22192 Federal Register / Vol. 78, No. 72 / Monday, April 15, 2013 / Rules and Regulations 

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. 

* * * * * 

Issued in Washington, DC, on April 8, 

2013. 

Gary A. Norek, 

Manager, Airspace Policy and ATC 

Procedures Group. 

[FR Doc. 2013–08599 Filed 4–12–13; 8:45 am] 

BILLING CODE 4910–13–P 

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 

May 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 May 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 May 2013.1

The May 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 April 2013, 

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 payment of 

benefits under plans with valuation 

dates during May 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 

235, 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

*******

235 5–1–13 6–1–13 1.00 4.00 4.00 4.00 7 8 

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

235, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 

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Federal Register / Vol. 78, No. 72 / Monday, April 15, 2013 / Rules and Regulations 22193 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

235 5–1–13 6–1–13 1.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 9th day 

of April 2013. 

Leslie Kramerich, 

Acting Chief Policy Officer, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2013–08743 Filed 4–12–13; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2012–0552] 

RIN 1625–AA08 

Special Local Regulations; West Palm 

Beach Triathlon Championship, 

Intracoastal Waterway; West Palm 

Beach, FL 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary Final Rule. 

SUMMARY: The Coast Guard is 

establishing a special local regulation on 

the Intracoastal Waterway, in West Palm 

Beach, Florida, during the West Palm 

Beach Triathlon Championship, on 

Saturday, June 1, 2013. Approximately 

1,500 participants are anticipated to 

participate in the triathlon. The special 

local regulation is necessary to ensure 

the safety of the triathlon participants 

and the general public during the swim 

portion of the event. Persons and 

vessels, except those participating in the 

event, 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 is effective from 6:30 

a.m. until 8:30 a.m. on June 1, 2013. 

ADDRESSES: Documents mentioned in 

this preamble are part of docket USCG– 

2012–0552. To view documents 

mentioned in this preamble as being 

available in the docket, go to http:// 

www.regulations.gov, type the docket 

number in the ‘‘SEARCH’’ box and click 

‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rulemaking. 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 rule, call or 

email Lieutenant Junior Grade Mike H. 

Wu, Sector Miami Prevention 

Department, Coast Guard; telephone 

(305) 535–7576, email 

Mike.H.Wu@uscg.mil. If you have 

questions on viewing the docket, call 

Barbara Hairston, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: 

Table of Acronyms 

DHS Department of Homeland Security 

FR Federal Register 

NPRM Notice of Proposed Rulemaking 

A. Regulatory History and Information 

On January 15, 2013, the Coast Guard 

published a Notice of Proposed 

Rulemaking (NPRM) entitled, ‘‘Special 

Local Regulation; West Palm Beach 

Triathlon Championship, Intracoastal 

Waterway, West Palm Beach, FL’’ in the 

Federal Register (78 FR 2916). We 

received no comments on the proposed 

rule. No public meeting was requested, 

and none was held. 

B. Basis and Purpose 

The legal basis for this rule is the 

Coast Guard’s authority to establish 

special local regulations: 33 U.S.C. 

1233. The purpose of the rule is to 

ensure the safety of life on navigable 

waters of the United States during the 

West Palm Beach Triathlon 

Championship. 

On June 1, 2013, Game One Sports 

Marketing Group is hosting the West 

Palm Beach Triathlon Championship. 

The race will be held on the waters of 

the Intracoastal Waterway, in West Palm 

Beach, Florida. Approximately 1,500 

participants are anticipated to 

participate in the triathlon. No spectator 

vessels are anticipated to be present 

during the race. 

C. Discussion of Comments, Changes 

and the Final Rule 

The Coast Guard did not receive any 

comments to the proposed rule, and no 

changes were made to the regulatory 

text. 

This temporary final rule establishes 

a special local regulation that will 

encompass certain waters of the 

Intracoastal Waterway in West Palm 

Beach, Florida. The special local 

regulation will be enforced from 6:30 

a.m. until 8:30 a.m. on June 1, 2013. All 

persons and vessels, except those 

participating in the race, 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. 

Persons and vessels desiring to enter, 

transit through, anchor in, or remain 

within the regulated area may contact 

the Captain of the Port Miami by 

telephone at (305) 535–4472, or a 

designated representative via VHF radio 

on channel 16, to request authorization. 

If authorization to enter, transit through, 

anchor in, or remain within the 

regulated area is granted by the Captain 

of the Port Miami or a designated 

representative, all persons and vessels 

receiving such authorization must 

comply with the instructions of the 

Captain of the Port Miami or a 

designated representative. The Coast 

Guard will provide notice of the special 

local regulation by Local Notice to 

Mariners, Broadcast Notice to Mariners, 

and on-scene designated 

representatives. 

D. Regulatory Analyses 

We developed this rule after 

considering numerous statutes and 

executive orders related to rulemaking. 

Below we summarize our analyses 

based on these statutes and executive 

orders. 

1. Regulatory Planning and Review 

This rule is not a significant 

regulatory action under section 3(f) of 

Executive Order 12866, Regulatory 

Planning and Review, as supplemented 

by Executive Order 13563, Improving 

Regulation and Regulatory Review, and 

does not require an assessment of 

potential costs and benefits under 

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