Federal Register / Vol. 68, No. 220 / Friday, November 14, 2003 / Rules and Regulations 64525

Issued in Kansas City, MO, on October 27, 

2003. 

Paul J. Sheridan, 

Acting Manager, Air Traffic Divison, Central 

Region

[FR Doc. 03–28538 Filed 11–13–03; 8:45 am] 

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration 

14 CFR Part 73 

[Docket No. 2002–FAA–14912; Airspace 

Docket No. 03–AWP–4] 

RIN 2120–AA66 

Amendment of Restricted Area R–

2301E Ajo East, AZ; and R–2304, and 

2305 Gila Bend, AZ

AGENCY: Federal Aviation 

Administration (FAA), DOT.

ACTION: Final rule.

SUMMARY: This action amends the 

designated time of use for Restricted 

Area 2301E Ajo East, AZ (R–2301E); and 

R–2304 and R–2305, Gila Bend, AZ. 

Increased training requirements at Luke 

Air Force Base (AFB) have resulted in 

a continued need for restricted airspace 

usage up to 2400 hours in these areas. 

This modification of the designated time 

of use does not change the current 

boundaries or activities conducted in 

the airspace areas.

DATES: 0901 UTC, February 19, 2004.

FOR FURTHER INFORMATION CONTACT: Ken 

McElroy, Airspace and Rules Division, 

ATA–400, Office of Air Traffic Airspace 

Management, Federal Aviation 

Administration, 800 Independence 

Avenue, SW., Washington, DC 20591; 

telephone: (202) 267–8783.

SUPPLEMENTARY INFORMATION: 

History 

On May 30, 2003, the FAA published 

in the Federal Register a notice 

proposing to amend R–2301, R–2304 

and R–2305 (68 FR 14912). Interested 

parties were invited to participate in 

this rulemaking effort by submitting 

written comments on the proposal. No 

comments were received regarding this 

rulemaking. Except for editorial 

changes, this amendment is the same as 

that proposed in the notice. These 

rulemaking actions ‘‘are necessary in the 

interest of national defense,’’ as required 

under 49 U.S.C. 40103(b)(3)(A). 

The Rule 

The FAA is amending Title 14 Code 

of Federal Regulations (14 CFR) part 73 

(part 73) to amend the designated time 

of use for R–2301, R–2304, and R–2305. 

Specifically, this action changes the 

designated time of use for R–2301E from 

‘‘Monday–Friday, 0630–2230 local time; 

other times by NOTAM,’’ to ‘‘Daily, 

0630 to 2400 local time; other times by 

NOTAM;’’ R–2304 from ‘‘0700–2200 

local time; other times by NOTAM,’’ to 

‘‘Monday–Saturday, 0630–2400 local 

time; other times by NOTAM;’’ and R–

2305 from ‘‘0700–2300 local time; other 

times by NOTAM,’’ to ‘‘Monday–

Saturday, 0630–2400 local time; other 

times by NOTAM.’’ Increased training 

requirements at Luke AFB have resulted 

in a continued need for restricted 

airspace availability until 2400 hours. 

This modification does not change the 

current boundaries or activities 

conducted in the airspace areas. 

Section 73.23 of part 73 of the Federal 

Aviation Regulations was republished 

in FAA Order 7400.8L dated October 7, 

2003. 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this proposed 

regulation: (1) Is not a ‘‘significant 

regulatory action’’ under Executive 

Order 12866; (2) is not a ‘‘significant 

rule’’ under DOT Regulatory Policies 

and Procedures (44 FR 11034; February 

26, 1979); and (3) does not warrant 

preparation of a regulatory evaluation as 

the anticipated impact is so minimal. 

Since this is a routine matter that will 

only affect air traffic procedures and air 

navigation, it is certified that this rule, 

when promulgated, will not have a 

significant economic impact on a 

substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

Environmental Review 

The FAA has determined that this 

action qualifies for categorical exclusion 

under the National Environmental 

Policy Act in accordance with FAA 

Order 1050.1D, Policies and Procedures 

for Considering Environmental Impacts. 

This airspace action is not expected to 

cause any potentially significant 

environmental impacts, and no 

extraordinary circumstances exist that 

warrant preparation of an 

environmental assessment.

List of Subjects in 14 CFR Part 73 

Airspace, Navigation (air).

Adoption of Amendment

■ In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 73 as follows:

PART 73—SPECIAL USE AIRSPACE

■ 1. The authority citation for part 73 

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 73.23 [Amended]

■ 2. § 73.23 is amended as follows:

* * * * *

R–2301E, Ajo East, AZ (Amended)

■ By removing ‘‘Time of designation. 

Monday–Friday, 0630–2230 local time; 

other times by NOTAM,’’ and 

substituting ‘‘Time of designation. Daily, 

0630–2400 local time; other times by 

NOTAM.’’

* * * * *

R–2304, Gila Bend, AZ (Amended)

■ By removing ‘‘Time of designation. 

0700–2200 local time; other times by 

NOTAM,’’ and substituting ‘‘Time of 

designation. Monday–Saturday, 0630–

2400 local time; other times by 

NOTAM.’’

R–2305, Gila Bend, AZ (Amended)

■ By removing ‘‘Time of designation. 

0700–2300 local time; other times by 

NOTAM,’’ and substituting ‘‘Time of 

designation. Monday–Saturday, 0630–

2400 local time; other times by 

NOTAM.’’

* * * * *

Issued in Washington, DC, on November 4, 

2003. 

Paul Gallant, 

Acting Manager, Airspace and Rules Division.

[FR Doc. 03–28529 Filed 11–13–03; 8:45 am] 

BILLING CODE 4910–13–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 

64526 Federal Register / Vol. 68, No. 220 / Friday, November 14, 2003 / Rules and Regulations 

assumptions for plans with valuation 

dates in December 2003. Interest 

assumptions are also published on the 

PBGC’s Web site http://www.pbgc.gov.

EFFECTIVE DATE: December 1, 2003.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General 

Counsel, Office of the General Counsel, 

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: 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). 

Accordingly, 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 December 2003, 

(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 

December 2003, 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 

December 2003. 

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 4.70 percent for 

the first 20 years following the valuation 

date and 5.25 percent thereafter. These 

interest assumptions represent an 

increase (from those in effect for 

November 2003) of 0.10 percent for the 

first 20 years following the valuation 

date and are otherwise unchanged. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in appendix B to 

part 4022) will be 3.25 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. These interest assumptions are 

unchanged from those in effect for 

November 2003. 

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, as 

accurately as possible, current market 

conditions.

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during December 2003, 

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 

122, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.)

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 ni n2

* * * * * * * 

122 12–1–03 1–1–04 3.25 4.00 4.00 4.00 7 8 

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

122, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.)

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments

* * * * *

Federal Register / Vol. 68, No. 220 / Friday, November 14, 2003 / Rules and Regulations 64527

Rate set 

For plans with a valuation 

date Immediate 

annuity rate

(percent) 

Deferred annuities

(percent) 

On or after Before i1 i2 i3 ni n2

* * * * * * * 

122 12–1–03 1–1–04 3.25 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, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.)

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 = 

* * * * * * * 

December 2003 .0470 1–20 .0525 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of November 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–28542 Filed 11–13–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[CGD07–03–144] 

RIN 1625–AA00 

RIN 1625–AA11 

Regulated Navigation Area and 

Security Zones; Port of Miami, FL

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is 

establishing a temporary regulated 

navigation area and temporary security 

zones, from November 16, 2003 through 

November 21, 2003 during the Free 

Trade Area of the Americas Conference 

(FTAA). The temporary regulated 

navigation area controls the movement 

of all vessels operating in the Port of 

Miami in the vicinity of the 

northwestern entrance of Dodge Island, 

western section of Government Cut, 

Main Channel, Lummus Island Cut, 

Lummus Island Turning Basin, Dodge 

Island Cut, MacArthur Causeway 

Bridge, Claughton Island, Bayside 

Marina and on the Miami River up to 

the Flagler Street Bridge. The security 

zones prohibit the entry of all vessels 

and persons into the waters adjacent to 

the Intercontinental Hotel and the 

American Airlines Arena. These 

regulations are required to provide for 

the security of the public, the FTAA 

conference and its participants, and the 

Port of Miami due to the potential for 

disturbances and hostile and violent 

acts from various demonstrators 

protesting the FTAA conference.

DATES: This rule is effective from 12:01 

a.m. on November 16, 2003 until 11:59 

p.m. on November 21, 2003.

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of the docket [CGD07–

03–144] and are available for inspection 

and copying at U. S. Coast Guard, 

Marine Safety Office, 100 MacArthur 

Causeway, Miami Beach, FL 33139–

6940 between 7:30 a.m. and 3 p.m., 

Monday through Friday, except Federal 

holidays.

FOR FURTHER INFORMATION CONTACT:

Lieutenant Douglas Tindall, Waterways 

Management Office, (305) 535–8701.

SUPPLEMENTARY INFORMATION: 

Good Cause 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

regulation. Under 5 U.S.C. 553(b)(B), the 

Coast Guard finds good cause exists for 

not publishing an NPRM because it is 

impracticable and contrary to public 

interest for the agency to do so. 

Information and intelligence regarding 

the potential for disturbances and 

hostile and violent acts by various 

protest groups continues to flow in and 

the Coast Guard expects this flow to 

increase as the commencement of the 

FTAA conference approaches. The 

Coast Guard must analyze the most 

current information and take 

appropriate actions to protect the 

public, the Port of Miami, and the FTAA 

participants. 

For the same reasons under 5 U.S.C. 

553(d)(3), the Coast Guard finds that 

good cause exists for making this rule 

effective less than 30 days after 

publication in the Federal Register. 

Background and Purpose 

Cities that have recently hosted trade 

conferences similar to the FTAA 

conference have experienced significant 

property damage, and their law 

enforcement officers and public citizens 

have sustained personal injuries from a 

segment of protestors engaged in violent 

demonstrations against those 

conferences and their agendas. 

Examples include the September 2003 

World Trade Organization (WTO) 

Ministerial in Cancun, Mexico; the 2003 

G–8 Summit in Calgary, Canada; the 

2001 G–8 Summit in Genoa; Italy and 

the 1999 World Trade Organization in 

Seattle, Washington. These trade 

conferences experienced an influx of 

protestors, and in particular protest 

groups opposing international trade 

who have a propensity for violence and 

a desire to engage in hostile acts against, 

among others, conference attendees, 

conference venues, the general public, 

business and municipal buildings, and 

law enforcement assets. Information and 

intelligence indicate that there is a high 

potential for similar acts to be attempted 

during the upcoming November FTAA 

conference in Miami, Florida.