69922 Federal Register / Vol. 64, No. 240 / Wednesday, December 15, 1999 / Rules and Regulations

CFR part or section where

identified and described

Current

OMB control

No.

*****

1.732–1 ..................................... 1545–0099

1545–1588

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1.743–1 ..................................... 1545–0074

1545–1588

*****

David A. Mader,

Acting Deputy Commissioner of Internal

Revenue.

Approved November 29, 1999.

Jonathan Talisman,

Acting Assistant Secretary of the Treasury.

[FR Doc. 99–32400 Filed 12–14–99; 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 January 2000. Interest

assumptions are also published on the

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

EFFECTIVE DATE: January 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

January 2000.

For annuity benefits, the interest

assumptions will be 6.90 percent for the

first 25 years following the valuation

date and 6.25 percent thereafter. The

annuity interest assumptions (in

comparison with those in effect during

December 1999) reflect a 5-year increase

in the period during which the initial

rate applies (from a period of 20 years

following the valuation date to a period

of 25 years following the valuation

date). The initial rate, in effect for the

first 25 years following the valuation

date, represents an increase (from the

initial rate in effect for December 1999)

of 0.40 percent. The ultimate rate, in

effect thereafter, represents an increase

(from the ultimate rate in effect for

December 1999) of 1.00 percent.

For benefits to be paid as lump sums,

the interest assumptions to be used by

the PBGC will be 5.00 percent for the

period during which a benefit is in pay

status, 4.25 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 represent a decrease (from

those in effect for December 1999), of

0.25 percent for the period during

which a benefit is in pay status and for

the seven-year period directly preceding

the benefit’s placement 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 January 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 75 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 =

*******

January 2000 ................................ .0690 1–25 .0625 >25 N/A N/A

Federal Register / Vol. 64, No. 240 / Wednesday, December 15, 1999 / Rules and Regulations 69923

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 i2 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

*******

75 ...................................................................... 1–1–00 2–1–00 5.00 4.25 4.00 4.00 7 8

Issued in Washington, DC, on this 13th day

of December 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 99–32608 Filed 12–14–99; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Minerals Management Service

30 CFR Part 250

Boiler and Pressure Vessel Codes

AGENCY: Minerals Management Service

(MMS), Interior.

ACTION: Technical amendment.

SUMMARY: This document makes

technical amendments to regulations

that were published in the Federal

Register (61 FR 60019, November 26,

1996; redesignated and amended at 63

FR 26367, May 12, 1998; 63 FR 29479,

29484, May 29, 1998; 63 FR 37068, July

9, 1998) and were codified in the July

1, 1998, edition of Title 30—Minerals

Resources, Parts 299–699, Code of

Federal Regulations. This amendment

incorporates updated versions of the

ANSI/ASME Boiler and Pressure Vessel

Code, Sections I, IV, and VIII.

EFFECTIVE DATE: December 15, 1999.

The incorporation by reference of the

publications listed in the rule was

approved by the Director of the Federal

Register as of December 15, 1999.

FOR FURTHER INFORMATION CONTACT:

Joseph Levine (703) 787–1033.

SUPPLEMENTARY INFORMATION: This

amendment affects operators who install

new boilers and pressure vessels on

OCS facilities. Currently, sections I, IV,

and VIII of the 1995 edition of the

ANSI/ASME Boiler and Pressure Vessel

Code are incorporated by reference into

MMS regulations in the table in

paragraph (e) of 30 CFR 250.101. MMS

has determined that the 1998 edition

with the 1999 amendment provides a

degree of safety equal to the currently

incorporated 1995 edition, as has been

determined by industry. According to

30 CFR 250.101(a)(2), we are

incorporating by reference these

updated versions.

The documents currently

incorporated by reference and updated

by this technical amendment are: ANSI/

ASME Boiler and Pressure Vessel Code,

Section I, Power Boilers, including

Appendices, 1995 Edition; ANSI/ASME

Boiler and Pressure Vessel Code,

Section IV, Heating Boilers including

Nonmandatory Appendices A, B, C, D,

E, F, H, I, and J, and the Guide to

Manufacturers Data Report Forms, 1995

Edition; ANSI/ASME Boiler and

Pressure Vessel Code, Section VIII,

Pressure Vessels, Divisions 1 and 2,

including Nonmandatory Appendices,

1995 Edition.

List of Subjects in 30 CFR Part 250

Continental shelf, Environmental

impact statements, Environmental

protection, Government contracts,

Incorporation by reference,

Investigations, Mineral royalties, Oil

and gas development and production,

Oil and gas exploration, Oil and gas

reserves, Penalties, Pipelines, Public

lands—mineral resources, Public

lands—rights-of-way, Reporting and

recordkeeping requirements, Sulphur

development and production, Sulphur

exploration, Surety bonds.

Accordingly, 30 CFR Part 250 is

amended by making the following

technical amendments:

PART 250—OIL AND GAS AND

SULPHUR OPERATIONS IN THE

OUTER CONTINENTAL SHELF

1. The authority citation for Part 250

continues to read as follows:

Authority: 43 U.S.C. 1331 et seq.

§ 250.101 [Amended]

2. In § 250.101, in the table in

paragraph (e), the three entries for

‘‘ANSI/ASME Boiler and Pressure

Vessel Code’’ are revised to read as

follows:

§ 250.101 Documents incorporated by

reference.

* * * * *

(e) * * *

Title of documents Incorporated by reference

at—

*******

ANSI/ASME Boiler and Pressure Vessel Code, Section I, Rules for Construction of Power Boilers, including Appendices, 1998 Edition; July 1, 1999 Addenda, Rules for Construction of Power Boilers, by ASME Boiler and

Pressure Vessel Committee Subcommittee on Power Boilers; and all Section I Interpretations Volume 43.

§ 250.803(b)(1), (b)(1)(i);

§ 250.1629(b)(1), (b)(1)(i).

ANSI/ASME Boiler and Pressure Vessel Code, Section IV, Rules for Construction of Heating Boilers, including

Nonmandatory Appendices A, B, C, D, E, F, H, I, K, and L, and the Guide to Manufacturers Data Report Forms,

1998 Edition; July 1, 1999 Addenda, Rules for Construction of Heating Boilers, by ASME Boiler and Pressure

Vessel Committee Subcommittee on Heating Boilers; and all Section IV Interpretations Volumes 43 and 44.

§ 250.803(b)(1), (b)(1)(i);

§ 250.1629(b)(1), (b)(1)(i).