Federal Register / Vol. 77, No. 72 / Friday, April 13, 2012 / Rules and Regulations 22215 

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. 

Signed at Washington, DC, this 4th of April 

2012. 

M. Patricia Smith, 

Solicitor of Labor, U.S. Department of Labor. 

[FR Doc. 2012–8741 Filed 4–12–12; 8:45 am] 

BILLING CODE 4510–23–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 2012. 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, 2012. 

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 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 2012.1

The May 2012 interest assumptions 

under the benefit payments regulation 

will be 1.50 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 2012, 

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 May 2012, 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 

223, 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

*******

223 .................................... 5–1–12 6–1–12 1.50 4.00 4.00 4.00 7 8 

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

223, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 


pmangrum on DSK3VPTVN1PROD with RULES
22216 Federal Register / Vol. 77, No. 72 / Friday, April 13, 2012 / 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

*******

223 .................................... 5–1–12 6–1–12 1.50 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 6th day 

of April 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–8916 Filed 4–12–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2012–0176] 

Drawbridge Operation Regulations; 

Atlantic Intracoastal Waterway, Fort 

Lauderdale, FL 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviations 

from regulations. 

SUMMARY: The Commander, Seventh 

Coast Guard District, has issued 

temporary deviations from the 

regulations governing the operation of 

the following two bridges that span 

across the Atlantic Intracoastal 

Waterway in Fort Lauderdale, Florida: 

The East Sunrise Boulevard (SR 838) 

Bridge, mile 1062.6; and the East Las 

Olas Bridge, mile 1064. The deviations 

are necessary due to the high volume of 

vessel and vehicle traffic anticipated 

during the Lauderdale Air Show. With 

the exception of opening for passage of 

public vessels of the United States, 

vessels in distress, and tugs with tows, 

the bridges will not open in the evening 

during during the Lauderdale Air Show. 

DATES: These deviations are effective 

from 4 p.m. on April 28, 2012 through 

6 p.m. on April 29, 2012. 

ADDRESSES: Documents mentioned in 

this preamble as being available in the 

docket are part of docket USCG–2012– 

0176 and are available online by going 

to http://www.regulations.gov, inserting 

USCG–2012–0176 in the ‘‘Keyword’’ 

box and then clicking ‘‘Search’’. They 

are also available for inspection or 

copying at the Docket Management 

Facility (M–30), U.S. Department of 

Transportation, West Building Ground 

Floor, Room W12–140, 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 Michael Lieberum, Seventh 

District Bridge Branch, Coast Guard; 

telephone (305) 415–6744, email 

Michael.B.Lieberum@uscg.mil. If you 

have questions on viewing the docket, 

call Renee V. Wright, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: The City 

of Fort Lauderdale Police Department 

has requested temporary modifications 

to the operating schedules of the East 

Sunrise Boulevard (SR 838) Bridge and 

the East Las Olas Bridge in Fort 

Lauderdale, Florida. 

The Lauderdale Air Show generates a 

high volume of vessel and vehicle 

traffic. In past years, opening these 

bridges has resulted in significant 

vehicle congestion. By allowing the 

bridges to remain closed to navigation 

from 4 p.m. until 6 p.m. during the 

Lauderdale Air Show, traffic congestion 

will be reduced. 

The details and regular operating 

schedule for each bridge are set forth 

below. 

1. East Sunrise Boulevard (SR 838) 

Bridge, mile 1062.6. The vertical 

clearance of the East Sunrise Boulevard 

(SR 838) Bridge, across the Atlantic 

Intracoastal Waterway, is 21 feet. The 

normal operating schedule for the East 

Sunrise Boulevard (SR 838) Bridge is set 

forth in 33 CFR 117.261(bb)(6) requires 

the draw to open on the hour and halfhour. On the first weekend in May, the 

draw need not open from 4 p.m. to 6 

p.m. on Saturday and Sunday, and, on 

the first Saturday in May, the draw need 

not open from 9:45 p.m. to 10:45 p.m. 

2. East Las Olas Bridge, mile 1064. 

The vertical clearance of the East Las 

Olas Bridge, across the Atlantic 

Intracoastal Waterway, is 24 feet. The 

normal operating schedule for the East 

Last Olas Bridge is set forth in 33 CFR 

117.261(bb)(7) and requires the bridge to 

open on the quarter-hour and threequarter hour. On the first weekend in 

May, the draw need not open from 4 

p.m. to 6 p.m. on Saturday and Sunday, 

and, on the first Saturday in May, the 

draw need not open from 9:45 p.m. to 

10:45 p.m. 

As a result of these temporary 

deviations, the East Sunrise Boulevard 

(SR 838) Bridge and the East Las Olas 

Bridge will remain closed to navigation 

from 4 p.m. to 6 p.m. on Saturday, April 

28, 2012 and Sunday, April 29, 2012. 

However, the drawspans will open as 

soon as possible at any time for the 

passage of public vessels of the United 

States, vessels in distress, and tugs with 

tows. 

In accordance with 33 CFR 117.35(e), 

the drawbridges must return to their 

regular operating schedules 

immediately at the end of the 

designated time period. These 

deviations from the operating 

regulations are authorized under 33 CFR 

117.35. 

Dated: March 6, 2012. 

B.L. Dragon, 

Bridge Program Director, Seventh Coast 

Guard District. 

[FR Doc. 2012–8874 Filed 4–12–12; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2012–0243] 

Drawbridge Operation Regulation; 

Sacramento River, Sacramento, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Coast Guard has issued a 

temporary deviation from the operating 

schedule that governs the Tower 

Drawbridge across the Sacramento 

River, mile 59.0, at Sacramento, CA. The 

deviation is necessary to allow the 

community to participate in the Capitol 

City Classic run. This deviation allows 

the bridge to remain in the closed-tonavigation position during the event. 

DATES: This deviation is effective from 

8 a.m. to 9 a.m. on April 22, 2012. 

ADDRESSES: Documents mentioned in 

this preamble as being available in the 

docket are part of docket USCG–2012– 

0243 and are available online by going 

to http://www.regulations.gov, inserting 


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