Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Rules and Regulations 7651

Federal mandates (under the regulatory 

provisions of title II of the UMRA) for 

State, local, and tribal governments or 

the private sector. Thus, the rule is not 

subject to the requirements of section 

202 and 205 of the UMRA. 

Environmental Impact Statement 

This document has been reviewed in 

accordance with 7 CFR part 1940, 

subpart G, ‘‘Environmental Program.’’

The Agencies have determined that this 

final action does not constitute a major 

Federal action significantly affecting the 

quality of human environment, and in 

accordance with the National 

Environmental Policy Act of 1969, 42 

U.S.C. 4321 et seq., an Environmental 

Impact Statement is not required. 

Executive Order 13132, Federalism 

The policies contained in this rule do 

not have any substantial direct effect on 

States, on the relationship between the 

national government and the States, or 

on the distribution of power and 

responsibilities among the various 

levels of government. Nor does this rule 

impose substantial direct compliance 

costs on State and local governments. 

Therefore, consultation with the States 

is not required. 

Background 

In November 2003, the Federal 

Register published a Final Rule that 

implemented changes to the 

governmentwide nonprocurment 

debarment and suspension common 

rule (NCR) and the associated rule on 

drug-free workplace requirements. The 

NCR set forth the common policies and 

procedures that Federal Executive 

branch agencies must use in taking 

suspension or debarment actions. It also 

established procedures for participants 

and Federal agencies in entering 

covered transactions. Following the 

procedures set forth in the NCR will 

help ensure that the agency action 

complies with due process standards 

and provides the public with uniform 

procedures.

List of Subjects in 7 CFR Part 1944 

Administrative practice and 

procedure, Grant programs, Housing 

and community development, Loan 

Programs, Migrant labor, Nonprofit 

organizations, Reporting requirements, 

Rural Housing.

■ For the reasons set forth in the 

summary, chapter XVIII, title 7, Code of 

Federal Regulations is amended as 

follows:

PART 1944—HOUSING

■ 1. The authority citation for part 3550 

continues to read as follows:

Authority: 5 U.S.C. 301; 42 U.S.C. 1480.

Subpart B—Housing Application 

Packaging Grants

■ 2. Section 1944.74 is revised to read as 

follows:

§ 1944.74 Debarment or Suspension. 

Certified packagers whose actions or 

acts warrant they not be allowed to 

participate in the program are to be 

investigated in accordance with agency 

procedures (available in any Rural 

Development office).

Dated: January 18, 2005. 

Russell T. Davis, 

Administrator, Rural Housing Service.

[FR Doc. 05–2903 Filed 2–14–05; 8:45 am] 

BILLING CODE 3410–XV–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 March 2005. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: March 1, 2005.

FOR FURTHER INFORMATION CONTACT:

Catherine B. Klion, Attorney, 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). 

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 March 2005, (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 

March 2005, 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 March 2005. 

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 3.80 

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 February 2005) of 0.20 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 2.75 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 February 2005) of 0.25 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).

7652 Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Rules and Regulations 

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 March 2005, 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 

137, 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

* * * * * * * 

137 3–1–05 4–1–05 2.75 4.00 4.00 4.00 7 8 

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

137, 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

* * * * * * * 

137 3–1–05 4–1–05 2.75 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 = 

* * * * * * * 

March 2005 ....................................................................... .0380 1–20 .0475 >20 N/A N/A 

Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Rules and Regulations 7653

Issued in Washington, DC, on this 9th day 

of February 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–2858 Filed 2–14–05; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD01–05–007] 

Drawbridge Operation Regulations: 

Fore River, ME

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, First Coast 

Guard District, has issued a temporary 

deviation from the drawbridge operation 

regulations for the Casco Bay Bridge, 

mile 1.5, across the Fore River between 

Portland and South Portland, Maine. 

Under this temporary deviation, from 

February 28, 2005 through March 4, 

2005, bridge openings between the 

hours of 6 a.m. and 6 p.m. will require 

a 24-hour advance notice. The bridge 

will open on signal at all other times. 

This temporary deviation is necessary to 

facilitate mechanical repairs at the 

bridge.

DATES: This deviation is effective from 

February 28, 2005 through March 4, 

2005.

FOR FURTHER INFORMATION CONTACT: John 

McDonald, Project Officer, First Coast 

Guard District, at (617) 223–8364.

SUPPLEMENTARY INFORMATION: The Casco 

Bay Bridge has a vertical clearance in 

the closed position of 55 feet at mean 

high water and 64 feet at mean low 

water. The existing drawbridge 

operation regulations are listed at 33 

CFR 117.5. 

The bridge owner, Maine Department 

of Transportation, requested a 

temporary deviation from the 

drawbridge operation regulations to 

facilitate scheduled mechanical 

maintenance, span lock repairs, at the 

bridge. 

Under this temporary deviation from 

February 28, 2005 through March 4, 

2005, bridge openings between the 

hours of 6 a.m. and 6 p.m. will require 

a 24-hour advance notice. The bridge 

will open on signal at all other times. 

This deviation from the operating 

regulations is authorized under 33 CFR 

117.35, and will be performed with all 

due speed in order to return the bridge 

to normal operation as soon as possible.

Dated: January 31, 2005. 

Gary Kassof, 

Bridge Program Manager, First Coast Guard 

District.

[FR Doc. 05–2870 Filed 2–14–05; 8:45 am] 

BILLING CODE 4910–15–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[COTP Western Alaska–05–002] 

RIN 1625–AA00 

Safety Zones; Gulf of Alaska, Narrow 

Cape, Kodiak Island, AK

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

establishing two temporary safety zones 

in the Gulf of Alaska, in the proximity 

of Narrow Cape, Kodiak Island, Alaska. 

These zones are needed to protect 

persons and vessels operating in the 

vicinity of the safety zones during a 

rocket launch from the Alaska 

Aerospace Development Corporation, 

Narrow Cape, Kodiak Island facility. 

Entry of vessels or persons into these 

zones is prohibited unless specifically 

authorized by the Commander, 

Seventeenth Coast Guard District, the 

Coast Guard Captain of the Port, 

Western Alaska, or their on-scene 

representative.

DATES: This temporary final rule is 

effective from 4 p.m. on February 12, 

2005 through 11 p.m. on March 31, 

2005. The safety zones will be enforced 

each day of the effective period from 4 

p.m. through 11 p.m.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are available for inspection and 

copying at Coast Guard Marine Safety 

Office Anchorage, 510 ‘‘L’’ Street, Suite 

100, Anchorage, AK 99501. Normal 

Office hours are 7:30 a.m. to 4 p.m., 

Monday through Friday, except federal 

holidays.

FOR FURTHER INFORMATION CONTACT: LT 

Meredith Gillman, Marine Safety Office 

Anchorage, at (907) 271–6700.

SUPPLEMENTARY INFORMATION: 

Regulatory History 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

regulation. Under 5 U.S.C. 553(b)(8), the 

Coast Guard finds that good cause exists 

for not publishing an NPRM. Because 

the hazardous condition is expected to 

last for approximately six (6) hours of 

each day, and because general 

permission to enter the safety zones will 

be given during non-hazardous times, 

the impact of this rule on commercial 

and recreational traffic is expected to be 

minimal. Any delay encountered in this 

regulation’s effective date would be 

contrary to public interest because 

immediate action is needed to protect 

human life and property from possible 

fallout from the rocket launch. The 

parameters of the zones will not unduly 

impair business and transits of vessels. 

The Coast Guard will announce via 

Broadcast Notice to Mariners the 

anticipated date and time of each 

launch and will grant general 

permission to enter the safety zones 

during those times in which the launch 

does not pose a hazard to mariners. 

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

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. The process of scheduling a 

rocket launch is uncertain due to 

unforeseen delays such as weather that 

can cause cancellation of the launch. 

The Coast Guard attempts to publish a 

final rule as close to the expected 

launch date as possible, however, these 

attempts often prove futile due to 

frequent re-scheduling. Any delay 

encountered in this regulation’s 

effective date would be contrary to 

public interest since immediate action is 

needed to protect human life and 

property from possible fallout from the 

rocket launch. The parameters of the 

zones will not unduly impair business 

and transits of vessels. The Coast Guard 

will announce via Broadcast Notice to 

Mariners the anticipated date and time 

of each launch and will grant general 

permission to enter the safety zones 

during those times in which the launch 

does not pose a hazard to mariners.

Background and Purpose 

The Alaska Aerospace Development 

Corporation will launch an unmanned 

rocket from their facility at Narrow 

Cape, Kodiak Island, Alaska between 5 

p.m. and 11 p.m. during a seven-day 

period between February 12, 2005 and 

March 31, 2005. The safety zones are 

necessary to protect spectators and 

transiting vessels from the potential 

hazards associated with the launch. 

The Coast Guard will announce via 

Broadcast Notice to Mariners the 

anticipated date and time of the launch 

and will grant general permission to 

enter the safety zones during those 

times in which a launch schedule does 

not pose a hazard to mariners. Because