Federal Register / Vol. 63, No. 178 /Tuesday, September 15, 1998 /Rules and Regulations 49285

Substance Limitations

2,2′-Ethylidenebis(4,6-di-tertbutylphenyl)fluorophosphonite (CAS Reg. No.

118337–09–0).

For use only:

1. As provided in § 175.105 of this chapter.

2. In all polymers used in contact with food of types I, II, IV–B, VI–A, VI–B, VII–B, and

VIII, under conditions of use B through H described in Tables 1 and 2 of

§ 176.170(c) of this chapter at levels not to exceed 0.25 percent by weight of polymers.

3. In polypropylene complying with § 177.1520(c) of this chapter, item 1.1, in contact

with food of types III, IV–A, V, VII–A, and IX, under:

(a) Conditions of use B through H described in Tables 1 and 2 of § 176.170(c) of this

chapter at levels not to exceed 0.25 percent by weight of the polymer; or

(b) Condition of use A, limited to levels not to exceed 0.1 percent by weight of the

polymer; provided that the food-contact surface has an average thickness not exceeding 375 micrometers (0.015 inch).

4. In olefin copolymers complying with § 177.1520(c) of this chapter, items 3.1a or

3.2a, and containing not less than 85 percent by weight of polymer units derived

from propylene, in contact with food of types III, IV–A, V, VII–A, and IX, and under:

(a) Conditions of use C through G, described in Tables 1 and 2 of § 176.170(c) of this

chapter, limited to levels no greater than 0.2 percent by weight of the copolymers;

or

(b) Conditions of use A, B, and H, limited to levels no greater than 0.1 percent by

weight of the olefin copolymers; provided that the food-contact surface has an average thickness not exceeding 375 micrometers (0.015 inch).

5. In olefin polymers complying with § 177.1520(c) of this chapter, items 1.2 or 1.3 in

contact with food of types III, IV–A, V, VII–A, and IX, under conditions of use A

through H, described in Tables 1 and 2 of § 176.170(c) of this chapter at levels not

to exceed 0.1 percent by weight of the polymers; provided that the food-contact

surface has an average thickness not exceeding 375 micrometers (0.015 inch).

6. In polyethylene complying with § 177.1520(c) of this chapter, items 2.1 or 2.2, having a density of not less than 0.94, in contact with food of types III, IV–A, V, VII–A,

and IX, and under:

(a) Conditions of use B through H, described in Tables 1 and 2 of § 176.170(c) of this

chapter limited to levels not to exceed 0.2 percent by weight of the polymers; or

(b) Condition of use A, described in Tables 1 and 2 of § 176.170(c) of this chapter,

limited to levels not to exceed 0.1 percent by weight of the polymer; provided that

the food-contact surface has an average thickness not exceeding 125 micrometers

(0.005 inch).

7. In olefin copolymers complying with § 177.1520(c) of this chapter, items 3.1a, 3.1b,

3.2a, or 3.2b, containing not less than 85 percent by weight of polymer units derived from ethylene and having a density of not less than 0.94, in contact with food

of types III, IV–A, V, VII–A, and IX, and under:

(a) Conditions of use C through G, described in Tables 1 and 2 of § 176.170(c) of this

chapter limited to levels not to exceed 0.2 percent by weight of the copolymers; or

(b) Conditions of use A, B, and H, limited to levels not to exceed 0.1 percent by

weight of the copolymers; provided that the food-contact surface has an average

thickness not exceeding 125 micrometers (0.005 inch).

8. In olefin polymers complying with § 177.1520(c) of this chapter, items 3.1a, 3.1b,

3.2a, or 3.2b containing not less than 85 percent by weight of polymer units derived

from ethylene, in contact with food of types III, IV–A, V, VII–A, and IX, under conditions of use A through H, as described in Tables 1 and 2 of § 176.170(c) of this

chapter at levels not to exceed 0.1 percent by weight of the copolymer; provided

that the * * *

BILLING CODE 1505–01–D

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: The Pension Benefit Guaranty

Corporation’s regulation on Allocation

of Assets in Single-Employer Plans

prescribes interest assumptions for

valuing benefits under terminating

single-employer plans. This final rule

amends the regulation to adopt interest

assumptions for plans with valuation

dates in October 1998.

EFFECTIVE DATE: October 1, 1998.

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 regulation on Allocation of

Assets in Single-Employer Plans (29

CFR part 4044) prescribes actuarial

assumptions for valuing plan benefits of

terminating single-employer plans

covered by title IV of the Employee

Retirement Income Security Act of 1974.

Among the actuarial assumptions

prescribed in part 4044 are interest

assumptions. These interest

assumptions are intended to reflect

current conditions in the financial and

annuity markets.
49286 Federal Register / Vol. 63, No. 178 /Tuesday, September 15, 1998 /Rules and Regulations

Two sets of interest assumptions are

prescribed, one set for the valuation of

benefits to be paid as annuities and one

set for the valuation of benefits to be

paid as lump sums. This amendment

adds to appendix B to part 4044 the

annuity and lump sum interest

assumptions for valuing benefits in

plans with valuation dates during

October 1998.

For annuity benefits, the interest

assumptions will be 5.40 percent for the

first 25 years following the valuation

date and 5.25 percent thereafter. For

benefits to be paid as lump sums, the

interest assumptions to be used by the

PBGC will be 4.00 percent for the period

during which a benefit is in pay status

and during any years preceding the

benefit’s placement in pay status. These

annuity and lump sum interest

assumptions are unchanged from those

in effect for September 1998.

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 of

benefits in plans with valuation dates

during October 1998, 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 4044

Pension insurance, Pensions.

In consideration of the foregoing, 29

CFR part 4044 is amended as follows:

PART 4044—ALLOCATION OF

ASSETS IN SINGLE-EMPLOYER

PLANS

1. The authority citation for part 4044

continues to read as follows:

Authority: 29 U.S.C. 1301(a), 1302(b)(3),

1341, 1344, 1362.

2. In appendix B, a new entry is

added to Table I, and Rate Set 60 is

added to Table II, as set forth below.

The introductory text of each table is

republished for the convenience of the

reader and remains unchanged.

Appendix B to Part 4044—Interest Rates Used To Value Annuities and Lump Sums

TABLE I.—ANNUITY VALUATIONS

[This table sets forth, for each indicated calendar month, the interest rates (denoted by i1, i2, . . ., and referred to generally as it) assumed to be

in effect between specified anniversaries of a valuation date that occurs within that calendar month; those anniversaries are specified in the

columns adjacent to the rates. The last listed rate is assumed to be in effect after the last listed anniversary date.]

For valuation dates occurring in the month—

The values of it are:

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

* * * * * * *

October 1998 ......................................................................... .0540 1–25 .0525 >25 N/A N/A

TABLE II.—LUMP SUM VALUATIONS

[In using this table: (1) For benefits for which the participant or beneficiary is entitled to be in pay status on the valuation date, the immediate annuity rate shall apply; (2) For benefits for which the deferral period is y years (where y is an integer and 0 < y ≤ n1), interest rate i1 shall

apply from the valuation date for a period of y years, and thereafter the immediate annuity rate shall apply; (3) For benefits for which the deferral period is y years (where y is an integer and n1 < y ≤ n1 + n2), interest rate i2 shall apply from the valuation date for a period of y¥n1

years, interest rate i1 shall apply for the following n1 years, and thereafter the immediate annuity rate shall apply; (4) For benefits for which

the deferral period is y years (where y is an integer and y > n1 + n2), interest rate i3 shall apply from the valuation date for a period of

y¥n1¥n2 years, interest rate i2 shall apply for the following n2 years, interest rate i1 shall apply for the following n1 years, and thereafter the

immediate annuity rate shall apply.]

Rate set

For plans with a valuation

date Immediate

annuity rate

(percent)

Deferred annuities (percent)

On or after Before i1 i2 i3 n1 n2

* * * * * * *

60 ........................................ 10–1–98 11–1–98 4.00 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 3rd day

of September 1998.

David M. Strauss,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 98–24635 Filed 9–14–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD 08–98–041]

Drawbridge Operation Regulation;

Green River

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation

from regulations.

SUMMARY: The Commander, Eighth

Coast Guard District has issued a

temporary deviation from the regulation

governing the operation of the Paducah

& Louisville Railroad Bridge at Mile

94.8, across the Green River. This

deviation amends the federal

drawbridge operation regulations to

allow the drawbridge to remain closed

from September 1, 1998 through

October 30, 1998 during planned repair

periods. The planned repairs include

replacement of the bridge’s lift motors.