18122 Federal Register / Vol. 68, No. 72 / Tuesday, April 15, 2003 / Rules and Regulations 

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 May 2003. Interest assumptions 

are also published on the PBGC’s Web 

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

EFFECTIVE DATE: May 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 May 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 May 

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 May 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 4.90 

percent for the first 20 years following 

the valuation date and 5.25 percent 

thereafter. These interest assumptions 

are unchanged from those in effect for 

April 2003. 

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 are 

unchanged from those in effect for April 

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 

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 May 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 

115, 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 ii i2 i3 n n2

* * * * * * * 

115 .................................... 5–1–03 6–1–03 3.50 4.00 4.00 4.00 7 8 

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

115, 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

* * * * *

Federal Register / Vol. 68, No. 72 / Tuesday, April 15, 2003 / Rules and Regulations 18123

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent 

Deferred annuities (percent) 

On or after Before ii i2 i3 n n2

* * * * * * * 

115 .................................... 5–1–03 6–1–03 3.50 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 value of itare—

it for t = it for t = it for t = 

* * * * * * * 

May 2003 .......................................................................... .0490 1–20 .0525 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of April 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–9192 Filed 4–14–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD08–03–013] 

Drawbridge Operation Regulations; 

Bayou LaLoutre, Ycloskey, LA

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, Eighth 

Coast Guard District, has issued a 

temporary deviation from the regulation 

governing the operation of the Ycloskey 

Vertical Lift Span Highway Bridge 

across Bayou LaLoutre, mile 22.9, at 

Ycloskey, St. Bernard Parish, LA. This 

deviation allows the bridge to remain 

closed to navigation from May 6, 2003, 

through May 8, 2003. The deviation is 

necessary to conduct scheduled 

maintenance to the drawbridge.

DATES: This deviation is effective from 

9 a.m. on May 6, 2003, through 3 p.m. 

on May 8, 2003.

ADDRESSES: Materials referred to in this 

document are available for inspection or 

copying at the office of the Eighth Coast 

Guard District, Bridge Administration 

Branch, Hale Boggs Federal Building, 

room 1313, 501 Magazine Street, New 

Orleans, Louisiana 70130–3396 between 

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

Friday, except Federal holidays. The 

telephone number is (504) 589–2965. 

The Bridge Administration Branch of 

the Eighth Coast Guard District 

maintains the public docket for this 

temporary deviation.

FOR FURTHER INFORMATION CONTACT: Kay 

Wade, Bridge Administration Branch, 

telephone (504) 589–2965.

SUPPLEMENTARY INFORMATION: The 

Louisiana Department of Transportation 

and Development has requested a 

temporary deviation in order to repair 

two clutches and damaged electrical 

circuits of the vertical lift span bridge 

across Bayou LaLoutre at mile 22.9 at 

Ycloskey, St. Bernard Parish, Louisiana. 

This maintenance is essential for the 

continued safe operation of the bridge. 

This temporary deviation will allow the 

bridge to remain in the closed-tonavigation position from 9 a.m. on 

Tuesday, May 6, 2003, through 3 p.m. 

on Thursday, May 8, 2003. 

The vertical lift span bridge has a 

vertical clearance of 2.5 feet above mean 

high water, elevation 3.0 feet Mean Sea 

Level and 4.5 feet above mean low 

water, elevation 1.0 Mean Sea Level in 

the closed-to-navigation position. 

Navigation at the site of the bridge 

consists mostly of fishing, shrimp and 

trawl boats. This three day closure will 

not have a significant effect on these 

vessels. This closure has been 

scheduled so as to have the least impact 

on navigation by scheduling the work in 

the middle of the week for recreational 

boaters and outside the trawling season 

for commercial fishermen. The bridge 

normally opens to pass navigation an 

average of 700 times per month during 

the trawling off-season. In accordance 

with 33 CFR 117.5, the draw of the 

bridge opens on signal. The bridge will 

not be able to open for emergencies 

during the closure period. No alternate 

routes are available. 

In accordance with 33 CFR 117.35(c), 

this work will be performed with all due 

speed in order to return the bridge to 

normal operation as soon as possible. 

This deviation from the operating 

regulations is authorized under 33 CFR 

117.35.

Dated: April 4, 2003. 

Marcus Redford, 

Bridge Administrator.

[FR Doc. 03–9082 Filed 4–14–03; 8:45 am] 

BILLING CODE 4910–15–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[COTP San Diego 03–013] 

RIN 1625–AA00 

Security Zone: Coronado Bay Bridge, 

San Diego, CA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

establishing temporary security zones 

25 yards in the U.S. navigable waters 

around all piers, abutments, fenders and 

pilings of the Coronado Bay Bridge.