule.

SUMMARY: This regulation establishes an 

exemption from the requirement of a 

tolerance for residues in or on plant 

commodities of phosphomannose 

isomerase and the genetic material 

necessary for its production in all plants 

when applied/used as plantincorporated protectant inert 

ingredients. Syngenta Seeds, Inc. 

submitted a petition to EPA under the 

Federal Food, Drug, and Cosmetic Act 

(FFDCA), as amended by the Food 

Quality Protection Act of 1996 (FQPA), 

requesting an exemption from the 

requirement of a tolerance. This 

regulation eliminates the need to 

establish a maximum permissible level 

for residues in or on all plant 

commodities of phosphomannose 

isomerase and the genetic material