79362 Federal Register / Vol. 73, No. 249 / Monday, December 29, 2008 / Rules and Regulations 

§ 301.6103(j)(1)–1 Disclosures of return 

information to officers and employees of 

the Department of Commerce for certain 

statistical purposes and related activities. 

* * * * * 

(c) Disclosure of return information 

reflected on returns of corporations to 

officers and employees of the Bureau of 

Economic Analysis. 

(1) As authorized by law for purposes 

of, but only to the extent necessary in, 

conducting and preparing statistical 

analyses, the Internal Revenue Service 

will disclose to officers and employees 

of the Bureau of Economic Analysis all 

return information, regardless of format 

or medium and including edited 

information from the Statistics of 

Income sample, of designated classes or 

categories of corporations with respect 

to the tax imposed by chapter 1 of the 

Internal Revenue Code. 

(2) [Reserved]. 

(3) The Internal Revenue Service will 

disclose the following return 

information reflected on returns filed by 

corporations to officers and employees 

of the Bureau of Economic Analysis: 

(i) From the business master files of 

the Internal Revenue Service— 

(A) Taxpayer identity information (as 

defined in section 6103(b)(6)) with 

respect to corporate taxpayers; 

(B) Business or industry activity 

codes; 

(C) Filing requirement code; and 

(D) Physical location. 

(ii) From Form SS–4, ‘‘Application for 

Employer Identification Number,’’ filed 

by an entity identifying itself on the 

form as a corporation or a private 

services corporation— 

(A) Taxpayer identity information (as 

defined in section 6103(b)(6), including 

legal, trade, and business name); 

(B) Physical location; 

(C) State or country of incorporation; 

(D) Entity type (corporate only); 

(E) Estimated highest number of 

employees expected in the next 12 

months; 

(F) Principal activity of the business; 

(G) Principal line of merchandise; 

(H) Posting cycle date relative to 

filing; and 

(I) Document code. 

(iii) From an employment tax return 

filed by a corporation— 

(A) Taxpayer identity information (as 

defined in section 6103(b)(6)); 

(B) Total compensation reported; 

(C) Taxable wages paid for purposes 

of Chapter 21 to each employee; 

(D) Master file tax account code 

(MFT); 

(E) Total number of individuals 

employed in the taxable period covered 

by the return; 

(F) Posting cycle date relative to 

filing; 

(G) Accounting period covered; and 

(H) Document code. 

(iv) From returns of corporate 

taxpayers, including Form 1120, ‘‘U.S. 

Corporation Income Tax Return,’’ Form 

851, ‘‘Affiliations Schedule,’’ and other 

business returns, schedules and forms 

that the Internal Revenue Service may 

issue— 

(A) Taxpayer identity information (as 

defined in section 6103(b)(6)), including 

that of a parent corporation, affiliate, or 

subsidiary; a shareholder; a foreign 

corporation of which one or more U.S. 

shareholders (as defined in section 

951(b)) own at least 10% of the voting 

stock; a foreign trust; and a U.S. agent 

of a foreign trust; 

(B) Gross sales and receipts; 

(C) Gross income, including life 

insurance company gross income; 

(D) Gross income from sources 

outside the U.S.; 

(E) Gross rents from real property; 

(F) Other Gross Rents; 

(G) Total Gross Rents; 

(H) Returns and allowances; 

(I) Percentage of foreign ownership of 

corporations and trusts; 

(J) Fact of ownership of foreign 

partnerships; 

(K) Fact of ownership of foreign entity 

disregarded as a foreign entity; 

(L) Country of the foreign owner; 

(M) Gross value of the portion of the 

foreign trust owned by filer; 

(N) Country of incorporation; 

(O) Cost of labor, salaries, and wages; 

(P) Total assets; 

(Q) The quantity of certain forms 

attached that are returns of U.S. persons 

with respect to foreign disregarded 

entities, partnerships, and corporations. 

(R) Posting cycle date relative to 

filing; 

(S) Accounting period covered; 

(T) Master file tax account code 

(MFT); 

(U) Document code; and 

(V) Principal industrial activity code. 

* * * * * 

(e) Effective/applicability date. This 

section applies to disclosures to the 

Bureau of Economic Analysis on or after 

December 29, 2008. 

§ 301.6103(j)(1)–1T [Removed] 

■ Par. 3. Section 301.6103(j)(1)–1T is 

removed. 

Linda E. Stiff, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: December 17, 2008. 

Eric Solomon, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. E8–30599 Filed 12–24–08; 8:45 am] 

BILLING CODE 4830–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4044 

Allocation of Assets in SingleEmployer Plans; Interest Assumptions 

for Valuing Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulation on Allocation 

of Assets in Single-Employer Plans 

prescribes interest assumptions for 

valuing benefits under terminating 

single-employer plans. This final rule 

amends the asset allocation regulation 

to adopt interest assumptions for plans 

with valuation dates in the first quarter 

of 2009. As discussed below, PBGC has 

published a separate final rule dealing 

with interest assumptions under its 

regulation on Benefits Payable in 

Terminated Single-Employer Plans for 

January 2009. Interest assumptions are 

also published on PBGC’s Web site 

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

DATES: Effective January 1, 2009. 

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: 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 (ERISA). The 

interest assumptions are intended to 

reflect current conditions in the 

financial and annuity markets. 

These interest assumptions are found 

in two PBGC regulations: The regulation 

on Benefits Payable in Terminated 

Single-Employer Plans (29 CFR Part 

4022) and the regulation on Allocation 

of Assets in Single-Employer Plans (29 

CFR Part 4044). PBGC normally updates 

the assumptions under the two 

regulations each month in a single 

rulemaking document. Because of 

delays in obtaining data used in setting 

the assumptions for January 2009, PBGC 

is publishing two rulemaking 

documents to update the two 

regulations. This document is a final 

rule updating the asset allocation 


dwashington3 on PROD1PC60 with RULES
Federal Register / Vol. 73, No. 249 / Monday, December 29, 2008 / Rules and Regulations 79363 

regulation for January through March 

2009. 

The interest assumptions prescribed 

under the asset allocation regulation 

(found in Appendix B to Part 4044) are 

used for the valuation of benefits for 

allocation purposes under ERISA 

section 4044, and for other purposes. 

When used in conjunction with the 

mortality tables specified in Appendix 

A to Part 4044, these interest 

assumptions are intended to produce 

benefit values that match as closely as 

possible the prices charged by insurers 

in the private-sector group annuity 

market to annuitize comparable 

benefits. See 70 FR 72205 (December 2, 

2005) (preamble to final rule adopting 

more current mortality tables); 58 FR 

5128 (January 19, 1993) (preamble to 

proposed rule amending PBGC’s 

valuation regulations). 

As explained in the preamble to the 

2005 amendment (at 70 FR 72205), 

PBGC determines prices in the privatesector group annuity market based on 

quarterly surveys of insurers conducted 

for PBGC by the American Council of 

Life Insurers (ACLI). Using those 

surveys, PBGC derives interest factors 

that, when combined with PBGC’s 

mortality assumptions, provide the best 

fit for the average market prices 

obtained from the ACLI surveys. 

PBGC’s practice has been to 

recalibrate its interest factors each 

January based on the two most recent 

ACLI surveys and subsequent changes 

in the yield on long-term corporate 

investment-grade bonds. Between the 

annual recalibrations, PBGC has used 

this corporate bond market data to make 

monthly adjustments to the interest 

factors. 

The recent turmoil in the financial 

markets has prompted PBGC to further 

examine its current practice. Based on 

an examination of historical data, PBGC 

has concluded that (1) increasing the 

frequency of the recalibrations from 

annually to quarterly and (2) basing the 

interest factors on the ACLI surveys 

alone can be expected to provide a 

better fit for average group annuity 

market prices than current practice. 

The recalibration reflected in this rule 

and future quarterly recalibrations will 

be based on an averaging of the prices 

from the two most recent ACLI surveys. 

The interest factors so determined will 

remain in effect for three months—in 

this rule, from January through March of 

2009. 

Accordingly, this amendment adds to 

Appendix B to Part 4044 the interest 

assumptions for valuing benefits for 

allocation purposes in plans with 

valuation dates during January, 

February, and March 2009. The interest 

assumptions that PBGC will use for 

these purposes (set forth in Appendix B 

to part 4044) will be 6.02 percent for the 

first 20 years following the valuation 

date and 5.48 percent thereafter. These 

interest assumptions represent a 

decrease (from those in effect for 

December 2008) of 1.90 percent for the 

first 20 years following the valuation 

date and 1.51 percent for all years 

thereafter. 

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 of 

benefits in plans with valuation dates 

during January 2009, 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 4044 

Employee benefit plans, Pension 

insurance, Pensions. 

■ In consideration of the foregoing, 29 

CFR part 4044 is amended as follows: 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 1. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 2. In appendix B to part 4044, new 

entries for January, February, and March 

2009, as set forth below, are 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 = 

* * * * * * * 

January 2009 ............................................................................................ 0.0602 1–20 0.548 >20 (1) (1) 

February 2009 .......................................................................................... 0.0602 1–20 0.548 >20 (1) (1) 

March 2009 ............................................................................................... 0.0602 1–20 0.548 >20 (1) (1) 

1 Not applicable. 

Issued in Washington, DC, on this 19th day 

of December 2008. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation 

[FR Doc. E8–30768 Filed 12–24–08; 8:45 am] 

BILLING CODE 7708–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2008–1026] 

RIN 1625–AA00 

Safety Zone; Saugus River, Lynn, MA 

AGENCY: Coast Guard, DHS. 

ACTION: Interim rule with request for 

comments. 

SUMMARY: The Coast Guard is creating a 

safety zone for a portion of the Saugus 

River in Lynn, Massachusetts as 

requested by the Massachusetts 

Highway Department (MHD), to allow 

for vital repair work to commence on 

the Route 107/Fox Hill Bridge during 

the winter and spring months. This zone 

is necessary to protect mariners from the 

potential hazards associated with the 


dwashington3 on PROD1PC60 with RULES