Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations 12585

(a) For violations of the terms of a 

final cease and desist order issued 

under section 5.25 or 5.26 of the Act; 

(b) For violations of any provision of 

the Act or any regulation issued under 

the Act; or 

(c) For violations of the National 

Flood Insurance Reform Act (Reform 

Act) as set forth in 42 U.S.C. 4012a(f) or 

any regulation issued under the Reform 

Act.

§§ 622.53 and 622.54 [Removed and 

Reserved]

■ 3. Remove and reserve §§ 622.53 and 

622.54.

■ 4. Revise § 622.55(a) to read as follows:

§ 622.55 Notice of assessment of civil 

money penalty. 

(a) Notice of assessment. The notice of 

assessment for a civil money penalty 

will state: 

(1) The legal authority for the 

assessment; 

(2) The amount of the civil money 

penalty being assessed; 

(3) The date by which the civil money 

penalty must be paid; 

(4) The matter of fact or law 

constituting the grounds for assessment 

of the civil money penalty;

(5) The right of the institution or 

person being assessed to a formal 

hearing to challenge the assessment; 

(6) That failure to request a hearing 

constitutes a waiver of the opportunity 

for a hearing and the notice of 

assessment will constitute a final and 

unappealable order; and 

(7) The time limit to request such a 

formal hearing.

* * * * *

§§ 622.57(a), 622.58, and 622.59(b)

[Amended]

■ 5. Amend §§ 622.57(a), 622.58, and 

622.59(b) by removing the word ‘‘shall’’

and adding in its place, the word ‘‘will’’

each place it appears.

■ 6. Revise §§ 622.60 and 622.61 to read 

as follows:

§ 622.60 Payment of civil money penalty. 

(a) Payment date. Generally, the date 

designated in the notice of assessment 

for payment of the civil money penalty 

will be 60 days from the issuance of the 

notice. If, however, the Board finds, in 

a specific case, that the purposes of the 

relevant statutes would be better served 

if the 60-day period were changed, the 

Board may shorten or lengthen the 

period or make the civil money penalty 

payable immediately upon receipt of the 

notice of assessment. If a timely request 

for a formal hearing to challenge an 

assessment of a civil money penalty is 

filed, payment of the penalty will not be 

required unless and until the Board 

issues a final order of assessment 

following the hearing. If an assessment 

order is issued, it will specify the date 

by which the civil money penalty is to 

be paid or collected. 

(b) Method of payment. Checks in 

payment of civil money penalties must 

be made payable to the ‘‘Farm Credit 

Administration.’’ Upon collection, the 

FCA will forward payment for penalties 

described in § 622.52(a) and (b) to the 

United States Department of Treasury. 

The FCA will forward payment for 

penalties described in § 622.52(c) to the 

National Flood Mitigation Fund as 

required by 42 U.S.C. 4012a(f)(8).

§ 622.61 Adjustment of civil money 

penalties by the rate of inflation under the 

Federal Civil Penalties Inflation Adjustment 

Act of 1990, as amended. 

(a) The maximum amount of each 

civil money penalty within FCA’s 

jurisdiction is adjusted in accordance 

with the Federal Civil Penalties 

Inflation Adjustment Act of 1990, as 

amended (28 U.S.C. 2461 note), as 

follows: 

(1) Amount of civil money penalty 

imposed under section 5.32 of the Act 

for violation of a final order issued 

under section 5.25 or 5.26 of the Act: 

The maximum daily amount is $1,100. 

(2) Amount of civil money penalty for 

violation of the Act or regulations: The 

maximum daily amount is $550 for each 

violation that occurs before March 16, 

2005, and $650 for each violation that 

occurs on or after such date. 

(b) The maximum civil money penalty 

amount assessed under 42 U.S.C. 

4012a(f) is $350 for each violation that 

occurs before March 16, 2005, with total 

penalties under such statute not to 

exceed $100,000 for any single 

institution during any calendar year. For 

violations that occur on or after March 

16, 2005, the maximum civil money 

penalty is $385 for each violation, with 

total penalties under such statute not to 

exceed $110,000 for any single 

institution during any calendar year.

Dated: March 9, 2005. 

Jeanette C. Brinkley, 

Secretary, Farm Credit Administration Board.

[FR Doc. 05–5001 Filed 3–14–05; 8:45 am] 

BILLING CODE 6705–01–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 April 2005. Interest 

assumptions are also published on the 

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

DATES: Effective Date: April 1, 2005.

FOR FURTHER INFORMATION CONTACT:

Catherine B. Klion, Attorney, 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). 

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 April 2005, (2) 

12586 Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations 

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 April 

2005, 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 April 2005. 

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 3.80 

percent for the first 20 years following 

the valuation date and 4.75 percent 

thereafter. These interest assumptions 

are unchanged from those in effect for 

March 2005. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 2.75 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. These interest assumptions are 

unchanged from those in effect for 

March 2005. 

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, 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 April 2005, 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 

138, 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

* * * * * * * 

138 ...................................................................................... 4–1–05 5–1–05 2.75 4.00 4.00 4.00 7 8 

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

138, 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

* * * * * * * 

138 ................................................................................................... 4–1–05 5–1–05 2.75 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, 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

* * * * *

Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Rules and Regulations 12587

For valuation dates occurring in the month—

The values of it are: 

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

* * * * * * * 

April 2005 .......................................................................................................................... .0380 1–20 .0475 >20 N/A N/A 

Issued in Washington, DC, on this 9th day 

of March 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–5010 Filed 3–14–05; 8:45 am] 

BILLING CODE 7708–01–P

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52

[Docket # R10–OAR–2005–OR–0002; FRL–

7881–4] 

Approval and Promulgation of Air 

Quality Implementation Plans; Oregon 

Visibility Protection Plan

AGENCY: Environmental Protection 

Agency (EPA).

ACTION: Direct final rule.

SUMMARY: EPA is taking direct final 

action to approve revisions to the 

Oregon Visibility Protection Plan 

submitted to EPA on January 22, 2003. 

The revisions are the result of a required 

periodic review of the Visibility 

Protection Plan conducted by the State, 

and reflect recommendations from the 

Oregon Visibility Advisory Committee. 

In general, the revisions reflect work the 

State intends to conduct over the next 

three years. EPA has determined that 

this submission is a general 

strengthening of the State 

Implementation Plan (SIP) as it expands 

strategies to protect visibility in Oregon.

DATES: This direct final rule will be 

effective May 16, 2005, without further 

notice, unless EPA receives adverse 

comments by April 14, 2005. If adverse 

comments are received, EPA will 

publish a timely withdrawal of the 

direct final rule in the Federal Register

informing the public that the rule will 

not take effect.

ADDRESSES: Submit your comments, 

identified by Docket ID No. R10–OAR–

2005–OR–0002, by one of the following 

methods: 

• Federal eRulemaking Portal: http://

www.regulations.gov. Follow the on-line 

instructions for submitting comments. 

• Agency Web site: http://

www.epa.gov/edocket. EDOCKET, EPA’s 

electronic public docket and comment 

system, is EPA’s preferred method for 

receiving comments. Follow the on-line 

instructions for submitting comments. 

• Mail: Gina Bonifacino, Office of Air, 

Waste and Toxics, OAWT–107 EPA, 

Region 10, 1200 Sixth Ave., Seattle, 

Washington 98101. 

• Hand Delivery: EPA, Region 10 

Service Center, 14th Floor, 1200 Sixth 

Ave., Seattle, Washington 98101. 

Attention: Gina Bonifacino, Office of 

Air, Waste and Toxics, OAWT–107. 

Such deliveries are only accepted 

during normal hours of operation, and 

special arrangements should be made 

for deliveries of boxed information. 

Instructions: Direct your comments to 

Docket ID No. R10–OAR–2005–OR–

0002. EPA’s policy is that all comments 

received will be included in the public 

docket without change and may be 

made available online at http://

www.epa.gov/edocket, including any 

personal information provided, unless 

the comment includes information 

claimed to be Confidential Business 

Information (CBI) or other information 

whose disclosure is restricted by statute. 

Do not submit information that you 

consider to be CBI or otherwise 

protected through EDOCKET, 

regulations.gov or e-mail. The EPA 

EDOCKET and the Federal 

regulations.gov Web site are 

‘‘anonymous access’’ systems, which 

means EPA will not know your identity 

or contact information unless you 

provide it in the body of your comment. 

If you send an e-mail comment directly 

to EPA without going through 

EDOCKET or regulations.gov, your email address will be automatically 

captured and included as part of the 

comment that is placed in the public 

docket and made available on the 

Internet. If you submit an electronic 

comment, EPA recommends that you 

include your name and other contact 

information in the body of your 

comment and with any disk or CD–ROM 

you submit. If EPA cannot read your 

comment due to technical difficulties 

and cannot contact you for clarification, 

EPA may not be able to consider your 

comment. Electronic files should avoid 

the use of special characters, any form 

of encryption, and be free of any defects 

or viruses. 

Docket: All documents in the docket 

are listed in the EDOCKET index at 

http://www.epa.gov/edocket. Although 

listed in the index, some information is 

not publicly available, such as CBI or 

other information whose disclosure is 

restricted by statute. Certain other 

material, such as copyrighted material, 

is not placed on the Internet and will be 

publicly available only in hard copy 

form. Publicly available docket 

materials are available electronically in 

EDOCKET, in hard copy at EPA, Region 

10, Office of Air, Waste and Toxics, 

1200 Sixth Avenue, Seattle, 

Washington, or in hard copy at the EPA 

Oregon Operations Office, 811 SW., 6th 

Ave., 3rd Floor, Portland, OR 97204 

from 8 a.m. to 4:30 p.m. Monday 

through Friday, excluding legal 

holidays.

FOR FURTHER INFORMATION CONTACT: Gina 

Bonifacino at telephone number: (206) 

553–2970, e-mail address: 

bonifacino.gina@epa.gov, fax number: 

(206) 553–0110, or the above EPA, 

Region 10 address.

SUPPLEMENTARY INFORMATION:

Throughout this document wherever 

‘‘we’’, ‘‘us’’ or ‘‘our’’ are used, we mean 

EPA. 

Table of Contents

I. Background 

A. What Is Visibility Protection and Why 

Do We Have It? 

B. What Are the Main Visibility Protections 

Provided by the Federal Rules? 

C. How Has Visibility Been Protected in 

Oregon? 

D. What Changes Is EPA Approving With 

This Action? 

II. What Are the Required Provisions of a 

Visibility State Implementation Plan 

(SIP) and How Does Oregon Meet the 

Requirements for Visibility Protection? 

A. Long Term Strategy 

B. Monitoring 

C. BART 

III. What Does This Visibility SIP Revision 

Change and How Do These Changes 

Compare to Federal Requirements? 

A. Provision To Expand the Current 

Visibility Monitoring Network. 

B. Provisions To Improve Smoke 

Management Coordination Between 

Agricultural Burning and Forestry 

Burning Programs 

C. Provisions To Increase the Use of NonBurning Alternatives in Agricultural 

Open Burning and Forestry Burning 

Programs

D. Provisions To Improve Fire Emission 

Inventory and Tracking of Burning 

E. Provisions to Change the Periodic Plan 

Review Period From Five to Three years