63836 Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Rules and Regulations 

1Appendix B to PBGC’s regulation on Allocation 

of Assets in Single-Employer Plans (29 CFR part 

4044) prescribes interest assumptions for valuing 

benefits under terminating covered single-employer 

plans for purposes of allocation of assets under 

ERISA section 4044. Those assumptions are 

updated quarterly. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. 2011–26463 Filed 10–13–11; 8:45 am] 

BILLING CODE 6750–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans to 

prescribe interest assumptions under 

the regulation for valuation dates in 

November 2011. The interest 

assumptions are used for paying 

benefits under terminating singleemployer plans covered by the pension 

insurance system administered by 

PBGC. 

DATES: Effective November 1, 2011. 

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 tollfree at 1–800–877–8339 and ask to be 

connected to 202–326–4024.) 

SUPPLEMENTARY INFORMATION: PBGC’s 

regulation on Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribes actuarial 

assumptions—including interest 

assumptions—for paying plan benefits 

under terminating single-employer 

plans covered by title IV of the 

Employee Retirement Income Security 

Act of 1974. The interest assumptions in 

the regulation are also published on 

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

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 benefit 

payments regulation are updated 

monthly. This final rule updates the 

benefit payments interest assumptions 

for November 2011.1

The November 2011 interest 

assumptions under the benefit payments 

regulation will be 1.50 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. In comparison with the interest 

assumptions in effect for October 2011, 

these interest assumptions represent a 

decrease of 0.25 percent in the 

immediate annuity rate and are 

otherwise 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 payment of 

benefits under plans with valuation 

dates during November 2011, 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). 

List of Subjects in 29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

In consideration of the foregoing, 29 

CFR part 4022 is 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 

217, 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

*******

217 .................................... 11–1–11 12–1–11 1.50 4.00 4.00 4.00 7 8 

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

217, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 76, No. 199 / Friday, October 14, 2011 / Rules and Regulations 63837 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before i1 i2 i3 n1 n2

*******

217 .................................... 11–1–11 12–1–11 1.50 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 11th day 

of October 2011. 

Laricke Blanchard, 

Deputy Director for Policy, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2011–26657 Filed 10–13–11; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2011–0934] 

RIN 1625–AA08 

Special Local Regulation for Marine 

Events; Chesapeake Bay Workboat 

Race; Back River, Messick Point, 

Poquoson, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard will 

establish special local regulation during 

the Chesapeake Bay Workboat Race, a 

series of boat races to be held on the 

waters of Back River, Poquoson, 

Virginia. These special local regulations 

are necessary to provide for the safety of 

life on navigable waters during the 

events. This action is intended to 

restrict vessel traffic during the power 

boat races on the Back River in the 

vicinity of Messick Point, in Poquoson, 

Virginia. 

DATES: This rule is effective October 30, 

2011 from 1 p.m. to 4 p.m. 

ADDRESSES: Documents indicated in this 

preamble as being available in the 

docket are part of docket USCG–2011– 

0934 and are available online by going 

to http://www.regulations.gov, inserting 

USCG–2011–0934 in the ‘‘Keyword’’ 

box, and then clicking ‘‘Search.’’ They 

are also available for inspection or 

copying at the Docket Management 

Facility (M–30), U.S. Department of 

Transportation, West Building Ground 

Floor, Room W12–140, 1200 New Jersey 

Avenue, SE., Washington, DC 20590, 

between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this temporary 

rule, call or e-mail LCDR Christopher A. 

O’Neal, Waterways Management 

Division Chief, Sector Hampton Roads, 

Coast Guard; telephone 757–668–5580, 

e-mail Christopher.A.ONeal@uscg.mil. If 

you have questions on viewing the 

docket, call Renee V. Wright, Program 

Manager, Docket Operations, telephone 

202–366–9826. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

The Coast Guard is issuing this 

temporary final rule without prior 

notice and opportunity to comment 

pursuant to authority under section 4(a) 

of the Administrative Procedure Act 

(APA) (5 U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because the 

Coast Guard published a temporary final 

rule in the Federal Register on 

September 8, 2011, for the original date 

of this event, which was September 18, 

2011. Inclement weather forced the 

cancellation of the event, the sponsor 

did not include a make-up date in the 

original application for approval of 

marine event, and the Coast Guard did 

not receive the new application for the 

make-up date in sufficient time to allow 

for publication of an NPRM. Any delay 

encountered in this regulation’s 

effective date by publishing an NPRM 

would require either the cancellation of 

the event, or require that the event be 

held without a special local regulation. 

Either course of action would be 

contrary to public interest since 

immediate action is needed to provide 

for the safety of life and property on 

navigable waters. Additionally, this 

special local regulation will be enforced 

for approximately three hours on 

October 30, 2011 while the boat races 

are in progress. This regulated area 

should have a minimal impact on 

transiting vessels because mariners are 

not precluded from using any portion of 

the waterway except the area within the 

regulated area. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. The Coast Guard published a 

temporary final rule in the Federal 

Register on September 8, 2011, for the 

original date of this event, which was 

September 18, 2011. Inclement weather 

forced the cancellation of the event, the 

sponsor did not include a make-up date 

in the original application for approval 

of marine event, and the Coast Guard 

did not receive the new application for 

the make-up date in sufficient time to 

allow for publication more than 30 days 

prior to the date scheduled for the 

event, and delaying the effective date 

would be contrary to the public interest 

since immediate action is needed to 

ensure the safety of the event 

participants, patrol vessels, and other 

vessels transiting the event area. 

Background and Purpose 

On October 30, 2011 the Chesapeake 

Bay Watermen will sponsor a workboat 

race on the navigable waters of the Back 

River in Poquoson, Virginia. 

A fleet of spectator vessels is expected 

to gather near the event site to view the 

competition. Due to the need for vessel 

control during the event, the Coast 

Guard will temporarily restrict vessel 

traffic in the event area to provide for 

the safety of participants, spectators, 

and other transiting vessels. The 

regulated area shall be enforced from 

1 p.m. to 4 p.m. October 30, 2011. 

During this enforcement period, 

vessels may not enter the regulated area 

unless they receive permission from the 

Coast Guard Patrol Commander. 

Discussion of Rule 

This special local regulation will 

restrict general navigation in the 

regulated area during the marine event, 

from 1 p.m. to 4 p.m. on October 30, 

2011. Except for persons or vessels 

authorized by the Coast Guard Patrol 

Commander, no person or vessel may 

enter or remain in the regulated area 

during the effective period. The 

regulated area is needed to control 

vessel traffic during the event to 

enhance the safety of participants in and 

spectators to the Chesapeake Bay 

Workboat Race. 


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