40464 Federal Register / Vol. 73, No. 136 / Tuesday, July 15, 2008 / Rules and Regulations 

Reform Act of 1995, 2 U.S.C. 1501 et 

seq. 

Congressional Review Act 

This rule is not a major rule as 

defined by section 251 of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996, 5 U.S.C. 804 

(Congressional Review Act). This rule 

will not result in an annual effect on the 

economy of $100 million or more; a 

major increase in costs or prices; or 

significant adverse effects on 

competition, employment, investment, 

productivity, innovation, or the ability 

of United States-based companies to 

compete with foreign-based companies 

in domestic and export markets. 

The Drug Enforcement 

Administration has determined that this 

action is a rule relating to agency 

organization, procedure or practice that 

does not substantially affect the rights or 

obligation of non-agency parties and, 

accordingly, is not a ‘‘rule’’ as that term 

is used by the Congressional Review Act 

(Subtitle E of the Small Business 

Regulatory Enforcement Fairness Act of 

1966). Therefore, the reporting 

requirement of 5 U.S.C. 801 does not 

apply. 

List of Subjects in 28 CFR Part 0 

Authority delegations (Government 

agencies), Government employees, 

Organization and functions 

(Government agencies), Privacy, 

Reporting and recordkeeping 

requirements, Whistleblowing. 

■ Accordingly, and for the reasons set 

forth above, 28 CFR Part 0 is amended 

as follows: 

PART 0—ORGANIZATION OF THE 

DEPARTMENT OF JUSTICE 

[AMENDED] 

■ 1. The authority citation for Part 0 

continues to read as follows: 

Authority: 5 U.S.C. 301; 28 U.S.C. 509, 

510, 515–519. 

■ 2. In section 4 of the Appendix to 

Subpart R, paragraph (a) is revised to 

read as follows: 

Appendix to Subpart R of Part 0—

Redelegation of Functions 

Sec. 4. Issuance of subpoenas. (a) The 

Chief Inspector of the DEA; the Deputy Chief 

Inspectors and Associate Deputy Chief 

Inspectors of the Office of Inspections and 

the Office of Professional Responsibility of 

the DEA; all Special Agents-in-Charge of the 

DEA and the FBI; DEA Inspectors assigned to 

the Inspection Division; DEA Associate 

Special Agents-in-Charge; DEA and FBI 

Assistant Special Agents-in-Charge; DEA 

Resident Agents-in-Charge; DEA Diversion 

Program Managers; FBI Supervisory Senior 

Resident Agents; DEA Special Agent Group 

Supervisors; those FBI Special Agent Squad 

Supervisors who have management 

responsibility over Organized Crime/Drug 

Program Investigations; and DEA Regional 

Directors, Assistant Regional Directors, and 

Country Attache ́s, are authorized to sign and 

issue subpoenas with respect to controlled 

substances, listed chemicals, tableting 

machines or encapsulating machines under 

21 U.S.C. 875 and 876 in regard to matters 

within their respective jurisdictions. 

* * * * * 

Dated: July 1, 2008. 

Michele M. Leonhart, 

Acting Administrator. 

[FR Doc. E8–16012 Filed 7–14–08; 8:45 am] 

BILLING CODE 4410–09–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 August 2008. Interest 

assumptions are also published on the 

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

DATES: Effective August 1, 2008. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, 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: 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). 

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 August 2008, (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 

August 2008, 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 August 2008. 

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 6.05 

percent for the first 20 years following 

the valuation date and 5.12 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for July 2008) of 0.10 percent for 

the first 20 years following the valuation 

date and 0.10 percent for all years 

thereafter. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 3.25 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 July 2008) of 0.25 percent in 

the immediate annuity rate 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 current 

market conditions as accurately as 

possible. 


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Federal Register / Vol. 73, No. 136 / Tuesday, July 15, 2008 / Rules and Regulations 40465 

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during August 2008, 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 

178, 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

* * * * * * * 

178 08–1–08 09–1–08 3.25 4.00 4.00 4.00 7 8 

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

178, 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

* * * * * * * 

178 08–1–08 09–1–08 3.25 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), 1320(b)(3), 

1341, 1344, 1362. 

■ 5. In appendix B to part 4044, a new 

entry for August 2008, 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 month— 

The values of it are: 

it for t = it for t = it for t = 

* * * * * * * 

August 2008 ...................................................................... .0605 1–20 .0512 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of July 2008. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. E8–16150 Filed 7–14–08; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

38 CFR Part 3 

RIN 2900–AM89 

Eligibility Reporting Requirements 

AGENCY: Department of Veterans Affairs. 

ACTION: Final rule. 

SUMMARY: This document amends the 

Department of Veterans Affairs (VA) 

adjudication regulations regarding 

eligibility verification reports for certain 

parents receiving dependency and 

indemnity compensation. This 

amendment is necessary to conform the 

regulation to statutory provisions. 

EFFECTIVE DATE: This amendment is 

effective July 15, 2008. 

FOR FURTHER INFORMATION CONTACT: 

Maya Ferrandino, Regulations Staff 

(211D), Compensation and Pension 

Service, Veterans Benefits 


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