8816 Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Rules and Regulations 

be granted for suggestions, inventions, 

superior accomplishment, or other 

personal effort which contributes to the 

efficiency, economy, or other 

improvement of Government operations 

or achieves a significant reduction in 

paperwork. 

* * * * * 

■ 3. Revise § 0.143 to read as follows: 

§ 0.143 Incentive Award Program. 

The Director of the Federal Bureau of 

Investigation, the Director of the Bureau 

of Prisons, the Commissioner of Federal 

Prison Industries, the Administrator of 

the Drug Enforcement Administration, 

the Director of the Bureau of Alcohol, 

Tobacco, Firearms, and Explosives, the 

Assistant Attorney General for the 

Office of Justice Programs, the Director 

of the Executive Office for U.S. 

Attorneys, the Director of the Executive 

Office for U.S. Trustees, the Director of 

the Executive Office for Immigration 

Review, and the Director of the U.S. 

Marshals Service, as to their respective 

jurisdictions, and the Assistant Attorney 

General for Administration, as to all 

other organizational units of the 

Department, are authorized to exercise 

the power and authority vested in the 

Attorney General by law with respect to 

the administration of the Incentive 

Award Program and to approve 

honorary awards and cash awards under 

such program not in excess of $7,500 for 

personnel in General Schedule grades 

GS–1 through GS–15, administratively 

determined pay systems, and wage 

board positions, but excluding all 

Schedule C positions. 

Dated: February 8, 2008. 

Michael B. Mukasey, 

Attorney General. 

[FR Doc. E8–2952 Filed 2–14–08; 8:45 am] 

BILLING CODE 4410–19–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 March 2008. Interest 

assumptions are also published on the 

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

DATES: Effective March 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 

March 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 March 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 5.54 

percent for the first 20 years following 

the valuation date and 4.61 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for February 2008) of 0.04 percent 

for the first 20 years following the 

valuation date and 0.04 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 3.00 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 February 2008) of 0.25% 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 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 March 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: 


rwilkins on PROD1PC63 with RULES
Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Rules and Regulations 8817 

Authority: 29 U.S.C. 1302, 1322, 1322b, 

1341(c)(3)(D), and 1344. 

■ 2. In Appendix B to Part 4022, Rate 

Set 173, 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

* * * * * * * 

173 03–1–08 04–1–08 3.00 4.00 4.00 4.00 7 8 

■ 3. In Appendix C to Part 4022, Rate 

Set 173, 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

* * * * * * * 

173 03–1–08 04–1–08 3.00 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 March 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 it are: 

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

* * * * * * * 

March 2008 ....................................................................... .0554 1–20 .0461 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of February 2008. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E8–2947 Filed 2–14–08; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2008–0066 formerly 

CGD11–08–004] 

Drawbridge Operation Regulations; 

Sacramento River, Sacramento, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, Eleventh 

Coast Guard District, has issued a 

temporary deviation from the regulation 

governing the operation of the Tower 

Drawbridge across the Sacramento 

River, mile 59.0, at Sacramento, CA. The 

deviation is necessary to allow the 

owner, California Department of 

Transportation (Caltrans), to conduct 

electrical maintenance. This deviation 

allows the bridge to remain in the 

closed-to-navigation position during the 

maintenance period. 

DATES: This deviation is effective from 

6 a.m. on February 25, 2008, through 5 

a.m. on February 29, 2008. 

ADDRESSES: Materials referred to in this 

document are available for inspection or 

copying at Commander (dpw), Eleventh 

Coast Guard District, Building 50–2, 

Coast Guard Island, Alameda, CA 

94501–5100, between 8 a.m. and 4 p.m., 

Monday through Friday, except Federal 

holidays. The telephone number is (510) 

437–3516. The Eleventh Coast Guard 

District maintains the public docket for 

this temporary deviation. 

FOR FURTHER INFORMATION CONTACT: 

David H. Sulouff, Chief, Bridge Section, 

Eleventh Coast Guard District, 

telephone (510) 437–3516. 

SUPPLEMENTARY INFORMATION: Caltrans 

requested a temporary change to the 

operation of the Tower Drawbridge, 

mile 59.0, over the Sacramento River, at 

Sacramento, CA. The Tower Drawbridge 

navigation span provides a vertical 

clearance of 30 feet above Mean High 

Water in the closed-to-navigation 

position. The draw opens on signal as 

required by 33 CFR 117.5. Navigation on 

the waterway is commercial and 

recreational. 

The drawspan will be secured in the 

closed-to-navigation position, from 6 

a.m. on February 25, 2008 through 5 

a.m. on February 29, 2008, to allow 

Caltrans to relocate the drawspan’s 


rwilkins on PROD1PC63 with RULES