Federal Register / Vol. 74, No. 113 / Monday, June 15, 2009 / Rules and Regulations 28161 

entities. This action does not affect any 

funding distributed under any of the 

programs administered by the FHWA. 

For these reasons, the FHWA certifies 

that this action would not have a 

significant economic impact on a 

substantial number of small entities. 

Unfunded Mandates Reform Act of 1995 

This final rule would not impose 

unfunded mandates as defined by the 

Unfunded Mandates Reform Act of 1995 

(Pub. L. 104–4, 109 Stat. 48). This rule 

would not result in the expenditure by 

State, local, and tribal governments, in 

the aggregate, or by the private sector, of 

$128.1 million or more in any one year 

(2 U.S.C. 1532). 

Executive Order 13132 (Federalism 

Assessment) 

This action has been analyzed in 

accordance with the principles and 

criteria contained in Executive Order 

13132, and the FHWA has determined 

that this action would not have 

sufficient federalism implications to 

warrant the preparation of a federalism 

assessment. The FHWA has also 

determined that this action would not 

preempt any State law or State 

regulation or affect the States’ ability to 

discharge traditional State governmental 

functions. 

Executive Order 13211 (Energy Effects) 

We have analyzed this action under 

Executive Order 13211, Actions 

Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use, dated May 18, 

2001. We have determined that it is not 

a significant energy action under that 

order since it is not likely to have a 

significant adverse effect on the supply, 

distribution, or use of energy. Therefore, 

a Statement of Energy Effects is not 

required. 

Executive Order 12372 

(Intergovernmental Review) 

Catalog of Federal Domestic 

Assistance Program Number 20.205, 

Highway Planning and Construction. 

The regulations implementing Executive 

Order 12372 regarding 

intergovernmental consultation on 

Federal programs and activities apply to 

this program. 

Paperwork Reduction Act 

Under the Paperwork Reduction Act 

of 1995 (PRA) (44 U.S.C. 3501), Federal 

agencies must obtain approval from the 

Office of Management and Budget for 

each collection of information they 

conduct, sponsor, or require through 

regulations. The FHWA has determined 

that this rule does not contain collection 

of information requirements for the 

purposes of the PRA. 

Executive Order 12988 (Civil Justice 

Reform) 

This action meets applicable 

standards in sections 3(a) and 3(b)(2) of 

Executive Order 12988, Civil Justice 

Reform, to minimize litigation, 

eliminate ambiguity, and reduce 

burden. 

Executive Order 13045 (Protection of 

Children) 

The FHWA has analyzed this rule 

under Executive Order 13045, 

Protection of Children from 

Environmental Health Risks and Safety 

Risks. The FHWA certifies that this 

action would not cause any 

environmental risk to health or safety 

that might disproportionately affect 

children. 

Executive Order 12630 (Taking of 

Private Property) 

The FHWA has analyzed this rule 

under Executive Order 12630, 

Governmental Actions and Interface 

with Constitutionally Protected Property 

Rights. The FHWA does not anticipate 

that this action would affect a taking of 

private property or otherwise have 

taking implications under Executive 

Order 12630. 

National Environmental Policy Act 

The agency has analyzed this action 

for the purpose of the National 

Environmental Policy Act of 1969 (42 

U.S.C. 4321–4347) and has determined 

that this action would not have any 

effect on the quality of the environment. 

Regulation Identification Number 

A regulation identification number 

(RIN) is assigned to each regulatory 

action listed in the Unified Agenda of 

Federal Regulations. The Regulatory 

Information Service Center publishes 

the Unified Agenda in April and 

October of each year. The RIN contained 

in the heading of this document can be 

used to cross reference this action with 

the Unified Agenda. 

List of Subjects in 23 CFR Part 634 

Design standards, Highways and 

roads, incorporation by reference, 

Traffic regulations, Workers. 

■ In consideration of the foregoing, and 

under the authority of 23 U.S.C. 101(a), 

109(d), 114(a), 315, and 402(a); Sec. 

1402 of Pub. L. 109–59; 23 CFR 1.32; 

and 49 CFR 1.48(b), the Interim Final 

Rule amending 23 CFR Part 634 that 

was published on November 21, 2008 at 

73 FR 70593, is adopted as a final rule 

without change. 

Issued on: May 14, 2009. 

Jeffrey F. Paniati, 

Acting Deputy Federal Highway 

Administrator. 

[FR Doc. E9–13988 Filed 6–12–09; 8:45 am] 

BILLING CODE 4910–22–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulations on Allocation 

of Assets in Single-Employer Plans and 

Benefits Payable in Terminated SingleEmployer Plans prescribe interest 

assumptions for valuing and paying 

certain benefits under terminating 

single-employer plans. This final rule 

amends the asset allocation regulation 

to adopt interest assumptions for plans 

with valuation dates in the third quarter 

of 2009 and amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in July 2009. Interest assumptions 

are also published on PBGC’s Web site 

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

DATES: Effective July 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 Allocation of Assets in SingleEmployer Plans (29 CFR part 4044) and 

the regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022). Assumptions under the 


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28162 Federal Register / Vol. 74, No. 113 / Monday, June 15, 2009 / Rules and Regulations 

asset allocation regulation are updated 

quarterly; assumptions under the benefit 

payments regulation are updated 

monthly. This final rule updates the 

assumptions under the asset allocation 

regulation for the third quarter (July 

through September) of 2009 and updates 

the assumptions under the benefit 

payments regulation for July 2009. 

The interest assumptions prescribed 

under the asset allocation regulation 

(found in Appendix B to Part 4044) are 

used for the valuation of benefits for 

allocation purposes under ERISA 

section 4044. 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 lump-sum amounts to be 

paid by PBGC (found in Appendix B to 

Part 4022), and (2) a set for privatesector 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 4044 the interest 

assumptions for valuing benefits for 

allocation purposes in plans with 

valuation dates during the third quarter 

(July through September) of 2009, (2) 

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 July 2009, 

and (3) 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 

July 2009. 

The interest assumptions that PBGC 

will use for valuing benefits for 

allocation purposes (set forth in 

Appendix B to part 4044) will be 5.31 

percent for the first 20 years following 

the valuation date and 5.04 percent 

thereafter. By comparison with the 

interest assumptions in effect for the 

second quarter of 2009, these interest 

assumptions represent a decrease of 

0.19 percent for the first 20 years 

following the valuation date and an 

increase of 0.02 percent for all years 

thereafter. 

The interest assumptions that PBGC 

will use for its own lump-sum payments 

(set forth in Appendix B to part 4022) 

will be 3.75 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. These interest assumptions 

represent no change from those in effect 

for June 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 July 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 

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 

189, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 


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Federal Register / Vol. 74, No. 113 / Monday, June 15, 2009 / Rules and Regulations 28163 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities (percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

189 7–1–09 8–1–09 3.75 4.00 4.00 4.00 7 8 

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

189, 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

* * * * * * * 

189 7–1–09 8–1–09 3.75 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–September 2009, 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 months— 

The values of it are: 

it for t = it for t = it for t = 

* * * * * * * 

July–September 2009 ........................................................... 0.0531 1–20 0.0504 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of June 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–14003 Filed 6–12–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2009–0462] 

RIN 1625–AA00 

Safety Zone; Marinette Marine Vessel 

Launch, Marinette, WI 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone on 

Menominee River near Marinette, 

Wisconsin. This zone is intended to 

restrict vessels from a portion of the 

Menominee River during a vessel 

launching. This temporary safety zone is 

necessary to protect the surrounding 

public and vessels from the hazards 

associated with the vessel launching. 

DATES: This rule is effective from 10:45 

a.m. until 12:15 p.m. on June 26, 2009. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket USCG–2009– 

0462 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–2009–0462 in the Docket ID box, 

pressing Enter, and then clicking on the 

item in the Docket ID column. They are 

also available for inspection or copying 

at two locations: 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, and the U.S. 

Coast Guard Sector Lake Michigan, 2420 

S. Lincoln Memorial Drive, Milwaukee, 

WI 53110, between 7 a.m. and 3:30 p.m., 

Monday through Friday, except Federal 

holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this temporary 

rule, contact Petty Officer Kraft, U.S. 

Coast Guard Sector Lake Michigan; 

telephone 414–747–7154, e-mail 

Adam.D.Kraft@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 an agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

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

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

good cause exists for not publishing a 


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