Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Rules and Regulations 78621 

with the Commission at least 10 days 

prior to use on a form and in a manner 

as prescribed by the Commission. 

(ii) Sources of water other than those 

subject to paragraph (f)(11)(i) of this 

section, including, but not limited to, 

public water supply, wastewater 

discharge or other reclaimed waters, 

provided such sources are approved 

prior to use as a modification to the 

approval by rule. Any request to modify 

an approval by rule to utilize such 

source(s) shall be submitted on a form 

and in a manner as prescribed by the 

Commission, and shall be subject to 

review pursuant to the standards set 

forth in subpart C of this part. 

Dated: December 11, 2008. 

Thomas W. Beauduy, 

Deputy Director. 

[FR Doc. E8–30315 Filed 12–22–08; 8:45 am] 

BILLING CODE 7040–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions 

for Valuing and Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans prescribes interest assumptions 

for valuing and paying certain benefits 

under terminating single-employer 

plans. This final rule amends the benefit 

payments regulation to adopt interest 

assumptions for plans with valuation 

dates in January 2009. As discussed 

below, PBGC will publish a separate 

final rule document dealing with 

interest assumptions under its 

regulation on Allocation of Assets in 

Single-Employer Plans for January 2009. 

Interest assumptions are also published 

on PBGC’s Web site (http:// 

www.pbgc.gov). 

DATES: Effective January 1, 2009. 

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: 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. 

These interest assumptions are found 

in two PBGC regulations: the regulation 

on Benefits Payable in Terminated 

Single-Employer Plans (29 CFR part 

4022) and the regulation on Allocation 

of Assets in Single-Employer Plans (29 

CFR part 4044). PBGC normally updates 

the assumptions under the two 

regulations each month in a single 

rulemaking document. Because of 

delays in obtaining data used in setting 

the assumptions for January 2009, PBGC 

is publishing two rulemaking 

documents to update the two 

regulations for January 2009. This 

document is a final rule updating the 

benefit payments regulation. 

Two sets of interest assumptions are 

prescribed under the benefit payments 

regulation: (1) 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 (2) 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 4022 the interest 

assumptions for the PBGC to use for its 

own lump-sum payments in plans with 

valuation dates during January 2009, 

and (2) adds to Appendix C to Part 4022 

the interest assumptions for privatesector 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 

January 2009. 

The interest assumptions that the 

PBGC will use for its own lump-sum 

payments (set forth in Appendix B to 

part 4022) will be 4.00 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 a decrease (from those in 

effect for December 2008) of 0.75 

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 January 2009, 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 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 

183, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates For PBGC Payments 

* * * * * 

78622 Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 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

* * * * * * * 

183 ............................................................................ 1–1–09 2–1–09 4.00 4.00 4.00 4.00 7 8 

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

183, 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

* * * * * * * 

183 ............................................................................ 1–1–09 2–1–09 4.00 4.00 4.00 4.00 7 8 

Issued in Washington, DC, on this 16th day 

of December 2008. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. E8–30419 Filed 12–22–08; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE INTERIOR 

Minerals Management Service 

30 CFR Part 219 

[Docket ID: MMS–2007–OMM–0067] 

RIN 1010–AD46 

Allocation and Disbursement of 

Royalties, Rentals, and Bonuses—Oil 

and Gas, Offshore 

AGENCY: Minerals Management Service 

(MMS), Interior. 

ACTION: Final rule. 

SUMMARY: The MMS is amending the 

regulations on distribution and 

disbursement of royalties, rentals, and 

bonuses to include the allocation and 

disbursement of revenues from certain 

leases on the Gulf of Mexico Outer 

Continental Shelf in accordance with 

the provisions of the Gulf of Mexico 

Energy Security Act of 2006. The 

regulations set forth the formula and 

methodology for calculating and 

allocating revenues to the States of 

Alabama, Louisiana, Mississippi, and 

Texas, their eligible political 

subdivisions, and the Land and Water 

Conservation Fund from the 181 Area in 

the Eastern Planning Area and 181 

South Area in the Gulf of Mexico. The 

Secretary of the Interior will begin to 

disburse these revenues beginning on or 

before March 31, 2009. 

DATES: Effective Date: This final rule 

becomes effective January 22, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Marshall Rose, Chief, Economics 

Division, Offshore Energy and Minerals 

Management at (703) 787–1538. 

SUPPLEMENTARY INFORMATION: The MMS 

published a proposed rule on the 

allocation and disbursement of qualified 

offshore royalties, rentals, and bonuses 

in the Federal Register on Tuesday, 

May 27, 2008 (73 FR 30331), with a 60- 

day comment period. A single, 14-day 

extension (73 FR 43673) to the comment 

period was announced on July 28, 2008, 

and the comment period closed on 

August 11, 2008. The MMS received six 

comment letters. Of the comment letters 

received, three were from States, one 

each was received from a locality, a 

nonprofit foundation, and an individual 

citizen. 

The comments submitted in large part 

requested clarification on the authorized 

uses of the Gulf of Mexico Energy 

Security Act of 2006 (GOMESA) 

revenue sharing funds, timing of 

disbursements, and fund restrictions 

upon transfer to the States and Coastal 

Political Subdivisions (CPSs). Separate 

letters were received from the States of 

Alabama, Louisiana, and Texas. All 

three States addressed the stated 

purposes of GOMESA revenue sharing 

funds and individual State needs for 

coastal restoration and protection. 

Alabama and Louisiana requested more 

specifics in the timing of disbursements 

and inquired about the second phase of 

revenue sharing authorized by 

GOMESA. Louisiana alone objected to 

the definition of qualified OCS revenues 

as defined in the proposed regulation. 

The City of Mobile, Alabama, and the 

National Maritime Museum of the Gulf 

of Mexico submitted comments related 

to the use of funds for coastal 

protection, conservation, and 

restoration, and the educational 

purposes of the National Maritime 

Museum, and an individual citizen 

provided comments on MMS 

accounting of royalty revenues and 

designation of this rule as ‘‘not a major 

rule.’’ 

This final rule is substantially the 

same as the proposed rule. In response 

to comments, MMS made four changes 

to the rule. One minor clarifying 

language change was also made. Thus, 

the final rule, like the proposed rule, 

provides the methodology and formula 

for the distribution of GOMESA 

revenues from the 181 Area in the 

Eastern Planning Area and the 181 

South Area. 

Background 

President George W. Bush signed the 

Gulf of Mexico Energy Security Act of 

2006 into law on December 20, 2006 

(Pub. L. 109–432, 120 Stat. 2922; 

codified at 43 U.S.C. 1331 note (2007) 

(Gulf of Mexico Energy Security)), as 

part of H.R. 6111, the Tax Relief and 

Health Care Act of 2006, which also 

extended several energy tax programs