Federal Register / Vol. 68, No. 158 / Friday, August 15, 2003 / Rules and Regulations 48787

PART 300—USER FEES

■ Paragraph 1. The authority citation for 

part 300 continues to read as follows:

Authority: 31 U.S.C. 9701.

■ Par. 2. Section 300.0 is amended as 

follows:

■ 1. Paragraph (b)(3) is added.

■ 2. Paragraph (c) is revised.

The addition and revision read as 

follows:

§ 300.0 User fees; in general.

* * * * *

(b) * * * 

(3) Processing an offer to compromise. 

(c) Effective Date. This part 300 is 

applicable March 16, 1995, except that 

the user fee for processing offers to 

compromise is applicable November 1, 

2003.

■ Par. 3. Section 300.3 is added to read 

as follows:

§ 300.3 Offer to compromise fee. 

(a) Applicability. This section applies 

to the processing of offers to 

compromise tax liabilities pursuant to 

§ 301.7122–1 of this chapter. Except as 

provided in this section, this fee applies 

to all offers to compromise accepted for 

processing. 

(b) Fee. (1) The fee for processing an 

offer to compromise is $150.00, except 

that no fee will be charged if an offer 

is—

(i) Based solely on doubt as to liability 

as defined in § 301.7122–1(b)(1) of this 

chapter; or 

(ii) Made by a low income taxpayer, 

that is, an individual who falls at or 

below the dollar criteria established by 

the poverty guidelines updated annually 

in the Federal Register by the U.S. 

Department of Health and Human 

Services under authority of section 

673(2) of the Omnibus Budget 

Reconciliation Act of 1981 (95 Stat. 357, 

511) or such other measure that is 

adopted by the Secretary. 

(2) The fee will be applied against the 

amount of the offer, unless the taxpayer 

requests that it be refunded, if the offer 

is—

(i) Accepted to promote effective tax 

administration pursuant to § 301.7122–

1(b)(3) of this chapter; or 

(ii) Accepted based on doubt as to 

collectibility and a determination that 

collection of an amount greater than the 

amount offered would create economic 

hardship within the meaning of 

§ 301.6343–1 of this chapter. 

(3) Except as otherwise provided in 

this paragraph (b), the fee will not be 

refunded to the taxpayer if the offer is 

accepted, rejected, withdrawn, or 

returned as nonprocessable after 

acceptance for processing. 

(4) No additional fee will be charged 

if a taxpayer resubmits an offer the 

Secretary determines to have been 

rejected in error or returned in error 

after acceptance for processing. 

(c) Person liable for the fee. The 

person liable for the processing fee is 

the taxpayer whose tax liabilities are the 

subject of the offer.

Robert E. Wenzel, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: July 17, 2003. 

Pamela F. Olsen, 

Assistant Secretary of the Treasury (Tax 

Policy).

[FR Doc. 03–20933 Filed 8–14–03; 8:45 am] 

BILLING CODE 4830–01–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 September 2003. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: September 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 September 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 

September 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 

September 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 an 

increase (from those in effect for August 

2003) of 0.50 percent 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 an increase (from those in 

effect for August 2003) of 0.50 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 

48788 Federal Register / Vol. 68, No. 158 / Friday, August 15, 2003 / Rules and Regulations 

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 September 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.

■ 2. In appendix B to part 4022, Rate Set 

119, 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

* * * * * * * 

119 9–1–03 10–1–03 3.50 4.00 4.00 4.00 7 8 

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

119, 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

* * * * * * * 

119 9–1–03 10–1–03 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 =

* * * * * * * 

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

Federal Register / Vol. 68, No. 158 / Friday, August 15, 2003 / Rules and Regulations 48789

Issued in Washington, DC on this 7th day 

of August 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–20860 Filed 8–14–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation 

and Enforcement 

30 CFR Part 938 

[PA–137–FOR] 

Pennsylvania Regulatory Program

AGENCY: Office of Surface Mining 

Reclamation and Enforcement (OSM), 

Interior.

ACTION: Final rule; approval of 

amendment. 

SUMMARY: We are approving an 

amendment to the Pennsylvania 

permanent regulatory program (the 

‘‘Pennsylvania program’’) under the 

Surface Mining Control and 

Reclamation Act of 1977 (SMCRA or the 

Act). Pennsylvania proposed to revise 

its regulations regarding licensing of 

blasters and the storage, handling and 

use of explosives. Pennsylvania intends 

to reorganize and clarify its blasting 

regulations to reflect the advances in 

technology and research associated with 

blasting.

EFFECTIVE DATE: August 15, 2003.

FOR FURTHER INFORMATION CONTACT:

George Rieger, Acting Field Office 

Director, Harrisburg Field Office, 

Telephone: (717) 782–4036, e-mail: 

grieger@osmre.gov.

SUPPLEMENTARY INFORMATION:

I. Background on the Pennsylvania Program 

II. Submission of the Proposed Amendment 

III. OSM’s Findings 

IV. Summary and Disposition of Comments 

V. OSM’s Decision 

VI. Procedural Determinations

I. Background on the Pennsylvania 

Program 

Section 503(a) of the Act permits a 

State to assume primacy for the 

regulation of surface coal mining and 

reclamation operations on non-Federal 

and non-Indian lands within its borders 

by demonstrating that its State program 

includes, among other things, ‘‘* * * a 

State law which provides for the 

regulation of surface coal mining and 

reclamation operations in accordance 

with the requirements of the Act * * *; 

and rules and regulations consistent 

with regulations issued by the Secretary 

pursuant to the Act.’’ See 30 U.S.C. 

1253(a)(1) and (7). On the basis of these 

criteria, the Secretary of the Interior 

conditionally approved the 

Pennsylvania program on July 30, 1982. 

You can find background information 

on the Pennsylvania program, including 

the Secretary’s findings, the disposition 

of comments, and conditions of 

approval in the July 30, 1982, Federal 

Register (47 FR 33050). You can also 

find later actions concerning 

Pennsylvania’s program and program 

amendments at 30 CFR 938.11, 938.12, 

938.15 and 938.16. 

II. Submission of the Amendment 

By letter dated February 25, 2002, 

Pennsylvania sent us an amendment to 

its program (Administrative Record No. 

PA 878.02) under SMCRA (30 U.S.C. 

1201 et seq.). The amendment includes 

changes to Title 25, Part I, Subpart D, 

Article IV, Chapters 210 Blaster’s 

License, and 211 Storage, Handling and 

Use of Explosives. We announced 

receipt of the proposed amendment in 

the April 30, 2002, Federal Register (67 

FR 21187). In the same document, we 

opened the public comment period and 

provided an opportunity for a public 

hearing or meeting on the amendment’s 

adequacy. We did not hold a public 

hearing, as one was not requested. The 

public comment period ended on May 

30, 2002. We received comments from 

two Federal agencies and from one State 

agency. The Federal agencies were the 

U.S. Department of Labor, Mine Safety 

and Health Administration’s (MSHA) 

New Stanton Office and the U.S. 

Environmental Protection Agency 

(EPA), Region III. The State agency was 

the Pennsylvania Historical and 

Museum Commission (PHMC).

III. OSM’s Findings 

Following are the findings we made 

concerning the amendment under 

SMCRA and the Federal regulations at 

30 CFR 732.15 and 732.17. We are 

approving the amendment as described 

below. Any revisions that we do not 

specifically discuss below concern 

nonsubstantive wording or editorial 

changes and are approved here without 

discussion. 

A. Minor Revisions to Pennsylvania’s 

Rules 

Pennsylvania proposed minor 

wording and recodification changes to 

the following previously approved 

rules:

Previously approved section 

Recodified section (These sections may include minor wording changes from the original 

language.) 

Subject 

210.1(a) .............................................................. 210.16(a) .......................................................... Examinations for Blaster’s License. 

210.1(b) .............................................................. 210.16(b) .......................................................... Frequency of Examinations. 

210.1(e) .............................................................. 210.15(b) .......................................................... License Application. 

210.2(d) .............................................................. 210.14(a)(4) ..................................................... Requirement to Pass Examination. 

210.2(e) .............................................................. 210.13(c) .......................................................... Exhibiting License. 

210.2(g) .............................................................. 210.16(c) and (d) ............................................. Forfeiture of Fees. 

210.3(b) .............................................................. 210.17(f) ........................................................... Lapsed Licenses. 

210.5(a) .............................................................. 210.13(a) and 211.154(a) ................................ Blaster in Charge. 

210.5(b) .............................................................. 211.154(c) ........................................................ Another person present during blast. 

210.5(c) .............................................................. 211.102(a) ........................................................ Scope. 

211.2(2) .............................................................. 211.101 ............................................................ Definition—Magazine. 

211.2(4) .............................................................. 211.101 ............................................................ Definition—Primer. 

211.2(5) .............................................................. 211.101 ............................................................ Definition—Stemming. 

211.2(6) .............................................................. 211.101 ............................................................ Definition—Building. 

211.2(12) ............................................................ 211.101 ............................................................ Definition—Person. 

211.2(18) ............................................................ 211.101 ............................................................ Definition—Charge Weight. 

211.2(20) ............................................................ 211.101 ............................................................ Definition—Delay Interval. 

211.32(1) ............................................................ 211.112(a) ........................................................ Location of magazine. 

211.36(1) ............................................................ 211.121(a) ........................................................ Records of Disposition of explosives. 

211.36(2) ............................................................ 211.101 ............................................................ Definitions of ‘‘purchase,’’ and ‘‘sale or sell’’. 

211.36(6), (7) ...................................................... 211.122(b), (c) and 211.123(b), (c) ................. Permits to sell/purchase explosives. 

211.42(1), (3)–(12), and (15)–17) ...................... 211.141 ............................................................ Transportation of Explosives.