68998 Federal Register / Vol. 63, No. 240 /Tuesday, December 15, 1998 /Rules and Regulations

(iv) Compliance with Federal, State,

or local law.

(v) Cooperation in properly

authorized civil, criminal, or regulatory

investigations by Federal, State, or local

authorities.

(3) Notwithstanding the foregoing, use

or disclosure of information relating to

credit card and debit card transactions

for purposes related to any of the

following is not authorized:

(i) Sale or exchange of such

information separate from the

underlying receivable or account.

(ii) Marketing for any purpose, for

example, marketing tax-related products

or services, or marketing any product or

service that targets those who have used

a credit card or debit card to pay taxes.

(iii) Furnishing such information to

any credit reporting agency or credit

bureau, except with respect to the

aggregate amount of a cardholder’s

account, with the amount attributable to

payment of taxes not separately

identified.

(4) Use and disclosure of information

other than as authorized by this

paragraph (g) may result in civil liability

under section 7431(h) of the Internal

Revenue Code.

(h) Effective date. This section applies

to payments of taxes made on and after

January 1, 1999, and through December

14, 2001.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 1, 1998.

Donald C. Lubick,

Assistant Secretary of the Treasury.

[FR Doc. 98–32926 Filed 12–14–98; 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 January 1999.

EFFECTIVE DATE: January 1, 1999.

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 1999.

For annuity benefits, the interest

assumptions will be 5.30 percent for the

first 20 years following the valuation

date and 5.25 percent thereafter. The

annuity interest assumptions (in

comparison with those in effect during

December 1998) reflect a 5-year decrease

in the period during which the initial

rate applies (from a period of 25 years

following the valuation date to a period

of 20 years following the valuation

date). The initial rate, in effect during

the 20-year period, represents a decrease

(from the initial rate in effect for

December 1998) of 0.10 percent. The

ultimate rate, in effect thereafter, is

unchanged. For benefits to be paid as

lump sums, the interest assumptions to

be used by the PBGC will be 4.00

percent for the period during which a

benefit is in pay status and during any

years preceding the benefit’s placement

in pay status. The lump sum interest

assumptions are unchanged from those

in effect for December 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 December 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 63 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
Federal Register / Vol. 63, No. 240 /Tuesday, December 15, 1998 /Rules and Regulations 68999

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 1999 ..................................................................... .0530 1–20 .0525 >20 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 n2 shall apply for the following n2 years, interest rate i1 shall apply for the

following i1 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

* * * * * * *

63 01–1–99 02–1–99 4.00 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 9th day

of December, 1998.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 98–33139 Filed 12–14–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD 05–98–100]

RIN 2115–AE46

Special Local Regulations for Marine

Events; Patapsco River, Baltimore, MD

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: Temporary special local

regulations are being adopted for the

Baltimore New Year’s Eve Extravaganza

Fireworks display to be held over the

waters of the Patapsco River, Baltimore,

Maryland. These regulations are needed

to protect spectator craft and other

vessels transiting the event area from

the dangers associated with the event.

This action is intended to enhance the

safety of life and property during the

event.

DATES: This temporary final rule is

effective from 11:30 p.m. on December

31, 1998 to 12:30 a.m. on January 2,

1999. For rain dates, refer to the

regulatory text set out in this rule.

FOR FURTHER INFORMATION CONTACT:

Chief Warrant Office R. Houck, Marine

Events Coordinator, Commander, Coast

Guard Activities Baltimore, 2401

Hawkins Point Road, Baltimore,

Maryland, 21226–1791, telephone

number (410) 576–2674.

SUPPLEMENTARY INFORMATION:

Regulatory History

In accordance with 5 U.S.C. 553, a

notice of proposed rulemaking was not

published for this regulation. Following

normal rulemaking procedures would

have been impractical since there is not

sufficient time remaining to publish a

proposed rule in advance of the event or

to provide for a delayed effective date.

Immediate action is needed to protect

vessel traffic from the potential hazards

associated with this event. For these

reasons, the Coast Guard finds good

cause under 5 U.S.C. 553(b)(B) that

notice and public comment are

impracticable.

Background and Purpose

The Baltimore Office of Promotions

has submitted a marine event

application to the U.S. Coast Guard for

the Baltimore New Year’s Eve

Extravaganza Fireworks display, to be

held over the waters of the Inner Harbor

and Northwest Harbor, near Baltimore,

Maryland. The event will consist of

pyrotechnic displays fired from 2 barges

positioned in the Inner Harbor. A large

fleet of spectator vessels is anticipated.

Due to the need for vessel control

during the fireworks displays, vessel

traffic will be temporarily restricted to

provide for the safety of spectators and

transiting vessels.

Discussion of Regulations

The Coast Guard is establishing

temporary special local regulations on

specified waters of the Inner Harbor and

Northwest Harbor. The temporary

special local regulations will be in effect

from 11:30 p.m. on December 31, 1998

to 12:30 a.m. on January 1, 1999 and

will restrict general navigation in the

regulated areas during the event. If the

event is postponed due to weather

conditions, the temporary special local

regulations will be effective from 11:30

p.m. on January 1, 1999 to 12:30 a.m. on

January 2, 1999. Except for persons or

vessels authorized by the Coast Guard

Patrol Commander, no person or vessel

may enter or remain in the regulated

areas. These regulations are needed to

control vessel traffic during the

fireworks displays to enhance the safety

of spectators and transiting vessels.

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