Federal Register / Vol. 63, No. 199 /Thursday, October 15, 1998 /Rules and Regulations 55333

Dated: October 9, 1998.

Harold M. Singer,

Chief, Regulations Branch.

[FR Doc. 98–27646 Filed 10–14–98; 8:45 am]

BILLING CODE 4820–02–P

DEPARTMENT OF HOUSING AND

URBAN DEVELOPMENT

24 CFR Parts 401 and 402

[Docket No. FR–4298–C–04]

RIN 2502–AH09

Multifamily Housing Mortgage and

Housing Assistance Restructuring

Program (Mark-to-Market) and Renewal

of Expiring Section 8 Project-Based

Assistance Contracts; Correction

AGENCY: Office of the Secretary, HUD.

ACTION: Interim rule; correction.

SUMMARY: On September 11, 1998, at 63

FR 48926, we published an interim rule

implementing the new Mark-to-Market

Program. The internet address for

submitting public comments by e-mail

given in that rule was incorrect. This

document corrects the internet address.

FOR FURTHER INFORMATION CONTACT: Dan

Sullivan, Department of Housing and

Urban Development, 451 7th St.,

Washington DC 20410. Telephone: 202–

708–0547. (This is not a toll-free

number.) For hearing- and speechimpaired persons, this number may be

accessed via TTY by calling the Federal

Information Relay Service at 1–800–

877–8339.

SUPPLEMENTARY INFORMATION: In interim

rule FR Doc. 98–24284 published on

September 11, 1998, (63 FR 48926)

make the following correction. On page

48940, in the second column, correct

the paragraph under the heading

‘‘Electronic Access and Filing Address’’

to read:

‘‘If you wish to comment on this

interim rule, you may submit comments

through HUD’s Public Comment

Webpage accessible through the Internet

at http://www.hud.gov/ogc/

regcom2.html. That webpage will enable

you to create an e-mail message

containing your comments. Your

comments will be sent to the Rules

Docket Clerk and will be available to

any person. If you send your comment

through the Public Comment Webpage,

please DO NOT also send a paper copy

of your comment.’’

Dated: October 9, 1998.

Camille E. Acevedo,

Assistant General Counsel for Regulations

[FR Doc. 98–27686 Filed 10–14–98; 8:45 am]

BILLING CODE 4210–32–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8776]

RIN 1545–AW34

Conversion to the Euro; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to temporary

regulations.

SUMMARY: This document contains a

correction to Treasury Decision 8776,

which was published in the Federal

Register on Wednesday, July 29, 1998

(63 FR 40366) relating to U.S. taxpayers

operating, investing or otherwise

conducting business in the currencies of

certain European countries that are

replacing their national currencies with

a single, multinational currency called

the euro.

DATES: This correction is effective July

29, 1998.

FOR FURTHER INFORMATION CONTACT:

Howard Weiner, (202) 622–3870 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the

subject of this correction are under

section 1001 of the Internal Revenue

Code.

Need for Correction

As published, TD 8776 contains an

error which may prove to be misleading

and is in need of clarification.

Correction of Publication

Accordingly, the publication of the

temporary regulations (TD 8776), which

was the subject of FR Doc. 98–20023, is

corrected as follows:

§ 1.985–8T [Corrected]

On page 40369, column 2, § 1.985–

8T(c)(3)(iv)(B), third line from the top of

the column, the language ‘‘year of

change which includes the’’ is corrected

to read ‘‘year ending immediately prior

to the year of change which includes

the’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 98–27708 Filed 10–14–98; 8:45 am]

BILLING CODE 4830–01–U

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 November 1998.

EFFECTIVE DATE: November 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

November 1998.

For annuity benefits, the interest

assumptions will be 5.30 percent for the

first 25 years following the valuation

date and 5.25 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for

October 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 3.75 percent for the period

during which a benefit is in pay status
55334 Federal Register / Vol. 63, No. 199 /Thursday, October 15, 1998 /Rules and Regulations

and 4.00 percent during any years

preceding the benefit’s placement in pay

status. The lump sum interest

assumptions represent a decrease (from

those in effect for October 1998) of 0.25

percent for the period during which a

benefit is in pay status; they are

otherwise unchanged.

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 November 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 61 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 =

* * * * * * *

November 1998 ..................................................................... .0530 1–25 .0525 >25 N/A N/A

[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 ≤ n11 + n2), interest rate i2 shall apply from the valuation date for a period of y—n1 years, in- terest 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 > n11 + 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

* * * * * * *

61 ........................................ 11–1–98 12–1–98 3.75 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 8th day

of October 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–27660 Filed 10–14–98; 8:45 am]

BILLING CODE 7708–01–P

FEDERAL COMMUNICATIONS

COMMISSION

47 CFR Part 69

[CC Docket No. 96–262, FCC 98–257]

Access Charge Reform

AGENCY: Federal Communications

Commission.

ACTION: Final rule; petition for

rulemaking.

SUMMARY: The ceilings for the

presubscribed interexchange carrier

charge (PICC) are scheduled to increase

for all classes of customers on January

1, 1999. For the reasons set forth in this

Order, we delay this increase until July

1, 1999.

EFFECTIVE DATE: November 16, 1998.

FOR FURTHER INFORMATION CONTACT:

Tamara Preiss, 418–1505. TTY: (202)

418–0484.

SUPPLEMENTARY INFORMATION: This is a

summary of the Commission’s Third

Order on Reconsideration, released

October 5, 1998. The full text of this

Order is available for inspection and

copying during normal business hours

in the FCC Public Reference Room

(Room 230), 1919 M Street, NW.,

Washington, DC 20554. The complete

text of this Order may also be purchased

from the Commission’s copy contractor,

International Transcription Service,

1231 20th Street, NW., Washington, DC

20036.

Regulatory Flexibility Analysis

In the Access Charge Reform Order,

62 FR 31040 (June 6, 1997), we

conducted a Final Regulatory Flexibility

Analysis as required by Section 604 of

the Regulatory Flexibility Act (RFA), as

amended by the Contract with America

Advancement Act of 1996, Public Law

104–121, 110 Stat. 847 (1996). The RFA

requires that a regulatory flexibility

analysis be prepared for notice-and-