34532 Federal Register / Vol. 71, No. 115 / Thursday, June 15, 2006 / Rules and Regulations 

Road, a medium duty road, in section 

11; then 

(21) Follow Palomares Road in a 

northerly direction for approximately 

0.7 miles to the road’s intersection with 

the power transmission line shown in 

section 11, T4S, R1W; then 

(22) Proceed northwest along the 

power transmission line for 

approximately 6.4 miles, passing 

through the Dublin map near Walpert 

Ridge, onto the Hayward map to the 

point where the power transmission line 

turns nearly west, approximately 500 

feet south of an unnamed, 891-foot, 

peak, T3S, R2W; then 

(23) Continue north-northwest in a 

straight line approximately 1.4 miles to 

an unnamed, 840-foot peak, T3S, R2W; 

then 

(24) Proceed north-northeast in a 

straight line approximately 3.4 miles, 

returning to the Dublin map, to the 

point where the Contra Costa CountyAlameda County line turns to the 

northwest, about 0.4 mile west of 

Wiedemann Hill (elevation 1,854 feet), 

section 20, T2S, R1W; then 

(25) Proceed in a northwesterly 

direction along the meandering Contra 

Costa County-Alameda County line for 

approximately 6.0 miles, passing briefly 

onto the Hayward, Las Trampas Ridge, 

and Diablo maps, before returning to the 

Las Trampas Ridge map and continuing 

to the point where the Contra Costa 

County-Alameda County line turns to 

the west-northwest, section 35, T1S, 

R2W; then 

(26) Continue north-northwest in a 

straight line approximately 2.7 miles to 

the summit of Las Trampas Peak 

(elevation 1,827 feet) in section 22, T1S, 

R2W; then 

(27) Proceed east-northeast in a 

straight line approximately 8.8 miles, 

passing through the Diablo map, and 

return to the beginning point. 

Dated: April 25, 2006. 

John J. Manfreda, 

Administrator. 

Approved: May 25, 2006. 

Timothy E. Skud, 

Deputy Assistant Secretary (Tax, Trade, and 

Tariff Policy). 

[FR Doc. E6–9366 Filed 6–14–06; 8:45 am] 

BILLING CODE 4810–31–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 July 2006. Interest assumptions 

are also published on the PBGC’s Web 

site (http://www.pbgc.gov). 

DATES: Effective July 1, 2006. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Attorney, 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. 

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 July 2006, (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 July 

2006, 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 July 2006. 

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 6.30 

percent for the first 20 years following 

the valuation date and 4.75 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for June 2006) of 0.10 percent for 

the first 20 years following the valuation 

date and are otherwise unchanged. 

These interest assumptions reflect the 

PBGC’s recently updated mortality 

assumptions, which are effective for 

terminations on or after January 1, 2006. 

See the PBGC’s final rule published 

December 2, 2005 (70 FR 72205), which 

is available at http://www.pbgc.gov/ 

docs/05–23554.pdf. Because the 

updated mortality assumptions reflect 

improvements in mortality, these 

interest assumptions are higher than 

they would have been using the old 

mortality assumptions. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.50 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. These interest assumptions 

represent an increase (from those in 

effect for June 2006) of 0.25 percent for 

the period during which a benefit is in 

pay status 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 July 2006, the 

PBGC finds that good cause exists for 

making the assumptions set forth in this 


cprice-sewell on PROD1PC66 with RULES
Federal Register / Vol. 71, No. 115 / Thursday, June 15, 2006 / Rules and Regulations 34533 

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 

153, 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

* * * * * * * 

153 7–1–06 8–1–06 3.50 4.00 4.00 4.00 7 8 

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

153, 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

* * * * * * * 

153 7–1–06 8–1–06 3.50 4.00 4.00 4.00 7 8 

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 July 2006, 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 = 

* * * * * * * 

July 2006 .......................................................................... .0630 1–20 .0475 >20 N/A N/A 


cprice-sewell on PROD1PC66 with RULES
34534 Federal Register / Vol. 71, No. 115 / Thursday, June 15, 2006 / Rules and Regulations 

Issued in Washington, DC, on this 8th day 

of June 2006. 

Vincent K. Snowbarger, 

Acting Executive Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. E6–9345 Filed 6–14–06; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 622 

[Docket No. 060322083–6147–02; I.D. 

032006C] 

RIN 0648–AU04 

Fisheries of the Caribbean, Gulf of 

Mexico, and South Atlantic; Gulf of 

Mexico Recreational Grouper Fishery 

Management Measures 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Final rule. 

SUMMARY: NMFS issues this final rule to 

implement the bag limit provisions of a 

regulatory amendment to the Fishery 

Management Plan for the Reef Fish 

Resources of the Gulf of Mexico (FMP) 

prepared by the Gulf of Mexico Fishery 

Management Council (Council). This 

final rule will establish a recreational 

bag limit for Gulf red grouper of one fish 

per person per day and prohibit the 

captain and crew of a vessel operating 

as a charter vessel or headboat from 

retaining any Gulf grouper, i.e., 

establish a zero bag limit for captain and 

crew. The intended effect of this final 

rule is to help maintain recreational 

landings at levels consistent with the 

red grouper rebuilding plan. 

DATES: This final rule is effective July 

17, 2006. 

ADDRESSES: Copies of the Final 

Regulatory Flexibility Analysis (FRFA), 

are available from Andy Strelcheck, 

NMFS, Southeast Regional Office, 263 

13th Avenue South, St. Petersburg, FL 

33701; telephone 727–824–5305; fax 

727–824–5308; e-mail 

Andy.Strelcheck@noaa.gov. 

FOR FURTHER INFORMATION CONTACT: 

Andy Strelcheck, telephone 727–824–

5305; fax 727–824–5308; e-mail 

Andy.Strelcheck@noaa.gov. 

SUPPLEMENTARY INFORMATION: The reef 

fish fishery of the Gulf of Mexico is 

managed under the FMP. The FMP was 

prepared by the Council and is 

implemented under the authority of the 

Magnuson-Stevens Fishery 

Conservation and Management Act 

(Magnuson-Stevens Act) by regulations 

at 50 CFR part 622. 

In accordance with the FMP’s 

framework procedure, the Council 

recommended and NMFS published a 

proposed rule to implement the 

regulatory amendment and requested 

public comment on the proposed rule 

through May 1, 2006 (71 FR 16275, 

March 31, 2006). In addition to the 

measures contained in this final rule, 

the proposed rule included a February 

15 to March 15 recreational closure for 

red grouper, gag, and black grouper. 

NMFS expects a new stock assessment 

for gag to be completed in July 2006 that 

might contain new information 

pertinent to evaluating the need for the 

seasonal closure. Also, the Florida Fish 

and Wildlife Conservation Commission 

expressed concerns about 

implementation of the seasonal closure. 

Therefore, NMFS is implementing the 

bag limit and captain and crew 

provisions in this final rule but will 

defer possible implementation of the 

seasonal closure until the new gag 

assessment is completed. If the seasonal 

closure is warranted based on the 

results of the gag stock assessment, 

another final rule will be published for 

that action. The seasonal closure 

provision has been removed from this 

final rule. The rationale for the 

measures in the regulatory amendment 

is provided in the preamble to the 

proposed rule and is not repeated here. 

A summary of the public comments 

received by NMFS on the proposed rule 

and NMFS’ responses are provided 

below. 

Comments and Responses 

NMFS received a total of 8 different 

comments from 12 commenters. 

Following is a summary of the 

comments received on the proposed 

rule and NMFS’ responses. 

Comment 1: Eight commenters 

opposed the February 15 to March 15 

recreational seasonal closure and 

believed the closure period would 

severely impact the livelihood of charter 

boat captains, crew, and their families. 

Response: NMFS expects a new stock 

assessment for gag to be completed in 

July 2006 that might contain new 

information pertinent to evaluating the 

need for the seasonal closure for red 

grouper, gag, and black grouper. 

Therefore, NMFS intends to defer 

possible implementation of the seasonal 

closure until the new gag assessment is 

completed. If the seasonal closure is 

warranted based on the results of the 

gag stock assessment, the closure may 

be implemented via appropriate 

rulemaking. 

Comment 2: Two commenters 

opposed prohibiting for-hire captain 

and crew from retaining bag limits of 

grouper while under charter. Two 

commenters were in favor of prohibiting 

for-hire captain and crew from retaining 

bag limits of grouper. 

Response: With a reduction in the red 

grouper bag limit to one fish per person 

per day, there is a greater incentive for 

captain and crew on for-hire vessels to 

retain fish and supplement the landings 

of their clients, negating some of the 

benefit of the lower red grouper bag 

limit. Although past regulations allowed 

captains and crew to socially and 

economically benefit from the 

enjoyment of fishing and supplying 

their families with fresh fish, continuing 

to allow captain and crew to retain bag 

limits reduces the effectiveness of the 

red grouper bag limit. Implementing this 

measure increases the likelihood that 

red grouper landings reduction targets 

are reached, as specified in the 

rebuilding plan for red grouper. Not 

implementing this measure may result 

in more severe management reductions 

with accompanying increased adverse 

economic impacts to captains and crew. 

Additionally, prohibiting for-hire 

captains and crew from retaining bag 

limits of grouper while under charter is 

considered equitable because 

commercial fishermen would be 

prohibited from retaining bag limits of 

reef fish while commercially fishing if 

Amendment 18A to the FMP is 

implemented. 

Comment 3: Two commenters were in 

favor of reducing the bag limit from two 

to one red grouper per person per day. 

Response: The reduction in red 

grouper bag limit is part of management 

measures to return recreational red 

grouper landings to levels specified in 

the rebuilding plan. Reducing the red 

grouper bag limit to one is estimated to 

reduce landings of red grouper by 29.7 

percent. 

Comment 4: One commenter 

suggested creating a closed season of 

September 15 to October 15 instead of 

February 15 to March 15. 

Response: The seasonal closure was 

proposed for February 15 to March 15 

because the commercial seasonal 

closure occurs at this time and includes 

important spawning seasons for red, 

black, and gag grouper. The Council also 

considered seasonal closures during 

April-May and August and was 

presented with analyses for seasonal 

closures in September and October. A 

September 15 to October 15 seasonal 

closure would result in similar, 

although slightly greater, reductions in 


cprice-sewell on PROD1PC66 with RULES