Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Rules and Regulations 11035 

section 303(c)(4) and Code section 

430(c)(4) determined as of the valuation 

date for the plan year, except that the 

value of plan assets is determined 

without regard to the reduction under 

ERISA section 303(f)(4)(B) and Code 

section 430(f)(4)(B) (dealing with 

reduction of assets by the amount of 

prefunding and funding standard 

carryover balances). 

(2) Transition rule for plan years 

beginning before 2008. For plan years 

beginning before 2008, a plan’s 4010 

funding shortfall for a plan year equals 

the excess, if any, of the plan’s current 

liability over the value of plan assets. 

For this purpose, both current liability 

and plan assets are determined in the 

manner provided in § 4010.4(b)(3), 

except that assets are not reduced by the 

credit balance in the funding standard 

account. 

(3) Multiple employer plans. For 

purposes of § 4010.8(c) and paragraph 

(a) of this section, the entire 4010 

funding shortfall of any multiple 

employer plan of which the filer or any 

member of the filer’s controlled group is 

a contributing sponsor is included. 

■ 15. Sections 4010.12, 4010.13, and 

4010.14 are redesignated as §§ 4010.13, 

4010.14, and 4010.15. 

■ 16. New § 4010.12 is added to read as 

follows: 

§ 4010.12 Alternative method of 

compliance for certain sponsors of multiple 

employer plans. 

(a) In general. Subject to paragraph (b) 

of this section, an eligible contributing 

sponsor (as defined in paragraph (c) of 

this section) of a multiple employer 

plan satisfies the requirements of this 

part for an information year if any 

contributing sponsor of the multiple 

employer plan provides a timely filing 

under this part for an information year 

that coincides with or overlaps with the 

eligible contributing sponsor’s 

information year. 

(b) PBGC request for additional 

information. PBGC may request some or 

all of the information that would 

otherwise be required under this part 

from an eligible contributing sponsor 

that uses the alternative method of 

compliance in this section. PBGC will 

make such a request no earlier than the 

date the information would otherwise 

have been due. The eligible contributing 

sponsor must provide the requested 

information no later than 30 days after 

PBGC makes the request. The requested 

information need not be submitted 

electronically. 

(c) Eligible contributing sponsor. For 

purposes of this section, an eligible 

contributing sponsor of a multiple 

employer plan is a contributing sponsor 

that would not be subject to reporting if 

the plan were disregarded in applying 

the gateway tests in § 4010.4(a). 

§ 4010.13 [Amended] 

■ 17. Redesignated § 4010.13 is 

amended by removing the words 

‘‘section 4010(c) of ERISA’’ and adding 

in their place the words ‘‘ERISA section 

4010(c)’’; by removing the words ‘‘the 

PBGC’’ and adding in their place the 

word ‘‘PBGC’’; and by removing the 

word ‘‘shall’’ and adding in its place the 

word ‘‘will’’. 

§ 4010.14 [Amended] 

■ 18. Redesignated § 4010.14 is 

amended by removing the words 

‘‘section 4071 of ERISA’’ and adding in 

their place the words ‘‘ERISA section 

4071’’; by removing the words ‘‘the 

PBGC’’ and adding in their place the 

word ‘‘PBGC’’; and by removing the 

words ‘‘The PBGC’’ and adding in their 

place the word ‘‘PBGC’’. 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 19. The authority citation for part 

4044 continues to read as follows: 

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

1341, 1344, 1362. 

§ 4044.2 [Amended] 

■ 20. In § 4044.2: 

■ a. In the introductory text, the words 

‘‘distribution date, ERISA, fair market 

value’’ are removed and the words 

‘‘distribution date, earliest retirement 

age at valuation date, ERISA, expected 

retirement age (XRA), fair market value’’ 

are added in their place and the words 

‘‘termination date, and’’ are removed 

and the words ‘‘termination date, 

unreduced retirement age (URA), and’’ 

are added in their place. 

■ b. The definitions of ‘‘earliest 

retirement age at valuation date’’, 

‘‘expected retirement age (XRA)’’, and 

‘‘unreduced retirement age (URA)’’ are 

removed. 

Issued in Washington, DC, this 12th day of 

March 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

Issued on the date set forth above pursuant 

to a resolution of the Board of Directors 

authorizing publication of this final rule. 

Judith R. Starr, 

Secretary, Board of Directors, Pension Benefit 

Guaranty Corporation. 

[FR Doc. E9–5741 Filed 3–13–09; 8:45 am] 

BILLING CODE 7709–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulations on Allocation 

of Assets in Single-Employer Plans and 

Benefits Payable in Terminated SingleEmployer Plans prescribe interest 

assumptions for valuing and paying 

certain 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 second 

quarter of 2009 and amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in April 2009. Interest 

assumptions are also published on 

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

DATES: Effective April 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 Allocation of Assets in SingleEmployer Plans (29 CFR Part 4044) and 

the regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR Part 4022). Assumptions under the 

asset allocation regulation are updated 

quarterly; assumptions under the benefit 

payments regulation are updated 

monthly. This final rule updates the 

assumptions under the asset allocation 

regulation for the second quarter (April 

through June) of 2009 and updates the 

11036 Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Rules and Regulations 

assumptions under the benefit payments 

regulation for April 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. 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 lump-sum amounts to be 

paid by PBGC (found in Appendix B to 

Part 4022), and (2) a set for privatesector 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 4044 the interest 

assumptions for valuing benefits for 

allocation purposes in plans with 

valuation dates during the second 

quarter (April through June) of 2009, (2) 

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 April 2009, 

and (3) 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 

methodology for valuation dates during 

April 2009. 

The interest assumptions that PBGC 

will use for valuing benefits for 

allocation purposes (set forth in 

Appendix B to part 4044) will be 5.50 

percent for the first 20 years following 

the valuation date and 5.02 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for the first quarter of 2009) of 

0.52 percent for the first 20 years 

following the valuation date and 0.46 

percent for all years thereafter. 

The interest assumptions that 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 a decrease (from those in 

effect for March 2009) of 0.25 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 April 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 

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 

186, 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

* * * * * * * 

186 4–1–09 5–1–09 3.25 4.00 4.00 4.00 7 8 

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

186, 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

* * * * * * * 

186 4–1–09 5–1–09 3.25 4.00 4.00 4.00 7 8 

Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Rules and Regulations 11037 

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–June 2009, 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 months— 

The values of it are: 

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

* * * * * * * 

April–June 2009 ................................................................ 0.0550 1–20 0.0502 >20 N/A N/A 

Issued in Washington, DC, on this 11th day 

of March 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–5656 Filed 3–13–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

38 CFR Part 20 

RIN 2900–AM62 

Accreditation of Agents and Attorneys; 

Agents and Attorney Fees; Correction 

AGENCY: Department of Veterans Affairs. 

ACTION: Correcting amendments. 

SUMMARY: This document corrects a 

Department of Veterans Affairs (VA) 

final rule that governs the 

representation of claimants for VA 

benefits. This correction removes 

obsolete regulations without making any 

substantive change to the content of the 

final rule. 

DATES: Effective Date: This correction is 

effective March 16, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Christa A. Childers, Staff Attorney 

(022N), Office of the General Counsel, 

Department of Veterans Affairs, 810 

Vermont Avenue, NW., Washington, DC 

20420, (202) 461–7699. 

SUPPLEMENTARY INFORMATION: VA 

published a final rule in the Federal 

Register on May 22, 2008 (73 FR 29852) 

that, among other things, transferred 

jurisdiction over agents’ and attorneys’ 

fees from the Board of Veterans’ 

Appeals (Board) to the Office of the 

General Counsel consistent with 

amendments to 38 U.S.C. chapter 59. In 

that document, VA also prescribed that, 

with the exceptions of 38 CFR 20.600 

regarding right to representation before 

the Board and 38 CFR 20.608 regarding 

withdrawal from representation before 

the Board, representation before VA is 

governed exclusively by 38 CFR 14.626 

through 14.637. Except as noted above 

regarding §§ 20.600 and 20.608, the final 

rule superseded all of the Board’s Rules 

of Practice in 38 CFR part 20, subpart 

G. However, in the final rule, VA 

inadvertently failed to remove obsolete 

§§ 20.601 through 20.607. This 

document corrects that error by 

removing and reserving §§ 20.601 

through 20.607 and adding a note to 

advise that former §§ 20.601 through 

20.607 have been superseded by the 

representation provisions in 38 CFR part 

14. 

List of Subjects in 38 CFR Part 20 

Administrative practices and 

procedure, Claims, Veterans. 

Approved: March 10, 2009. 

William F. Russo, 

Director of Regulations Management. 

■ For the reasons set out in the 

preamble, VA corrects 38 CFR part 20, 

subpart G, as follows. 

PART 20—BOARD OF VETERANS’ 

APPEALS: RULES OF PRACTICE 

■ 1. The authority citation for part 20 

continues to read as follows: 

Authority: 38 U.S.C. 501(a) and as noted in 

specific sections. 

Subpart G—Representation 

■ 2. Remove the cross-reference 

immediately following the subpart 

heading. 

§§ 20.601 through 20.607 [Removed and 

Reserved] 

■ 3. Remove and reserve §§ 20.601 

through 20.607. 

■ 4. Immediately following §§ 20.612– 

20.699 [Reserved], add a Note at the end 

of subpart G to read as follows: 

Note to subpart G: The representation 

provisions in §§ 14.626 through 14.637 of 

this title replace former §§ 20.601 through 

20.607 concerning representation before the 

Board of Veterans’ Appeals. 

[FR Doc. E9–5547 Filed 3–13–09; 8:45 am] 

BILLING CODE 8320–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R09–OAR–2008–0884; FRL–8771–1] 

Approval and Promulgation of 

Implementation Plans; Hawaii; 

Correction 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Direct final rule. 

SUMMARY: Under the Clean Air Act, EPA 

is correcting errors in certain final rules 

approving or compiling the Hawaii state 

implementation plan. These errors 

relate to the title of the plan, removal of 

variance provisions, and compilations 

of federally-enforceable regulations. The 

intended effect is to ensure that the 

Hawaii state implementation plan is 

correctly identified in the applicable 

part of the Code of Federal Regulations. 

DATES: This rule is effective on May 15, 

2009 without further notice, unless EPA 

receives adverse comments by April 15, 

2009. If we receive such comments, we 

will publish a timely withdrawal in the 

Federal Register to notify the public 

that this direct final rule will not take 

effect. 

ADDRESSES: Submit comments, 

identified by docket number EPA–R09– 

OAR–2008–088F, by one of the 

following methods: 

1. Federal eRulemaking Portal: 

http://www.regulations.gov. Follow the 

on-line instructions. 

2. E-mail:vagenas.ginger@epa.gov. 

3. Mail or deliver: Ginger Vagenas 

(AIR–2), U.S. Environmental Protection 

Agency Region IX, 75 Hawthorne Street, 

San Francisco, CA 94105–3901.