Federal Register / Vol. 73, No. 115 / Friday, June 13, 2008 / Rules and Regulations 33695 

Authority: 21 U.S.C. 352, 360, 360i, 360j, 

371, 374. 

§ 803.1 [Amended] 

■ 2. Section 803.1 is amended in 

paragraph (a), in the fourth sentence, by 

removing the phrase ‘‘and baseline 

reports’’. 

§ 803.3 [Amended] 

■ 3. Section 803.3 is amended by 

removing the definitions for ‘‘Device 

family’’ and ‘‘Shelf life’’. 

§ 803.10 [Amended] 

■ 4. Section 803.10 is amended by 

removing paragraph (c)(3) and 

redesignating paragraph (c)(4) as 

paragraph (c)(3). 

§ 803.55 [Removed] 

■ 5. Section 803.55 is removed. 

§ 803.58 [Amended] 

■ 6. Section 803.58 is amended in 

paragraph (b)(1) by removing ‘‘803.55,’’. 

Dated: June 5, 2008. 

Jeffrey Shuren, 

Associate Commissioner for Policy and 

Planning. 

[FR Doc. E8–13350 Filed 6–12–08; 8:45 am] 

BILLING CODE 4160–01–S 

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 July 2008. Interest assumptions 

are also published on the PBGC’s Web 

site (http://www.pbgc.gov). 

DATES: Effective July 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 July 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 July 

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 July 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 5.95 

percent for the first 20 years following 

the valuation date and 5.02 percent 

thereafter. These interest assumptions 

represent an increase (from those in 

effect for June 2008) of 0.27 percent for 

the first 20 years following the valuation 

date and 0.27 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 3.50 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 June 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. 

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits in plans with 

valuation dates during July 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 

177, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 

mstockstill on PROD1PC66 with RULES

33696 Federal Register / Vol. 73, No. 115 / Friday, June 13, 2008 / Rules and Regulations 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

177 07–1–08 08–1–08 3.50 4.00 4.00 4.00 7 8 

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

177, 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

* * * * * * * 

177 07–1–08 08–1–08 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 for July 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 = 

* * * * * * * 

July 2008 .......................................................................... .0595 1–20 .0502 ≤20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of June 2008. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. E8–13229 Filed 6–12–08; 8:45 am] 

BILLING CODE 7709–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[R04–OAR–2007–0532–200810(c); FRL–

8579–6] 

Approval and Promulgation of 

Implementation Plans; Alabama; 

Prevention of Significant Deterioration 

and Nonattainment New Source 

Review; Correction 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Final rule; correction. 

SUMMARY: On May 1, 2008, EPA 

published a document approving 

revisions to the Alabama State 

Implementation Plan (SIP) concerning 

Alabama’s Prevention of Significant 

Deterioration (PSD) program. That 

document included one paragraph 

containing an inadvertent error in its 

characterization of a portion of EPA’s 

New Source Review (NSR) rules. This 

document corrects that inadvertent 

error. 

DATES: This action is effective June 13, 

2008. 

FOR FURTHER INFORMATION CONTACT: For 

information regarding the Alabama State 

Implementation Plan, contact Ms. Stacy 

Harder, Regulatory Development 

Section, Air Planning Branch, Air, 

Pesticides and Toxics Management 

Division, U.S. Environmental Protection 

Agency, Region 4, 61 Forsyth Street, 

SW., Atlanta, Georgia 30303–8960. The 

telephone number is (404) 562–9042. 

Ms. Harder can also be reached via 

electronic mail at harder.stacy@epa.gov. 

For information regarding New Source 

Review, contact Ms. Gracy R. Danois, 

Air Permits Section, at the same address 

above. The telephone number is (404) 

562–9119. Ms. Danois can also be 

reached via electronic mail at 

danois.gracy@epa.gov. 

SUPPLEMENTARY INFORMATION: EPA is 

making a correction to the document 

published on May 1, 2008 (73 FR 

23957), approving revisions to 

Alabama’s SIP incorporating rule 

changes to Alabama’s PSD program. As 

part of the background information 

provided in the May 1, 2008, document, 

EPA made an inadvertent misstatement 

on page 23958, column 1, first full 

paragraph. This paragraph begins with 

the phrase, ‘‘The ‘reasonable possibility’

standard identifies, for sources and 

reviewing authorities * * *’’ and ends 

with the phrase, ‘‘the reasonable 

possibility standard did not result in 

any actual changes to the corresponding 

federal rule.’’ 73 FR 23958. This last 

quoted statement does not correctly 

describe EPA’s recent revisions to its 

NSR rules regarding the meaning of the 

term ‘‘reasonable possibility’’ in those 

rules. EPA’s final action regarding 

‘‘reasonable possibility’’ did result in 

changes to federal rules found at 40 CFR 

mstockstill on PROD1PC66 with RULES