Federal Register / Vol. 76, No. 115 / Wednesday, June 15, 2011 / Rules and Regulations 34847 

Dated: June 9, 2011. 

Nancy K. Stade, 

Deputy Director for Policy, Center for Devices 

and Radiological Health. 

[FR Doc. 2011–14790 Filed 6–14–11; 8:45 am] 

BILLING CODE 4160–01–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: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in July 2011 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the third quarter of 2011. The interest 

assumptions are used for valuing and 

paying benefits under terminating 

single-employer plans covered by the 

pension insurance system administered 

by PBGC. 

DATES: Effective July 1, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@PBGC.gov), 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 on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http:// 

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. PBGC uses the interest 

assumptions in Appendix B to part 4022 

to determine whether a benefit is 

payable as a lump sum and to determine 

the amount to pay. Appendix C to part 

4022 contains interest assumptions for 

private-sector pension practitioners to 

refer to if they wish to use lump-sum 

interest rates determined using PBGC’s 

historical methodology. Currently, the 

rates in Appendices B and C of the 

benefit payment regulation are the same. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for July 2011 and 

updates the asset allocation interest 

assumptions for the third quarter (July 

through September) of 2011. 

The third quarter 2011 interest 

assumptions under the allocation 

regulation will be 4.21 percent for the 

first 25 years following the valuation 

date and 4.34 percent thereafter. In 

comparison with the interest 

assumptions in effect for the second 

quarter of 2011, these interest 

assumptions represent an increase of 

five years in the select period (the 

period during which the select rate (the 

initial rate) applies), an increase of 0.25 

percent in the select rate, and an 

increase of 0.02 percent in the ultimate 

rate (the final rate). 

The July 2011 interest assumptions 

under the benefit payments regulation 

will be 2.25 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. In comparison with the interest 

assumptions in effect for June 2011, 

these interest assumptions represent a 

decrease of 0.25 percent in the 

immediate annuity rate and are 

otherwise unchanged. 

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 under plans 

with valuation dates during July 2011, 

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 

213, 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

*******

213 7–1–11 8–1–11 2.25 4.00 4.00 4.00 7 8 

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34848 Federal Register / Vol. 76, No. 115 / Wednesday, June 15, 2011 / Rules and Regulations 

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

213, 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

*******

213 7–1–11 8–1–11 2.25 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 July–September 2011, 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 = 

*******

July–September 2011 ............................... 0.0421 1–25 0.0434 >25 N/A N/A 

Issued in Washington, DC, on this 10th day 

of June 2011. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2011–14852 Filed 6–14–11; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[USCG–2010–0879] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

Atlantic Intracoastal Waterway (AIWW), 

Elizabeth River, Southern Branch, 

Chesapeake, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is 

temporarily changing the drawbridge 

operation regulations of the Gilmerton 

(US13/460) Bridge across the Elizabeth 

River (Southern Branch), AIWW mile 

5.8, at Chesapeake, VA. Due to the 

construction of the new Gilmerton 

Highway Bridge, the existing 

drawbridge has experienced increased 

delays to vehicular traffic during 

unscheduled vessel openings. This 

change will allow adjustments and set 

opening periods for the bridge during 

the day until December 20, 2013, 

relieving vehicular traffic congestion 

during the weekday and weekend 

daytime hours while still providing for 

the reasonable needs of navigation. 

DATES: This rule is effective from 9 a.m. 

on June 19, 2010 until 6:30 p.m. on 

December 20, 2013. 

ADDRESSES: Comments and related 

materials received from the public, as 

well as documents mentioned in this 

preamble as being available in the 

docket, are part of docket USCG–2010– 

0879 and are available online by going 

to http://www.regulations.gov, inserting 

USCG–2010–0879 in the ‘‘Keyword’’ 

box, and clicking ‘‘Search.’’ This 

material is also available for inspection 

or copying at the 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, 

between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call 

Waverly W. Gregory, Jr., Bridge Program 

Manager, Fifth Coast Guard District, at 

757–398–6222. If you have questions on 

viewing the docket, call Renee V. 

Wright, Program Manager, Docket 

Operations, telephone 202–366–9826. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

On November 16, 2010, we published 

a notice of temporary deviation request 

for comments entitled ‘‘Drawbridge 

Operation Regulation; Atlantic 

Intracoastal Waterway (AIWW), 

Elizabeth River, Southern Branch, VA’’ 

in the Federal Register (75 FR 69879) 

and a notice of proposed rulemaking 

(NPRM) entitled ‘‘Drawbridge Operation 

Regulation; Atlantic Intracoastal 

Waterway (AIWW), Elizabeth River, 

Southern Branch, VA’’ in the Federal 

Register (75 FR 69906). We received 

seven comments on the published 

deviation and NPRM. No public meeting 

was requested, and none was held. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective in less than 30 

days after publication in the Federal 

Register. Making this rule effective in 

less than 30 days is necessary in order 

to continue the construction of the new 

Gilmerton Bridge Replacement Project 

without disruption. Additionally, 

delaying this final temporary could 

result in additional vehicular traffic 

congestion without providing any 

additional benefit to vessel traffic. 

Background and Purpose 

The City of Chesapeake, Virginia (the 

City), who owns and operates the lifttype Gilmerton (US13/460) Bridge, has 

requested a temporary change to the 

existing bridge regulations. The current 

regulation, set out in Title 33 CFR Part 

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