Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Rules and Regulations 36055 

PART 39—AIRWORTHINESS 

DIRECTIVES 

■ 1. The authority citation for part 39 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40113, 44701. 

§ 39.13 [Amended] 

■ 2. The FAA amends § 39.13 by adding 

the following new airworthiness 

directive: 

2022–13–03 Cameron Balloons Ltd.: 

Amendment 39–22089; Docket No. 

FAA–2022–0683; Project Identifier 

MCAI–2022–00631–Q. 

(a) Effective Date 

This airworthiness directive (AD) is 

effective June 30, 2022. 

(b) Affected ADs 

None. 

(c) Applicability 

(1) This AD applies to hot air balloons, 

certificated in any category, equipped with a 

Cameron Balloons Ltd. part number (P/N) 

CB2990 (Alugas) fuel cylinder (the affected 

fuel cylinder). 

(2) The affected fuel cylinder may be 

installed on hot air balloon models 

including, but not limited to, those of the 

following design approval holders: 

(i) Aerostar International, Inc.; 

(ii) Ballonbau Worner GmbH; 

(iii) Balo ́ny Kubı ́cˇek spol. s.r.o.; 

(iv) Cameron Balloons Ltd.; 

(v) Eagle Balloons Corp.; 

(vi) JR Aerosports, Ltd. (type certificate 

previously held by Sundance Balloons (US)); 

(vii) Lindstrand Balloons Ltd.; and 

(viii) Michael D. McGrath (type certificate 

subsequently transferred to Andrew Philip 

Richardson, Adams Aerostats LLC). 

(d) Subject 

Joint Aircraft System Component (JASC) 

Code 2810, Fuel Storage. 

(e) Unsafe Condition 

This AD was prompted by mandatory 

continuing airworthiness information (MCAI) 

originated by an aviation authority of another 

country to identify and correct an unsafe 

condition on an aviation product. The MCAI 

identifies the unsafe condition as cracks in 

the weld between the cylinder valve plate 

and the upper dished end of Cameron 

Balloons Ltd. P/N CB2990 (Alugas) fuel 

cylinders. The FAA is issuing this AD to 

prevent uncontrolled fuel leakage of liquid 

propane. The unsafe condition, if not 

addressed, could lead to fire or explosion and 

consequent emergency landing. 

(f) Compliance 

Comply with this AD within the 

compliance times specified, unless already 

done. 

(g) Actions 

Before further flight after the effective date 

of this AD, remove the affected fuel cylinder 

from service. 

Note 1 to paragraph (g): Cameron Balloons 

Alert Service Bulletin No. 33, Revision 0, 

dated May 4, 2022, provides procedures for 

doing a leak check and emptying fuel from 

the Cameron P/N CB2990 (Alugas) fuel 

cylinder to render it safe for storage following 

the removal from service. These actions are 

not required by this AD. 

(h) Special Flight Permit 

Special flight permits are prohibited. 

(i) Alternative Methods of Compliance 

(AMOCs) 

(1) The Manager, International Validation 

Branch, FAA, has the authority to approve 

AMOCs for this AD, if requested using the 

procedures found in 14 CFR 39.19. In 

accordance with 14 CFR 39.19, send your 

request to your principal inspector or local 

Flight Standards District Office, as 

appropriate. If sending information directly 

to the manager of the certification office, 

send it to the attention of the person 

identified in paragraph (j)(1) of this AD and 

email to: 9-AVS-AIR-730-AMOC@faa.gov. 

(2) Before using any approved AMOC, 

notify your appropriate principal inspector, 

or lacking a principal inspector, the manager 

of the local flight standards district office/ 

certificate holding district office. 

(j) Related Information 

(1) For more information about this AD, 

contact Mike Kiesov, Aviation Safety 

Engineer, FAA, General Aviation & Rotorcraft 

Section, International Validation Branch, 901 

Locust, Room 301, Kansas City, MO 64106; 

phone: (816) 329–4144; email: mike.kiesov@

faa.gov. 

(2) Refer to United Kingdom (UK) Civil 

Aviation Authority (CAA) Emergency AD G– 

2022–0010–E, dated May 12, 2022, for more 

information. You may examine the UK CAA 

AD in the AD docket at https://

www.regulations.gov by searching for and 

locating Docket No. FAA–2022–0683. 

(3) For service information identified in 

this AD that is not incorporated by reference, 

contact Camron Balloons Ltd., St John Street, 

Bedminster, Bristol, BS3 4NH, United 

Kingdom; phone: +44 0 117 9637216; email: 

technical@cameronballoons.co.uk; website: 

www.cameronballoons.co.uk. 

(k) Material Incorporated by Reference 

None. 

Issued on June 10, 2022. 

Christina Underwood, 

Acting Director, Compliance & Airworthiness 

Division, Aircraft Certification Service. 

[FR Doc. 2022–12969 Filed 6–13–22; 11:15 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2021–1020; Project 

Identifier AD–2021–00864–T; Amendment 

39–22055; AD 2022–11–05] 

RIN 2120–AA64 

Airworthiness Directives; The Boeing 

Company Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: The FAA is adopting a new 

airworthiness directive (AD) for certain 

The Boeing Company Model 777 

airplanes. This AD was prompted by a 

report of the loss of the nuts at all four 

fastener locations common to the 

outboard flap inboard support rear spar 

attachment fittings, which affects the 

retention feature of the fasteners and 

leaves the fasteners susceptible to 

migrating out of the joint. This AD 

requires repetitive detailed inspections 

for discrepancies of the fasteners and 

shim of the wing rear spar at certain 

outboard flap supports; a detailed 

inspection for damage of the shim, flap 

support mechanism, and wing lower 

skin; installation of new fasteners and 

shims; and repair or replacement of 

damaged parts. The FAA is issuing this 

AD to address the unsafe condition on 

these products. 

DATES: This AD is effective July 20, 

2022. 

The Director of the Federal Register 

approved the incorporation by reference 

of a certain publication listed in this AD 

as of July 20, 2022. 

ADDRESSES: For service information 

identified in this final rule, contact 

Boeing Commercial Airplanes, 

Attention: Contractual & Data Services 

(C&DS), 2600 Westminster Blvd., MC 

110–SK57, Seal Beach, CA 90740–5600; 

telephone 562–797–1717; internet 

https://www.myboeingfleet.com. You 

may view this service information at the 

FAA, Airworthiness Products Section, 

Operational Safety Branch, 2200 South 

216th St., Des Moines, WA. For 

information on the availability of this 

material at the FAA, call 206–231–3195. 

It is also available at https://

www.regulations.gov by searching for 

and locating Docket No. FAA–2021– 

1020. 

Examining the AD Docket 

You may examine the AD docket at 

https://www.regulations.gov by 

searching for and locating Docket No. 


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36056 Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Rules and Regulations 

FAA–2021–1020; or in person at Docket 

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

Monday through Friday, except Federal 

holidays. The AD docket contains this 

final rule, any comments received, and 

other information. The address for 

Docket Operations is U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE, 

Washington, DC 20590. 

FOR FURTHER INFORMATION CONTACT: Luis 

Cortez, Aerospace Engineer, Airframe 

Section, FAA, Seattle ACO Branch, 2200 

South 216th St., Des Moines, WA 98198; 

phone and fax: (206) 231–3958; email: 

Luis.A.Cortez-Muniz@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

The FAA issued a notice of proposed 

rulemaking (NPRM) to amend 14 CFR 

part 39 by adding an AD that would 

apply to certain The Boeing Company 

Model 777 airplanes. The NPRM 

published in the Federal Register on 

December 28, 2021 (86 FR 73706). The 

NPRM was prompted by a report of the 

loss of the nuts at all four fastener 

locations common to the outboard flap 

inboard support rear spar attachment 

fittings, which affects the retention 

feature of the fasteners and leaves the 

fasteners susceptible to migrating out of 

the joint. In the NPRM, the FAA 

proposed to require repetitive detailed 

inspections for discrepancies of the 

fasteners and shim of the wing rear spar 

at certain outboard flap supports; a 

detailed inspection for damage of the 

shim, flap support mechanism, and 

wing lower skin; installation of new 

fasteners and shims; and repair or 

replacement of damaged parts. The FAA 

is issuing this AD to address the 

resulting inability of the outboard flap 

support to sustain limit load, and 

potential loss of the outboard flap. Loss 

of the fastener retention feature in the 

rear spar attachment may lead to a 

severed joint at the forward attachment 

point, leading to separation of the 

support fitting, which could cause 

damage and consequent reduced 

controllability and reduced structural 

integrity of the airplane. 

Discussion of Final Airworthiness 

Directive 

Comments 

The FAA received comments from the 

Air Line Pilots Association, 

International (ALPA), Boeing, and an 

individual, who supported the NPRM 

without change. 

The FAA received additional 

comments from three commenters, 

including Air France, United Airlines 

(UAL), and FedEx. The following 

presents the comments received on the 

NPRM and the FAA’s response to each 

comment. 

Request To Extend Compliance Time 

Air France asked that the FAA change 

the threshold and interval for the 

inspections to match a heavy 

maintenance visit, or keep the current 

repeat intervals but change the 

scheduling rule to use ‘‘whichever 

occurs later’’ for the specified 

compliance time. Air France stated that 

Boeing has identified the root cause to 

be a significant cyclical compression 

load that leads to the loss of fastener 

clamp up, so the issue seems to be 

related more to flight cycles than flight 

length. Air France added that with the 

777 fleet used mostly for long-haul 

operations, its airplanes will quickly 

reach the flight-hour threshold. Air 

France noted that in the referenced 

service information, replacing damaged 

parts specifies installation of new 

fasteners and shims common to all four 

outboard flap support locations at the 

same time, which will impact 

maintenance and could delay the 

aircraft’s return to service. 

The FAA does not agree with the 

commenter’s request to extend the 

compliance time threshold and interval 

for the inspections. The FAA 

determined that the compliance time, as 

proposed, represents the maximum 

interval of time allowable for the 

affected airplanes to continue to safely 

operate before the initial and repetitive 

inspections and on-condition actions 

are done. If the inspection interval were 

based on maintenance schedules, which 

vary among operators, there would be 

no assurance that the airplane would be 

inspected and repaired during that 

maximum interval. In addition, in 

developing an appropriate compliance 

time, the FAA coordinated with the 

manufacturer to provide a compliance 

time with an acceptable level of safety. 

However, under the provisions of 

paragraph (i) of this AD, the FAA will 

consider requests for approval of an 

extension of the compliance time, if 

sufficient data are submitted to 

substantiate that the change would 

provide an acceptable level of safety. 

The FAA has not changed this AD in 

this regard. 

Request To Allow Alternate 

Terminating Actions 

Air France asked that the FAA 

provide separate terminating action for 

the left-hand wing (outboard flap 

support number 1 and 2) and the righthand wing (outboard flap support 

number 7 and 8). Air France asserted 

that depending on the inspection 

results, terminating action can be 

accomplished or scheduled during two 

different maintenance opportunities: (1) 

when a defect is found on outboard flap 

support number 1, the modification 

should be completed as corrective 

action at position numbers 1 and 2 only; 

and (2) when no defect is found on 

outboard flap support numbers 7 and 8, 

the terminating action can be postponed 

and performed before the mandated 

threshold. Air France added that if a 

defect is found, the referenced service 

information specifies to modify all four 

outboard flap support locations at the 

same time, which will have an impact 

on maintenance and could delay the 

aircraft’s return to service. 

FedEx asked that the proposed AD 

mandate the terminating action only for 

flap support locations with findings. 

FedEx stated that Boeing Alert 

Requirements Bulletin 777–57A0123 

RB, dated July 8, 2021, specifies 

accomplishment of the terminating 

action at all four flap support locations 

even if there are inspection findings at 

only one location. 

The FAA does not agree with the 

commenters’ requests to allow 

alternative terminating actions. The 

FAA coordinated with the manufacturer 

regarding the corrective action, and 

determined that the terminating action 

for the inspection findings as specified 

in the proposed AD provides the 

necessary level of safety. Under the 

provisions of paragraph (i) of this AD, 

however, the FAA will consider 

requests for approval of alternative 

terminating action, if sufficient data are 

submitted to substantiate that the 

change would provide an acceptable 

level of safety. The FAA has not 

changed this AD in this regard. 

Request To Include Changes in 

Information Notice 

FedEx and UAL asked that the 

proposed AD allow for loosening of the 

two bolts on the adjacent flap support 

mechanism beam, as specified in the 

proposed changes in Boeing Service 

Bulletin Information Notice 777– 

57A0123 IN 01, dated September 14, 

2021, to ensure better accomplishment 

of the required inspection and provide 

further access to clean and inspect the 

flap support. FedEx stated that based on 

experience with modifying 777F 

airplanes, the changes will ensure that 

the safety objectives of the service 

information are met. FedEx noted that 

approved data published in the B777 

Structural Repair Manual contains this 

proposed language. 

The FAA does not agree with the 

commenters’ requests. The changes 


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Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Rules and Regulations 36057 

proposed in the referenced information 

notice have not been approved by the 

FAA. However, under the provisions of 

paragraph (i) of this AD, the FAA will 

consider requests for approval of the 

revised service information with the 

information notice incorporated, if 

sufficient data are submitted to 

substantiate that the change would 

provide an acceptable level of safety. 

The FAA has not changed this AD in 

this regard. 

Conclusion 

The FAA reviewed the relevant data, 

considered any comments received, and 

determined that air safety requires 

adopting this AD as proposed. Except 

for minor editorial changes, this AD is 

adopted as proposed in the NPRM. 

None of the changes will increase the 

economic burden on any operator. 

Related Service Information Under 1 

CFR Part 51 

The FAA reviewed Boeing Alert 

Requirements Bulletin 777–57A0123 

RB, dated July 8, 2021. This service 

information specifies procedures for 

repetitive detailed inspections for 

discrepancies (missing nuts, loose nuts, 

thread protrusion, shim migration, and 

gapping between the shim and wing 

lower skin or between the shim and flap 

support fitting) of the fasteners and 

shim of the wing rear spar at outboard 

flap support numbers 1, 2, 7, and 8; a 

detailed inspection for damage of the 

shim, flap support mechanism, and 

wing lower skin; installation of new 

fasteners and shims; and repair or 

replacement of damaged parts. 

Installation of the new fasteners and 

shim would eliminate the need for the 

repetitive inspections. This service 

information is reasonably available 

because the interested parties have 

access to it through their normal course 

of business or by the means identified 

in ADDRESSES. 

Costs of Compliance 

The FAA estimates that this AD 

affects 280 airplanes of U.S. registry. 

The FAA estimates the following costs 

to comply with this AD: 

ESTIMATED COSTS

Action Labor cost Parts cost Cost per product Cost on U.S. operators 

Detailed inspections .............................. 39 work-hours × $85 per hour 

= $3,315.

$0 $3,315 ................. $928,200 per inspection cycle. 

Inspection for damage, installation of 

fasteners/shim, replacement of damaged parts.

Up to 37 work-hours × $85 per 

hour = Up to $3,145.

1,920 Up to $5,065 ....... Up to $1,418,200. 

The FAA has received no definitive 

data on which to base the cost estimates 

for the on-condition repairs specified in 

this AD. 

Authority for This Rulemaking 

Title 49 of the United States Code 

specifies the FAA’s authority to issue 

rules on aviation safety. Subtitle I, 

section 106, describes the authority of 

the FAA Administrator. Subtitle VII: 

Aviation Programs, describes in more 

detail the scope of the Agency’s 

authority. 

The FAA is issuing this rulemaking 

under the authority described in 

Subtitle VII, Part A, Subpart III, Section 

44701: General requirements. Under 

that section, Congress charges the FAA 

with promoting safe flight of civil 

aircraft in air commerce by prescribing 

regulations for practices, methods, and 

procedures the Administrator finds 

necessary for safety in air commerce. 

This regulation is within the scope of 

that authority because it addresses an 

unsafe condition that is likely to exist or 

develop on products identified in this 

rulemaking action. 

Regulatory Findings 

This AD will not have federalism 

implications under Executive Order 

13132. This AD will not have a 

substantial direct effect on the States, on 

the relationship between the national 

government and the States, or on the 

distribution of power and 

responsibilities among the various 

levels of government. 

For the reasons discussed above, I 

certify that this AD: 

(1) Is not a ‘‘significant regulatory 

action’’ under Executive Order 12866, 

(2) Will not affect intrastate aviation 

in Alaska, and 

(3) Will not have a significant 

economic impact, positive or negative, 

on a substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

List of Subjects in 14 CFR Part 39 

Air transportation, Aircraft, Aviation 

safety, Incorporation by reference, 

Safety. 

The Amendment 

Accordingly, under the authority 

delegated to me by the Administrator, 

the FAA amends 14 CFR part 39 as 

follows: 

PART 39—AIRWORTHINESS 

DIRECTIVES 

■ 1. The authority citation for part 39 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40113, 44701. 

§ 39.13 [Amended] 

■ 2. The FAA amends § 39.13 by adding 

the following new airworthiness 

directive: 

2022–11–05 The Boeing Company: 

Amendment 39–22055; Docket No. 

FAA–2021–1020; Project Identifier AD– 

2021–00864–T. 

(a) Effective Date 

This airworthiness directive (AD) is 

effective July 20, 2022. 

(b) Affected ADs 

None. 

(c) Applicability 

This AD applies to The Boeing Company 

Model 777–200, –200LR, –300, –300ER, and 

777F series airplanes, certificated in any 

category, as identified in Boeing Alert 

Requirements Bulletin 777–57A0123 RB, 

dated July 8, 2021. 

(d) Subject 

Air Transport Association (ATA) of 

America Code 57, Wings. 

(e) Unsafe Condition 

This AD was prompted by a report of the 

loss of the nuts at all four fastener locations 

common to the outboard flap inboard support 

rear spar attachment fittings, which affects 

the retention feature of the fasteners and 

leaves the fasteners susceptible to migrating 

out of the joint. The FAA is issuing this AD 

to address the resulting inability of the 

outboard flap support to sustain limit load, 

and potential loss of the outboard flap. Loss 

of the fastener retention feature in the rear 

spar attachment may lead to a severed joint 

at the forward attachment point, leading to 

separation of the support fitting, which could 

cause damage and consequent reduced 

controllability and reduced structural 

integrity of the airplane. 


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36058 Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Rules and Regulations 

(f) Compliance 

Comply with this AD within the 

compliance times specified, unless already 

done. 

(g) Required Actions 

Except as specified by paragraph (h) of this 

AD: At the applicable times specified in the 

‘‘Compliance’’ paragraph of Boeing Alert 

Requirements Bulletin 777–57A0123 RB, 

dated July 8, 2021, do all applicable actions 

identified in, and in accordance with, the 

Accomplishment Instructions of Boeing Alert 

Requirements Bulletin 777–57A0123 RB, 

dated July 8, 2021. 

Note 1 to paragraph (g): Guidance for 

accomplishing the actions required by this 

AD can be found in Boeing Alert Service 

Bulletin 777–57A0123, dated July 8, 2021, 

which is referred to in Boeing Alert 

Requirements Bulletin 777–57A0123 RB, 

dated July 8, 2021. 

(h) Exceptions to Service Information 

Specifications 

(1) Where the Compliance Time columns 

of the tables in the ‘‘Compliance’’ paragraph 

of Boeing Alert Requirements Bulletin 777– 

57A0123 RB, dated July 8, 2021, use the 

phrase ‘‘the original issue date of 

Requirements Bulletin 777–57A0123 RB,’’ 

this AD requires using the effective date of 

this AD. 

(2) Where Boeing Alert Requirements 

Bulletin 777–57A0123 RB, dated July 8, 

2021, specifies contacting Boeing for repair 

instructions: This AD requires doing the 

repair using a method approved in 

accordance with the procedures specified in 

paragraph (i) of this AD. 

(i) Alternative Methods of Compliance 

(AMOCs) 

(1) The Manager, Seattle ACO Branch, 

FAA, has the authority to approve AMOCs 

for this AD, if requested using the procedures 

found in 14 CFR 39.19. In accordance with 

14 CFR 39.19, send your request to your 

principal inspector or responsible Flight 

Standards Office, as appropriate. If sending 

information directly to the manager of the 

certification office, send it to the attention of 

the person identified in paragraph (j) of this 

AD. Information may be emailed to: 9-ANMSeattle-ACO-AMOC-Requests@faa.gov. 

(2) Before using any approved AMOC, 

notify your appropriate principal inspector, 

or lacking a principal inspector, the manager 

of the responsible Flight Standards Office. 

(3) An AMOC that provides an acceptable 

level of safety may be used for any repair, 

modification, or alteration required by this 

AD if it is approved by The Boeing Company 

Organization Designation Authorization 

(ODA) that has been authorized by the 

Manager, Seattle ACO Branch, FAA, to make 

those findings. To be approved, the repair 

method, modification deviation, or alteration 

deviation must meet the certification basis of 

the airplane, and the approval must 

specifically refer to this AD. 

(j) Related Information 

For more information about this AD, 

contact Luis Cortez, Aerospace Engineer, 

Airframe Section, FAA, Seattle ACO Branch, 

2200 South 216th St., Des Moines, WA 

98198; phone and fax: (206) 231–3958; email: 

Luis.A.Cortez-Muniz@faa.gov. 

(k) Material Incorporated by Reference 

(1) The Director of the Federal Register 

approved the incorporation by reference 

(IBR) of the service information listed in this 

paragraph under 5 U.S.C. 552(a) and 1 CFR 

part 51. 

(2) You must use this service information 

as applicable to do the actions required by 

this AD, unless the AD specifies otherwise. 

(i) Boeing Alert Requirements Bulletin 

777–57A0123 RB, dated July 8, 2021. 

(ii) [Reserved] 

(3) For service information identified in 

this AD, contact Boeing Commercial 

Airplanes, Attention: Contractual & Data 

Services (C&DS), 2600 Westminster Blvd., 

MC 110–SK57, Seal Beach, CA 90740–5600; 

telephone 562–797–1717; internet https://

www.myboeingfleet.com. 

(4) You may view this service information 

at the FAA, Airworthiness Products Section, 

Operational Safety Branch, 2200 South 216th 

St., Des Moines, WA. For information on the 

availability of this material at the FAA, call 

206–231–3195. 

(5) You may view this service information 

that is incorporated by reference at the 

National Archives and Records 

Administration (NARA). For information on 

the availability of this material at NARA, 

fr.inspection@nara.gov, or go to: https://

www.archives.gov/federal-register/cfr/ibrlocations.html. 

Issued on May 16, 2022. 

Gaetano A. Sciortino, 

Deputy Director for Strategic Initiatives, 

Compliance & Airworthiness Division, 

Aircraft Certification Service. 

[FR Doc. 2022–12818 Filed 6–14–22; 8:45 am] 

BILLING CODE 4910–13–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4044 

Allocation of Assets in SingleEmployer Plans; Interest Assumptions 

for Valuing Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulation on Allocation of Assets in 

Single-Employer Plans to prescribe 

interest assumptions under the asset 

allocation regulation for plans with 

valuation dates in the third quarter of 

2022. These interest assumptions are 

used for valuing benefits under 

terminating single-employer plans and 

for other purposes. 

DATES: Effective July 1, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Gregory Katz (katz.gregory@pbgc.gov), 

Attorney, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

1200 K Street NW, Washington, DC 

20005, 202–229–3829. If you are deaf, 

hard of hearing, or have a speech 

disability, please dial 7–1–1 to access 

telecommunications relay services. 

SUPPLEMENTARY INFORMATION: PBGC’s 

regulation on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) prescribes actuarial 

assumptions—including interest 

assumptions—for valuing benefits under 

terminating single-employer plans 

covered by title IV of the Employee 

Retirement Income Security Act of 1974 

(ERISA). The interest assumptions in 

the regulation are also published on 

PBGC’s website (https://www.pbgc.gov). 

PBGC uses the interest assumptions in 

appendix B to part 4044 (‘‘Interest Rates 

Used to Value Benefits’’) to determine 

the present value of annuities in an 

involuntary or distress termination of a 

single-employer plan under the asset 

allocation regulation. The assumptions 

are also used to determine the value of 

multiemployer plan benefits and certain 

assets when a plan terminates by mass 

withdrawal in accordance with PBGC’s 

regulation on Duties of Plan Sponsor 

Following Mass Withdrawal (29 CFR 

part 4281). 

The third quarter 2022 interest 

assumptions will be 2.81 percent for the 

first 20 years following the valuation 

date and 2.94 percent thereafter. In 

comparison with the interest 

assumptions in effect for the second 

quarter of 2022, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

an increase of 0.41 percent in the select 

rate, and an increase of 0.82 percent in 

the ultimate rate (the final rate). 

Need for Immediate Guidance 

PBGC has determined that notice of, 

and public comment on, this rule are 

impracticable, unnecessary, and 

contrary to the public interest. PBGC 

routinely updates the interest 

assumptions in appendix B of the asset 

allocation regulation each quarter so 

that they are available to value benefits. 

Accordingly, PBGC finds that the public 

interest is best served by issuing this 

rule expeditiously, without an 

opportunity for notice and comment, 

and that good cause exists for making 

the assumptions set forth in this 

amendment effective less than 30 days 

after publication to allow the use of the 

proper assumptions to estimate the 

value of plan benefits for plans with 

valuation dates early in the third quarter 

of 2022. 


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