64744 Federal Register / Vol. 66, No. 241 / Friday, December 14, 2001 / Rules and Regulations

Service may not receive any part of any

fees that may be charged.

(f) Authority to enter into contracts.

The Commissioner may enter into

contracts related to receiving payments

of tax by credit card or debit card if such

contracts are cost beneficial to the

Government. The determination of

whether the contract is cost beneficial

shall be based on an analysis

appropriate for the contract at issue and

at a level of detail appropriate to the

size of the Government’s investment or

interest. The Commissioner may not pay

any fee or charge or provide any other

monetary consideration under such

contracts for such payments.

(g) Use and disclosure of information

relating to payment of taxes by credit

card and debit card. Any information or

data obtained directly or indirectly by

any person other than the taxpayer in

connection with payment of taxes by a

credit card or debit card shall be treated

as confidential, whether such

information is received from the

Internal Revenue Service or from any

other person (including the taxpayer).

(1) No person other than the taxpayer

shall use or disclose such information

except as follows—

(i) Card issuers, financial institutions,

or other persons participating in the

credit card or debit card transaction may

use or disclose such information for the

purpose and in direct furtherance of

servicing cardholder accounts,

including the resolution of errors in

accordance with paragraph (d) of this

section. This authority includes the

following—

(A) Processing the credit card or debit

card transaction, in all of its stages

through and including the crediting of

the amount charged on account of tax to

the United States Treasury;

(B) Billing the taxpayer for the

amount charged or debited with respect

to payment of the tax liability;

(C) Collecting the amount charged or

debited with respect to payment of the

tax liability;

(D) Returning funds to the taxpayer in

accordance with paragraph (d)(3) of this

section;

(E) Sending receipts or confirmation

of a transaction to the taxpayer,

including secured electronic

transmissions and facsimiles; and

(F) Providing information necessary to

make a payment to state or local

government agencies, as explicitly

authorized by the taxpayer (e.g., name,

address, taxpayer identification

number).

(ii) Card issuers, financial institutions

or other persons participating in the

credit card or debit card transaction may

use and disclose such information for

the purpose and in direct furtherance of

any of the following activities—

(A) Assessment of statistical risk and

profitability;

(B) Transfer of receivables or accounts

or any interest therein;

(C) Audit of account information;

(D) Compliance with federal, state, or

local law; and

(E) Cooperation in properly

authorized civil, criminal, or regulatory

investigations by federal, state, or local

authorities.

(2) Notwithstanding the provisions of

paragraph (g)(1) of this section, use or

disclosure of information relating to

credit card and debit card transactions

for purposes related to any of the

following is not authorized—

(i) Sale of such information (or

transfer of such information for

consideration) separate from a sale of

the underlying account or receivable (or

transfer of the underlying account or

receivable for consideration);

(ii) Marketing for any purpose, such

as, marketing tax-related products or

services, or marketing any product or

service that targets those who have used

a credit card or debit card to pay taxes;

and

(iii) Furnishing such information to

any credit reporting agency or credit

bureau, except with respect to the

aggregate amount of a cardholder’s

account, with the amount attributable to

payment of taxes not separately

identified.

(3) Use and disclosure of information

other than as authorized by this

paragraph (g) may result in civil liability

under sections 7431(a)(2) and (h).

(h) Effective date. This section applies

to payments of taxes made on and after

December 14, 2001.

§ 301.6311–2T [Removed]

Par. 6. Section 301.6311–2T is

removed.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 10, 2001.

Mark Weinberger,

Acting Assistant Secretary of the Treasury.

[FR Doc. 01–30934 Filed 12–13–01; 8:45 am]

BILLING CODE 4830–01–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 January 2002. Interest

assumptions are also published on the

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

EFFECTIVE DATE: January 1, 2002.

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 January 2002, (2)

Federal Register / Vol. 66, No. 241 / Friday, December 14, 2001 / Rules and Regulations 64745

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 2002, 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 January 2002.

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 5.80

percent for the first 25 years following

the valuation date and 4.25 percent

thereafter. These interest assumptions

(in comparison with those in effect for

December 2001) reflect a 5-year increase

in the period during which the initial

rate applies (from a period of 20 years

following the valuation date to a period

of 25 years following the valuation

date). The initial rate, in effect during

the 25-year period, represents a decrease

(from the initial rate in effect for

December 2001) of 0.30 percent. The

ultimate rate, in effect thereafter,

represents a decrease (from the ultimate

rate in effect for December 2001) of 2.00

percent.

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 are unchanged from those

in effect for December 2001.

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 January 2002, 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

99, 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

*******

99 1–1–02 2–1–02 4.50 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set

99, 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

*******

99 1–1–02 2–1–02 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

* * * * *

64746 Federal Register / Vol. 66, No. 241 / Friday, December 14, 2001 / Rules and Regulations

For valuation dates occurring in the month—

The values of it are:

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

*******

January 2002 ........................................................................ .0580 1–25 .0425 >25 N/A N/A

Issued in Washington, DC, on this 11th day

of December 2001.

Steven A. Kandarian,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 01–30963 Filed 12–13–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 918

[SPATS No. LA–020–FOR]

Louisiana 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

Louisiana regulatory program (Louisiana

program) under the Surface Mining

Control and Reclamation Act of 1977

(SMCRA). Louisiana proposed to add

standards for measuring revegetation

success on pastureland. Louisiana

intends to revise the Louisiana program

to be consistent with the corresponding

Federal regulations and to improve

operational efficiency.

EFFECTIVE DATE: December 14, 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 Louisiana 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 Louisiana

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 this Act * * *;

and rules and regulations consistent

with regulations issued by the Secretary

pursuant to this 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 Louisiana

program on October 10, 1980. You can

find background information on the

Louisiana program, including the

Secretary’s findings and the disposition

of comments in the October 10, 1980,

Federal Register (45 FR 67340). You can

find later actions concerning the

Louisiana program at 30 CFR 918.15 and

918.16.

II. Submission of the Amendment

By letter dated June 1, 2001

(Administrative Record No. LA–365.04),

Louisiana sent us an amendment to its

program under SMCRA and the Federal

regulations at 30 CFR 732.17(b).

Louisiana sent the amendment in

response to our letters dated March 24,

1999, and August 16, 2000, that we sent

to Louisiana under 30 CFR 732.17

(Administrative Record Nos. LA–365

and LA–365.01, respectively).

We announced receipt of the

amendment in the June 27, 2001,

Federal Register (66 FR 34137). 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 July 27, 2001. Because

no one requested a public hearing or

meeting, we did not hold one.

During our review of the amendment,

we identified concerns relating to

sampling procedures; data submission

and analysis; data forms for ground

cover and whole release area harvesting;

example uses of sample adequacy

formulas for ground cover and hay

production measurements; statistical

analysis on whole release area

harvesting; and acceptable plant species

for permanent ground cover. We

notified Louisiana of these concerns by

letter dated August 20, 2001

(Administrative Record No. LA–365.10).

By letter dated October 10, 2001

(Administrative Record No. LA–365.11),

Louisiana sent revisions to its program

amendment. Because the revisions

merely clarified certain provisions of

Louisiana’s amendment, we did not

reopen the public comment period.

III. Director’s Findings

Following, under SMCRA and the

Federal regulations at 30 CFR 732.15

and 732.17, are the Director’s findings

concerning the amendment to the

Louisiana program.

Louisiana submitted revegetation

success guidelines that describe the

standards and procedures for

determining revegetation success on

pastureland. The Federal regulations at

30 CFR 816.116(a)(1) require that each

regulatory authority select revegetation

success standards and statistically valid

sampling techniques for measuring

revegetation success and include them

in its approved regulatory program.

Louisiana developed its revegetation

success guidelines for pastureland to

satisfy this requirement. The guidelines

for pastureland include revegetation

success standards and statistically valid

sampling techniques for measuring

revegetation success of reclaimed

pastureland in accordance with

Louisiana’s counterpart to 30 CFR

816.116. Louisiana’s standards, criteria,

and parameters for revegetation success

on pastureland reflect the extent of

cover, species composition, and soil

stabilization required in the Federal

regulations at 30 CFR 816.111. As

required by the Federal regulations at 30

CFR 816.116(a)(2) and (b), Louisiana’s

revegetation success standards include

criteria representative of unmined lands

in the area being reclaimed to evaluate

the appropriate vegetation parameters of

ground cover and production suitable to

the approved postmining land use of

pastureland. Louisiana’s guidelines

specify the procedures and techniques

to be used for sampling, measuring, and

analyzing vegetation parameters.

Ground cover and production suitable

to the approved postmining land use of

pastureland is considered equal to the

approved success standard when they

are not less than 90 percent of the

success standard. Sampling techniques

for measuring success use a 90-percent

statistical confidence interval. We find