46376 Federal Register / Vol. 67, No. 135 / Monday, July 15, 2002 / Rules and Regulations 

Occupational Safety and Health 

Administration, U.S. Department of 

Labor, Room N–3468, 200 Constitution 

Avenue, NW., Washington, DC 20210; 

telephone: (202) 693–2345.

Authority: This document was prepared 

under the direction of John Henshaw, 

Assistant Secretary of Labor for Occupational 

Safety and Health, 200 Constitution Avenue, 

NW., Washington, DC 20210.

This action is taken pursuant to 

sections 4, 6, and 8 of the Occupational 

Safety and Health Act of 1970 (29 U.S.C. 

653, 655, 657), section 4 of the 

Administrative Procedure Act (5 U.S.C. 

553), Section 107 of the Contract Work 

Hours and Safety Standards Act 

(Construction Safety Act), 40 U.S.C. 333, 

Secretary of Labor’s Order No. 3–2000 

(65 FR 50017), and 29 CFR Part 1911.

Signed at Washington, DC, this 11th day of 

July, 2002. 

John Henshaw, 

Assistant Secretary of Labor.

[FR Doc. 02–17851 Filed 7–12–02; 8:45 am] 

BILLING CODE 4510–26–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 August 2002. Interest 

assumptions are also published on the 

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

EFFECTIVE DATE: August 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 August 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 

August 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 August 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 5.50 

percent for the first 25 years following 

the valuation date and 4.25 percent 

thereafter. These interest assumptions 

represent a decrease (from those in 

effect for July 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 4.25 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 July 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 August 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 

106, 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

* * * * *

Federal Register / Vol. 67, No. 135 / Monday, July 15, 2002 / Rules and Regulations 46377

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities (percent) 

On or after Before i1 i2 i3 n1 n2

* * * * * * * 

106 8–1–02 9–1–02 4.25 4.00 4.00 4.00 7 8 

3. In appendix C to part 4022, Rate Set 106, 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

* * * * * * * 

106 8–1–02 9–1–02 4.25 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

* * * * *

For valuation dates occurring in the month—

The values of it are: 

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

* * * * * * * 

August 2002 .......................................................................... .0550 1–25 .0425 >25 N/A N/A 

Issued in Washington, DC, on this 9th day 

of July 2002. 

Steven A. Kandarian, 

Executive Director, Pension Benefit Guaranty 

Corporation.

[FR Doc. 02–17641 Filed 7–12–02; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation 

and Enforcement 

30 CFR Part 931 

[NM–042–FOR] 

New Mexico Regulatory Program

AGENCY: Office of Surface Mining 

Reclamation and Enforcement (OSM), 

Interior.

ACTION: Final rule; approval of 

amendment. 

SUMMARY: We are approving a proposed 

amendment to the New Mexico 

regulatory program (the ‘‘New Mexico 

program’’) under the Surface Mining 

Control and Reclamation Act of 1977 

(SMCRA or the Act). New Mexico 

proposed revisions to and additions of 

rules about definitions, general 

environmental resource information, 

operations that may have an adverse 

impact on publicly owned parks or 

places listed on the National Register of 

Historic Places, bond release 

applications, termination of jurisdiction, 

prime farmland reclamation, inspection 

frequency of abandoned sites, hearings 

for charges of violation, the qualifying 

criteria for assistance under the small 

operator’s program, areas where mining 

is prohibited or limited, criteria for 

designating areas unsuitable for surface 

coal mining, applications for and 

approval of coal exploration operations 

of more than 250 tons, criteria for 

permit approval or denial, application 

and approval criteria for demonstrating 

valid existing rights, the one square mile 

criterion in the definition of intermittent 

streams, and miscellaneous nonsubstantive editorial revisions. New 

Mexico revised its program to be 

consistent with the corresponding 

Federal regulations, provide additional 

safeguards, and clarify ambiguities.

EFFECTIVE DATE: July 15, 2002.

FOR FURTHER INFORMATION CONTACT:

Willis L. Gainer, Telephone: (505) 248–

5096, Internet address: 

wgainer@osmre.gov.

SUPPLEMENTARY INFORMATION:

I. Background on the New Mexico Program 

II. Submission of the Proposed Amendment 

III. OSM’s Findings 

IV. Summary and Disposition of Comments 

V. OSM’s Decision 

VI. Procedural Determinations

I. Background on the New Mexico 

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.