76682 Federal Register / Vol. 67, No. 240 / Friday, December 13, 2002 / Rules and Regulations 

Department has nevertheless reviewed 

the regulation to ensure its consistency 

with the regulatory philosophy and 

principles set forth in that Executive 

Order. 

Executive Order 13132 

This regulation will not have 

substantial direct effects on the States, 

on the relationship between the national 

government and the States, or on the 

distribution of power and 

responsibilities among the various 

levels of government. Therefore, in 

accordance with section 6 of Executive 

Order 13132, it is determined that this 

rule does not have sufficient federalism 

implications to require consultations or 

warrant the preparation of a federalism 

summary impact statement. 

Paperwork Reduction Act 

This rule does not impose any new 

reporting or record-keeping 

requirements subject to the Paperwork 

Reduction Act, 44 U.S.C. Chapter 35.

List of Subjects in 22 CFR Part 45 

Aliens, Immigrants, Passports and 

Visas.

Accordingly, under the authority 8 

U.S.C. 1153, the Department is 

removing part 45.

Dated: November 22, 2002. 

Maura Harty, 

Assistant Secretary for Consular Affairs, 

Department of State.

[FR Doc. 02–31483 Filed 12–12–02; 8:45 am] 

BILLING CODE 4710–06–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 January 2003. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: January 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 

valuation dates during January 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 

January 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 January 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 5.30 

percent for the first 20 years following 

the valuation date and 5.25 percent 

thereafter. These interest assumptions 

(in comparison with those in effect for 

December 2002) reflect a 5-year decrease 

in the period during which the initial 

rate applies (from a period of 25 years 

following the valuation date to a period 

of 20 years following the valuation 

date). The initial rate, in effect during 

the 20-year period, is unchanged from 

the initial rate in effect for December 

2002. The ultimate rate, in effect 

thereafter, represents an increase (from 

the ultimate rate in effect for December 

2002) of 1.00 percent. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 4.00 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 are 

unchanged from those in effect for 

December 2002. 

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 January 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.

Federal Register / Vol. 67, No. 240 / Friday, December 13, 2002 / Rules and Regulations 76683

2. In appendix B to part 4022, Rate Set 

111, 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

* * * * * * * 

111 ............................................................................................ 1–1–03 2–1–03 4.00 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 

111, 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

* * * * *

Rate set 

For plans with a

valuation date 

Immediate annuity rate 

(percent) 

Deferred annuities (percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

111 ............................................................................................ 1–1–03 2–1–03 4.00 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 = 

* * * * * * * 

January 2003 ............................................................................................ .0530 1–20 .0525 >20 N/A N/A 

Issued in Washington, DC, on this 6th day 

of December 2002. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 02–31434 Filed 12–12–02; 8:45 am] 

BILLING CODE 7708–01–P

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 300

[FRL–7420–3] 

National Oil and Hazardous 

Substances Contingency Plan; 

National Priorities List Update

AGENCY: Environmental Protection 

Agency.

ACTION: Notice of partial deletion of the 

West Virginia Ordnance Works Site 

from the National Priorities List. 

SUMMARY: The Environmental Protection 

Agency (EPA) Region III announces the 

partial deletion of portions of the West 

Virginia Ordnance Works (WVOW) site 

from the National Priorities List (NPL). 

The NPL constitutes appendix B of 40 

CFR part 300, which is the National Oil 

and Hazardous Substances Contingency 

Plan (NCP), which EPA promulgated 

pursuant to section 105 of the 

Comprehensive Environmental 

Response, Compensation and Liability 

Act of 1980 (CERCLA), as amended. 

EPA and the State of West Virginia have 

determined that all appropriate 

responses under CERCLA have been 

implemented at the portions of the site 

being deleted from the NPL and that no 

further cleanup by responsible parties is 

appropriate. Moreover, EPA and the 

State of West Virginia have determined 

that response actions conducted at the 

site to date remain protective of public 

health, welfare, and the environment.

EFFECTIVE DATE: December 13, 2002.

ADDRESSES: Comprehensive information 

on this release is available for viewing 

at the site information repositories at the 

following locations:

Mason County Public Library, 508 

Viand Street, Point Pleasant, WV 

25550, (304) 675–0894; Hours of 

Operation: Monday through Saturday, 

10 a.m.–5 p.m. 

U.S. EPA Region III Library, 1650 Arch 

Street, Philadelphia, PA 19103–2029, 

(215) 814–5254; Hours of Operation:

Monday through Friday, 8 a.m.–5p.m. 

U.S. Army Corps of Engineers, 

Huntington District, 502 8th Street, 

Huntington, WV 25701, (800) 822–

8413 or (304) 529–5388; Hours of 

Operation: Monday through Friday, 8 

a.m.–4:30 p.m.