41714 Federal Register / Vol. 68, No. 135 / Tuesday, July 15, 2003 / Rules and Regulations 

Commission shall use the term as 

imposed without deducting any good 

time credits that may have been earned 

by the offender prior to his release from 

prison. In no case shall the total of 

successive terms of imprisonment 

imposed by the Commission exceed the 

maximum authorized term of 

imprisonment at the first revocation. 

(2) For example, if the maximum 

authorized term of imprisonment at the 

first revocation is three years and the 

original maximum authorized term of 

supervised release is five years, the 

Commission at the first revocation may 

have imposed a one-year term of 

imprisonment and a further four-year 

term of supervised release. At the 

second revocation, the maximum 

authorized term of imprisonment will 

be two years, i.e., the maximum 

authorized term of imprisonment at the 

first revocation (three years) minus the 

one-year term of imprisonment that was 

imposed at the first revocation. 

(e) Further term of supervised release; 

successive revocations. (1) When the 

Commission revokes a term of 

supervised release that was imposed by 

the Commission following a previous 

revocation of supervised release, the 

Commission may also impose a further 

term of supervised release. The 

maximum authorized length of such a 

term of supervised release shall be the 

original maximum authorized term of 

supervised release permitted by 

paragraph (b) of this section, less the 

total of the terms of imprisonment 

imposed by the Commission on the 

same sentence (including the term of 

imprisonment imposed in the current 

revocation). 

(2) For example, if the maximum 

authorized term of imprisonment at the 

first revocation is three years and the 

original maximum authorized term of 

supervised release is five years, the 

Commission at the first revocation may 

have imposed a one-year term of 

imprisonment and a four-year further 

term of supervised release. If, at a 

second revocation, the Commission 

imposes another one-year term of 

imprisonment, the maximum authorized 

further term of supervised release will 

be three years (the original five-year 

period minus the total of two years of 

imprisonment). 

(f) Effect of sentencing court imposing 

less than the original maximum 

authorized term of supervised release. If 

the Commission has revoked supervised 

release, the maximum authorized period 

of further supervised release is 

determined by reference to the original 

maximum authorized term permitted for 

the offense of conviction (see paragraph 

(b) of this section), even if the 

sentencing court did not impose the 

original maximum authorized term 

permitted for the offense of conviction.

§ 2.220 Appeal. 

A supervised releasee may appeal to 

the Commission a decision to revoke 

supervised release, impose a term of 

imprisonment, or impose a new term of 

supervised release after revocation. The 

provisions of § 2.26 on the time limits 

for filing and deciding the appeal, the 

grounds for appeal, the format of the 

appeal, the limits regarding the 

submission of exhibits, and voting 

requirements apply to an appeal 

submitted under this section.

Dated: June 30, 2003. 

Edward F. Reilly, Jr., 

Chairman, U.S. Parole Commission.

[FR Doc. 03–17176 Filed 7–14–03; 8:45 am] 

BILLING CODE 4410–31–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 August 2003. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: August 1, 2003.

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 August 2003, (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 

August 2003, 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 August 2003. 

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 4.40 

percent for the first 20 years following 

the valuation date and 5.25 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for July 2003) of 0.10 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 3.00 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 are 

unchanged from those in effect for July 

2003. 

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 

Federal Register / Vol. 68, No. 135 / Tuesday, July 15, 2003 / Rules and Regulations 41715

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 August 2003, 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 

118, 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

* * * * * * * 

118 ........................................................ 8–1–03 9–1–03 3.00 4.00 4.00 4.00 7 8 

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

118, 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

* * * * * * * 

118 ........................................................ 8–1–03 9–1–03 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, 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 = 

* * * * * * * 

August 2003 .................................................................................................... .0440 1–20 .0525 >20 N/A N/A 

41716 Federal Register / Vol. 68, No. 135 / Tuesday, July 15, 2003 / Rules and Regulations 

Issued in Washington, DC, on this 9th day 

of July 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–17843 Filed 7–14–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117

[CGD01–03–047] 

Drawbridge Operation Regulations: 

Mystic River, CT

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 U.S. 1 Bridge, mile 

2.8, across the Mystic River at Mystic, 

Connecticut. This temporary deviation 

replaces the temporary deviation 

published on June 2, 2003, and is 

necessary to test a new operating 

schedule to determine if a permanent 

change to the schedule is reasonable. 

The deviation published on June 2, 

2003, is withdrawn.

DATES: The temporary deviation 

published on June 2, 2003, at 68 FR 

32643 is withdrawn July 15, 2003. This 

temporary deviation is effective from 

July 18, 2003 through October 15, 2003. 

Comments must reach the Coast Guard 

on or before November 15, 2003.

ADDRESSES: You may mail comments to 

Commander (obr), First Coast Guard 

District, Bridge Branch, at 408 Atlantic 

Avenue, Boston, MA 02110–3350, or 

deliver them to the same address 

between 7 a.m. and 3 p.m., Monday 

through Friday, except Federal holidays. 

The telephone number is (617) 223–

8364. The First Coast Guard District, 

Bridge Branch, maintains the public 

docket for this deviation. Comments and 

material received from the public, as 

well as documents indicated in this 

preamble as being available in the 

docket, will become part of this docket 

and will be available for inspection or 

copying at the First Coast Guard 

District, Bridge Branch, 7 a.m. to 3 p.m., 

Monday through Friday, except Federal 

holidays.

FOR FURTHER INFORMATION CONTACT:

Joseph Schmied, Project Officer, First 

Coast Guard District, at (212) 668–7195.

SUPPLEMENTARY INFORMATION: 

Request for Comments 

We encourage you to participate in 

this evaluation of the test deviation by 

submitting comments or related 

material. If you do so, please include 

your name and address, identify the 

docket number for this deviation 

(CGD01–03–047), indicate the specific 

section of this document to which each 

comment applies, and give the reason 

for each comment. Please submit all 

comments and related material in an 

unbound format, no larger than 81⁄2 by 

11 inches, suitable for copying. If you 

would like to know if they reached us, 

please enclose a stamped, self-addressed 

postcard or envelope. We will consider 

all comments and material received 

during the comment period. 

Background and Purpose 

The U.S. 1 Bridge has a vertical 

clearance of 4 feet at mean high water 

and 7 feet at mean low water in the 

closed position. 

The existing regulations in 33 CFR 

117.211(b), require the bridge to open 

on signal with a maximum delay of up 

to twenty minutes; except that from May 

1 through October 31, from 7:15 a.m. to 

7:15 p.m., the draw need only open 

once an hour, at quarter past the hour 

and from November 1 through April 30, 

from 8 p.m. to 4 a.m., the draw must 

open on signal after a six-hour advance 

notice is given. 

On May 13, 2003, the Mystic 

Connecticut Chamber of Commerce and 

Marine Affairs Committee, requested 

that the U.S. 1 Bridge opening schedule 

be temporarily changed to test an 

alternate operation schedule. 

At the request of the Mystic Chamber 

of Commerce and Marine Affairs 

Committee, the Commander, First Coast 

Guard District, issued a temporary 

deviation from the drawbridge operation 

regulations on May 20, 2003. That 

temporary deviation, notice of which 

was published in the Federal Register

on June 2, 2003, at 68 FR 32643, 

authorized an alternate operating 

schedule effective from June 15, 2003 

through August 31, 2003. The purpose 

of the temporary deviation was to test 

an alternate operation schedule and 

collect vehicular traffic data. 

On May 30, 2003, the Coast Guard 

received a second letter from the Mystic 

Chamber of Commerce and Marine 

Affairs Committee. The Mystic Chamber 

of Commerce and Marine Affairs 

Committee requested that the effective 

period of the temporary deviation be 

changed to allow the bridge to operate 

under the alternate operation schedule 

from July 18, 2003 through October 15, 

2003, and that the hourly daily 

operating schedule end at 6:40 p.m. 

instead of 7:40 p.m. 

The District Commander issued a new 

test deviation as requested by the Mystic 

Chamber of Commerce and Marine 

Affairs Committee. This deviation 

allows the bridge to operate under the 

alternate operation schedule from July 

18, 2003 through October 15, 2003, 

during the peak boating season. 

Under this temporary deviation, 

effective from July 18, 2003 through 

October 15, 2003, the draw of the U.S. 

1 Bridge shall open promptly and fully 

on signal; except that, from 7:40 a.m. to 

6:40 p.m., daily, the draw shall open at 

7:40 a.m., 8:40 a.m., 9:40 a.m., 10:40 

a.m., 11:40 a.m., 1:10 p.m., 1:40 p.m., 

2:40 p.m., 3:40 p.m., 4:40 p.m., 5:40 

p.m., and 6:40 p.m. 

After October 15, 2003, the bridge will 

operate in accordance with the existing 

drawbridge operation regulations. 

This temporary deviation also 

eliminates the provision that permits 

openings to be delayed up to 20 minutes 

after an opening request is given. Under 

this temporary deviation, the bridge 

must open promptly and fully upon 

request, in accordance with 33 CFR 

117.5. 

This deviation from the operating 

regulations is authorized under 33 CFR 

117.43, to test an alternate operating 

schedule.

Dated: June 6, 2003. 

John L. Grenier, 

Captain, Coast Guard, Acting Commander, 

First Coast Guard District.

[FR Doc. 03–17368 Filed 7–14–03; 8:45 am] 

BILLING CODE 4910–15–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165

[CGD05–03–073] 

RIN 1625–AA00

Security Zone; Cape Fear River, Eagle 

Island, North Carolina State Port 

Authority Terminal, Wilmington, NC

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule; request for 

comments. 

SUMMARY: The Coast Guard is 

establishing a temporary security zone 

to include an area 800 yards south of the 

Cape Fear River Bridge encompassing 

Eagle Island, the Cape Fear River, and 

the grounds of the State Port Authority 

Terminal south to South Wilmington