66234 Federal Register / Vol. 74, No. 239 / Tuesday, December 15, 2009 / Rules and Regulations 

(a) Response required. A response is 

required from persons subject to the 

reporting requirements of the BE–10, 

Benchmark Survey of U.S. Direct 

Investment Abroad—2009, contained 

herein, whether or not they are 

contacted by BEA. Also, a person, or 

their agent, that is contacted by BEA 

about reporting in this survey, either by 

sending them a report form or by 

written inquiry, must respond in writing 

pursuant to § 806.4. This may be 

accomplished by: 

(1) Certifying in writing, by the due 

date of the survey, to the fact that the 

person had no direct investment within 

the purview of the reporting 

requirements of the BE–10 survey; 

(2) Completing and returning the 

‘‘BE–10 Claim for Not Filing’’ by the due 

date of the survey; or 

(3) Filing the properly completed BE– 

10 report (comprising Form BE–10A and 

Form(s) BE–10B, BE–10C, and/or BE– 

10D) by May 28, 2010, or June 30, 2010, 

as required. 

(b) Who must report. (1) A BE–10 

report is required of any U.S. person 

that had a foreign affiliate—that is, that 

had direct or indirect ownership or 

control of at least 10 percent of the 

voting stock of an incorporated foreign 

business enterprise, or an equivalent 

interest in an unincorporated foreign 

business enterprise, including a 

branch—at any time during the U.S. 

person’s 2009 fiscal year. 

(2) If the U.S. person had no foreign 

affiliates during its 2009 fiscal year, a 

‘‘BE–10 Claim for Not Filing’’ must be 

filed by the due date of the survey; no 

other forms in the survey are required. 

If the U.S. person had any foreign 

affiliates during its 2009 fiscal year, a 

BE–10 report is required and the U.S. 

person is a U.S. Reporter in this survey. 

(3) Reports are required even if the 

foreign business enterprise was 

established, acquired, seized, 

liquidated, sold, expropriated, or 

inactivated during the U.S. person’s 

2009 fiscal year. 

(4) The amount and type of data 

required to be reported vary according 

to the size of the U.S. Reporters or 

foreign affiliates, and, for foreign 

affiliates, whether they are majorityowned or minority-owned by U.S. direct 

investors. For purposes of the BE–10 

survey, a ‘‘majority-owned’’ foreign 

affiliate is one in which the combined 

direct and indirect ownership interest of 

all U.S. parents of the foreign affiliate 

exceeds 50 percent; all other affiliates 

are referred to as ‘‘minority-owned’’ 

affiliates. 

(c) Forms to be filed—(1) Form BE– 

10A must be completed by a U.S. 

Reporter. If the U.S. Reporter is a 

corporation, Form BE–10A is required 

to cover the fully consolidated U.S. 

domestic business enterprise. 

(i) If for a U.S. Reporter any one of the 

following three items—total assets, sales 

or gross operating revenues excluding 

sales taxes, or net income after 

provision for U.S. income taxes—was 

greater than $300 million (positive or 

negative) at any time during the 

Reporter’s 2009 fiscal year, the U.S. 

Reporter must file a complete Form BE– 

10A. It must also file Form(s) BE–10B, 

C, and/or D, as appropriate, for its 

foreign affiliates. 

(ii) If for a U.S. Reporter none of the 

three items listed in paragraph (c)(1)(i) 

of this section was greater than $300 

million (positive or negative) at any 

time during the Reporter’s 2009 fiscal 

year, the U.S. Reporter is required to file 

on Form BE–10A only certain items as 

designated on the form. It must also file 

Form(s) BE–10B, C, and/or D for its 

foreign affiliates. 

(2) Form BE–10B must be filed for 

each majority-owned foreign affiliate, 

whether held directly or indirectly, for 

which any of the following three 

items—total assets, sales or gross 

operating revenues excluding sales 

taxes, or net income after provision for 

foreign income taxes—was greater than 

$80 million (positive or negative) at any 

time during the affiliate’s 2009 fiscal 

year. Additional items must be filed for 

affiliates with assets, sales, or net 

income greater than $300 million 

(positive or negative). 

(3) Form BE–10C must be reported: 

(i) For each majority-owned foreign 

affiliate, whether held directly or 

indirectly, for which any one of the 

three items listed in paragraph (c)(2) of 

this section was greater than $25 million 

but for which none of these items was 

greater than $80 million (positive or 

negative), at any time during the 

affiliate’s 2009 fiscal year, and 

(ii) For each minority-owned foreign 

affiliate, whether held directly or 

indirectly, for which any one of the 

three items listed in (c)(2) of this section 

was greater than $25 million (positive or 

negative), at any time during the 

affiliate’s 2009 fiscal year. 

(4) Form BE–10D must be filed for 

majority- or minority-owned foreign 

affiliates, whether held directly or 

indirectly, for which none of the three 

items listed in paragraph (c)(2) of this 

section was greater than $25 million 

(positive or negative) at any time during 

the affiliate’s 2009 fiscal year. Form BE– 

10D is a schedule; a U.S. Reporter 

would submit one or more pages of the 

form depending on the number of 

affiliates that are required to be filed on 

this form. 

(d) Due date. A fully completed and 

certified BE–10 report comprising Form 

BE–10A and Form(s) BE–10B, C, and/or 

D (as required) is due to be filed with 

BEA not later than May 28, 2010 for 

those U.S. Reporters filing fewer than 

50, and June 30, 2010 for those U.S. 

Reporters filing 50 or more, foreign 

affiliate Forms BE–10B, C, and/or D. If 

the U.S. person had no foreign affiliates 

during its 2009 fiscal year, it must file 

a BE–10 Claim for Not Filing by May 28, 

2010. 

[FR Doc. E9–29732 Filed 12–14–09; 8:45 am] 

BILLING CODE 3510–06–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 first quarter 

of 2010 and amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in January 2010. Interest 

assumptions are also published on 

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

DATES: Effective January 1, 2010. 

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 


erowe on DSK5CLS3C1PROD with RULES
Federal Register / Vol. 74, No. 239 / Tuesday, December 15, 2009 / Rules and Regulations 66235 

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 first quarter (January 

through March) of 2010 and updates the 

assumptions under the benefit payments 

regulation for January 2010. 

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 first quarter 

(January through March) of 2010, (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 January 

2010, 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 PBGC’s 

historical methodology for valuation 

dates during January 2010. 

The interest assumptions that PBGC 

will use for valuing benefits for 

allocation purposes (set forth in 

Appendix B to part 4044) will be 4.89 

percent for the first 20 years following 

the valuation date and 4.63 percent 

thereafter. In comparison with the 

interest assumptions in effect for the 

fourth quarter of 2009, these interest 

assumptions represent a decrease of 

0.41 percent for the first 20 years 

following the valuation date and a 

decrease of 0.38 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 2.50 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 

2009, these interest assumptions are 

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 January 2010, 

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 

195, 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

* * * * * * * 

195 1–1–10 2–1–10 2.50 4.00 4.00 4.00 7 8 

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

195, 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


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66236 Federal Register / Vol. 74, No. 239 / Tuesday, December 15, 2009 / 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

* * * * * * * 

195 1–1–10 2–1–10 2.50 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 2010, 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 = 

* * * * * * * 

January—March 2010 ...................................................... 0.0489 1–20 0.0463 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of December 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–29835 Filed 12–14–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2009–0670] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

Franklin Canal, Franklin, LA 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is changing 

the regulation governing the operation 

of the Chatsworth Road Swing Span 

Bridge across the Franklin Canal, mile 

4.8, at Franklin, St. Mary Parish, 

Louisiana. The St. Mary Parish 

Government requested that the 

operating regulation of the Chatsworth 

Road swing span bridge be changed in 

order for the bridge not to have to be 

continuously manned by a draw tender. 

This change allows the bridge to remain 

unmanned during most of the day by 

requiring a one-hour notice for an 

opening of the draw between 5 a.m. and 

9 p.m., during which time the bridge 

normally opens on signal. 

DATES: This rule is effective January 14, 

2010. 

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–2009– 

0670 and are available online by going 

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

USCG–2009–0670 in the ‘‘Keyword’’ 

box, and then 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 or 

e-mail Phil Johnson, Bridge 

Administration Branch, Eighth Coast 

Guard District; telephone 504–671– 

2128, e-mail Philip.R.Johnson@uscg.mil. 

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 August 19, 2009, we published a 

notice of proposed rulemaking (NPRM) 

entitled Drawbridge Operation 

Regulation; Franklin Canal, Franklin, 

LA in the Federal Register (74 FR 

41816). We received no comments on 

the proposed rule. No public meeting 

was requested, and none was held. 

Background and Purpose 

The St. Mary Parish Government 

requested that the operating regulation 

of the Chatsworth Road Swing Span 

Bridge, located on the Franklin Canal at 

mile 4.8 in Franklin, St. Mary Parish, 

Louisiana, be changed in order for the 

bridge not to have to be continuously 

manned by a draw tender from 5 a.m. 

to 9 p.m. when the bridge is now 

required to open on signal. Because of 

the relocation of a public boat landing 

downstream of the bridge, vessel traffic 

has become infrequent, and it is no 

longer necessary to have a bridge tender 

continuously man the bridge. 

Concurrent with the publication of 

the Notice of Proposed Rulemaking, a 

Test Deviation [USCG–2009–0670] was 

issued to allow the St. Mary Parish 

Government to test the proposed 

schedule and to obtain data and public 

comments. The Test Deviation has 

allowed the bridge to operate as follows: 

The Chatsworth Road Bridge, mile 4.8 at 

Franklin, shall open on signal from 5 

a.m. to 9 p.m. if at least one hour notice 

is given. From October 1 through 

January 31 from 9 p.m. to 5 a.m., the 

draw shall be opened on signal if at 

least three hours notice is given. From 

February 1 through September 30 from 

9 p.m. to 5 a.m., the draw shall open on 

signal if at least 12 hours notice is given. 

The test period has been in effect during 

the entire Notice of Proposed 

Rulemaking comment period. No 

comments were received from the 

public from this Notice of Proposed 

Rulemaking or the above referenced 

Temporary Deviation. The Coast Guard 

has reviewed bridge tender logs from 

before and after the temporary test 

deviation became effective. The logs do 

not indicate an appreciable difference in 

the number of openings between 5 a.m. 

and 9 p.m., since the test deviation was 

issued. Based on the fact that no 

objections were received to the 


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