2822 Federal Register / Vol. 66, No. 9 / Friday, January 12, 2001 / Rules and Regulations

§§ 7.367(c)–1 and 7.367(c)–2 [Amended]

Par. 2. Sections 7.367(c)–1 and

7.367(c)–2 are removed.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 28, 2000.

Jonathan Talisman,

Assistant Secretary of the Treasury.

[FR Doc. 01–489 Filed 1–11–01; 8:45 am]

BILLING CODE 4830–01–U

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 February 2001. Interest

assumptions are also published on the

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

EFFECTIVE DATE: February 1, 2001.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005, 202–326–4024. (For TTY/TDD

users, call the Federal relay service tollfree 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 February 2001,

(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

February 2001, 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 February 2001.

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 6.50 percent for

the first 20 years following the valuation

date and 6.25 percent thereafter. These

interest assumptions represent a

decrease (from those in effect for

January 2001) of 0.20 percent for the

first 20 years following the valuation

date and are otherwise unchanged.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in appendix B to

part 4022) will be 4.75 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 represent a decrease (from

those in effect for January 2001) of 0.25

percent for the period during which a

benefit is in pay status and the sevenyear period directly preceding the

benefit’s placement in pay status; they

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, 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 February 2001,

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

88, as set forth below, is added to the

table. (The introductory text of the table

is omitted.)

Federal Register / Vol. 66, No. 9 / Friday, January 12, 2001 / Rules and Regulations 2823

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

*******

88 2–1–01 3–1–01 4.75 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 88, 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

*******

88 2–1–01 3–1–01 4.75 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

* * * * * * *

For valuation dates occurring in the month—

The values of it are:

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

*******

February 2001 ...................................................................... .0650 1–20 .0625 >20 N/A N/A

Issued in Washington, DC, on this 5th day

of January 2001.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 01–1023 Filed 1–11–01; 8:45 am]

BILLING CODE 7708–01–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 35

[FRL–6931–8]

RIN 2040–AD20

Drinking Water State Revolving Funds

Rule

AGENCY: Environmental Protection

Agency.

ACTION: Adoption of interim final rule as

final rule.

SUMMARY: The Environmental Protection

Agency (EPA) promulgated an interim

final rule on August 7, 2000 (65 FR

48286) which codified and

implemented requirements for the

Drinking Water State Revolving Fund

(DWSRF) program. The interim final

rule was effective on the date of

publication in the Federal Register, but

included a 60-day comment period to

give interested parties an opportunity to

comment. EPA indicated that comments

would be considered and, if necessary,

the Agency would issue a revised final

rule changing the interim final rule to

respond to comments. After careful

consideration of the comments received

on the interim final rule, EPA has

determined that it will not make

changes to the interim final rule.

DATES: The interim final rule became

effective on August 7, 2000.

ADDRESSES: Public comments and the

comment response document on the

interim final rule have been established

under Docket W–00–11, which includes

supporting documentation, and is

available for review at the Water Docket,

U.S. Environmental Protection Agency,

401 M Street, SW, East Tower Basement,

Room EB57, Washington, DC 20460. For

access to the Docket materials, please

call (202) 260–3027 between 9 a.m. and

3:30 p.m. (Eastern Time), Monday

through Friday, for an appointment and

reference Docket W–00–11.

FOR FURTHER INFORMATION CONTACT: For

technical inquiries, contact Kimberley

Roy, Drinking Water Protection

Division, Office of Ground Water and

Drinking Water (MC–4606), U.S.

Environmental Protection Agency, Ariel

Rios Building, 1200 Pennsylvania

Avenue, NW, Washington, DC 20460.

The telephone number is (202) 260–

2794 and the e-mail address is

roy.kimberley@epa.gov. For general

information, contact the Safe Drinking

Water Hotline, toll free at (800) 426–

4791. The Safe Drinking Water Hotline

is open Monday through Friday,

excluding Federal holidays, from 9:00

a.m. to 5:30 p.m. (Eastern Time).

DWSRF program information, including