Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Rules and Regulations 12087 

(c) Suicide watch log. Observers are to 

document significant observed behavior 

in a log book. 

(d) Termination. Based upon clinical 

findings, the Program Coordinator or 

designee will: 

(1) Remove the inmate from suicide 

watch when the inmate is no longer at 

imminent risk for suicide, or 

(2) Arrange for the inmate’s transfer to 

a medical referral center or 

health care facility. 

[FR Doc. E7–4684 Filed 3–14–07; 8:45 am] 

BILLING CODE 4410–05–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 2007. Interest 

assumptions are also published on the 

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

DATES: Effective April 1, 2007. 

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 April 2007, (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 

2007, 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 2007. 

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 4.99 

percent for the first 20 years following 

the valuation date and 4.66 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for March 2007) of 0.23 percent 

for the first 20 years following the 

valuation date and 0.23 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 2.75 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 2007) 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 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 2007, 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 

162, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates For PBGC Payments 

* * * * * 


rmajette on PROD1PC67 with RULES
12088 Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Rules and Regulations 

Rate set 

For plans with a 

valuation date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

162 4–1–07 5–1–07 2.75 4.00 4.00 4.00 7 8 

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

162, 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

* * * * * * * 

162 4–1–07 5–1–07 2.75 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 2007, 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 = 

* * * * * * * 

April 2007 .0499 1–20 .0466 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of March 2007. 

Vincent K. Snowbarger, 

Interim Director Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–4680 Filed 3–14–07; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE INTERIOR 

Minerals Management Service 

30 CFR Part 250 

RIN 1010–AD24 

Oil and Gas and Sulphur Operations in 

the Outer Continental Shelf—Update of 

New and Reaffirmed Documents 

Incorporated by Reference 

AGENCY: Minerals Management Service 

(MMS), Interior. 

ACTION: Final rule. 

SUMMARY: This final rule incorporates 33 

new editions and 37 reaffirmed editions 

of documents previously incorporated 

by reference in regulations governing oil 

and gas and sulphur operations in the 

Outer Continental Shelf (OCS). The new 

and reaffirmed editions of these 

documents will ensure that lessees use 

the best and safest technologies 

available while operating in the OCS. 

The final rule also updates citations for 

documents that were incorporated by 

reference in recent final rules. 

DATES: Effective Date: April 16, 2007. 

The incorporation by reference of 

publications listed in the regulation is 

approved by the Director of the Federal 

Register as of April 16, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Wilbon Rhome at (703) 787–1587. 

SUPPLEMENTARY INFORMATION: The MMS 

uses standards, specifications, and 

recommended practices developed by 

standard-setting organizations and the 

oil and gas industry as a means of 

establishing requirements for activities 

on the OCS. This practice, known as 

incorporation by reference, allows us to 

incorporate the provisions of technical 

standards into the regulations. The legal 

effect of incorporation by reference is 

that the material is treated as if the 

entire document were published in the 

Federal Register. This material, like any 

other properly issued regulation, then 

has the force and effect of law. We hold 

operators/lessees accountable for 

complying with the documents 

incorporated by reference in our 

regulations. We currently incorporate by 

reference 93 private sector consensus 

standards into the offshore operating 

regulations. 

The regulations at 1 CFR part 51 

govern how we and other Federal 

agencies incorporate various documents 

by reference. Agencies may only 

incorporate a document by reference by 

publishing the document title and 

affirmation/reaffirmation date in the 

Federal Register. Agencies must also 

gain approval from the Director of the 

Federal Register for each publication 

incorporated by reference. Incorporation 

by reference of a document or 

publication is limited to the specific 

edition, supplement, or addendum cited 

in the regulations. 

Under 5 U.S.C. 553, MMS may update 

documents without an opportunity for 

public comment when we determine 

that the revisions to a document result 


rmajette on PROD1PC67 with RULES