38082 Federal Register / Vol. 63, No. 135 /Wednesday, July 15, 1998 /Rules and Regulations

contained in the Rules Docket. A copy

of it may be obtained from the Rules

Docket at the location provided under

the caption ADDRESSES.

List of Subjects in 14 CFR Part 39

Air transportation, Aircraft, Aviation

safety, Incorporation by reference,

Safety.

Adoption of the Amendment

Accordingly, pursuant to the

authority delegated to me by the

Administrator, the Federal Aviation

Administration amends part 39 of the

Federal Aviation Regulations (14 CFR

part 39) as follows:

PART 39—AIRWORTHINESS

DIRECTIVES

1. The authority citation for part 39

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40113, 44701.

§ 39.13 [Amended]

2. Section 39.13 is amended by

adding the following new airworthiness

directive:

98–15–04 Airbus Industrie: Amendment

39–10655. Docket 97–NM–197–AD.

Applicability: Model A320 series airplanes,

on which Airbus Modification 20904

(reference Airbus Service Bulletin A320–53–

1008, dated March 31, 1995) has not been

accomplished, certificated in any category.

Note 1: This AD applies to each airplane

identified in the preceding applicability

provision, regardless of whether it has been

otherwise modified, altered, or repaired in

the area subject to the requirements of this

AD. For airplanes that have been modified,

altered, or repaired so that the performance

of the requirements of this AD is affected, the

owner/operator must request approval for an

alternative method of compliance in

accordance with paragraph (c) of this AD.

The request should include an assessment of

the effect of the modification, alteration, or

repair on the unsafe condition addressed by

this AD; and, if the unsafe condition has not

been eliminated, the request should include

specific proposed actions to address it.

Compliance: Required as indicated, unless

accomplished previously.

To prevent fatigue cracking on the bottom

flanges of the longitudinal floor beams at

frame 43, which could result in reduced

structural integrity of the airplane,

accomplish the following:

(a) Prior to the accumulation of 20,000 total

flight cycles, or within 1,000 flight cycles

after the effective date of this AD, whichever

occurs later, perform a visual inspection for

fatigue cracking of the longitudinal floor

beams at frame 43, in accordance with Airbus

Service Bulletin A320–53–1085, dated March

31, 1995.

(1) If no cracking is detected, repeat the

visual inspection thereafter at intervals not to

exceed 6,000 flight cycles.

(2) If any cracking is detected, prior to

further flight, repair in accordance with a

method approved by the Manager,

International Branch, ANM–116, FAA,

Transport Airplane Directorate.

(b) Prior to the accumulation of 32,000

total flight cycles, or within 1,000 flight

cycles after the effective date of this AD,

whichever occurs later, accomplish

paragraphs (b)(1) and (b)(2) of this AD.

Accomplishment of paragraphs (b)(1) and

(b)(2) constitutes terminating action for the

repetitive inspection requirements of this

AD.

(1) Perform a one-time eddy current (rotary

probe) non-destructive test (NDT) inspection

for fatigue cracking of the fastener holes on

the longitudinal floor beams at frame 43, in

accordance with Airbus Service Bulletin

A320–53–1008, dated March 31, 1995. If any

cracking is detected, prior to further flight,

repair in accordance with a method approved

by the Manager, International Branch, ANM–

116.

(2) Modify the floor beam fasteners in

accordance with Airbus Service Bulletin

A320–53–1008, dated March 31, 1995.

(c) An alternative method of compliance or

adjustment of the compliance time that

provides an acceptable level of safety may be

used if approved by the Manager,

International Branch, ANM–116. Operators

shall submit their requests through an

appropriate FAA Principal Maintenance

Inspector, who may add comments and then

send it to the Manager, International Branch,

ANM–116.

Note 2: Information concerning the

existence of approved alternative methods of

compliance with this AD, if any, may be

obtained from the International Branch,

ANM–116.

(d) Special flight permits may be issued in

accordance with sections 21.197 and 21.199

of the Federal Aviation Regulations (14 CFR

21.197 and 21.199) to operate the airplane to

a location where the requirements of this AD

can be accomplished.

(e) The visual inspection shall be done in

accordance with Airbus Service Bulletin

A320–53–1085, dated March 31, 1995. The

eddy current inspection and the modification

shall be done in accordance with Airbus

Service Bulletin A320–53–1008, dated March

31, 1995. This incorporation by reference was

approved by the Director of the Federal

Register in accordance with 5 U.S.C. 552(a)

and 1 CFR part 51. Copies may be obtained

from Airbus Industrie, 1 Rond Point Maurice

Bellonte, 31707 Blagnac Cedex, France.

Copies may be inspected at the FAA,

Transport Airplane Directorate, 1601 Lind

Avenue, SW., Renton, Washington; or at the

Office of the Federal Register, 800 North

Capitol Street, NW., suite 700, Washington,

DC.

Note 3: The subject of this AD is addressed

in French airworthiness directive 96–236–

089(B), dated October 23, 1996.

(f) This amendment becomes effective on

August 19, 1998.

Issued in Renton, Washington, on July 7,

1998.

Darrell M. Pederson,

Acting Manager, Transport Airplane

Directorate, Aircraft Certification Service.

[FR Doc. 98–18650 Filed 7–14–98; 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 August 1998.

EFFECTIVE DATE: August 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

August 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. The
Federal Register / Vol. 63, No. 135 /Wednesday, July 15, 1998 /Rules and Regulations 38083

annuity interest assumptions represent a

decrease (from those in effect for July

1998) of 0.10 percent for the first 25

years following the valuation date and

are otherwise unchanged. 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. The

lump sum interest assumptions are

unchanged from those in effect for July

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 August 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 58 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=

* * * * * * *

August 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)

i1

i2

On or after Before i3 n1 n2

* * * * * * *

58 08–1–98 09–1–98 4.00 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 6th day

of July 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–18682 Filed 7–14–98; 8:45 am]

BILLING CODE 7708–01–P

POSTAL SERVICE

39 CFR Part 111

Changes in Preferred Postage Rates—

Periodicals and Standard Mail

AGENCY: Postal Service.

ACTION: Final rule.

SUMMARY: Public Law No. 103–123

authorizes annual changes in the

reduced rates for preferred periodicals

and non-profit standard mail formerly

financed by appropriations for revenue

forgone. This action implements these

changes for FY 1999.

DATES: Effective Date: October 4, 1998.

The changes pertaining to postage rates

will be implemented effective 12:01

a.m., Sunday, October 4, 1998.

FOR FURTHER INFORMATION CONTACT:

Thomas DeVaughan, (202) 268–4491.

SUPPLEMENTARY INFORMATION: Under 39

U.S.C. 3626(a) and 3642, the Postal

Service is authorized to make

adjustments in the Periodicals Preferred

In-County pound rates and the

nonadvertising per piece rates for