56770 Federal Register / Vol. 77, No. 179 / Friday, September 14, 2012 / Rules and Regulations 

Drug labeler code Firm name and address 

*******

061088 ........................... Eka Chemicals, Inc., 1850 Parkway Pl. SE., suite 1200, Marietta, GA 30067 

*******

066104 ........................... Phibro Animal Health Corp., GlenPointe Centre East, 3d floor, 300 Frank W. Burr Blvd., suite 21, Teaneck, NJ 07666 

*******

PART 520—ORAL DOSAGE FORM 

NEW ANIMAL DRUGS 

■ 3. The authority citation for 21 CFR 

part 520 continues to read as follows: 

Authority: 21 U.S.C. 360b. 

§ 520.1265 [Amended] 

■ 4. In paragraph (b)(2) of § 520.1265, 

remove ‘‘Nos. 057561, 059130, and 

061623’’ and in its place add ‘‘Nos. 

057561, 061623, and 066104’’. 

§ 520.2220a [Amended] 

■ 5. In paragraph (a)(2) of § 520.2220a, 

remove ‘‘Nos. 000069, 054925, 057561, 

058829, 059130, and 061623’’ and in its 

place add ‘‘Nos. 000069, 054925, 

057561, 058829, 061623, and 066104’’. 

§ 520.2455 [Amended] 

■ 6. In paragraph (b)(2) of § 520.2455, 

remove ‘‘No. 059130’’ and in its place 

add ‘‘No. 066104’’. 

Dated: September 6, 2012. 

Bernadette Dunham, 

Director, Center for Veterinary Medicine. 

[FR Doc. 2012–22646 Filed 9–13–12; 8:45 am] 

BILLING CODE 4160–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in October 2012 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the fourth quarter of 2012. The 

interest assumptions are used for 

valuing and paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective October 1, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@PBGC.gov), 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: PBGC’s 

regulations on Allocation of Assets in 

Single-Employer Plans (29 CFR Part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR Part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http:// 

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. 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. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for October 2012 

and updates the asset allocation interest 

assumptions for the fourth quarter 

(October through December) of 2012. 

The fourth quarter 2012 interest 

assumptions under the allocation 

regulation will be 3.07 percent for the 

first 20 years following the valuation 

date and 3.00 percent thereafter. In 

comparison with the interest 

assumptions in effect for the third 

quarter of 2012, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

an increase of 0.12 percent in the select 

rate, and a decrease of 0.66 percent in 

the ultimate rate (the final rate). 

The October 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 September 

2011, 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 valuation 

and payment of benefits under plans 

with valuation dates during October 

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). 


wreier-aviles on DSK5TPTVN1PROD with RULES
Federal Register / Vol. 77, No. 179 / Friday, September 14, 2012 / Rules and Regulations 56771 

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, an entry 

for Rate Set 228 is added to the table to 

read as follows: 

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

*******

228 10–1–12 11–1–12 0.75 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, an 

entry for Rate Set 228 is added to the 

table to read as follows: 

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

*******

228 10–1–12 11–1–12 0.75 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, an entry 

for October—December 2012 is added to 

the table to read as follows: 

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 = 

*******

October—December 2012 ................................................ 0.0307 1–20 0.0300 >20 N/A N/A 

Issued in Washington, DC, on this 11th day 

of September 2012. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2012–22727 Filed 9–13–12; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF DEFENSE 

Department of the Navy 

32 CFR Part 701 

[Docket ID USN–2012–0014] 

Privacy Act; Implementation 

AGENCY: Department of the Navy, DoD. 

ACTION: Direct final rule with request for 

comments. 

SUMMARY: Department of the Navy is 

updating the Navy Privacy Act Program 

by adding the (k)(2) exemption to 

accurately describe the basis for 

exempting the records in the system of 

records notice N05800–2, Professional 

Responsibility Files. 

This direct final rule makes nonsubstantive changes to the Department 

of the Navy’s Program rules. This will 

improve the efficiency and effectiveness 

of DoD’s program by ensuring the 

integrity of the security and 

investigative material compiled for law 

enforcement purposes by the 

Department of the Navy and the 

Department of Defense. This rule is 

being published as a direct final rule as 

the Department of Defense does not 

expect to receive any adverse 

comments, and so a proposed rule is 

unnecessary. 


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