Federal Register / Vol. 74, No. 156 / Friday, August 14, 2009 / Rules and Regulations 41039 

Title 18, Code of Federal Regulations, as 

follows: 

PART 385—RULES OF PRACTICE AND 

PROCEDURE 

■ 1. The authority citation for part 385 

continues to read as follows: 

Authority: 5 U.S.C. 551–557; 15 U.S.C. 

717–717z, 3301–3432; 16 U.S.C. 791a–825v, 

2601–2645; 28 U.S.C. 2461; 31 U.S.C. 3701, 

9701; 42 U.S.C. 7101–7352, 16441, 16451– 

16463; 49 U.S.C. 60502; 49 App. U.S.C. 1–85 

(1988). 

■ 2. Section 385.715, paragraph (c)(1), is 

revised to read as follows: 

§ 385.715 Interlocutory appeals to the 

Commission from rulings of presiding 

officers (Rule 715). 

* * * * * 

(c) Appeal of a presiding officer’s 

denial of motion to permit appeal. (1) If 

a motion to permit appeal is denied by 

the presiding officer, the participant 

who made the motion may appeal the 

denial to the Commissioner who is 

designated Motions Commissioner, in 

accordance with this paragraph. For 

purposes of this section, ‘‘Motions 

Commissioner’’ means the Chairman or 

a member of the Commission designated 

by the Chairman to rule on motions to 

permit interlocutory appeal. Any person 

filing an appeal under this paragraph 

must serve separate copies of the appeal 

on the Motions Commissioner and on 

the General Counsel by Express Mail or 

by hand delivery. 

* * * * * 

[FR Doc. E9–19471 Filed 8–13–09; 8:45 am] 

BILLING CODE 6717–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Valuing and Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans prescribes interest assumptions 

for valuing and paying certain benefits 

under terminating single-employer 

plans. This final rule amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in September 2009. Interest 

assumptions are also published on 

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

DATES: Effective September 1, 2009. 

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: 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. 

These interest assumptions are found 

in two PBGC regulations: the regulation 

on Benefits Payable in Terminated 

Single-Employer Plans (29 CFR Part 

4022) and the regulation on Allocation 

of Assets in Single-Employer Plans (29 

CFR Part 4044). Assumptions under the 

asset allocation regulation are updated 

quarterly; assumptions under the benefit 

payments regulation are updated 

monthly. This final rule updates only 

the assumptions under the benefit 

payments regulation. 

Two sets of interest assumptions are 

prescribed under the benefit payments 

regulation: (1) a set for PBGC to use to 

determine whether a benefit is payable 

as a lump sum and to determine lumpsum amounts to be paid by PBGC (found 

in Appendix B to Part 4022), and (2) a 

set for private-sector pension 

practitioners to refer to if they wish to 

use lump-sum interest rates determined 

using PBGC’s historical methodology 

(found in Appendix C to Part 4022). 

This amendment (1) adds to 

Appendix B to Part 4022 the interest 

assumptions for PBGC to use for its own 

lump-sum payments in plans with 

valuation dates during September 2009, 

and (2) adds to Appendix C to Part 4022 

the interest assumptions for privatesector pension practitioners to refer to if 

they wish to use lump-sum interest rates 

determined using PBGC’s historical 

methodology for valuation dates during 

September 2009. 

The interest assumptions that PBGC 

will use for its own lump-sum payments 

(set forth in Appendix B to part 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 no change from those in effect 

for August 2009. For private-sector 

payments, the interest assumptions (set 

forth in Appendix C to part 4022) will 

be the same as those used by PBGC for 

determining and paying lump sums (set 

forth in Appendix B to part 4022). 

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 September 2009, 

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 

191, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 

mstockstill on DSKH9S0YB1PROD with RULES

41040 Federal Register / Vol. 74, No. 156 / Friday, August 14, 2009 / 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

* * * * * * * 

191 ................................................................ 9–1–09 10–1–09 3.00 4.00 4.00 4.00 7 8 

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

191, 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

* * * * * * * 

191 ................................................................ 9–1–09 10–1–09 3.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 6th day 

of August 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–19437 Filed 8–13–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2009–0523] 

RIN 1625–AA00 

Safety Zones: Swim Events in Lake 

Champlain, NY, and VT; Casco Bay, 

Rockland Harbor, Linekin Bay, ME 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing 5 temporary safety zones 

for various swim events within the 

Coast Guard Sector Northern New 

England area, including: the ‘‘Tri for a 

Cure Triathlon’’ in South Portland, 

Maine; the ‘‘Y-Tri for a Cure Triathlon’’ 

in Plattsburg, New York; the ‘‘Greater 

Burlington YMCA Lake Swim’’ in 

Burlington, Vermont; the ‘‘Rockland 

Breakwater Swim’’ in Rockland, Maine 

and the ‘‘Cabbage Island Swim’’ in 

Boothbay Harbor, Maine. These 

temporary safety zones are necessary to 

provide for the safety of life on the 

navigable waters by prohibiting 

spectators, vessels, and other users of 

the waterway from entering an area 

surrounding the participants of the 

swim events due to the hazards 

associated with multiple swimmers in 

close proximity to operating vessels. 

DATES: This rule is effective from 8 a.m. 

on August 8, 2009 until 12:30 p.m. on 

August 29, 2009. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket USCG–2009– 

0523 and are available online by going 

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

the Advanced Docket Search option on 

the right side of the screen, inserting 

USCG–2009–0523 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 temporary 

rule, call or e-mail Chief Petty Officer 

Randy Bucklin, Coast Guard Sector 

Northern New England, Waterways 

Management Division; telephone 

207–741–5440, e-mail 

Randy.Bucklin@uscg.mil. If you have 

questions on viewing the docket, call 

Renee V. Wright, Program Manager, 

Docket Operations, telephone 202–366– 

9826. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

The Coast Guard is issuing this 

temporary final rule without prior 

notice and opportunity to comment 

pursuant to authority under section 4(a) 

of the Administrative Procedure Act 

(APA) (5 U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because a 

notice and comment period would be 

impracticable due to the time 

constraints resulting from the 

immediacy of the upcoming events. The 

Coast Guard did not receive notification 

of the exact location or proposed dates 

for the swim events in sufficient time to 

issue a NPRM for this rulemaking. 

Further, the expeditious 

implementation of this rule is in the 

public interest because it will help 

ensure the safety of those involved in 

participating in the swim event, the 

spectators, and users of the waterway 

during the swim events. Finally, a delay 

or cancellation of the swim events in 

order to accommodate a notice and 

comment period is contrary to the 

public’s interest in this event occurring 

as scheduled. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. As noted above, the Coast 

Guard finds that it is both impractical 

and contrary to public interest to delay 

the effective date of this rule for 30 days 

after publication. Immediate action is 

needed in order to ensure the safety of 

the participants of the swim events, 

spectators and users of the waterway. 

The public will have some notice after 

publication in the Federal Register for 

mstockstill on DSKH9S0YB1PROD with RULES