13754 Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Rules and Regulations 

DATES: The direct final rule published 

on December 14, 2007 (72 FR 71061) is 

effective March 13, 2008. 

FOR FURTHER INFORMATION CONTACT: 

Press Inquiries: Kevin Ropp, OSHA 

Office of Communications, Room N–

3647, U.S. Department of Labor, 200 

Constitution Avenue, NW., Washington, 

DC 20210; telephone: (202) 693–1999. 

General and technical information: Don 

Pittenger, Director, Office of Safety 

Systems, Directorate of Standards and 

Guidance, Occupational Safety and 

Health Administration, U.S. Department 

of Labor, Room N–3609, 200 

Constitution Avenue, NW., Washington, 

DC 20210; telephone (202) 693–2508. 

ADDRESSES: In compliance with 28 

U.S.C. 2112(a), OSHA designates the 

Associate Solicitor for Occupational 

Safety and Health as the recipient of 

petitions for review of the final 

standard. Contact the Associate Solicitor 

at the Office of the Solicitor, Room S–

4004, U.S. Department of Labor, 200 

Constitution Avenue, NW., Washington, 

DC 20210, telephone: (202) 693–5445. 

SUPPLEMENTARY INFORMATION: The direct 

final rule, which applies to general 

industry, removes a number of 

references to national consensus 

standards that have requirements that 

duplicate, or are comparable to, other 

OSHA rules; this action includes 

correcting a paragraph citation in one of 

these OSHA rules. The direct final rule 

also removes a reference to American 

Welding Society standard A3.0–1969 

(‘‘Terms and Definitions’’). 

On December 14, 2007, OSHA 

published the direct final rule in the 

Federal Register with a statement that 

the rule would become effective on 

March 13, 2008 unless the Agency 

received a significant adverse comment 

by January 14, 2008 (72 FR 71061). 

OSHA published simultaneously with 

the direct final rule a companion 

proposed rule (72 FR 71091). In both the 

direct final rule and the proposed rule, 

OSHA requested comment on any issues 

related to this action. 

OSHA received six comments on the 

direct final rule; none of these 

comments was significantly adverse. 

Some commenters suggested that 

OSHA, instead of removing the 

duplicative and outdated references, 

update the references to the latest 

versions of the consensus standards. 

While OSHA will consider updating its 

rules to incorporate more recent 

versions of the consensus standards in 

the future, updating the references is 

outside the scope of this rulemaking. In 

addition, some commenters mistakenly 

believed that removing the duplicative 

references would diminish employee 

protection. As explained in the 

December 14, 2007 Federal Register 

notice, OSHA is removing references 

that essentially duplicate requirements 

found elsewhere in OSHA’s standards. 

For this reason, employee protection 

will not be diminished by the direct 

final rule. Therefore, the direct final rule 

will become effective on March 13, 

2008. 

Authority and Signature 

Edwin G. Foulke, Jr., Assistant 

Secretary of Labor for Occupational 

Safety and Health, U.S. Department of 

Labor, 200 Constitution Avenue, NW., 

Washington, DC 20210, directed the 

preparation of this document. OSHA is 

issuing this document pursuant to 

Sections 4, 6, and 8 of the Occupational 

Safety and Health Act of 1970 (29 U.S.C. 

653, 655, 657), Secretary of Labor’s 

Order 5–2007 (72 FR 31160); and 29 

CFR part 1911. 

Signed at Washington, DC on March 11, 

2008. 

Edwin G. Foulke, Jr. 

Assistant Secretary of Labor for Occupational 

Safety and Health. 

[FR Doc. E8–5120 Filed 3–13–08; 8:45 am] 

BILLING CODE 4510–26–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 April 2008. Interest 

assumptions are also published on the 

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

DATES: Effective April 1, 2008. 

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 

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 March 2008, (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 April 

2008, 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 April 2008. 

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 5.64 

percent for the first 20 years following 

the valuation date and 4.71 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for March 2008) of 0.10 percent 

for the first 20 years following the 

valuation date and 0.10 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 3.25 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 (from those in 

effect for March 2008) of 0.25% in the 

immediate annuity rate and are 


sroberts on PROD1PC70 with RULES
Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Rules and Regulations 13755 

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 April 2008, 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 

174, 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) 

Defered annuities (percent) 

On or after Before i 1 i 2 i 3 n 1 n 2

* * * * * * * 

174 04–1–08 05–1–08 3.25 4.00 4.00 4.00 7 8 

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

174, 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 i 1 i 2 i 3 n 1 n 2

* * * * * * * 

174 04–1–08 05–1–08 3.25 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 for April 2008, 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 i t are: 

i t for t = i t for t = i t for t = 

* * * * * * * 

April 2008 .......................................................................... .0564 1–20 .0471 >20 N/A N/A 


sroberts on PROD1PC70 with RULES
13756 Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Rules and Regulations 

Issued in Washington, DC, on this 7th day 

of March 2008. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E8–5192 Filed 3–13–08; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[USCG–2008–0169] 

RIN 1625–AA–09 

Drawbridge Operation Regulations; 

Atlantic Intracoastal Waterway (AIWW), 

Wrightsville Beach; Cape Fear and 

Northeast Cape Fear Rivers, Both in 

Wilmington, NC 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of Temporary Deviation 

from Regulations. 

SUMMARY: The Commander, Fifth Coast 

Guard District, has issued a temporary 

deviation from the regulation governing 

the operation of three North Carolina 

Department of Transportation (NCDOT) 

drawbridges: The S.R. 74 Bridge, across 

the Atlantic Intracoastal Waterway mile 

283.1 at Wrightsville Beach, NC; the 

Cape Fear River Memorial Bridge at 

mile 26.8, and the Isabel S. Holmes 

Bridge, at mile 1.0, across Northeast 

Cape Fear River both in Wilmington, 

NC, to accommodate distance races. 

DATES: This deviation is effective from 

7 a.m. to 11:59 p.m. on November 1, 

2008. 

ADDRESSES: Materials referred to in this 

document are available for inspection or 

copying at Commander (dpb), Fifth 

Coast Guard District, Federal Building, 

1st Floor, 431 Crawford Street, 

Portsmouth, VA 23704–5004 between 

8 a.m. and 4 p.m., Monday through 

Friday, except Federal holidays. The 

telephone number is (757) 398–6629. 

Commander (dpb), Fifth Coast Guard 

District maintains the public docket for 

this temporary deviation. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Gary S. Heyer, Bridge Management 

Specialist, Fifth Coast Guard District, at 

(757) 398–6629. 

SUPPLEMENTARY INFORMATION: The S.R. 

74 Bridge across the Atlantic 

Intracoastal Waterway (AIWW) mile 

283.1 at Wrightsville Beach, a lift 

drawbridge, has a vertical clearance in 

the closed position to vessels of 20 feet, 

above mean high water (MHW). The 

Cape Fear River Memorial Bridge, a 

vertical lift drawbridge, has vertical 

clearances in full open and closed 

positions to vessels of 135 feet and 65 

feet above MHW, respectively. The 

Isabel S. Holmes Bridge, at mile 1.0, 

across Northeast Cape Fear River, a lift 

drawbridge, has a vertical clearance in 

the closed position to vessels of 40 feet 

above MHW. 

The Wilmington Family YMCA on 

behalf of the NCDOT (the bridge owner) 

requested a temporary deviation from 

the current operating regulations of the 

aforementioned bridges set out in 33 

CFR 117.821(a)(5), 33 CFR 117.823 and 

33 CFR 117.829(a), respectively, to 

accommodate ‘‘The Carolinian’’ Iron 

and Half-Iron distance races scheduled 

for Saturday, November 1, 2008. 

The Coast Guard will inform the users 

of the waterways through our Local and 

Broadcast Notices to Mariners of the 

closure periods for the bridges so that 

vessels can arrange their transits to 

minimize any impact caused by the 

temporary deviation. 

To facilitate the races, the 

drawbridges will be maintained in the 

closed-to-navigation position on 

November 1, 2008, at the following 

times: From 7 a.m. to 10 a.m. for the 

S.R. 74 Bridge; from 11 a.m. to 11:59 

p.m. for the Cape Fear River Memorial 

Bridge; and from 8 a.m. to 11:59 p.m. for 

the Isabel S. Holmes Bridge. 

In accordance with 33 CFR 117.35(e), 

the drawbridges must return to its 

regular operating schedule immediately 

at the end of the designated time period. 

This deviation from the operating 

regulations is authorized under 33 CFR 

117.35. 

We analyzed this temporary deviation 

under Commandant Instruction 

M16475.lD which guides the Coast 

Guard in complying with the National 

Environmental Policy Act of 1969 

(NEPA) (42 U.S.C. 4321–4370f). The 

environmental impact that this 

temporary deviation will have is 

minimal because holding the 

drawbridges in the closed position for a 

limited period, for a public function, 

will not result in a change in functional 

use, or an impact on a historically 

significant element or setting. 

Dated: March 5, 2008. 

Waverly W. Gregory, Jr., 

Chief, Bridge Administration, Branch, Fifth 

Coast Guard District. 

[FR Doc. E8–5127 Filed 3–13–08; 8:45 am] 

BILLING CODE 4910–15–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[USCG–2008–0061] 

RIN 1625–AA11 

Regulated Navigation Areas: Cape 

Fear River, Wilmington, NC 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a regulated navigation area 

(RNA) on the waters of the Cape Fear 

River, Wilmington, NC. This action is 

necessary to minimize the potential risk 

of allision to the USS NORTH 

CAROLINA, a United States Navy 

submarine, while moored at the North 

Carolina State Port, Wilmington, NC. 

This rule will enhance the safety of 

vessels transiting this area of the Cape 

Fear River during the period of reduced 

horizontal clearance. 

DATES: This rule is effective from 8 a.m. 

on April 25, 2008, through 8 p.m. on 

May 7, 2008. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket USCG–2008–

0061 and are available online at http:// 

www.regulations.gov. They are also 

available for inspection or copying at 

Docket Management Facility (M–30), 

U.S. Department of Transportation, 

West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590–0001, between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The 

telephone number is 202–366–9329. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions concerning this rule, 

phone CWO4 Stephen Lyons, 

Waterways Management Division Chief, 

Sector North Carolina, at (252) 247–

4525. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

regulation. The USS NORTH 

CAROLINA will be moored in the Cape 

Fear River, Wilmington, North Carolina 

for an official United States Navy 

commissioning ceremony. As the 

ceremony is a military function within 

the meaning of 5 U.S.C. 553(a)(1), the 

Coast Guard will not conduct a notice 

and comment period for this temporary 

final rule. 


sroberts on PROD1PC70 with RULES