Federal Register / Vol. 78, No. 32 / Friday, February 15, 2013 / Rules and Regulations 11093 

1Appendix B to PBGC’s regulation on Allocation 

of Assets in Single-Employer Plans (29 CFR Part 

4044) prescribes interest assumptions for valuing 

benefits under terminating covered single-employer 

plans for purposes of allocation of assets under 

ERISA section 4044. Those assumptions are 

updated quarterly. 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans to 

prescribe interest assumptions under 

the regulation for valuation dates in 

March 2013. The interest assumptions 

are used for paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective March 1, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@pbgc.gov), Assistant 

General Counsel for Regulatory Affairs, 

Pension Benefit Guaranty Corporation, 

1200 K Street NW., Washington, DC 

20005, 202–326–4024. (TTY/TDD users 

may call the Federal relay service tollfree at 1–800–877–8339 and ask to be 

connected to 202–326–4024.) 

SUPPLEMENTARY INFORMATION: PBGC’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR Part 4022) prescribes actuarial 

assumptions—including interest 

assumptions—for paying plan benefits 

under terminating single-employer 

plans covered by title IV of the 

Employee Retirement Income Security 

Act of 1974. The interest assumptions in 

the regulation are also published on 

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

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 benefit 

payments regulation are updated 

monthly. This final rule updates the 

benefit payments interest assumptions 

for March 2013.1

The March 2013 interest assumptions 

under the benefit payments regulation 

will be 1.00 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. In comparison with the interest 

assumptions in effect for February 2013, 

these interest assumptions represent an 

increase 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 payment of 

benefits under plans with valuation 

dates during March 2013, 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 in 29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

In consideration of the foregoing, 29 

CFR part 4022 is 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 

233, 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

*******

233 3–1–13 4–1–13 1.00 4.00 4.00 4.00 7 8 

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

233, 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


wreier-aviles on DSK5TPTVN1PROD with RULES
11094 Federal Register / Vol. 78, No. 32 / Friday, February 15, 2013 / 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

*******

233 3–1–13 4–1–13 1.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 7th day 

of February 2013. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2013–03544 Filed 2–14–13; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2013–0066] 

Drawbridge Operation Regulation; 

James River, Between Isle of Wight 

and Newport News, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

drawbridge regulation. 

SUMMARY: The Coast Guard has issued a 

temporary deviation from the operating 

schedule that governs the draw of the 

James River Draw Bridge across the 

James River, mile 5.0, between Isle of 

Wight and Newport News, VA. This 

deviation is necessary to facilitate 

generator replacement on the James 

River Draw Bridge. This temporary 

deviation will allow the drawbridge to 

remain in the closed-to-navigation 

position on specific dates and times. 

DATES: This deviation is effective from 

12:01 a.m. on February 16, 2013, until 

5 a.m. on February 18, 2013; from 12:01 

a.m. on February 23, 2013, until 5 a.m. 

on February 25, 2013; and from 12:01 

a.m. on March 2, 2013, until 5 a.m. on 

March 4, 2013. 

ADDRESSES: The docket for this notice, 

USCG–2013–0066, is available online at 

www.regulations.gov by typing in the 

docket number in the ‘‘SEARCH’’ box 

and clicking ‘‘SEARCH.’’ Next, click on 

the Open Docket Folder on the line 

associated with this notice. You may 

also visit the Docket Management 

Facility in Room W12–140 on the 

ground floor of the Department of 

Transportation West Building, 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 temporary 

deviation, call or email Mr. Jim 

Rousseau, Bridge Administration 

Branch Fifth District, Coast Guard; 

telephone (757) 398–6557, email 

James.L.Rousseau2@uscg.mil. If you 

have questions on reviewing the docket, 

call Barbara Hairston, Program Manager, 

Docket Operations, 202–366–9826. 

SUPPLEMENTARY INFORMATION: The 

Virginia Department of Transportation, 

who owns and operates this vertical lift 

bridge, has requested a temporary 

deviation from the current operating 

regulations set out in 33 CFR 117.5, to 

facilitate generator replacement on the 

structure. 

Under the regular operating schedule, 

the James River Bridge, mile 5.0, 

between Isle of Isle and Newport News, 

VA opens on signal. The James River 

Bridge has vertical clearances in the 

open and closed position of 145 feet and 

60 feet, above mean high water, 

respectively. 

Under this temporary deviation, the 

drawbridge will be closed on weekends 

to navigation from 12:01 a.m. on 

February 16, 2013, until 5 a.m. on 

February 18, 2013; from 12:01 a.m. on 

February 23, 2013, until 5 a.m. on 

February 25, 2013; and from 12:01 a.m. 

on March 2, 2013 until 5 a.m. on March 

4, 2013. If weather conditions are 

favorable during the first two weekends 

of the deviation, mariners will be 

notified via a broadcast notice to 

mariners and local media that the bridge 

will return to its regular operating 

schedule and that the third week of 

closure is no longer necessary. 

Only emergency openings will be 

provided with up to a two-hour delay in 

opening. There are no alternate routes 

for vessels transiting this section of the 

James River. 

The James River is used by a variety 

of vessels including freighters, tugs, and 

recreational vessels. The Coast Guard 

has carefully coordinated the 

restrictions with commercial and 

recreational waterway users. The Coast 

Guard will inform all users of the 

waterway through our Local and 

Broadcast Notice to Mariners of the 

closure periods for the bridge so that 

vessels can arrange their transits to 

minimize any impacts caused by the 

temporary deviation. Mariners able to 

pass under the bridge in the closed 

position may do so at any time. 

Mariners are advised to proceed with 

caution. 

In accordance with 33 CFR 117.35(e), 

the drawbridge must return to its regular 

operating schedule immediately at the 

end of the effective period of this 

temporary deviation. This deviation 

from the operating regulations is 

authorized under 33 CFR 117.35. 

Dated: February 5, 2013. 

Waverly W. Gregory, Jr., 

Bridge Program Manager, Fifth Coast Guard 

District. 

[FR Doc. 2013–03546 Filed 2–14–13; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2013–0036] 

RIN 1625–AA00 

Safety Zone; Lake Worth Dredge 

Operations, Lake Worth Inlet; West 

Palm Beach, FL 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone on 

Lake Worth Inlet, West Palm Beach, 

Florida, to provide for the safety of life 

and vessels during dredge operations. A 

safety zone will need to be enforced for 

90 minutes on two separate occasions 

during a two week period. The time of 

enforcement will be publicized as soon 

as practical. During the time of 

enforcement, persons and vessels are 

prohibited from entering, transiting 

through, anchoring in, or remaining 

within the safety zone unless authorized 

by the Captain of the Port Miami or a 

designated representative. 

DATES: This rule is effective from 

February 15, 2013, through February 20, 

2013, but has been enforced with actual 

notice since February 4, 2013. This rule 

will be enforced for two 90 minute 

periods which will occur during the 

period of February 4, 2013, through 

February 20, 2013. The public will be 


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