Federal Register / Vol. 68, No. 50 / Friday, March 14, 2003 / Rules and Regulations 12303

engulfments and other hazards. A 1998 

explosion which resulted in a number of 

deaths was contributed to by various 

violations of the Standard. 

Many public commenters viewed the 

Grain Handling Facilities Standard as 

both needed and effective; no 

commenter indicated that the Standard 

should be rescinded. Both the National 

Grain and Feed Association (NGFA) 

representing grain elevator and mill 

owners, and the Food and Allied 

Services Trades Union (FAST), 

representing workers in those facilities, 

supported the retention of the Standard 

and cited the reduction of deaths and 

injuries as a reason for its retention. 

There were a few comments 

recommending minor amendments to 

the Grain Handling Facilities Standard. 

OSHA responds to those comments in 

chapter V of the Regulatory Review 

document. In some cases, the comments 

reflect a misunderstanding which the 

Regulatory Review clarifies. In other 

cases, OSHA believes the existing 

provision is more protective based on 

the existing evidence. Several minor 

updates were suggested which OSHA 

believes may make the Standard clearer 

or simplify compliance. OSHA will add 

to the Standard a cross reference to the 

Marine Terminal Settlement and 

consider in the Standards Improvement 

Project III whether the Grain Handling 

Facilities Standard confined space 

provisions should replace generic 

confined space requirements that now 

apply in certain operations. As part of 

a project to update standards based on 

National Consensus Standards, OSHA 

will consider whether several fire 

protection provisions of the Grain 

Handling Facilities Standard need to be 

updated.

Signed in Washington, DC this 6th day of 

March, 2003. 

John L. Henshaw, 

Assistant Secretary of Labor.

[FR Doc. 03–6117 Filed 3–13–03; 8:45 am] 

BILLING CODE 4510–26–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 April 2003. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: April 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 April 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 April 

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 April 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 4.90 

percent for the first 20 years following 

the valuation date and 5.25 percent 

thereafter. These interest assumptions 

represent a decrease of 0.20 percent 

(from those in effect for March 2003) for 

the first 20 years following the valuation 

date and are otherwise unchanged. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.50 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 a decrease (from those in 

effect for March 2003) of 0.25 percent 

for the period during which a benefit is 

in pay status and are otherwise 

unchanged. 

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 April 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:

12304 Federal Register / Vol. 68, No. 50 / Friday, March 14, 2003 / Rules and Regulations 

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 

114, 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

* * * * * * * 

114 .................................................................... 4–1–03 5–1–03 3.50 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 114, 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

* * * * * * * 

114 .................................................................... 4–1–03 5–1–03 3.50 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 = 

* * * * * * * 

April 2003 .................................................................................................. .0490 1–20 .0525 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of March, 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–6142 Filed 3–13–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[CGD01–01–187] 

RIN 2115–AA00, AA11 

Regulated Navigation Area, Safety and 

Security Zones; Long Island Sound 

Marine Inspection and Captain of the 

Port Zone

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule; change in 

effective period. 

SUMMARY: The Coast Guard is extending 

the effective period of a regulated 

navigation area (RNA) and certain safety 

and security zones published January 4, 

2002. This change will extend the 

effective period of the temporary final 

rule through August 15, 2003, allowing 

adequate time for informal rulemaking 

to develop a permanent rule. This rule 

will continue to regulate the conditions 

under which certain vessels may enter, 

transit or operate within the regulated 

navigation area and will exclude all 

vessels from operating within 700 yards 

of the Millstone Nuclear Power Plant or 

100 yards of anchored Coast Guard 

vessels.