Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Rules and Regulations 58249 

implications for purposes of the 

executive order. 

The Treasury and General Government 

Appropriations Act, 1999—Assessment 

of Federal Regulations and Policies on 

Families 

The NCUA has determined that this 

rule will not affect family well-being 

within the meaning of section 654 of the 

Treasury and General Government 

Appropriations Act, 1999, Pub. L. 105–

277, 112 Stat. 2681 (1998). 

Small Business Regulatory Enforcement 

Fairness Act 

The Small Business Regulatory 

Enforcement Fairness Act of 1996 (Pub. 

L. 104–121) (SBREFA) provides 

generally for congressional review of 

agency rules. A reporting requirement is 

triggered in instances where NCUA 

issues a final rule as defined by Section 

551 of the APA. 5 U.S.C. 551. The Office 

of Management and Budget is currently 

reviewing this rule as it pertains to 

SBREFA. 

List of Subjects in 12 CFR Part 711 

Antitrust, Banks, Banking, Credit 

unions. 

By the National Credit Union 

Administration Board on October 9, 2007. 

Mary Rupp, 

Secretary of the Board. 

■ For the reasons discussed above, 

NCUA is amending part 711 as follows: 

PART 711—MANAGEMENT OFFICIAL 

INTERLOCKS 

■ 1. The authority citation for part 711 

continues to read as follows: 

Authority: 12 U.S.C. 1757 and 3201–3208. 

■ 2. Section 711.3(b) is amended by 

removing the number ‘‘20’’ and adding 

number ‘‘50’’ in its place. 

[FR Doc. E7–20266 Filed 10–12–07; 8:45 am] 

BILLING CODE 7535–01–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 November 2007. Interest 

assumptions are also published on the 

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

DATES: Effective November 1, 2007. 

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 November 2007, 

(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 

November 2007, 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 

November 2007. 

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 5.46 

percent for the first 20 years following 

the valuation date and 5.13 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for October 2007) of 0.05 percent 

for the first 20 years following the 

valuation date and 0.05 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 no change from those in effect 

for October 2007. 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 November 2007, 

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: 


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58250 Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Rules and Regulations 

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 

169, 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

* * * * * * * 

169 ............................................................................ 11–1–07 12–1–07 3.25 4.00 4.00 4.00 7 8 

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

169, 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

* * * * * * * 

169 ............................................................................ 11–1–07 12–1–07 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), 1302(b)(3), 

1341, 1344, 1362. 

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

entry for November 2007, 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 = 

* * * * * * * 

November 2007 ................................................................................................................ .0546 1-20 .0513 >20 N/A N/A 

Issued in Washington, DC, on this 10th day 

of October 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–20270 Filed 10–12–07; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[CGD08–07–025] 

Drawbridge Operation Regulations; 

Charenton Drainage and Navigation 

Canal, Baldwin, LA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, Eighth 

Coast Guard District, has issued a 

temporary deviation from the regulation 

governing the operation of the BNSF 

Railway Company Swing Bridge across 

the Charenton Drainage and 

Navigational Canal, mile 0.4, at 

Baldwin, St. Mary Parish, LA. This 

deviation provides for the bridge to 

remain closed to navigation for 5 days 

with three hour openings each day to 

conduct maintenance repairs to the 

drawbridge. 

DATES: This deviation is effective from 

8 a.m. on October 22, 2007 through 8 

p.m. on October 26, 2007. 

ADDRESSES: Materials referred to in this 

document are available for inspection or 

copying at the office of the Eighth Coast 

Guard District, Bridge Administration 

Branch, Hale Boggs Federal Building, 

Room 1313, 500 Poydras Street, New 

Orleans, Louisiana 70130–3310 between 

7 a.m. and 3 p.m., Monday through 

Friday, except Federal holidays. The 

telephone number is (504) 671–2128. 

The Bridge Administration Branch 

maintains the public docket for this 

temporary deviation. 

FOR FURTHER INFORMATION CONTACT: Bart 

Marcules, Bridge Administration 

Branch, telephone (504) 671–2128. 

SUPPLEMENTARY INFORMATION: The BNSF 

Railway Company has requested a 

temporary deviation in order to replace 

or repair a bent shaft, bearings, and 

housing that are integral to the safe 

operation of the swing bridge across the 

Charenton Drainage and Navigational 

Canal, mile 0.4, at Baldwin, St. Mary 

Parish, LA. This bridge opens on signal 


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