Federal Register / Vol. 66, No. 72 / Friday, April 13, 2001 / Rules and Regulations 19089

add, in its place, the words ‘‘appropriate

ATF officer.’’

§ 53.159 [Amended]

Par. 15. Remove the words ‘‘from the

regional director’’ from § 53.159(j)(1).

Signed: February 16, 2001.

Bradley A. Buckles,

Director.

Approved: March 13, 2001.

Timothy E. Skud,

Acting Deputy Assistant Secretary

(Regulatory, Tariff and Trade Enforcement).

[FR Doc. 01–9238 Filed 4–12–01; 8:45 am]

BILLING CODE 4810–31–P

DEPARTMENT OF THE TREASURY

Bureau of Alcohol, Tobacco and

Firearms

27 CFR Parts 55, 70, and 270

[T.D. ATF–446a]

RIN 1512–AC37

Technical Amendment to Regulations;

Correction

AGENCY: Bureau of Alcohol, Tobacco

and Firearms (ATF), Department of the

Treasury.

ACTION: Correcting amendments.

SUMMARY: This document contains

correcting amendments to the Treasury

decision, which was published in the

Federal Register on March 27, 2001 (66

FR 16601), regarding technical

amendments to Title 27, Code of Federal

Regulations (CFR).

DATES: This rule is effective March 27,

2001.

FOR FURTHER INFORMATION CONTACT:

Angela Shanks, Regulations Division,

Bureau of Alcohol, Tobacco and

Firearms, 650 Massachusetts Avenue

NW., Washington, DC 20226, (202) 927–

8210.

SUPPLEMENTARY INFORMATION:

Background

The Bureau of Alcohol, Tobacco and

Firearms (ATF) published a document

in the Federal Register of March 27,

2001 (66 FR 16601). Sections 55.128,

55.218, and 70.803(c) were erroneously

revised. Also, the OMB numbers in

§§ 270.165 and 270.165a were

erroneously removed. This document

corrects these errors.

Accordingly, 27 CFR part 55, 70, and

270 are corrected to make the following

correcting amendments:

PART 55—COMMERCE IN

EXPLOSIVES

1. The authority citation for part 55

continues to read as follows:

Authority: 18 U.S.C. 847.

2. The second sentence in § 55.128 is

revised to read as follows:

§ 55.128 Discontinuance of business.

* * * Where discontinuance of the

business or operations is absolute, the

records required by this subpart must be

delivered within 30 days following the

business or operations discontinuance

to any ATF office located in the region

in which the business was located, or to

the ATF Out-of-Business Records

Center, Spring Mills Office Park, 882

T.J. Jackson Drive, Falling Waters, West

Virginia 25419.

* * * * *

3. Section 55.218 is amended by

adding the reference ‘‘(1.5 lbs.)’’ after

‘‘11⁄2 lbs.’’ in paragraph (3) to the Notes

of the Table of Distances for Storage of

Explosives.

PART 70—PROCEDURE AND

ADMINSTRATION

4. On page 16602, in the Federal

Register of March 27, 2001, remove

amendatory instruction paragraph 7.

PART 270—MANUFACTURE OF

TOBACCO PRODUCTS AND

CIGARETTE PAPERS AND TUBES

5. The authority citation for part 270

continues to read as follows:

Authority: 26 U.S.C. 5142, 5143, 5146,

5701, 5703–5705, 5711–5713, 5721–5723,

5731, 5741, 5751, 5753, 5761–5763, 6061,

6065, 6109, 6151, 6301, 6302, 6311, 6313,

6402, 6404, 6423, 6676, 6806, 7011, 7212,

7325, 7342, 7502, 7503, 7606, 7805; 31 U.S.C.

9301, 9303, 9304, 9306.

6. Section 270.165 is amended by

adding the following at the end of the

section to read as follows:

* * * * *

(Approved by Office of Management and

Budget under control number 1512–0467)

7. Section 270.165a is amended by

adding the following at the end of the

section to read as follows:

* * * * *

(Approved by Office of Management and

Budget under control number 1512–0457)

Signed: April 10, 2001.

Bradley A. Buckles,

Director.

[FR Doc. 01–9240 Filed 4–12–01; 8:45 am]

BILLING CODE 4810–31–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 May 2001. Interest assumptions

are also published on the PBGC’s web

site (http://www.pbgc.gov).

EFFECTIVE DATE: May 1, 2001.

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 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 May 2001, (2)

19090 Federal Register / Vol. 66, No. 72 / Friday, April 13, 2001 / Rules and Regulations

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 May

2001, 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 May 2001.

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 6.40

percent for the first 20 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

are unchanged from those in effect for

April 2001.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in Appendix B to

part 4022) will be 4.75 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 are unchanged from those

in effect for April 2001.

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 May 2001, 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

91, 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 i 1 i 2 i 3 n 1 n 2

*******

91 5–1–01 6–1–01 4.75 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 91, 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 i 1 i 2 i 3 n 1 n 2

*******

91 5–1–01 6–1–01 4.75 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.)

Federal Register / Vol. 66, No. 72 / Friday, April 13, 2001 / Rules and Regulations 19091

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 =

*******

May 2001 .............................................................................. .0640 1–20 .0625 >20 N/A N/A

Issued in Washington, DC, on this 9th day

of April 2001.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–9193 Filed 4–12–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–01–023]

RIN 2115–AE46

Special Local Regulations; Charleston

Harbor, SC

AGENCY: Coast Guard, DOT

ACTION: Temporary final rule.

SUMMARY: Temporary special local

regulations are being established for the

start of the Charleston to Bermuda Race,

Charleston Harbor, S. C. These

regulations restrict the movement of

non-participating vessels in the waters

between Charleston Waterfront and

Battle Park, to Castle Pinckney and the

South Channel, then out the Charleston

Harbor Channel. These regulations are

needed to provide for the safety of life

on navigable waters during the event.

DATES: This rule is effective from 12:30

p.m. to 4 p.m. on May 19, 2001.

ADDRESSES: Comments and material

received from the public, as well as

documents indicated in this preamble as

being available in the docket, are part of

[CGD07–01–023] and are available for

inspection or copying at Coast Guard

Group Charleston, 196 Tradd St,

Charleston S. C. 29401 between 7:30

a.m. and 4 p.m., Monday through

Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT:

QMC David Jersey, Coast Guard Group

Charleston at 843 724 7600 x252.

SUPPLEMENTARY INFORMATION:

Regulatory Information

We did not publish a notice of

proposed rulemaking (NPRM) for this

regulation. Under 5 U.S.C. 553(b)(B), the

Coast Guard finds that good cause exists

for not publishing an NPRM. Publishing

an NPRM would be contrary to national

safety interests since immediate action

is needed to minimize potential danger

to the public because there will be

numerous spectator craft in the area.

Background and Purpose

This rule is required to provide for the

safety of life on navigable waters

because of the inherent danger

associated with a large number of

spectator craft expected to view the start

of the Charleston to Bermuda Race, in

Charleston Harbor, S.C. This rule

prohibits non-participating vessels from

entering the designated regulated area in

Charleston Harbor during the event.

Regulatory Evaluation

This rule is not a ‘‘significant

regulatory action’’ under section 3(f) of

Executive Order 12866 and does not

require an assessment of potential costs

and benefits under section 6(a)(3) of that

Order. The Office of Management and

Budget has not reviewed it under that

Order. It is not ‘‘significant’’ under the

regulatory policies and procedures of

the Department of Transportation (DOT)

(44 FR 11040, February 26, l979). The

regulation will only be in effect for 3.5

hours.

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601–612), we considered

whether this rule would have a

significant economic impact on a

substantial number of small entities.

The term ‘‘small entities’’ comprises

small businesses, not-for-profit

organizations that are independently

owned and operated and are not

dominant in their fields, and

governmental jurisdictions with

populations of less than 50,000.

This rule may affect the following

entities, some of which may be small

entities: the owners or operators of

vessels intending to transit or anchor in

a portion of Charleston Harbor and

Approaches from 12:30 p.m. to 4 p.m.

on May 19, 2001. The Coast Guard

certifies under 5 U.S.C. 605(b) that this

rule will not have a significant

economic impact on a substantial

number of small entities because the

rule will be in effect for only 3.5 hours.

Assistance for Small Entities

Under section 213(a) of the Small

Business Regulatory Enforcement

Fairness Act of 1996 (Pubic Law 104–

121), we offer to assist small entities in

understanding the rule so that they

could better evaluate its effects on them

and participate in the rulemaking

process. Small entities may contact the

person listed under FOR FURTHER

INFORMATION CONTACT for assistance in

understanding and participating in this

rulemaking. We also have a point of

contact for commenting on actions by

employees of the Coast Guard. Small

businesses may send comments on the

actions of Federal employees who

enforce, or otherwise determine

compliance with, Federal regulations to

the Small Business and Agriculture

Regulatory Enforcement Ombudsman

and the Regional Small Business

Regulatory Fairness Boards. The

Ombudsman evaluates these actions

annually and rates each agency’s

responsiveness to small business. If you

wish to comment on actions by

employees of the Coast Guard, call 1–

888–REG–FAIR (1–888–734–3247).

Collection of Information

This rule calls for no new collection

of information under the Paperwork

Reduction Act of 1995 (44 U.S.C. 3501–

3520).

Federalism

We have analyzed this rule under

Executive Order 13132 and have

determined that this rule does not have

implications for federalism under that

order.

Unfunded Mandates Reform Act

The Unfunded Mandates Reform Act

of 1995 (2 U.S.C. 1531—1538) governs

the issuance of Federal regulations that

require unfunded mandates. An

unfunded mandate is a regulation that

requires a State, local, or tribal