64150 Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Rules and Regulations 

meaning of § 1.6033–2(h)(2)) with a 

church or operated by a religious order. 

(v) A State institution, the income of 

which is excluded from gross income 

under section 115(a); 

(vi) An organization described in 

section 501(c)(1). 

(vii) An organization that is a 

governmental unit or an affiliate of a 

governmental unit exempt from Federal 

income tax under section 501(a). 

(3) If an organization exempt from 

taxation under section 501(a) is not 

described in paragraph (b)(1) or (2) of 

this section, the organization must 

submit an annual notification. Thus, a 

black lung trust that normally has gross 

receipts of $25,000 or less is not 

required to file Form 990–BL but is 

required to submit electronic 

notification. A section 509(a)(3) 

supporting organization of a religious 

organization that normally has gross 

receipts of $5,000 or less is not required 

to file Form 990 or Form 990–EZ but is 

required to submit electronic 

notification. 

(c) Additional notification 

requirements—(1) In general. Any 

organization described in paragraph 

(a)(1) of this section shall submit an 

annual notification described in section 

6033(i)(1). The annual notification 

shall—

(i) Be in electronic form; and 

(ii) Set forth—

(A) The legal name of the 

organization; 

(B) Any name under which the 

organization operates or does business; 

(C) The organization’s mailing address 

and Internet Web site address (if any); 

(D) The organization’s taxpayer 

identification number; 

(E) The name and address of a 

principal officer; 

(F) Evidence of the continuing basis 

for the organization’s exemption from 

the filing requirements under section 

6033(a)(1); and 

(G) Additional information necessary 

to process the notification. 

(2) The mailing address required by 

section 6033(i)(1)(C) and submitted in 

the annual notification shall be the 

organization’s last known address as 

provided by § 301.6212–2(a) of this 

chapter. This last known address may 

be updated as provided under 

§ 301.6212–2 of this chapter, or by clear 

and concise notification. The Internal 

Revenue Service will use this last 

known address as the organization’s 

address of record and will direct all 

mailings to this address. 

(3) By submitting the annual 

notification described in this paragraph 

(c)(1), an organization acknowledges 

that it is not required to file a return 

under section 6033(a) because its annual 

gross receipts are not normally in excess 

of $25,000. In order to make this 

determination, the organization must 

keep records that enable it to calculate 

its gross receipts. All organizations are 

required to maintain records under 

section 6001. These records will provide 

evidence of the continuing basis for the 

organization’s exemption from the filing 

requirements under section 6033(a)(1). 

(4) If an organization that is required 

to submit an annual electronic 

notification files a complete Form 990 

or Form 990–EZ the annual notification 

requirement shall be deemed satisfied. 

The annual notification requirement is 

not satisfied if the Form 990 or Form 

990–EZ contains only those items of 

information that would have been 

required by submitting the notification 

in electronic form. Also, the filing of a 

complete Form 990 or Form 990–EZ, 

rather than the submission of an annual 

electronic notification, is the filing of a 

return that starts the period of 

limitations for assessment under section 

6501(g)(2). 

(d) No effect on other filing 

requirements. An organization that is 

relieved from filing an information 

return under section 6033(a) is still 

subject to the requirements of § 1.6033–

2(i) and (j), concerning notice regarding 

changes in character, operations, or 

purpose; providing additional 

information; duty to file other returns of 

information; and duty to file unrelated 

business tax returns. If an organization 

is required to file an unrelated business 

tax return, Form 990–T, ‘‘Exempt 

Organization Business Income Tax 

Return,’’ the filing of that return does 

not relieve the organization from the 

requirement of submitting notification 

under section 6033(i). 

(e) Accounting period for submitting 

electronic notification. An annual 

notification required by this section 

shall be on the basis of the established 

annual accounting period of the 

organization. If the organization has no 

established accounting period, annual 

notification shall be on the basis of the 

calendar year. 

(f) Time and place for submitting 

electronic notification. The annual 

notification required by this section 

shall be submitted on or before the 15th 

day of the fifth calendar month 

following the close of the period for 

which the notification is required to be 

submitted. Thus, an organization with 

an accounting period ending December 

31, 2007, is required to submit annual 

notification by May 15, 2008. The 

notification shall be submitted in 

accordance with instructions and 

publications, including those provided 

at the Internal Revenue Service Web site 

for exempt organizations. 

(g) Effective/applicability date. These 

regulations are applicable to annual 

periods beginning after 2006. 

(h) Expiration date. These regulations 

expire November 15, 2010. 

Linda E. Stiff, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: November 6, 2007. 

Eric Solomon, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. E7–22299 Filed 11–14–07; 8:45 am] 

BILLING CODE 4830–01–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 

assumptions for plans with valuation 

dates in December 2007. Interest 

assumptions are also published on the 

PBGC’s Web site (http://www.pbgc.gov). 

DATES: Effective December 1, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, 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: 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. 


rfrederick on PROD1PC67 with RULES
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Rules and Regulations 64151 

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). 

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 2007, 

(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 2007, 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 2007. 

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 5.37 

percent for the first 20 years following 

the valuation date and 5.04 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for November 2007) of 0.09 

percent for the first 20 years following 

the valuation date and 0.09 percent for 

all years thereafter. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

partaves\rules.xml 4022) will be 3.00 

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. These interest 

assumptions represent a decrease (from 

those in effect for November 2007) of 

0.25% in the immediate annuity rate 

and are otherwise unchanged. 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 current 

market conditions as accurately as 

possible. 

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during December 2007, 

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 

170, 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

* * * * * * * 

170 12–1–07 01–1–08 3.00 4.00 4.00 4.00 7 8 

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

170, 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

* * * * * * * 

170 12–1–07 01–1–08 3.00 4.00 4.00 4.00 7 8 


rfrederick on PROD1PC67 with RULES
64152 Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Rules and Regulations 

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 for December 2007, 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 = 

* * * * * * * 

December 2007 .................................................................... .0537 1–20 .0504 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of November 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–22326 Filed 11–14–07; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD08–07–032] 

Drawbridge Operation Regulations; 

Liberty Bayou, Slidell, LA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations; request for comments. 

SUMMARY: The Commander, Eighth 

Coast Guard District, has issued a 

temporary deviation from the regulation 

governing the operation of the State 

Route 433 (S433) bridge across Liberty 

Bayou, mile 2.0, at Slidell, St. Tammany 

Parish, Louisiana. This deviation will 

test a change to the drawbridge 

operation schedule to determine 

whether a permanent change to the 

schedule is needed. 

DATES: This deviation is effective from 

November 15, 2007 until May 13, 2008. 

ADDRESSES: You may mail comments 

and related material to Commander 

(dpb), Eighth Coast Guard District, 500 

Poydras Street, New Orleans, Louisiana 

70130–3310. The Commander, Eighth 

Coast Guard District, Bridge 

Administration Branch maintains the 

public docket for this rulemaking. 

Comments and material received from 

the public, as well as documents 

indicated in this preamble as being 

available in the docket, will become part 

of this docket and will be available for 

inspection or copying at the Bridge 

Administration office between 7 a.m. 

and 3 p.m., Monday through Friday, 

except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: Phil 

Johnson, Bridge Administration Branch, 

telephone (504) 671–2128. 

SUPPLEMENTARY INFORMATION:

Request for Comments 

We encourage you to participate in 

evaluating this test schedule by 

submitting comments and related 

material. If you do so, please include 

your name and address, identify the 

docket number for this deviation 

CGD08–07–032, indicate the specific 

section of this document to which each 

comment applies, and give the reason 

for each comment. Please submit all 

comments and related material in an 

unbound format, no larger than 8W by 11 

inches, suitable for copying. If you 

would like to know they reached us, 

please enclose a stamped, self-addressed 

postcard or envelope. We will consider 

all comments and material received 

during the comment period. Comments 

must be received by January 14, 2008. 

Background and Purpose 

The Louisiana Department of 

Transportation and Development has 

requested that the operating regulation 

of the S433 pontoon span bridge, 

located on Liberty Bayou at mile 2.0 in 

Slidell, St. Tammany Parish, Louisiana, 

be changed in order to make more 

efficient use of operating resources. 

Currently, the draw of the S433 Bridge 

opens on signal, except that from 9 p.m. 

to 5 a.m. the draw opens on signal if at 

least 12 hours notice is given, as 

required by 33 CFR 117.469. The Coast 

Guard previously published a notice of 

proposed rulemaking [CGD08–06–10] 

on May 4, 2006 (86 FR 26290). The 

proposed rule would have changed the 

regulation governing the operation of 

the (S433) pontoon span bridge across 

Liberty Bayou, mile 2.0, at Slidell, St. 

Tammany Parish, Louisiana. The rule, 

as previously proposed, would have 

changed the notice required for an 

opening from 12 hours to 4 hours. A 

final rule for that proposed change was 

not published. Subsequently, the bridge 

owner has requested that the notice for 

an opening be changed so that the 

bridge will open on signal, except that 

from 7 p.m. to 7 a.m., the bridge will 

open on signal if at least 2 hours notice 

is given. 

A Supplemental Notice of Proposed 

Rulemaking [CGD08–06–010], is being 

issued in conjunction with this 

Temporary Deviation to obtain public 

comments. The Coast Guard will 

evaluate public comments from this 

Test Deviation and the above referenced 

Supplemental Notice of Proposed 

Rulemaking to determine if a permanent 

special drawbridge operating regulation 

is warranted. 

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: November 6, 2007. 

David M. Frank, 

Bridge Administrator. 

[FR Doc. E7–22364 Filed 11–14–07; 8:45 am] 

BILLING CODE 4910–15–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD08–07–037] 

Drawbridge Operation Regulations; 

Tchefuncta River, Madisonville, LA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations; request for comments. 

SUMMARY: The Commander, Eighth 

Coast Guard District, has issued a 

temporary deviation from the regulation 

governing the operation of the State 

Route 22 (SR 22) Bridge across 

Tchefuncta River, mile 2.5, at 


rfrederick on PROD1PC67 with RULES