Federal Register / Vol. 77, No. 199 / Monday, October 15, 2012 / Rules and Regulations 62433 

DEPARTMENT OF LABOR 

Occupational Safety and Health 

Administration 

29 CFR Parts 1910, 1915, and 1926 

[Docket No. OSHA–H022K–2006–0062] 

RIN 1218–AC20 

Hazard Communication Standard; 

Approval of Information Collection 

Requirements 

AGENCY: Occupational Safety and Health 

Administration (OSHA), Labor. 

ACTION: Final rule; notice of the Office 

of Management and Budget’s (OMB) 

approval of information collection 

requirements. 

SUMMARY: The Occupational Safety and 

Health Administration (OSHA) is 

announcing that the Office of 

Management and Budget (OMB) 

approved the revised information 

collection requirements contained in the 

Hazard Communication Standard (HCS) 

(29 CFR parts 1910, 1915, and 1926) 

under the Paperwork Reduction Act of 

1995 (PRA–95). The OMB control 

number is 1218–0072. 

DATES: The collections of information 

contained in the final rule published 

March 26, 2012 (77 FR 17573) are 

effective October 15, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Theda Kenney or Todd Owen, 

Directorate of Standards and Guidance, 

OSHA, U.S. Department of Labor, Room 

N–3609, 200 Constitution Avenue NW., 

Washington, DC 20210; telephone (202) 

693–2222. 

SUPPLEMENTARY INFORMATION: On March 

26, 2012, OSHA published a final rule 

that aligned the existing HCS with the 

United Nations Globally Harmonized 

System of Classification and Labeling of 

Chemicals that benefits workers by 

reducing confusion about chemical 

hazards in the workplace, facilitating 

safety training and improving the 

understanding of hazards, especially for 

low literacy workers. The final rule 

revised existing collection of 

information (paperwork) requirements 

that were approved by the Office of 

Management and Budget (OMB) under 

PRA–95, 44 U.S.C. 3501 et seq., and 

OMB’s regulations at 5 CFR part 1320. 

Hazard communication is currently 

addressed by many different 

international, national, and State 

authorities. These existing requirements 

are not always consistent and often 

contain different definitions of hazards 

and varying provisions for what 

information is required on labels and 

safety data sheets (SDSs). The final 

standard harmonizes the U.S. system 

with international norms and as a result 

would enhance worker safety and 

facilitate international trade. The final 

rule’s modifications to the Hazard 

Communication Standard’s collection of 

information requirements include: (1) 

Revised criteria for classification of 

chemical hazards; (2) revised labeling 

provisions that include requirements for 

use of standardized signal words, 

pictograms, hazard statements, and 

precautionary statements; (3) a specified 

format for SDSs; and (4) related 

revisions to definitions of terms used in 

the Standard and to requirements for 

employee training on labels and SDSs. 

As required by PRA–95, the Federal 

Register notice for the Hazard 

Communication final rule stated that the 

Department of Labor would publish a 

notice in the Federal Register 

announcing the results of OMB’s 

reviews. On March 26, 2012, OSHA 

submitted a revised Hazard 

Communication ICR for the final rule to 

OMB for approval in accordance with 

the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520). On June 11, 

2012, OMB approved the revised 

collections of information contained in 

the final rule. This approval expires on 

June 30, 2015. 

In accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501– 

3520), OMB approved the collections of 

information contained in the HCS, and 

assigned these collections of 

information OMB control number 1218– 

0072. This approval expires on June 30, 

2015. In accordance with 5 CFR 

1320.5(b), an Agency may not conduct 

or sponsor, and a person need not 

respond to, a collection of information 

unless the collection displays a valid 

OMB control number. Also, 

notwithstanding any other provision of 

law, no employer shall be subject to 

penalty for failing to comply with a 

collection of information if the 

collection of information does not 

display a currently valid OMB control 

number. 

Authority and Signature 

David Michaels, Ph.D., MPH, 

Assistant Secretary of Labor for 

Occupational Safety and Health, 

directed the preparation of this notice. 

The authority for this notice is the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3506 et seq.) and Secretary of 

Labor’s Order No. 1–2012 (77 FR 3912). 

Signed at Washington, DC on October 2, 

2012. 

David Michaels, 

Assistant Secretary of Labor for Occupational 

Safety and Health. 

[FR Doc. 2012–24595 Filed 10–12–12; 8:45 am] 

BILLING CODE 4510–26–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans to 

prescribe interest assumptions under 

the regulation for valuation dates in 

November 2012. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective November 1, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@pbgc.gov), Assistant 

General Counsel for Regulatory Affairs, 

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: PBGC’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR Part 4022) prescribes actuarial 

assumptions—including interest 

assumptions—for paying plan benefits 

under terminating single-employer 

plans covered by title IV of the 

Employee Retirement Income Security 

Act of 1974. The interest assumptions in 

the regulation are also published on 

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

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. 


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62434 Federal Register / Vol. 77, No. 199 / Monday, October 15, 2012 / Rules and Regulations 

1Appendix B to PBGC’s regulation on Allocation 

of Assets in Single-Employer Plans (29 CFR Part 

4044) prescribes interest assumptions for valuing 

benefits under terminating covered single-employer 

plans for purposes of allocation of assets under 

ERISA section 4044. Those assumptions are 

updated quarterly. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the benefit 

payments regulation are updated 

monthly. This final rule updates the 

benefit payments interest assumptions 

for November 2012.1

The November 2012 interest 

assumptions under the benefit payments 

regulation will be 0.75 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 October 2012, 

these interest assumptions are 

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 payment of 

benefits under plans with valuation 

dates during November 2012, 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 in 29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

In consideration of the foregoing, 29 

CFR part 4022 is 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 

229, 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

*******

229 11–1–12 12–1–12 0.75 4.00 4.00 4.00 7 8 

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

229, 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

*******

229 11–1–12 12–1–12 0.75 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 9th day 

of October 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–25245 Filed 10–12–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 104 

46 CFR Parts 10, 11, 12, and 15 

[Docket No. USCG–2012–0917] 

Policy Letters on the International 

Convention on Standards of Training, 

Certification and Watchkeeping for 

Seafarers, 1978 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of availability. 

SUMMARY: The Coast Guard announces 

the availability of three policy letters 

providing guidance to vessels and 

mariners subject to the International 

Convention on Standards of Training, 

Certification and Watchkeeping for 

Seafarers, 1978, as amended (STCW). 

These letters provide guidance on: The 

hours of rest requirements of the 2010 

amendments to the STCW Convention 

and Code; issuance of endorsements and 

approval of training for Vessel 

Personnel with Designated Security 

Duties (VPDSD) and vessel personnel 


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