Federal Register / Vol. 65, No. 51 / Wednesday, March 15, 2000 / Rules and Regulations 13905

List of Subjects in 21 CFR Part 524

Animal drugs.

Therefore, under the Federal Food,

Drug, and Cosmetic Act and under

authority delegated to the Commissioner

of Food and Drugs and redelegated to

the Center for Veterinary Medicine, 21

CFR part 524 is amended as follows:

PART 524—OPHTHALMIC AND

TOPICAL DOSAGE FORM NEW

ANIMAL DRUGS

1. The authority citation for 21 CFR

part 524 continues to read as follows:

Authority: 21 U.S.C. 360b.

2. Section 524.1446 is added to read

as follows:

§ 524.1446 Milbemycin oxime solution.

(a) Specifications. Each tube contains

0.25 milliliter of a 0.1 percent solution

of milbemycin oxime.

(b) Sponsor. See No. 058198 in

§ 510.600(c) of this chapter.

(c) Conditions of use—(1) Amount.

One tube administered topically into

each external ear canal as a single

treatment.

(2) Indications for use. For the

treatment of ear mite (Otodectes cynotis)

infestations in cats and kittens 8 weeks

of age and older. Effectiveness is

maintained throughout the life cycle of

the ear mite.

(3) Limitations. Federal law restricts

this drug to use by or on the order of

a licensed veterinarian.

Dated: March 2, 2000.

Stephen F. Sundlof,

Director, Center for Veterinary Medicine.

[FR Doc. 00–6284 Filed 3–14–00; 8:45 am]

BILLING CODE 4160–01–F

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 April 2000. Interest

assumptions are also published on the

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

EFFECTIVE DATE: April 1, 2000.

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 April

2000.

For annuity benefits, the interest

assumptions will be 7.10 percent for the

first 25 years following the valuation

date and 6.25 percent thereafter. The

annuity interest assumptions are

unchanged from those in effect for

March 2000.

For benefits to be paid as lump sums,

the interest assumptions to be used by

the PBGC will be 5.25 percent for the

period during which a benefit is in pay

status, 4.50 percent during the sevenyear period directly preceding the

benefit’s placement in pay status, and

4.00 percent during any other years

preceding the benefit’s placement in pay

status. The lump sum interest

assumptions are unchanged from those

in effect for March 2000.

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 April 2000, 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 78 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

13906 Federal Register / Vol. 65, No. 51 / Wednesday, March 15, 2000 / Rules and Regulations

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 =

*******

April 2000 .............................................................................. .0710 1–25 .0625 >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)

On or after Before i1 i2 i3 n1 n2

*******

78 4–1–00 5–1–00 5.25 4.50 4.00 4.00 7 8

Issued in Washington, DC, on this 3rd day

of March 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–6312 Filed 3–14–00; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF DEFENSE

Department of the Army

32 CFR Part 668

Report On Use of Employees of NonFederal Entities to Provide Services to

Department of the Army

AGENCY: Office of the Assistant

Secretary of the Army (Manpower and

Reserve Affairs), and Office of the

Assistant Secretary of the Army

(Acquisition, Logistics and Technology,

Department of the Army, DoD.

ACTION: Interim rule.

SUMMARY: The Department of the Army

requests agency and public comments

on its implementation of the recently

enacted Section 343 of the FY 2000

Department of Defense Authorization

Act. Section 343 directs the Department

of Defense to provide to Congress not

later than March 1, 2001, a report

summarizing the number of direct labor

and indirect labor work year equivalents

performed by contractors providing

services to the Department of Defense in

the prior fiscal year (FY 2000),

categorized by federal supply class or

service code, appropriation supporting

the services and major organizational

element of the Department procuring

the services. Since the Fiscal Year to be

reported upon to Congress has already

commenced, it is critical that this

guidance be issued effective

immediately to avoid extraordinary

efforts by Government and contractor

personnel attempting to collect

significant reliable data retroactively. Section 2461(g) of title 10, United

States Code, requires DoD to provide an

annual report to Congress on the

percentage of commercial functions

performed by contractors as compared

to in-house employees. Section 343

provides the data collection framework

for the Army to improve the accuracy

and credibility of its reporting under

section 2461(g) of title 10.

DATES: The effective date for this

interim rule is March 15, 2000. Written

comments on this interim rule must be

submitted not later than May 15, 2000

to ensure consideration.

ADDRESSES: Comments concerning this

interim rule should be submitted to the

Office of the Assistant Secretary of the

Army for Manpower & Reserve Affairs

(ASA (M&RA), Attention SAMR–

FMMR, Rm. 2A672, Washington, DC

20310, or contact the following persons

by e-mail or phone as indicated below.

FOR FURTHER INFORMATION CONTACT: Dr.

John Anderson, SAMR-FMMR, Phone

703–614–8247, email:

John.Anderson@hqda.army.mil; or John

R. Conklin, SAAL–ZP, e-mail:

John.Conklin@sarda.army.mil.

SUPPLEMENTARY INFORMATION:

1. Background: This interim rule

implements section 343 of the FY 2000

Department of Defense Authorization

Act, Public Law 106–65 and 10 U.S.C.

2461(g). In February 1997, the Assistant

Secretary of the Army (Manpower and

Reserve Affairs) included the reporting

of contractor manpower as a milestone

required to remedy a finding by the

Secretary of Defense of material

weakness in manpower requirements

determination within the Army under

the Federal Manager’s Financial

Integrity Act.

2. From May to December, 1997, the

Assistant Secretary of the Army

(Manpower and Reserve Affairs) and the

Assistant Secretary of the Army

(Research, Development, and

Acquisition) participated in a joint

study to identify and estimate the workyear equivalents performed by

contractors providing services to the

Department of the Army during fiscal

year 1996. The study used existing

contract reporting systems, manually

accessible data, and some queries to

contractors, to identify expenditures on

service contracts by Federal Supply

Class (FSC) Service code function,

organizational name and unit

identification code of the Army element

contracting for the services, and the