Federal Register / Vol. 66, No. 158 / Wednesday, August 15, 2001 / Rules and Regulations 42737

§ 24.114 [Amended]

Par. 16. Amend § 24.114 as follows:

a. Remove the reference to ‘‘part 170’’

and add, in its place, a reference to

‘‘part 29’’; and

b. Remove the reference to ‘‘§ 170.55’’

and add, in its place, a reference to

‘‘§ 29.55.’’

PART 25—BEER

Par. 17. The authority citation for 27

CFR part 25 continues to read as

follows:

Authority: 19 U.S.C. 81c; 26 U.S.C. 5002,

5051–5054, 5056, 5061, 5091, 5111, 5113,

5142, 5143, 5146, 5222, 5401–5403, 5411–

5417, 5551, 5552, 5555, 5556, 5671, 5673,

5684, 6011, 6061, 6065, 6091, 6109, 6151,

6301, 6302, 6311, 6313, 6402, 6651, 6656,

6676, 6806, 7011, 7342, 7606, 7805; 31 U.S.C.

9301, 9303–9308.

§ 25.4 [Amended]

Par. 18. Amend § 25.4 by removing

the reference to ‘‘27 CFR Part 170—

Miscellaneous Regulations Relating to

Liquor’’ and adding, in part number

order, a reference to ‘‘27 CFR Part 29—

Stills and Miscellaneous Regulations.’’

PART 70—PROCEDURE AND

ADMINISTRATION

Par. 19. The authority citation for 27

CFR part 70 continues to read as

follows:

Authority: 5 U.S.C. 301 and 552; 26 U.S.C.

4181, 4182, 5146, 5203, 5207, 5275, 5367,

5415, 5504, 5555, 5684(a), 5741, 5761(b),

5802, 6020, 6021, 6064, 6102, 6155, 6159,

6201, 6203, 6204, 6301, 6303, 6311, 6313,

6314, 6321, 6323, 6325, 6326, 6331–6343,

6401–6404, 6407, 6416, 6423, 6501–6503,

6511, 6513, 6514, 6532, 6601, 6602, 6611,

6621, 6622, 6651, 6653, 6656–6658, 6665,

6671, 6672, 6701, 6723, 6801, 6862, 6863,

6901, 7011, 7101, 7102, 7121, 7122, 7207,

7209, 7214, 7304, 7401, 7403, 7406, 7423,

7424, 7425, 7426, 7429, 7430, 7432, 7502,

7503, 7505, 7506, 7513, 7601–7606, 7608–

7610, 7622, 7623, 7653, 7805.

§ 70.131 [Amended]

Par. 20. Amend paragraph (b) of

§ 70.131 by removing the reference to

‘‘part 170’’ and adding, in its place, a

reference to ‘‘part 29.’’

§ 70.411 [Amended]

Par. 21. Amend paragraph (c)(2) of

§ 70.411 by removing the reference to

‘‘Part 170’’ and adding, in its place, a

reference to ‘‘Part 29.’’

PART 170—[REDESIGNATED AS PART

29]

Par. 22. Redesignate 27 CFR part 170

as 27 CFR part 29.

PART 29—MISCELLANEOUS

REGULATIONS RELATING TO

ALCOHOL

Par. 23. The authority citation for the

newly redesignated 27 CFR part 29 is

revised to read as follows:

Authority: 26 U.S.C. 5002, 5101, 5102,

5179, 5291, 5601, 5615, 5687, 7805.

Par. 24. Revise the title of the newly

redesignated part 29 to read as follows:

PART 29—STILLS AND

MISCELLANEOUS REGULATIONS

* * * * *

§§ 29.42 and 29.45 [Amended]

Par. 25. Remove the reference to

‘‘ATF Order 1130.20, Delegation

Order—Delegation of the Director’s

Authorities in 27 CFR Part 170—

Miscellaneous Regulations Relating to

Liquor’’ and add, in its place, a

reference to ‘‘ATF Order 1130.25,

Delegation Order—Delegation of the

Director’s Authorities in 27 CFR Part

29—Stills and Miscellaneous

Regulations,’’ in the following places:

a. Section 29.42; and

b. The definition of ‘‘Appropriate ATF

officer’’ in § 29.45.

§§ 29.47 and 29.49 [Amended]

Par. 26. Remove the reference to

‘‘§ 170.59’’ and add, in its place, a

reference to ‘‘§ 29.59’’ in the following

places:

a. Section 29.47(c); and

b. Section 29.49(c).

§ 29.59 [Amended]

Par. 27. Amend § 29.59 by removing

the reference to ‘‘§ 170.47, or 170.49’’

and adding, in its place, a reference to

‘‘§§ 29.47 or 29.49.’’

Signed: April 13, 2001.

Bradley A. Buckles,

Director, Bureau of Alcohol, Tobacco and

Firearms.

Approved: April 25, 2001.

Timothy E. Skud,

Acting Deputy Assistant Secretary

(Regulatory, Tariff and Trade Enforcement),

Department of the Treasury.

[FR Doc. 01–20482 Filed 8–14–01; 8:45 am]

BILLING CODE 4810–31–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 September 2001. Interest

assumptions are also published on the

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

EFFECTIVE DATE: September 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. (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: 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 September 2001,

42738 Federal Register / Vol. 66, No. 158 / Wednesday, August 15, 2001 / Rules and Regulations

(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

September 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

September 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 6.30

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 August 2001) of 0.10 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 4.50 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. These interest

assumptions represent a decrease (from

those in effect for August 2001) of 0.25

percent for the period during which a

benefit is in pay status 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, 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 September 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

95, 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

*******

95 9–1–01 10–1–01 4.50 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 95, 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

*******

95 9–1–01 10–1–01 4.50 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. 66, No. 158 / Wednesday, August 15, 2001 / Rules and Regulations 42739

For valuation dates occurring in the month—

The values of it are:

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

*******

September 2001 ................................................................... .0630 1–20 .0625 >20 N/A N/A

Issued in Washington, DC, on this 9th day

of August 2001.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–20490 Filed 8–14–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 904

[SPATS No. AR–038–FOR]

Arkansas Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement, Interior.

ACTION: Final rule; approval of

amendment.

SUMMARY: The Office of Surface Mining

Reclamation and Enforcement (OSM) is

approving an amendment to the

Arkansas regulatory program (Arkansas

program) under the Surface Mining

Control and Reclamation Act of 1977

(SMCRA or the Act). Arkansas proposed

revisions and additions of regulations

concerning definitions; areas where

surface coal mining operations are

prohibited or limited; exception for

existing operations; procedures for

compatibility findings for surface coal

mining operations on federal lands in

national forests; procedures for

relocating or closing public roads or

waiving prohibitions on surface coal

mining operations within the buffer

zone of public roads; procedures for

waiving prohibitions on surface coal

mining operations within the buffer

zone of occupied dwellings; submission

and processing of requests for valid

existing rights determinations; director’s

obligations at time of permit application

review; interpretative rule related to

subsidence due to underground coal

mining in areas designated by act of

Congress; applicability to lands

designated as unsuitable by Congress;

exploration on land designated as

unsuitable for surface coal mining

operations; procedures: Initial

processing, recordkeeping, and

notification requirements; permit

requirements for exploration that will

remove more than 250 tons of coal or

that will occur on lands designated as

unsuitable for surface coal mining

operations; relationship to areas

designated unsuitable for mining;

protection of publicly owned parks and

historic places; relocation or use of

public roads; road systems; public

notices of filing of permit applications;

legislative public hearing; and criteria

for permit approval or denial. Arkansas

intends to revise its program to be

consistent with the corresponding

Federal regulations and to enhance

enforcement of the State program.

EFFECTIVE DATE: August 15, 2001.

FOR FURTHER INFORMATION CONTACT:

Michael C. Wolfrom, Director, Tulsa

Field Office, Office of Surface Mining,

5100 East Skelly Drive, Suite 470, Tulsa,

Oklahoma 74135–6548. Telephone:

(918) 581–6430. Internet:

mwolfrom@osmre.gov.

SUPPLEMENTARY INFORMATION:

I. Background on the Arkansas Program

II. Submission of the Amendment

III. Director’s Findings

IV. Summary and Disposition of Comments

V. Director’s Decision

VI. Procedural Determinations

I. Background on the Arkansas

Program

Section 503(a) of the Act permits a

State to assume primacy for the

regulation of surface coal mining and

reclamation operations on non-Federal

and non-Indian lands within its borders

by demonstrating that its State program

includes, among other things, ‘‘a State

law which provides for the regulation of

surface coal mining and reclamation

operations in accordance with the

requirements of the Act * * *’’ and

‘‘rules and regulations consistent with

regulations issued by the Secretary’’

pursuant to the Act. See 30 U.S.C.

1253(a)(1) and (7). On the basis of these

criteria, the Secretary of the Interior

conditionally approved the Arkansas

program on November 21, 1980. You

can find background information on the

Arkansas program, including the

Secretary’s findings, the disposition of

comments, and the conditions of

approval in the November 21, 1980,

Federal Register (45 FR 77003). You can

find later actions on the Arkansas

program at 30 CFR 904.10, 904.12,

904.15, and 904.16.

II. Submission of the Amendment

By letter dated March 1, 2001

(Administrative Record No. AR–567.04),

Arkansas sent us an amendment to its

program under SMCRA and the Federal

regulations at 30 CFR 732.17(b).

Arkansas sent the amendment in

response to our letter dated August 23,

2000 (Administrative Record No. AR–

567), that we sent to Arkansas under 30

CFR 732.17(c). The amendment also

includes changes made at Arkansas’

own initiative. Arkansas proposed to

amend the Arkansas Surface Coal

Mining and Reclamation Code

(ASCMRC). We announced receipt of

the amendment in the April 6, 2001,

Federal Register (66 FR 18216). In the

same document, we opened the public

comment period and provided an

opportunity for a public hearing or

meeting on the adequacy of the

amendment. The public comment

period closed on May 7, 2001. We did

not receive any comments. Because no

one requested a public hearing or

meeting, we did not hold one.

During our review of the amendment,

we identified concerns about the

definitions; submission and processing

of requests for valid existing rights

determinations; interpretative rule

related to subsidence due to

underground coal mining in areas

designated by Act of Congress; public

notices of filing of permit applications;

and legislative public hearings. We

notified Arkansas of these concerns by

letter dated April 11, 2001,

(Administrative Record No. AR–567.06).

By letter dated April 19, 2001

(Administrative Record No. AR–567.08),

Arkansas sent us revisions to its

program amendment. Based upon

Arkansas’ revisions to its amendment,

we reopened the public comment period

in the May 10, 2001, Federal Register

(66 FR 23868). The public comment

period closed on May 25, 2001. We did

not receive any comments.

III. Director’s Findings

Following, under SMCRA and the

Federal regulations at 30 CFR 732.15

and 732.17, are the OSM Director’s

findings concerning the amendment to

the Arkansas program.

Any revisions that we do not discuss

below are about minor wording changes,

or revised cross-references and