26982 Federal Register / Vol. 63, No. 94 / Friday, May 15, 1998 /Rules and Regulations

‘‘Not for use in veal calves, calves under

1 month of age, or calves being fed an

all milk diet. Use may cause violative

tissue residues to remain beyond the

withdrawal time.’’ and adding in its

place ‘‘A withdrawal period has not

been established in preruminating

calves. Do not use in calves to be

processed for veal.’’

Dated: May 4, 1998.

Andrew J. Beaulieu,

Acting Director, Office of New Animal Drug

Evaluation, Center for Veterinary Medicine.

[FR Doc. 98–12961 Filed 5–14–98; 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 June 1998.

EFFECTIVE DATE: June 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 June

1998.

For annuity benefits, the interest

assumptions will be 5.60 percent for the

first 25 years following the valuation

date and 5.25 percent thereafter. For

benefits to be paid as lump sums, the

interest assumptions to be used by the

PBGC 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 annuity and lump sum

interest assumptions are unchanged

from those in effect for May 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 June 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 56 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 =

* * * * * * *

June 1998 .......................................................................... .0560 1–25 .0525 >25 N/A N/A
Federal Register / Vol. 63, No. 94 / Friday, May 15, 1998 /Rules and Regulations 26983

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

* * * * * * *

56 06–1–98 07–1–98 4.25 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 8th day

of May 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–12911 Filed 5–14–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD05–98–032]

Drawbridge Operation Regulations;

Pocomoke River

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation

from regulations.

SUMMARY: The Commander, Fifth Coast

Guard District, has issued a temporary

deviation from the regulations

governing the operation of the Route

675 (U.S. 13 Business Route)

drawbridge across the Pocomoke River,

mile 15.6, in Pocomoke City, Maryland.

Beginning May 17, 1998, through June

16, 1998, this deviation requires threehours advance notice for drawbridge

openings from 9 a.m. through 3 p.m. on

weekdays, and from 7 p.m. on Fridays

through 6 a.m. on Mondays. This

deviation is necessary to allow the

contractor to paint the bridge.

DATES: This deviation is effective from

May 17, 1998 through June 16, 1998.

FOR FURTHER INFORMATION: Ann B.

Deaton, Bridge Administrator, Fifth

Coast Guard District, at (757) 398–6222.

SUPPLEMENTARY INFORMATION: Textar

Painting Corporation, a contractor for

the Maryland Department of

Transportation, requested the Coast

Guard to approve a temporary deviation

from the normal operation of the bridge

in order to accommodate painting the

structure. To paint the bridge, a barge

will be used. Three-hours advance

notice will be required to open the

bridge during the requested time

periods.

This deviation will not significantly

disrupt vessel traffic, since little exists

at this location, and mariners may still

transit the bridge provided the threehours advance notice is given. The

regulations at 33 CFR 117.569(b) require

the draw to open on signal, except

between November 1 and March 31 the

draw must open only if at least five

hours advance notice is given.

From May 17, 1998, through June 16,

1998, this deviation requires three-hours

advance notice for openings of the

Route 675 Pocomoke River Drawbridge

(U.S. 13 Business route) from 9 a.m.

through 3 p.m. on weekdays and from

7 p.m. on Fridays through 6 a.m. on

Mondays.

Dated: April 30, 1998.

Roger T. Rufe, Jr.,

Vice Admiral, U.S. Coast Guard Commander,

Fifth Coast Guard District.

[FR Doc. 98–13015 Filed 5–14–98; 8:45 am]

BILLING CODE 4910–15–M

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 82

[FRL–6013–9]

Protection of Stratospheric Ozone;

Methyl Bromide

AGENCY: Environmental Protection

Agency.

ACTION: Notice of clarification.

SUMMARY: This document clarifies a

previous statement by EPA about the

applicability of a Clean Air Act labeling

rule to methyl bromide as a ‘‘class I

ozone-depleting substance.’’ The

labeling rule requires products

‘‘containing’’ or ‘‘manufactured with’’ a

class I ozone-depleting substance to be

labeled as such. This document makes

clear that any product, including any

agricultural product, that ‘‘contains’’ or

is ‘‘manufactured with’’ methyl bromide

is subject to the labeling rule’s

requirements. At the same time, EPA is

not aware of any agricultural product

that ‘‘contains’’ or is ‘‘manufactured

with’’ methyl bromide, as those terms

are defined by the labeling rule. In

particular, raw food commodities grown

for the fresh food market and produced

with the use of methyl bromide do not

meet the definitions of products

‘‘containing’’ or ‘‘manufactured with’’

methyl bromide and are thus not subject

to the labeling rule’s requirements.

DATES: The effective date of this Notice

of Clarification is May 15, 1998.

ADDRESSES: Comments and data relating

to the methyl bromide rule are

contained in Air Docket A–92–13, U.S.

Environmental Protection Agency, OAR

Docket and Information Center, Room

M–1500, 401 M Street, S.W.,

Washington, D.C. 20460. Comments and

data relating to the labeling rule are

contained in Air Docket A–91–60, at the

same location. Each of the dockets may

be inspected between 8 a.m. and 5:30

p.m. on weekdays. The telephone

number for the dockets is (202) 260–

7548; the fax number is (202) 260–4400.

As provided in 40 CFR, Part 2, a

reasonable fee may be charged for

photocopying.

FOR FURTHER INFORMATION CONTACT:

Carol Weisner at (202) 564–9193 or fax

(202) 565–2096, Stratospheric

Protection Division, USEPA, Mail Code

6205J, 401 M Street, SW., Washington,

DC 20460. Overnight mail (Fed-Ex,

Express Mail, etc.) should be sent to our

501 3rd Street, NW., Washington, DC

20001 street address.