Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Rules and Regulations 2863 

of information collection requirements 

contained in a final rule. 

DATES: The final rule published in the 

Federal Register on November 17, 2008 

(73 FR 67934) has been approved by 

OMB and is effective January 16, 2009. 

The current expiration date for OMB 

authorization for this information 

collection is December 31, 2011. 

ADDRESSES: Written comments 

regarding the burden-hour estimates or 

other aspects of the information 

collection requirements contained in 29 

CFR part 825 may be submitted to: 

Administrator, Wage and Hour Division, 

Room S3502, 200 Constitution Avenue, 

NW., Washington DC 20210. 

FOR FURTHER INFORMATION CONTACT: 

Richard M. Brennan, Director, Division 

of Interpretations and Regulatory 

Analysis, Wage and Hour Division, 

Employment Standards Administration, 

U.S. Department of Labor, Room S– 

3506, 200 Constitution Avenue, NW., 

Washington, DC 20210; telephone: (202) 

693–0051 (this is not a toll-free 

number). 

Questions of interpretation and/or 

enforcement of regulations referenced in 

this notice may be directed to the 

nearest Wage and Hour Division (WHD) 

District Office. Locate the nearest office 

by calling the WHD toll-free help line at 

(866) 4US–WAGE ((866) 487–9243) 

between 8 a.m. and 5 p.m. in your local 

time zone, or log onto the WHD’s Web 

site for a nationwide listing of WHD 

District and Area Offices at: http:// 

www.dol.gov/esa/whd/america2.htm. 

This notice is available through the 

printed Federal Register and 

electronically via the http:// 

www.gpoaccess.gov/fr/index.html Web 

site. 

Copies of this notice may be obtained 

in alternative formats (Large Print, 

Braille, Audio Tape or Disc), upon 

request, by calling (202) 693–0023 (not 

a toll-free number). TTY/TDD callers 

may dial toll-free (877) 889–5627 to 

obtain information or request materials 

in alternative formats. 

SUPPLEMENTARY INFORMATION: The Office 

of Management and Budget (OMB) has 

approved under the PRA information 

collection requirements contained in 

recently revised final regulations under 

the Family and Medical Leave Act 

published by the Department of Labor in 

the Federal Register on November 17, 

2008. See 73 FR 67934. The preamble to 

the new regulations stated an effective 

date of January 18, 2009; however, the 

OMB had not yet provided a PRArequired approval for the revised 

information collection requirements 

contained in the revised FMLA rules at 

the time of their publication. 44 U.S.C. 

3507(a)(2). An agency may not conduct 

an information collection unless it has 

a currently valid OMB approval; 

therefore, in accordance with the PRA, 

the effective date of the information 

collection requirements in the revised 

regulations was delayed until the OMB 

approved them under the PRA. 44 

U.S.C. 3506(c)(1)(B)(iii)(V). On 

December 14, 2008, the OMB approved 

the Department’s information collection 

request under Control Number 1215– 

0181; thus, giving effect to the 

requirements, as announced and 

published in the Federal Register on 

November 17, 2008, under the PRA. The 

current expiration date for OMB 

authorization for this information 

collection is December 31, 2011. 

Dated: January 9, 2009. 

Victoria A. Lipnic, 

Assistant Secretary, Employment Standards 

Administration. 

Alexander J. Passantino, 

Acting Administrator, Wage and Hour 

Division. 

[FR Doc. E9–674 Filed 1–15–09; 8:45 am] 

BILLING CODE 4510–27–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Valuing and Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans prescribes interest assumptions 

for valuing and paying certain benefits 

under terminating single-employer 

plans. This final rule amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in February 2009. As discussed 

below, this final rule does not address 

the interest assumptions under PBGC’s 

regulation on Allocation of Assets in 

Single-Employer Plans. Interest 

assumptions are also published on 

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

DATES: Effective February 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. 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). Before 2009, PBGC 

updated the assumptions under the two 

regulations each month in a single 

rulemaking document. In a final rule 

published in the Federal Register on 

December 29, 2008 (at 73 FR 79362), 

PBGC announced a change in its 

practice for determining the interest 

assumptions for use under the asset 

allocation regulation. As explained in 

the preamble to that final rule (73 FR 

79362 at 79363), the new practice leads 

to assumptions that remain unchanged 

within a calendar quarter. Accordingly, 

the assumptions published December 

29, 2008, remain in effect for January, 

February, and March 2009, and need not 

be updated for February 2009. Thus this 

final rule document updates the benefit 

payments regulation only. Similarly, 

future updates to the asset allocation 

regulation will be made quarterly rather 

than monthly; between quarterly 

updates of the asset allocation 

regulation, only the benefit payment 

regulation will be updated each month. 

Two sets of interest assumptions are 

prescribed under the benefit payments 

regulation: (1) A set for PBGC to use to 

determine whether a benefit is payable 

as a lump sum and to determine lumpsum amounts to be paid by PBGC (found 

in Appendix B to Part 4022), and (2) a 

set for private-sector pension 

practitioners to refer to if they wish to 

use lump-sum interest rates determined 

using PBGC’s historical methodology 

(found in Appendix C to Part 4022). 

This amendment (1) adds to 

Appendix B to Part 4022 the interest 

assumptions for PBGC to use for its own 

lump-sum payments in plans with 

valuation dates during February 2009, 

and (2) adds to Appendix C to Part 4022 

the interest assumptions for privatesector pension practitioners to refer to if 

they wish to use lump-sum interest rates 

determined using PBGC’s historical 


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2864 Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Rules and Regulations 

methodology for valuation dates during 

February 2009. 

The interest assumptions that 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 January 2009) of 1.00 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 PBGC for 

determining and paying lump sums (set 

forth in Appendix B to part 4022). 

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 February 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 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

■ In consideration of the foregoing, 29 

CFR part 4022 is 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 

184, 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

* * * * * * * 

184 2–1–09 3–1–09 3.00 4.00 4.00 4.00 7 8 

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

184, 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

* * * * * * * 

184 2–1–09 3–1–09 3.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 12th day 

of January 2009. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. E9–832 Filed 1–15–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

32 CFR Part 160 

[DoD Instruction 5000.35] 

Defense Acquisition Regulations 

(DAR) System 

AGENCY: Department of Defense. 

ACTION: Final rule. 

SUMMARY: This final rule removes the 

DoD’s rule concerning the management 

and operation of the Defense 

Acquisition Regulations (DAR) System. 

The part has served the purpose for 

which it was intended for the Code of 

Federal Regulations, and is no longer 

necessary. 

DATES: Effective Date: January 16, 2009. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Patricia L. Toppings at 703–696–5284. 

SUPPLEMENTARY INFORMATION: A copy of 

the current DoD Instruction may be 

obtained from http://www.dtic.mil/whs/ 

directives/corres/pdf/500035p.pdf. 

List of Subjects in 32 CFR Part 160 

Armed forces; government 

procurement. 

PART 160—[REMOVED] 

■ Accordingly, by the authority of 10 

U.S.C. 301, 32 CFR part 160 is removed. 

Dated: January 12, 2009. 

Patricia L. Toppings, 

OSD Federal Register Liaison Officer, 

Department of Defense. 

[FR Doc. E9–877 Filed 1–15–09; 8:45 am] 

BILLING CODE 5001–06–P 


sroberts on PROD1PC70 with RULES