Federal Register / Vol. 77, No. 246 / Friday, December 21, 2012 / Rules and Regulations 75549 

election process allows employees to 

decertify a union and has been utilized 

for that purpose. The Board previously 

had a higher showing of interest 

requirement where a craft or class of 

employees was already represented. As 

noted during the Board’s prior 

rulemaking proceedings, this policy was 

based on the Board’s desire to preserve 

stability in collective bargaining 

relationships. 75 FR 26062, 26078 (May 

11, 2010). The Board has required a 

majority showing of interest before 

authorizing an election that would 

disturb an existing collective bargaining 

relationship. Consistent with 

Congressional intent, the Board will 

require a 50 percent showing of interest 

for any application, leaving current 

decertification procedures virtually 

unchanged. Because the proposed rules 

will not affect the decertification 

process, this is not an issue that the 

Board will address at this time. 

Furthermore, Right to Work points to 

the NLRA’s decertification procedure. 

As the Board noted the last time this 

issue was raised in rulemaking 

proceedings, the NLRA specifically 

provides for a decertification process. 

The 1947 Taft-Hartley Amendments to 

the NLRA added a provision allowing 

an employee, group of employees, or 

any individual or labor organizations 

acting on their behalf to file a petition 

asserting that the currently certified or 

recognized bargaining representative no 

longer represents the employees in the 

bargaining unit. 29 U.S.C. 

159(c)(1)(A)(ii). No similar provisions 

have been included in the RLA. 

IV. Conclusion 

Based on the rationale in the 

proposed rule and this rulemaking 

document, the Board hereby adopts 

provisions of the proposal and 

clarification as a final rule. 

Paperwork Reduction Act 

This rule does not contain 

information collection requirements that 

require approval by the Office of 

Management and Budget under the 

Paperwork Reduction Act (44 U.S.C. 

3507 et seq.). 

Regulatory Flexibility Act 

The NMB certifies that this rule will 

not have a significant impact on a 

substantial number of small entities 

under the Regulatory Flexibility Act (5 

U.S.C. 601 et seq.). The rule will not 

directly affect any small entities as 

defined under the Regulatory Flexibility 

Act. 

National Environmental Policy Act 

This rule will not have any significant 

impact on the quality of the human 

environment under the National 

Environmental Policy Act (42 U.S.C. 

4321 et seq.). 

List of Subjects in 29 CFR Part 1206 

Air carriers, Labor management 

relations, Labor unions, Railroads. 

Accordingly, as set forth in the 

preamble, the NMB amends 29 CFR part 

1206 as follows: 

PART 1206—HANDLING 

REPRESENTATION DISPUTES UNDER 

THE RAILWAY LABOR ACT 

■ 1. The authority section for 29 CFR 

part 1206 continues to read as follows: 

Authority: 44 Stat. 577, as amended; 45 

U.S.C. 151–163. 

■ 2. Revise § 1206.1 to read as follows: 

§ 1206.1 Run-off elections. 

(a) In an election among any craft or 

class where three or more options 

(including the option for no 

representation) receive valid votes, if no 

option receives a majority of the legal 

votes cast, or in the event of a tie vote, 

the Board shall authorize a run-off 

election. 

(b) In the event a run-off election is 

authorized by the Board, the names of 

the two options which received the 

highest number of votes cast in the first 

election shall be placed on the run-off 

ballot, and no blank line on which 

voters may write in the name of any 

organization or individual will be 

provided on the run-off ballot. 

(c) Employees who were eligible to 

vote at the conclusion of the first 

election shall be eligible to vote in the 

run-off election except: 

(1) Those employees whose 

employment relationship has 

terminated; and 

(2) Those employees who are no 

longer employed in the craft or class. 

■ 3. Revise § 1206.2 to read as follows: 

§ 1206.2 Percentage of valid 

authorizations required to determine 

existence of a representation dispute. 

(a) Upon receipt of an application 

requesting that an organization or 

individual be certified as the 

representative of any craft or class of 

employees, a showing of proved 

authorizations (checked and verified as 

to date, signature, and employment 

status) from at least fifty (50) percent of 

the craft or class must be made before 

the National Mediation Board will 

authorize an election or otherwise 

determine the representation desires of 

the employees under the provisions of 

section 2, Ninth, of the Railway Labor 

Act. 

(b) Any intervening individual or 

organization must also produce proved 

authorizations (checked and verified as 

to date, signature, and employment 

status) from at least fifty (50) percent of 

the craft or class of employees involved 

to warrant placing the name of the 

intervenor on the ballot. 

§ 1206.5 [Removed] 

■ 4. Remove § 1206.5. 

§§ 1206.6 and 1206.7 [Redesignated as 

§§ 1206.5 and 1206.6] 

■ 5. Redesignate §§ 1206.6 and 1206.7 

as §§ 1206.5 and 1206.6. 

■ 6. Add § 1206.7 to read as follows: 

§ 1206.7 Amendment or rescission of rules 

in this part. 

(a) The Board may at any time amend 

or rescind any rule or regulation in this 

part by following the public rulemaking 

procedures under the Administrative 

Procedure Act (5 U.S.C. 553) and after 

providing the opportunity for a public 

hearing. 

(b) The requirements of paragraph (a) 

of this section shall not apply to any 

rule or proposed rule to which the third 

sentence of section 553(b) of the 

Administrative Procedure Act applies. 

(c) Any interested person may 

petition the Board, in writing, for the 

issuance, amendment, or repeal of a rule 

or regulation in this part. An original 

and three copies of such petition shall 

be filed with the Board in Washington, 

DC, and shall state the rule or regulation 

proposed to be issued, amended, or 

repealed, together with a statement of 

grounds in support of such petition. 

§ 1206.8 [Removed] 

■ 7. Remove § 1206.8. 

Dated: December 18, 2012. 

Mary Johnson, 

General Counsel, National Mediation Board. 

[FR Doc. 2012–30853 Filed 12–20–12; 8:45 am] 

BILLING CODE 7550–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4044 

Allocation of Assets in SingleEmployer Plans; Interest Assumptions 

for Valuing Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

mstockstill on DSK4VPTVN1PROD with 

75550 Federal Register / Vol. 77, No. 246 / Friday, December 21, 2012 / Rules and Regulations 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Allocation of Assets in 

Single-Employer Plans to prescribe 

interest assumptions for valuation dates 

in the first quarter of 2013. The interest 

assumptions are used for valuing 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. As discussed below, PBGC has 

published a separate final rule 

document dealing with interest 

assumptions under its regulation on 

Benefits Payable in Terminated SingleEmployer Plans for January 2013. 

DATES: Effective January 1, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@PBGC.gov), 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 

regulation on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) prescribes actuarial 

assumptions—including interest 

assumptions—for valuing 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). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. Assumptions under the 

asset allocation regulation are updated 

quarterly and are intended to reflect 

current conditions in the financial and 

annuity markets. This final rule updates 

the asset allocation interest assumptions 

for the first quarter (January through 

March) of 2013. 

The first quarter 2013 interest 

assumptions under the allocation 

regulation will be 2.67 percent for the 

first 20 years following the valuation 

date and 3.01 percent thereafter. In 

comparison with the interest 

assumptions in effect for the fourth 

quarter of 2012, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

a decrease of 0.40 percent in the select 

rate, and an increase of 0.01 percent in 

the ultimate rate (the final rate). 

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 of 

benefits under plans with valuation 

dates during the first quarter of 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 4044 

Employee benefit plans, Pension 

insurance, Pensions. 

In consideration of the foregoing, 29 

CFR part 4044 is amended as follows: 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 1. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 2. In appendix B to part 4044, a new 

entry for January—March 2013, 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 = 

*******

January–March 2013 ............................................................................................ 0.0267 1–20 0.0301 >20 N/A N/A 

Issued in Washington, DC, on this 18th day 

of December 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–30819 Filed 12–20–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket Number USCG–2012–1020] 

RIN 1625–AA08 

Special Local Regulations; 2013 

Orange Bowl Paddle Championship, 

Biscayne Bay, Miami, FL 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a special local regulation on 

the waters of Biscayne Bay and the 

Miami River in Miami, FL during the 

2013 Orange Bowl Paddle 

Championship. The event will take 

place on January 13, 2013 between the 

hours of 9 a.m. to 1 p.m. Approximately 

300 kayaks and paddleboards will 

participate in the event. The special 

local regulation is necessary to ensure 

the safety of the participants, participant 

vessels, and the general public during 

the event. Non-participant vessels are 

prohibited from entering, transiting 

through, anchoring in, or remaining 

within the regulated area unless 

authorized by the Captain of the Port 

Miami or a designated representative. 

DATES: This rule will be enforced from 

9 a.m. to 1 p.m. on January 13, 2013. 

ADDRESSES: Documents mentioned in 

this preamble are part of docket USCG– 

2012–1020. To view documents 

mentioned in this preamble as being 

mstockstill on DSK4VPTVN1PROD with