Federal Register / Vol. 78, No. 135 / Monday, July 15, 2013 / Rules and Regulations 42009 

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 

August 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 August 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 August 2013.1

The August 2013 interest assumptions 

under the benefit payments regulation 

will be 1.75 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 July 2013, 

these interest assumptions represent an 

increase of 0.50 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 August 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 

238, 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

*******

238 8–1–13 9–1–13 1.75 4.00 4.00 4.00 7 8 

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

238, 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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42010 Federal Register / Vol. 78, No. 135 / Monday, July 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

*******

238 8–1–13 9–1–13 1.75 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 10th day 

of July 2013. 

Leslie Kramerich, 

Acting Chief Policy Officer, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2013–16853 Filed 7–12–13; 8:45 am] 

BILLING CODE 7709–02–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2013–0469] 

Drawbridge Operation Regulation; Isle 

of Wight (Sinepuxent) Bay, Ocean City, 

MD 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of deviation from 

regulation. 

SUMMARY: The Commander Fifth Coast 

Guard District has issued a temporary 

deviation from the regulations 

governing the operation of the US 50 

Bridge, over Isle of Wight (Sinepuxent) 

Bay, mile 0.5, at Ocean City, MD. The 

deviation is necessary to accommodate 

the 10th annual ‘‘Island 2 Island’’ Half 

Marathon. This deviation allows the 

drawbridge to remain in the closed 

position to vessels during the race. 

DATES: This deviation is effective from 

8 a.m. until 10:30 a.m. April 26, 2014. 

ADDRESSES: The docket for this 

deviation [USCG–2013–0469] is 

available at http://www.regulations.gov. 

Type the docket number in the ‘‘Search’’ 

box and click ‘‘Search.’’ Click on the 

Open Docket Folder on the line 

associated with this deviation. 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 Kashanda 

Booker, Bridge Management Specialist, 

Fifth Coast Guard District, telephone 

757–398–6227, email 

Kashanda.l.booker@uscg.mil. If you 

have questions on viewing the docket, 

call Barbara Hairston, Program Manager, 

Docket Operations, telephone 202–366– 

9826. 

SUPPLEMENTARY INFORMATION: OC Tri 

Running Sports, on behalf of Maryland 

Transportation Authority, has requested 

a temporary deviation from the current 

operating regulations of the US 50 

Bridge across Isle Wight (Sinepuxent) 

Bay mile 0.5, at Ocean City, MD. 

The closure has been requested to 

ensure the safety of the increased 

volume of runners and spectators that 

will be participating in the 10th annual 

‘‘Island 2 Island’’ Half Marathon on 

April 26, 2014. The event is expected to 

bring in over 4,000 runners and 6,000 

spectators. The OC Tri Sports is 

extending the course to 13.1 miles to 

accommodate the request of the 

community. Under this temporary 

deviation, the Route 50 Bridge will 

remain in the closed position to vessels, 

from 8 a.m. through 10:30 a.m. 

Information provided by our Coast 

Guard Station Ocean City reveals that, 

in the past, vessel traffic for that time of 

year is very limited with most vessels 

being small enough to pass without a 

bridge lift. The US 50 Bridge, over Isle 

of Wight (Sinepuxent) Bay, mile 0.5, at 

Ocean City, MD has a vertical clearance 

in the closed position to vessels of 13 

feet above mean high water. Vessels that 

can pass under the bridge without a 

bridge opening may do so at any time 

and are advised to proceed with 

caution. The Atlantic Ocean is the 

alternate route for vessels with mast 

heights greater than 13 feet transiting 

this section of Isle of Wight 

(Sinepuxent) Bay. At all other times 

during the effected period, the bridge 

will operate as outlined at 33 CFR 

117.559. 

The Coast Guard will inform 

waterway users through our Local and 

Broadcast Notices 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. 

In accordance with 33 CFR 117.35(e), 

the drawbridge must return to its regular 

operating schedule immediately at the 

end of the designated time period. This 

deviation from the operating regulations 

is authorized under 33 CFR 117.35. 

Dated: July 3, 2013. 

Waverly W. Gregory, Jr., 

Bridge Program Manager, Fifth Coast Guard 

District. 

[FR Doc. 2013–16811 Filed 7–12–13; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2013–0607] 

Drawbridge Operation Regulation; 

Delaware River, NJ 

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 bascule span 

of the Tacony-Palmyra Bridge (Route 

73), across the Delaware River, mile 

107.2, between the townships of 

Tacony, PA and Palmyra, NJ. The 

deviation is necessary to facilitate the 

replacement of the bridge deck. This 

deviation allows the bridge to remain in 

the closed to navigation position during 

the rehabilitation project. 

DATES: This deviation is effective from 

9 p.m. on Friday, August 16, 2013 until 

9 p.m. on Friday, August 30, 2013. 

ADDRESSES: The docket for this 

deviation [USCG–2013–0607] is 

available at 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 deviation. 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 Terrance 

Knowles, Environmental Protection 

Specialist, Coast Guard; telephone 757– 

398–6587, email 

Terrance.A.Knowles@uscg.mil. If you 

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