38484 Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations 

(2) Employers are prohibited from 

accepting a substitute form developed 

by an employee, and the employee 

submitting such form will be treated as 

failing to furnish a withholding 

exemption certificate. For further 

guidance regarding the employer’s 

obligations when an employee is treated 

as failing to furnish a withholding 

exemption certificate, see 

§ 31.3402(f)(2)–1. 

(3) Effective/applicability date. 

Paragraph (a)(1) applies on April 14, 

2005. Paragraph (a)(2) applies to any 

substitute withholding exemption 

certificate furnished to an employer on 

or after October 11, 2007. 

* * * * * 

§ 31.3402(f)(5)–1T [Removed] 

■ Par. 5. Section 31.3402(f)(5)–1T is 

removed. 

Kevin Brown, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: July 2, 2007. 

Eric Solomon, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. E7–13492 Filed 7–12–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF LABOR 

Office of Labor-Management 

Standards 

29 CFR Part 404 

RIN 1215–AB49 

Labor Organization Officer and 

Employee Report, Form LM–30 

AGENCY: Office of Labor-Management 

Standards, Employment Standards 

Administration, Department of Labor. 

ACTION: Final rule; correction. 

SUMMARY: The Employment Standards 

Administration’s Office of LaborManagement Standards (‘‘OLMS’’) of the 

Department of Labor is correcting a final 

rule that appeared in the Federal 

Register of July 2, 2007, (72 FR 36106). 

That document revised the Form LM–

30, Labor Organization Officer and 

Employee Report, its instructions, and 

related provisions in the Department’s 

regulations. In that document, the 

effective date of the final rule (August 

16, 2007) was omitted from one 

paragraph in the preamble and the 

beginning date for the mandatory 

submission of Form LM–30 reports filed 

under the final rule (November 16, 

2008) was inadvertently omitted from 

the same paragraph. This document 

corrects those omissions. 

EFFECTIVE DATE: Effective on August 16, 

2007. 

FOR FURTHER INFORMATION CONTACT: Kay 

H. Oshel, Director, Office of Policy, 

Reports, and Disclosure, Office of LaborManagement Standards, U.S. 

Department of Labor, 200 Constitution 

Avenue NW., Room N–5609, 

Washington, DC 20210, olmspublic@dol.gov, (202) 693–1233 (this is 

not a toll-free number). Individuals with 

hearing impairments may call 1–800–

877–8339 (TTY/TDD). 

SUPPLEMENTARY INFORMATION:

Background 

The final rule that is the subject of 

this correction appeared in the Federal 

Register of July 2, 2007, (72 FR 36106); 

the final rule revised the Form LM–30, 

Labor Organization Officer and 

Employee Report, its instructions, and 

related provisions in the Department’s 

regulations. The rule implemented 

section 202 of the Labor-Management 

Reporting and Disclosure Act of 1959, 

29 U.S. 432, whose purpose is to require 

officers and employees of labor 

organizations to report specified 

financial transactions and holdings to 

effect public disclosure of any possible 

conflicts of interest with their duty to 

the labor organization and its members. 

A paragraph in the preamble to the final 

rule, at 72 FR 36113, left blank the 

effective date of the rule and the 

beginning date for the mandatory 

submission of Form LM–30 reports filed 

under the rule. This correction remedies 

this inadvertent omission by inserting 

the appropriate dates. 

Need for Correction 

As published, the final rule omits the 

pertinent dates from the paragraph, at 

72 FR 36113 (col. 3), that describes the 

prospective effect of the final rule. 

Correction 

Accordingly, the preamble to the final 

rule (FR Doc. 07–3155), is corrected as 

follows: 

Section II, Subsection A [Corrected] 

On page 36113, in the third column, 

the last paragraph of Section II, 

subsection A, is corrected to read: 

DOL is applying these changes 

prospectively only. This final rule will 

apply to fiscal years beginning on or 

after August 16, 2007. Therefore, no 

report subject to today’s rule will be due 

until at least November 16, 2008. There 

is ample time from publication of this 

final rule until November 16, 2008 for 

all filers to obtain any information they 

need to comply with the filing 

requirements. 

Signed at Washington, DC this 9th day of 

July, 2007. 

Dixon M. Wilson, 

Deputy Assistant Secretary for Employment 

Standards. 

[FR Doc. E7–13534 Filed 7–12–07; 8:45 am] 

BILLING CODE 4510–CP–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 2007. Interest 

assumptions are also published on the 

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

DATES: Effective August 1, 2007. 

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 

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Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations 38485 

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 August 2007, (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 2007, 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 2007. 

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 5.49 

percent for the first 20 years following 

the valuation date and 5.16 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for July 2007) of 0.16 percent for 

the first 20 years following the valuation 

date and 0.16 percent for all years 

thereafter. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.50 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 an increase of 0.25 percent in 

the immediate rate from those in effect 

for July 2007 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 August 2007, 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 

166, 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

* * * * * * * 

166 8–1–07 9–1–07 3.50 4.00 4.00 4.00 7 8 

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

166, 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

* * * * * * * 

166 8–1–07 9–1–07 3.50 4.00 4.00 4.00 7 8 

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38486 Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Rules and Regulations 

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 August 2007, 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 = 

* * * * * * * 

August 2007 ...................................................................... .0549 1–20 .0516 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of July 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–13594 Filed 7–12–07; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 105 

[Docket Nos. TSA–2006–24191; USCG–

2006–24196] 

RIN 1652–AA41 

Transportation Worker Identification 

Credential (TWIC) Implementation in 

the Maritime Sector; Hazardous 

Materials Endorsement for a 

Commercial Driver’s License 

AGENCY: United States Coast Guard, 

Department of Homeland Security 

(DHS). 

ACTION: Final rule; extension of 

compliance date. 

SUMMARY: The Department of Homeland 

Security (DHS), through the United 

States Coast Guard (Coast Guard), issues 

this final rule to extend compliance 

dates for the redesignation of secure 

areas. The Coast Guard is delaying the 

date by which facilities wishing to 

redefine their secure areas must submit 

an amendment to their facility security 

plan. Amendments to facility security 

plans are now due by September 4, 

2007. 

DATES: This final rule is effective July 

13, 2007. 

ADDRESSES: Comments and material 

received from the public, as well as 

documents mentioned in this preamble 

as being available in the docket, are part 

of dockets TSA–2006–24191 and 

USCG–2006–24196, and are available 

for inspection or copying at the Docket 

Management Facility, U.S. Department 

of Transportation, West Building 

Ground Floor, Room W12–140, 1200 

New Jersey Avenue, SE., Washington, 

DC 20590, between 9 a.m. and 5 p.m., 

Monday through Friday, except Federal 

holidays. You may also find this docket 

on the Internet at http://dms.dot.gov. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call 

LCDR Jonathan Maiorine, telephone 1–

877–687–2243. If you have questions on 

viewing the docket, call Renee V. 

Wright, Program Manager, Docket 

Operations, telephone 202–493–0402. 

SUPPLEMENTARY INFORMATION: 

I. Regulatory History 

On May 22, 2006, The Department of 

Homeland Security (DHS) through the 

United States Coast Guard (Coast Guard) 

and the Transportation Security 

Administration (TSA) published a joint 

notice of proposed rulemaking entitled 

‘‘Transportation Worker Identification 

Credential (TWIC) Implementation in 

the Maritime Sector; Hazardous 

Materials Endorsement for a 

Commercial Driver’s License’’ in the 

Federal Register (71 FR 29396). This 

was followed by a 45 day comment 

period and four public meetings. The 

Coast Guard and TSA issued a joint 

final rule, under the same title, on 

January 25, 2007 (72 FR 3492) 

(hereinafter referred to as the original 

TWIC final rule). The preamble to that 

final rule contains a discussion of all the 

comments received on the NPRM, as 

well as a discussion of the provisions 

found in the original TWIC final rule, 

which became effective on March 26, 

2007. 

II. Background and Purpose 

A complete discussion of the 

background and purpose of the original 

TWIC final rule may be found beginning 

at 72 FR 3494. This final rule is being 

issued in order to amend the original 

TWIC final rule to reflect delays in the 

issuance of guidance. 

III. Discussion of Change 

The Coast Guard is delaying the date 

by which facilities wishing to redefine 

their secure areas must submit an 

amendment to their facility security 

plan. The original final rule required 

these submissions to be made to the 

appropriate Captain of the Port (COTP) 

by July 25, 2007. The Coast Guard 

issued its Navigation and Vessel 

Inspection Circular (NVIC) containing 

guidance on which facilities are eligible 

for this redefinition, and what would be 

an acceptable new definition of ‘‘secure 

area,’’ on July 6, 2007. In order to 

provide facility owners and operators 

time to take this guidance into account 

before submitting their revised plan, we 

are delaying the deadline for these 

submission until September 4, 2007. 

This amendment may be found at 33 

CFR 105.115. 

IV. Regulatory Requirements 

A. Administrative Procedure Act 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

final rule. Under 5 U.S.C. 553(b)(B), the 

Coast Guard finds that good cause exists 

for not publishing an NPRM, because 

providing opportunity for public 

comment is unnecessary and would be 

contrary to the public interest. The 

provision being amended by this final 

rule without prior notice and comment 

eases a restriction on the public by 

providing the public (owners and 

operators of facilities regulated by 33 

CFR part 105) with more time to comply 

with the regulatory requirements. For 

the same reason, 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. 

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