Federal Register / Vol. 71, No. 179 / Friday, September 15, 2006 / Rules and Regulations 54415 

the part of a Department employee 

(except those allegations of misconduct 

that are required to be reported to the 

Department of Justice Office of 

Professional Responsibility pursuant to 

§ 45.12); and 

(c) Any investigation of allegations of 

criminal misconduct against any 

Department employee. 

§ 45.12 Reporting to the Department of 

Justice Office of Professional 

Responsibility. 

Department employees have a duty to, 

and shall, report to the Department of 

Justice Office of Professional 

Responsibility (DOJ–OPR), or to their 

supervisor, or their component’s 

internal affairs office for referral to DOJ–

OPR, any allegations of misconduct by 

a Department attorney that relate to the 

exercise of the attorney’s authority to 

investigate, litigate or provide legal 

advice, as well as allegations of 

misconduct by law enforcement 

personnel when such allegations are 

related to allegations of attorney 

misconduct within the jurisdiction of 

DOJ–OPR. 

§ 45.13 Duty to cooperate in an official 

investigation. 

Department employees have a duty to, 

and shall, cooperate fully with the 

Office of the Inspector General and 

Office of Professional Responsibility, 

and shall respond to questions posed 

during the course of an investigation 

upon being informed that their 

statement will not be used to 

incriminate them in a criminal 

proceeding. Refusal to cooperate could 

lead to disciplinary action. 

Dated: September 11, 2006. 

Alberto R. Gonzales, 

Attorney General. 

[FR Doc. E6–15315 Filed 9–14–06; 8:45 am] 

BILLING CODE 4410–BD–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 October 2006. Interest 

assumptions are also published on the 

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

DATES: Effective October 1, 2006. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, 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 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 October 2006, (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 

October 2006, 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 October 2006. 

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 6.00 

percent for the first 20 years following 

the valuation date and 4.75 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for September 2006) of 0.20 

percent for the first 20 years following 

the valuation date and are otherwise 

unchanged. These interest assumptions 

reflect the PBGC’s recently updated 

mortality assumptions, which are 

effective for terminations on or after 

January 1, 2006. See the PBGC’s final 

rule published December 2, 2005 (70 FR 

72205), which is available at http:// 

www.pbgc.gov/docs/05–23554.pdf. 

Because the updated mortality 

assumptions reflect improvements in 

mortality, these interest assumptions are 

higher than they would have been using 

the old mortality assumptions. 

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 September 2006) of 0.25 

percent in the immediate annuity rate 

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 October 2006, 

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. 


ycherry on PROD1PC64 with RULES
54416 Federal Register / Vol. 71, No. 179 / Friday, September 15, 2006 / Rules and Regulations 

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 

156, 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

* * * * * * * 

156 .............................................. 10–1–06 11–1–06 3.00 4.00 4.00 4.00 7 8 

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

156, 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

* * * * * * * 

156 .............................................. 10–1–06 11–1–06 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 for October 2006, 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 = 

* * * * * * * 

October 2006 .................................................................................................................... .0600 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 11th day 

of September 2006. 

Vincent K. Snowbarger, 

Interim Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E6–15314 Filed 9–14–06; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[CGD05–06–093] 

RIN 1625–AA00 

Safety Zone; Susquehanna River, 

Havre de Grace, MD 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone on 

the Susquehanna River during a 

fireworks display. This action is 

necessary to provide for the safety of life 

and property on navigable waters during 

a fireworks display launched from a 

barge, located between Havre de Grace, 

Maryland and Perryville, Maryland, on 

September 30, 2006. This action will 

restrict vessel traffic in a portion of the 

Susquehanna River. 

DATES: This rule is effective from 7:30 

p.m. to 10:30 p.m. on September 30, 

2006. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket CGD05–06–

093 and are available for inspection or 

copying at Commander, Coast Guard 

Sector Baltimore, 2401 Hawkins Point 

Road, Baltimore, Maryland 21226–1791, 

between 9 a.m. and 3 p.m., Monday 

through Friday, except Federal holidays. 


ycherry on PROD1PC64 with RULES