Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Rules and Regulations 78161 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 is amended by adding an entry 

in numerical order to read as follows: 

Authority: 26 U.S.C. 7805.* * * 

Section 1.6012–2 is also issued under the 

authority of 26 U.S.C. 6011 and 6012. 

■ Par. 2. Section 1.6012–2 is amended 

by adding paragraphs (a)(4) and (5) to 

read as follows: 

§ 1.6012–2 Corporations required to make 

returns of income. 

(a) * * * 

(4) Disclosure of uncertain tax 

positions. A corporation required to 

make a return under this section shall 

attach Schedule UTP, Uncertain Tax 

Position Statement, or any successor 

form, to such return, in accordance with 

forms, instructions, or other appropriate 

guidance provided by the IRS. 

(5) Effective/applicability date. 

Paragraph (a)(4) of this section applies 

to returns filed for tax years beginning 

on or after January 1, 2010. 

* * * * * 

Steven T. Miller 

Deputy Commissioner for Services and 

Enforcement. 

Approved: December 9, 2010. 

Michael Mundaca, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. 2010–31576 Filed 12–13–10; 11:15 am] 

BILLING CODE 4830–01–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 

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 January 2011 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the first quarter of 2011. Interest 

assumptions are also published on 

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

DATES: Effective January 1, 2011. 

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 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 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 January 2011 

and updates the asset allocation interest 

assumptions for the first quarter 

(January through March) of 2011. 

The first-quarter 2011 interest 

assumptions under the allocation 

regulation will be 4.07 percent for the 

first 25 years following the valuation 

date and 3.93 percent thereafter. In 

comparison with the interest 

assumptions in effect for the fourth 

quarter of 2010, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

a decrease of 0.41 percent in the select 

rate, and a decrease of 0.58 percent in 

the ultimate rate (the final rate). 

The January 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 December 

2010, these interest assumptions are 

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 January 

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 

207 is added to the table to read as 

follows: 

Appendix B to Part 4022—Lump Sum 

Interest Rates For PBGC Payments 

* * * * * 


emcdonald on DSK2BSOYB1PROD with RULES
78162 Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / 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

*******

207 1–1–11 2–1–11 2.25 4.00 4.00 4.00 7 8 

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

207 is added to the table to read as 

follows: 

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

*******

207 1–1–11 2–1–11 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 January–March 2011 is added 

to the table to read as follows: 

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 = 

*******

January–March 2011 ................................................................................ 0.0407 1–25 0.0393 >25 N/A N/A 

Issued in Washington, DC, on this 13th day 

of December 2010. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. 2010–31616 Filed 12–14–10; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2010–1084] 

Drawbridge Operation Regulation; 

Upper Mississippi River, Clinton, IA 

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 Clinton 

Railroad Drawbridge across the Upper 

Mississippi River, mile 518.0, at 

Clinton, Iowa. The deviation is 

necessary to allow the bridge owner 

time to perform preventive maintenance 

that is essential to the continued safe 

operation of the drawbridge. 

Maintenance is scheduled in the winter 

and when there is less impact on 

navigation; instead of scheduling work 

in the summer, when river traffic 

increases. This deviation allows the 

bridge to open on signal if at least 24 

hours advance notice is given. 

DATES: This deviation is effective from 

12:01 a.m., December 15, 2010 to 9 a.m., 

March 1, 2011. 

ADDRESSES: Documents mentioned in 

this preamble as being available in the 

docket are part of docket USCG–2010– 

1084 and are available online by going 

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

USCG–2010–1084 in the ‘‘Keyword’’ box 

and then clicking ‘‘Search’’. They are 

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 or 

e-mail Eric A. Washburn, Bridge 

Administrator, Western Rivers, Coast 

Guard; telephone 314–269–2378, e-mail 

Eric.Washburn@uscg.mil. If you have 

questions on viewing the docket, call 

Renee V. Wright, Program Manager, 

Docket Operations, telephone 202–366– 

9826. 

SUPPLEMENTARY INFORMATION: The Union 

Pacific Railroad requested a temporary 

deviation for the Clinton Railroad 

Drawbridge, across the Upper 

Mississippi River, mile 518.0, at 

Clinton, Iowa to open on signal if at 

least 24 hours advance notice is given 

for 77 days from 12:01 a.m., December 

15, 2010 to 9 a.m., March 1, 2011 to 

allow the bridge owner time for 

preventive maintenance. The Clinton 

Railroad Drawbridge currently operates 

in accordance with 33 CFR 117.5, which 

states the general requirement that 

drawbridges shall open promptly and 

fully for the passage of vessels when a 


emcdonald on DSK2BSOYB1PROD with RULES