7076 Federal Register / Vol. 67, No. 32 / Friday, February 15, 2002 / Rules and Regulations

affect the State’s ability to discharge

traditional State government functions.

Executive Order 13175 (Tribal

Consultation)

The FHWA has analyzed this action

under Executive Order 13175, dated

November 6, 2000, and believes that it

will not have substantial direct effects

on one or more Indian tribes; will not

impose substantial direct compliance

costs on Indian tribal governments; and

will not preempt tribal law. This action

merely adds guidance and supporting

information for the decisionmaking

process concerning whether or not to

install accessible pedestrian signals.

Therefore, a tribal summary impact

statement is not required.

Executive Order 12372

(Intergovernmental Review)

Catalog of Federal Domestic

Assistance Program Number 20.205,

Highway Planning and Construction.

The regulations implementing Executive

Order 12372 regarding

intergovernmental consultation on

Federal programs and activities apply to

this program.

Paperwork Reduction Act

Under the Paperwork Reduction Act

of 1995 (PRA) (44 U.S.C. 3501, et seq.),

Federal agencies must obtain approval

from the Office of Management and

Budget (OMB) for each collection of

information they conduct, sponsor, or

require through regulations. The FHWA

has determined that this action does not

contain a collection of information

requirement for purposes of the PRA.

Executive Order 12988 (Civil Justice

Reform)

This action meets applicable

standards in Sections 3(a) and 3(b)(2) of

Executive Order 12988, Civil Justice

Reform, to minimize litigation, to

eliminate ambiguity, and to reduce

burden.

Executive Order 13045 (Protection of

Children)

The FHWA has analyzed this action

under Executive Order 13045,

Protection of Children from

Environmental Health Risks and Safety

Risks. This is not an economically

significant action and does not concern

an environmental risk to health or safety

that may disproportionately affect

children.

Executive Order 12630 (Taking of

Private Property)

This action will not effect a taking of

private property or otherwise have

taking implications under Executive

Order 12630, Governmental Actions and

Interference with Constitutionally

Protected Property Rights.

Executive Order 13211 (Energy Effects)

We have analyzed this interim final

rule under Executive Order 13211,

Actions Concerning Regulations That

Significantly Affect Energy Supply,

Distribution, or Use. We have

determined that it is not a significant

energy action under that order because

it is not a significant regulatory action

under Executive Order 12866 and is not

likely to have a significant adverse effect

on the supply, distribution, or use of

energy. Therefore, a Statement of Energy

Effects under Executive Order 13211 is

not required.

National Environmental Policy Act

The agency has analyzed this action

for the purpose of the National

Environmental Policy Act of 1969 (42

U.S.C. 4321 et seq.) and has determined

that it will not have any effect on the

quality of the environment.

Regulation Identification Number

A regulation identification number

(RIN) is assigned to each regulatory

action listed in the Unified Agenda of

Federal Regulations. The Regulatory

Information Service Center publishes

the Unified Agenda in April and

October of each year. The RIN contained

in the heading of this document can be

used to cross reference this action with

the Unified Agenda.

List of Subjects in 23 CFR Part 655

Design standards, Grant programs—

transportation, Highways and roads,

Incorporation by reference, Signs,

Traffic regulations.

Issued on: February 8, 2002.

Mary E. Peters,

Administrator, Federal Highway

Administrator.

The FHWA hereby amends chapter I

of title 23, Code of Federal Regulations,

part 655 as set forth below:

PART 655—TRAFFIC OPERATIONS

1. The authority citation for part 655

continues to read as follows:

Authority: 23 U.S.C. 101(a), 104, 109(d),

114(a), 217, 315, and 402(a); 23 CFR 1.32;

and 49 CFR 1.48(b).

Subpart F—Traffic Control Devices on

Federal-Aid and Other Streets and

Highways

2. Revise § 655.601(a) to read as

follows:

§ 655.601 Purpose.

* * * * *

(a) Manual on Uniform Traffic Control

Devices (MUTCD), 2000 Millennium

Edition, FHWA, dated December 2000,

including Errata No. 1 to MUTCD 2000

Millennium Edition dated June 14,

2001, and Revision No. 1 dated

December 28, 2001. This publication is

incorporated by reference in accordance

with 5 U.S.C. 552(a) and 1 CFR part 51

and is on file at the Office of the Federal

Register, 800 North Capitol Street, NW.,

Suite 700, Washington, DC. These

documents are available for inspection

and copying at the Federal Highway

Administration, 400 Seventh Street,

SW., Room 3408, Washington, DC

20590, as provided in 49 CFR Part 7.

The text is also available from the

Federal Highway Administration’s

Office of Transportation Operation’s

website at: http://mutcd.fhwa.dot.gov.

* * * * *

[FR Doc. 02–3619 Filed 2–14–02; 8:45 am]

BILLING CODE 4910–22–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 March 2002. Interest

assumptions are also published on the

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

EFFECTIVE DATE: March 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

Federal Register / Vol. 67, No. 32 / Friday, February 15, 2002 / Rules and Regulations 7077

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 March 2002, (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

March 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 March 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 5.60

percent for the first 25 years following

the valuation date and 4.25 percent

thereafter. These interest assumptions

are represent a decrease (from those in

effect for February 2002) of 0.20 percent

for the first 25 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 February 2002) 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 March 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

101, 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

*******

101 .......... 3–1–02 4–1–02 4.50 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 101, 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

*******

101 .......... 3–1–02 4–1–02 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:

7078 Federal Register / Vol. 67, No. 32 / Friday, February 15, 2002 / Rules and Regulations

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 =

*******

March 2002 ........................................................................... .0560 1–25 .0425 >25 N/A N/A

Issued in Washington, DC, on this 8th day

of February 2002.

Steven A. Kandarian,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 02–3779 Filed 2–14–02; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 357

[Department of the Treasury Circular, Public

Debt Series, No. 2–86]

Regulations Governing Book-Entry

Treasury Bonds, Notes and Bills

AGENCY: Bureau of the Public Debt,

Fiscal Service, Treasury.

ACTION: Interim rule with request for

comments.

SUMMARY: The Department of the

Treasury is making technical changes to

the Regulations Governing Book-Entry

Treasury Bonds, Notes and Bills held in

the commercial book-entry system (the

‘‘TRADES regulations’’), so that they

conform to certain provisions in Revised

Article 9 of the Uniform Commercial

Code—Secured Transactions. In

addition, Treasury is rewriting the

TRADES regulations in plain language,

without any additional substantive

changes.

DATES: Effective February 15, 2002. The

incorporation by reference of certain

publications listed in the rule is

approved by the Director of the Federal

Register as of February 15, 2002. To be

considered, comments must be received

no later than April 1, 2002.

ADDRESSES: Submit comments to Walter

Eccard, Chief Counsel; or Geraldine

Porco-Hubenko, Attorney-Adviser;

Office of the Chief Counsel, Bureau of

the Public Debt, Department of the

Treasury, 999 E Street, Room 501,

Washington DC 20239 or by e-mail at:

Walter.Eccard@bpd.treas.gov or

Geraldine.Porco@bpd.treas.gov. See

Supplementary Information section for

electronic access.

FOR FURTHER INFORMATION CONTACT:

Walter Eccard, Chief Counsel; Geraldine

J. Porco-Hubenko, Attorney-Adviser; or

Sandy Dyson, Attorney-Adviser; at (202)

691–3520.

SUPPLEMENTARY INFORMATION:

Electronic Access

Copies of this notice are available for

downloading from the Bureau of the

Public Debt home page at: http://

www.publicdebt.treas.gov.

Background

The Treasury/Reserve Automated

Debt Entry System (TRADES) rules, 61

FR 43626, were issued on August 23,

1996 by the Department of the Treasury.

The TRADES rules generally are based

on the 1994 Uniform Commercial Code

Article 8, ‘‘Investment Securities’’

(‘‘Revised Article 8’’). The rules specify

which jurisdiction’s law governs certain

matters related to Treasury securities in

TRADES or the commercial book-entry

system. As more fully described in

Appendix B, Persons holding Treasury

book-entry securities in TRADES hold

their interest in such securities in a

tiered system of ownership accounts. In

addition, several Government

Sponsored Enterprises (GSEs) have

issued rules that are modeled on the

TRADES regulations.

Revised Article 9

U.C.C. Revised Article 9 is a

substantial revision of the uniform law

on secured transactions. It has now been

adopted by 50 states and the District of

Columbia. Revised Article 9 (with

conforming amendments) amends

certain provisions of Revised Article 8

(with conforming amendments).

By a separate notice published in the

Federal Register (66 FR 33832, June 26,

2001), we addressed those states whose

statutes we had previously determined

were ‘‘substantially identical’’ to the

uniform version of Revised Article 8 for

purposes of interpreting the TRADES

regulations. We confirmed that the

adoption by a state of amendments to

Revised Article 8 contained in Revised

Article 9 does not affect that earlier

determination. We noted, however, that

we had identified several provisions in

Revised Article 9 that might require

technical or conforming changes to the

TRADES regulations. This rulemaking

document makes those changes. They

are:

• Section 357.11(b). The current

TRADES provision is closely based on

the choice of law rules in U.C.C. 8–110,

which has been amended by Revised

Article 9 (see § 9–305(a)(3) and § 8–

110(e)(1)). These new provisions

provide, in effect, that an agreement

between a securities intermediary and

its entitlement holder may expressly

specify a jurisdiction exclusively for

purposes of Revised Article 8. New

Section 357.11(b)(1) conforms to this

provision. This change will allow

Treasury securities transactions to

continue to be subject to the same rules

that are applicable to other securities. In

other words, without this change, the

TRADES rules, which are Federal law

and preempt state law, would not

provide for the new choice of law

option available under state law (the

U.C.C.) that applies to other securities

subject to state law.

• Section 357.11(d). The TRADES

regulations provide that the law of the

jurisdiction in which the Person

creating a security interest (e.g., the

debtor) is located, governs whether and

how the security interest may be

perfected, either automatically or by

filing a financing statement. In the

TRADES commentary (Appendix B,

Section-by-Section Analysis, Section

357.11), we stated, ‘‘the language ‘is

located’ is intended to conform to its

meaning under applicable law, as it may

be amended from time to time. See, e.g.,

U.C.C. section 9–103(3)(d).’’ Former

U.C.C. 9–103(3)(d) provided that a

debtor was deemed to be located ‘‘at his