Federal Register / Vol. 68, No. 31 / Friday, February 14, 2003 / Rules and Regulations 7419

The regulations implementing Executive 

Order 12372 regarding 

intergovernmental consultation on 

Federal programs and activities apply to 

this program.

Paperwork Reduction Act 

This action does not contain a 

collection of information requirement 

under the Paperwork Reduction Act of 

1995, 44 U.S.C. 3501–3520. 

National Environmental Policy Act 

The FHWA and the FTA have 

analyzed this action for the purpose of 

the National Environmental Policy Act 

of 1969 (42 U.S.C. 4321–4347) and have 

determined that this action will not 

have any effect on the quality of 

environment. 

Executive Order 13175 (Tribal 

Consultation) 

The FHWA and the FTA have 

analyzed this action under Executive 

Order 13175, dated November 6, 2000. 

This action will not have substantial 

direct effects on one or more Indian 

tribes; will not impose substantial direct 

compliance costs on Indian tribal 

governments; and will not preempt 

tribal law. Therefore, a tribal summary 

impact statement is not required. 

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. We have 

determined that this rule is not a 

significant energy action under EO 

11321 because this rule is not a 

significant regulatory action and it is not 

likely to have a significant adverse effect 

on the supply, distribution, or use of 

energy. Therefore, a Statement of Energy 

Effects under Executive Order 13211 is 

not required. 

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) 

We have analyzed this action under 

Executive Order 13045, protection of 

Children from Environmental Health 

Risks and Safety Risks. This action is 

not an economically significant rule and 

does not concern an environmental risk 

to health or safety that may 

disproportionately affect children. 

Executive Order 12630 (Taking of 

Private Property) 

This action will not effect a taking of 

private property or otherwise have 

taking implications under Executive 

Order 12630, Government Actions and 

Interference with Constitutionally 

Protected Property Rights. 

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 450 

Grant programs—transportation, 

Highways and roads, Mass 

transportation, Reporting and 

recordkeeping requirements.

Issued on: February 10, 2003. 

Mary E. Peters, 

Federal Highway Administrator.

In consideration of the foregoing, the 

Federal Highway Administration is 

amending title 23, Code of Federal 

Regulations, part 450, as set forth below:

PART 450—PLANNING ASSISTANCE 

AND STANDARDS

1. The authority citation for part 450 

continues to read as follows:

Authority: 23 U.S.C. 134, 135, and 315; 

and 49 U.S.C. 5303–5306, 5323(l).

2. Amend § 450.104 to revise the 

definition of ‘‘non-metropolitan local 

official’’ to read as follows:

§ 450.104 Definitions.

* * * * *

Non-metropolitan local official means 

elected and appointed officials of 

general purpose local government, in 

non-metropolitan areas, with 

jurisdiction/responsibility for 

transportation.

* * * * *

[FR Doc. 03–3735 Filed 2–13–03; 8:45 am] 

BILLING CODE 4910–22–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 (PBGC) regulations on 

Benefits Payable in Terminated SingleEmployer Plans and Allocation of 

Assets in Single-Employer Plans 

prescribe interest assumptions for 

valuing and paying benefits under 

terminating single-employer plans. This 

final rule amends the regulations to 

adopt interest assumptions for plans 

with valuation dates in March 2003. 

Interest assumptions are also published 

on the PBGC’s Web site (http://

www.pbgc.gov).

EFFECTIVE DATE: March 1, 2003.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General 

Counsel, Office of the General Counsel, 

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: 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). 

Accordingly, this amendment (1) adds 

to Appendix B to Part 4044 the interest 

assumptions for valuing benefits for 

allocation purposes in plans with 

7420 Federal Register / Vol. 68, No. 31 / Friday, February 14, 2003 / Rules and Regulations 

valuation dates during March 2003, (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 

March 2003, 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 March 2003. 

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 5.10 

percent for the first 20 years following 

the valuation date and 5.25 percent 

thereafter. These interest assumptions 

are unchanged from those in effect for 

February 2003. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.75 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 are 

unchanged from those in effect for 

February 2003. 

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, as 

accurately as possible, current market 

conditions.

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during March 2003, 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 

113, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

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

* * * * * * * 

113 3–1–03 4–1–03 3.75 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 

113, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments

* * * * *

Federal Register / Vol. 68, No. 31 / Friday, February 14, 2003 / Rules and Regulations 7421

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities (percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

113 3–1–03 4–1–03 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, as set forth below, is added to the 

table. (The introductory text of the table 

is omitted.) 

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 = 

* * * * * * * 

March 2003 ............................................................................................... .0510 1–20 .0525 >20 N/A N/A 

Issued in Washington, DC, on this 7th day 

of February 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–3691 Filed 2–13–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Minerals Management Service 

30 CFR Part 250 

RIN 1010–AC82 

Oil and Gas and Sulphur Operations in 

the Outer Continental Shelf—

Document Incorporated by 

Reference—American Petroleum 

Institute’s Specification 2C for 

Offshore Cranes

AGENCY: Minerals Management Service 

(MMS), Interior.

ACTION: Final rule.

SUMMARY: MMS is incorporating by 

reference into its regulations the Fifth 

Edition of the American Petroleum 

Institute’s Specification for Offshore 

Cranes (API Spec 2C). MMS is taking 

this action to establish a minimum 

design standard for cranes installed on 

fixed platforms on the Outer 

Continental Shelf (OCS) after the 

effective date of this rule. The rule also 

requires lessees to equip all existing 

cranes installed on OCS fixed platforms 

with anti-two block safety devices. This 

final rule will ensure that OCS lessees 

use the best available and safest 

technologies for the design and 

construction of future cranes installed 

on the OCS.

EFFECTIVE DATE: March 17, 2003. The 

incorporation by reference of 

publications listed in the regulation is 

approved by the Director of the Federal 

Register as of March 17, 2003.

FOR FURTHER INFORMATION CONTACT:

Wilbon Rhome, Industrial Specialist, 

Operations and Analysis Branch, at 

(703) 787–1587.

SUPPLEMENTARY INFORMATION: MMS is 

responsible for the regulation of cranes, 

booms, and other material-handling 

equipment installed on fixed platforms 

according to the 1998 MMS/United 

States Coast Guard (USCG) 

Memorandum of Understanding (MOU). 

MMS currently regulates cranes by 

requiring lessees and operators to 

comply with the American Petroleum 

Institute’s Recommended Practice for 

the Operation and Maintenance of 

Offshore Cranes (API RP 2D), Fourth 

Edition. As outlined in the 1998 MOU, 

USCG is responsible for cranes, booms, 

and other material-handling equipment 

installed on mobile offshore drilling 

units and floating production systems. 

In short, MMS regulates cranes installed 

on fixed platforms and the USCG 

regulates cranes installed on floating 

facilities. 

On July 19, 2001, we published a 

proposed rule in the Federal Register

(66 FR 37611) to incorporate API’s 

Specification for Offshore Cranes (API 

Spec 2C) and to require the installation 

of anti-two block devices on all cranes 

on fixed platforms. During the 90-day 

comment period (which ended on 

October 19, 2001), MMS received 

comments from one production 

operator, one contractor, one trade 

organization, one crane manufacturer, 

and three crane service companies. In 

the preamble to the proposed rule, we 

requested comments on nine specific 

questions. We grouped the comments to 

those questions and our responses in a 

table. Other comments and our 

responses follow.

Incorporation of API Spec 2C 

This final rule adds API Specification 

2C for Offshore Cranes, Fifth Edition, 

April 3, 1995, to those documents 

currently incorporated by reference into 

MMS regulations. MMS has reviewed 

this document and determined that 

incorporating it into our regulations 

ensures that industry uses the best 

available and safest technologies for the 

design and construction of cranes used 

on OCS fixed platforms. 

The purpose of incorporating API 

Spec 2C into the regulations is to 

establish detailed requirements for the 

design and construction of pedestalmounted cranes for new OCS fixed 

platforms. API Spec 2C includes 

minimum requirements for equipment, 

materials, manufacturing procedures, 

and testing (both design and 

operational) that are not covered in API 

RP 2D. 

The proposed rule required that new 

cranes on OCS fixed platforms meet the 

requirements of API Spec 2C. Comments 

on the rule indicated that there was 

uncertainty about which cranes were 

considered new cranes. Commenters 

asked if a rental crane was considered 

a new crane when it moved to a new 

location and did that rental crane have 

to meet the requirements of API Spec 

2C?