Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Rules and Regulations 56973 

[FR Doc. 2011–23187 Filed 9–14–11; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

15 CFR Part 922 

Office of National Marine Sanctuaries 

Final Policy and Permit Guidance for 

Submarine Cable Projects 

AGENCY: Office of National Marine 

Sanctuaries (ONMS), National Oceanic 

and Atmospheric Administration 

(NOAA), Department of Commerce 

(DOC). 

ACTION: Notice of availability; response 

to comments. 

SUMMARY: The Office of National Marine 

Sanctuaries (ONMS) has developed final 

policy and permitting guidance for 

submarine cable projects proposed in 

national marine sanctuaries. This action 

identifies the criteria the ONMS will use 

to ensure that applications to install and 

maintain submarine cables in 

sanctuaries are reviewed consistently 

and in a manner that adheres to the 

National Marine Sanctuaries Act and 

ONMS regulations (15 CFR part 922). 

The ONMS is releasing its final policy 

and permitting guidance, and 

responding to comments on the interim 

policy. 

DATES: This notice of availability is 

effective as a final policy as of 

September 15, 2011. 

ADDRESSES: Copies of the final policy 

and permit guidance for submarine 

cable projects may be viewed and 

downloaded at http:// 

sanctuaries.noaa.gov/library/ 

welcome.html. You may also request a 

copy of the final policy by contacting 

Vicki Wedell, NOAA, Office of National 

Marine Sanctuaries, 1305 East-West 

Highway, (N/NMS2), 11th Floor, Silver 

Spring, Maryland 20910. 

FOR FURTHER INFORMATION CONTACT: 

Vicki Wedell, (301) 713–3125. 

Dated: September 6, 2011. 

Daniel J. Basta, 

Director, Office of National Marine 

Sanctuaries. 

[FR Doc. 2011–23625 Filed 9–14–11; 8:45 am] 

BILLING CODE 3510–NK–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9542] 

RIN 1545–BE77 

Elections Regarding Start-Up 

Expenditures, Corporation 

Organizational Expenditures, and 

Partnership Organizational Expenses; 

Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains 

corrections to final regulations and 

removal of temporary regulations (TD 

9542) that were published in the 

Federal Register on Wednesday, August 

17, 2011 (76 FR 50887) relating to 

elections to deduct start-up 

expenditures, organizational 

expenditures of corporations, and 

organizational expenses of partnerships. 

The American Jobs Creation Act of 2004 

amended the Internal Revenue Code to 

permit the optional deduction of a 

limited amount of these types of 

expenses that are paid or incurred after 

October 22, 2004. 

DATES: This correction is effective on 

September 15, 2011 and is applicable 

August 16, 2011. 

FOR FURTHER INFORMATION CONTACT: R. 

Matthew Kelley, (202) 622–7900 (not a 

toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations and removal of 

temporary regulations that are the 

subject of this document are under 

sections 195, 248, and 709 of the 

Internal Revenue Code. 

Need for Correction 

As published, the final regulations 

and removal of temporary regulations 

(TD 9542) contain errors that may prove 

to be misleading and are in need of 

clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendments: 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 continues to read in part as 

follows: 

Authority: 26 U.S.C. 7805 * * *. 

■ Par. 2. Section 1.709–1 is amended by 

revising the last sentences of paragraphs 

(b)(4) Example 2, Example 5, and 

Example 6 to read as follows: 

§ 1.709–1 Treatment of organization and 

syndication costs. 

* * * * * 

(b) * * * 

(4) * * * 

* * * * * 

Example 2. * * * Partnership X may 

amortize the remaining $34,800 ($36,000 ¥ 

$1,200 = $34,800) ratably over the remaining 

174 months. 

* * * * * 

Example 5. * * * Partnership X may 

amortize the remaining $52,200 ($54,000 ¥ 

$1,800 = $ 52,200) ratably over the remaining 

174 months. 

Example 6. * * * Partnership X may 

amortize the remaining $435,000 ($450,000 

¥ $15,000 = $435,000) ratably over the 

remaining 174 months. 

* * * * * 

Diane Williams, 

Federal Register Liaison, Publications and 

Regulations Branch, Legal Processing 

Division, Associate Chief Counsel (Procedure 

and Administration). 

[FR Doc. 2011–23598 Filed 9–14–11; 8:45 am] 

BILLING CODE 4830–01–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: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in October 2011 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the fourth quarter of 2011. The 

interest assumptions are used for 

valuing and paying benefits under 

terminating single-employer plans 


wreier-aviles on DSK7SPTVN1PROD with RULES
56974 Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Rules and Regulations 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective October 1, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@PBGC.gov), 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 on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http:// 

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. PBGC uses the interest 

assumptions in Appendix B to Part 4022 

to determine whether a benefit is 

payable as a lump sum and to determine 

the amount to pay. Appendix C to Part 

4022 contains interest assumptions for 

private-sector pension practitioners to 

refer to if they wish to use lump-sum 

interest rates determined using PBGC’s 

historical methodology. Currently, the 

rates in Appendices B and C of the 

benefit payment regulation are the same. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for October 2011 

and updates the asset allocation interest 

assumptions for the fourth quarter 

(October through December) of 2011. 

The fourth quarter 2011 interest 

assumptions under the allocation 

regulation will be 4.07 percent for the 

first 20 years following the valuation 

date and 4.28 percent thereafter. In 

comparison with the interest 

assumptions in effect for the third 

quarter of 2011, these interest 

assumptions represent a decrease of five 

years in the select period (the period 

during which the select rate (the initial 

rate) applies), a decrease of 0.14 percent 

in the select rate, and a decrease of 0.06 

percent in the ultimate rate (the final 

rate). 

The October 2011 interest 

assumptions under the benefit payments 

regulation will be 1.75 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. In comparison with the interest 

assumptions in effect for September 

2011, these interest assumptions 

represent a decrease of 0.50 percent in 

the immediate annuity rate and are 

otherwise unchanged. 

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 under plans 

with valuation dates during October 

2011, 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 

216, 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

*******

216 10–1–11 11–1–11 1.75 4.00 4.00 4.00 7 8 

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

216, 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


wreier-aviles on DSK7SPTVN1PROD with RULES
Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Rules and Regulations 56975 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

216 10–1–11 11–1–11 1.75 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 October–December 2011, 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 = 

*******

October–December 2011 ......................... 0.0407 1–20 0.0428 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of September 2011. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2011–23686 Filed 9–14–11; 8:45 am] 

BILLING CODE 7709–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R03–OAR–2011–0511; FRL–9462–6] 

Approval and Promulgation of Air 

Quality Implementation Plans; West 

Virginia; Revised Motor Vehicle 

Emission Budgets for the Charleston, 

Huntington, Parkersburg, Weirton, and 

Wheeling 8-Hour Ozone Maintenance 

Areas 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Direct final rule. 

SUMMARY: EPA is taking direct final 

action to approve a State 

Implementation Plan (SIP) revision 

submitted by the State of West Virginia. 

The revision amends the 8-hour ozone 

maintenance plans for the Charleston, 

Huntington, Parkersburg, Weirton, and 

Wheeling 8-hour ozone maintenance 

areas. This revision amends the 

maintenance plans’ 2009 and 2018 

motor vehicle emissions budgets 

(MVEBs) by reallocating a portion of the 

plans’ safety margins which results in 

an increase in the MVEBs. The revised 

plans continue to demonstrate 

maintenance of the 8-hour national 

ambient air quality standard (NAAQS) 

for ozone. EPA is approving this SIP 

revision to the West Virginia 

maintenance plans for the Charleston, 

Huntington, Parkersburg, Weirton, and 

Wheeling 8-hour ozone maintenance 

areas in accordance with the 

requirements of the Clean Air Act 

(CAA). 

DATES: This rule is effective on 

November 14, 2011 without further 

notice, unless EPA receives adverse 

written comment by October 17, 2011. 

If EPA receives such comments, it will 

publish a timely withdrawal of the 

direct final rule in the Federal Register 

and inform the public that the rule will 

not take effect. 

ADDRESSES: Submit your comments, 

identified by Docket ID Number EPA– 

R03–OAR–2011–0511 by one of the 

following methods: 

A. http://www.regulations.gov. Follow 

the on-line instructions for submitting 

comments. 

B. E-mail: 

fernandez.cristina@epa.gov. 

C. Mail: EPA–R03–OAR–2011–0511, 

Cristina Fernandez, Associate Director, 

Office of Air Program Planning, 

Mailcode 3AP30, U.S. Environmental 

Protection Agency, Region III, 1650 

Arch Street, Philadelphia, Pennsylvania 

19103. 

D. Hand Delivery: At the previouslylisted EPA Region III address. Such 

deliveries are only accepted during the 

Docket’s normal hours of operation, and 

special arrangements should be made 

for deliveries of boxed information. 

Instructions: Direct your comments to 

Docket ID No. EPA–R03–OAR–2011– 

0511. EPA’s policy is that all comments 

received will be included in the public 

docket without change, and may be 

made available online at http:// 

www.regulations.gov, including any 

personal information provided, unless 

the comment includes information 

claimed to be Confidential Business 

Information (CBI) or other information 

whose disclosure is restricted by statute. 

Do not submit information that you 

consider to be CBI or otherwise 

protected through http:// 

www.regulations.gov or e-mail. The 

http://www.regulations.gov Web site is 

an ‘‘anonymous access’’ system, which 

means EPA will not know your identity 

or contact information unless you 

provide it in the body of your comment. 

If you send an e-mail comment directly 

to EPA without going through http:// 

www.regulations.gov, your e-mail 

address will be automatically captured 

and included as part of the comment 

that is placed in the public docket and 

made available on the Internet. If you 

submit an electronic comment, EPA 

recommends that you include your 

name and other contact information in 

the body of your comment and with any 

disk or CD–ROM you submit. If EPA 

cannot read your comment due to 

technical difficulties and cannot contact 

you for clarification, EPA may not be 

able to consider your comment. 

Electronic files should avoid the use of 

special characters, any form of 

encryption, and be free of any defects or 

viruses. 

Docket: All documents in the 

electronic docket are listed in the 

http://www.regulations.gov index. 

Although listed in the index, some 

information is not publicly available, 

i.e., CBI or other information whose 

disclosure is restricted by statute. 

Certain other material, such as 

copyrighted material, is not placed on 


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