Federal Register / Vol. 63, No. 157 / Friday, August 14, 1998 /Rules and Regulations 43623

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Delay of Effective Date

The effective date of the final rule,

Airspace Docket 97–ANM–23, as

published in the Federal Register on

July 21, 1998 (63 FR 39235), is hereby

delayed until further notice.

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

Issued in Washington, DC, on August 10,

1998.

Reginald C. Matthews,

Acting Program Director for Air Traffic

Airspace Management.

[FR Doc. 98–21853 Filed 8–13–98; 8:45 am]

BILLING CODE 4910–13–P

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 September 1998.

EFFECTIVE DATE: September 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.

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

September 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 August 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 September 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 59 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 =

* * * * * * *

September 1998 .................................................................... .0540 1–25 .0525 >25 N/A N/A
43624 Federal Register / Vol. 63, No. 157 / Friday, August 14, 1998 /Rules and Regulations

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

* * * * * * *

59 09–1–98 10–1–98 4.00 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 11th day

of August 1998.

John Seal,

Acting Executive Director Pension Benefit

Guaranty Corporation.

[FR Doc. 98–21849 Filed 8–13–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Minerals Management Service

30 CFR Part 253

RIN 1010–AC33

Oil Spill Financial Responsibility for

Offshore Facilities

AGENCY: Minerals Management Service

(MMS), Interior.

ACTION: Announcement of public

workshops.

SUMMARY: We will hold public

workshops in Houston, Texas, New

Orleans, Louisiana, and Camarillo,

California, on how to comply with the

new regulation on Oil Spill Financial

Responsibility for Offshore Facilities.

DATES: The workshop dates are:

Houston—September 1, 1998, at 9:00

a.m.; New Orleans—September 15,

1998, at 9:00 a.m.; and Camarillo—

September 24, 1998, at 9:00 a.m.

ADDRESSES: The workshop locations are:

Houston—Marriott West Loop, 1750

West Loop South, Ballroom Salons A

through D, Houston, Texas; New

Orleans—MMS Gulf of Mexico OCS

Region Office, 1201 Elmwood Park

Boulevard, Room 111, New Orleans,

Louisiana; and Camarillo—MMS Pacific

OCS Region Office, 770 Paseo

Camarillo, Room 202–A, Camarillo,

California.

FOR FURTHER INFORMATION CONTACT:

Steve Waddell, Adjudication Unit

Supervisor, at (504) 736–1710.

SUPPLEMENTARY INFORMATION: The final

regulation on Oil Spill Financial

Responsibility for Offshore Facilities

was published in the Federal Register

on August 11, 1998 (63 FR 42699), and

the rule will go into effect on October

13, 1998. The purpose of the workshops

is to provide people who are affected by

the rule with information on how to

comply. The workshop format will be

an MMS presentation followed by a

question and answer session.

Dated: August 11, 1998.

Elmer P. Danenberger,

Chief, Engineering and Operations Division.

[FR Doc. 98–21926 Filed 8–13–98; 8:45 am]

BILLING CODE 4310–MR–M

DEPARTMENT OF DEFENSE

Office of the Secretary

32 CFR Parts 83 and 84

Removal of Parts Concerning

Standards of Conduct and the Joint

Ethics Regulation

AGENCY: Department of Defense.

ACTION: Final rule.

SUMMARY: This document removes

information in title 32 of the Code of

Federal Regulations concerning

Standards of Conduct and the Joint

Ethics Regulation. These parts have

served the purpose for which they were

intended in the CFR and are no longer

necessary.

EFFECTIVE DATE: August 14, 1998.

FOR FURTHER INFORMATION CONTACT:

L. Bynum or P. Toppings, 703–697–

4111.

SUPPLEMENTARY INFORMATION: DoD

Directive 5500.7 (32 CFR part 83) and

DoD 5500.7–R (32 CFR Part 84) are

available via internet at the following

address: http://www.defenselink.mil/

dodgc/defenselethics/. Paper copies of

the current documents may be obtained,

at cost, from the National Technical

Information Service (NTIS), 5285 Port

Royal Road, Springfield, VA 22161.

List of Subjects in 32 CFR Part 83 and

84

Conflict of interests.

PARTS 83 AND 84—[REMOVED]

Accordingly, by the authority of 10

U.S.C. 301, 32 CFR parts 83 and 84 are

removed.

Dated: August 10, 1998.

L.M. Bynum,

Alternate OSD Federal Register Liaison

Officer, Department of Defense.

[FR Doc. 98–21809 Filed 8–13–98; 8:45 am]

BILLING CODE 5000–04–M

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[UT–001–0005a, UT–001–0006a, UT–001–

0007a, UT–001–0009a, UT–001–0012a, UT–

001–0013a; FRL–6140–5]

Approval and Promulgation of Air

Quality Implementation Plans; Utah;

Listing of Exempt Volatile Organic

Compounds, Approval of Minor Rule

Changes for Emissions From Air

Strippers and Soil Venting Projects,

and Repeal of Perchloroethylene Dry

Cleaning Plant Requirements

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Direct final rule.

SUMMARY: EPA is approving State

Implementation Plan (SIP) revisions as