43694 Federal Register / Vol. 65, No. 136 / Friday, July 14, 2000 / Rules and Regulations

result in an annual effect on the

economy of $100,000,000 or more; a

major increase in costs or prices; or

significant adverse effects on

competition, employment, investment,

productivity, innovation, or on the

ability of United States-based

companies to compete with foreignbased companies in domestic and

export markets.

PART 1308—[AMENDED]

Pursuant to the authority delegated to

the Administrator of the DEA pursuant

to 21 U.S.C. 871(a) and 28 CFR 0.100

and redelegated to the Deputy Assistant

Administrator of the Drug Enforcement

Administration Office of Diversion

Control, pursuant to 28 CFR 0.104,

appendix to subpart R, section 7(g), the

Deputy Assistant Administrator of the

Office of Diversion Control hereby

adopts as a final rule, without change,

the interim rule which was published at

65 FR 3124 on Jan. 20, 2000 and

corrected at 65 FR 5024, on Feb. 2, 2000,

amending the list described in 21 CFR

1308.34.

Dated: July 3, 2000.

John H. King,

Deputy Assistant Administrator, Office of

Diversion Control.

[FR Doc. 00–17915 Filed 7–13–00; 8:45 am]

BILLING CODE 4410–09–M

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 August 2000. Interest

assumptions are also published on the

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

EFFECTIVE DATE: August 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 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). (See the PBGC’s two final

rules published March 17, 2000, in the

Federal Register (at 65 FR 14752 and

14753). Effective May 1, 2000, these

rules changed how the interest

assumptions are used and where they

are set forth in the PBGC’s regulations.)

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 August 2000, (2)

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

August 2000, 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 August 2000.

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 7.10

percent for the first 25 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

represent a decrease (from those in

effect for July 2000) of 0.30 percent for

the first 25 years following the valuation

date and are otherwise unchanged.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in Appendix B to

part 4022) 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. These interest assumptions

represent a decrease (from those in

effect for July 2000) 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 and are

otherwise unchanged.

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 August 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

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.

Federal Register / Vol. 65, No. 136 / Friday, July 14, 2000 / Rules and Regulations 43695

2. In appendix B to part 4022, Rate Set

82, 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 i1 i2 i3 n1 n2

*******

82 8–1–00 9–1–00 5.25 4.50 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set

82, 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 i1 i2 i3 n1 n2

*******

82 8–1–00 9–1–00 5.25 4.50 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.)

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 =

*******

August 2000 .......................................................................... .0710 1–25 .0625 >25 N/A N/A

Issued in Washington, DC, on this 7th day

of July 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–17911 Filed 7–13–00; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 165

[CGD 01–00–140]

RIN 2115–AA97

Safety Zone: Iron Spring Farm

Fireworks Display.

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is

establishing a safety zone for the Iron

Spring Farm Fireworks Display to be

held in the Atlantic Ocean,

Southampton, NY, on July 19, 2000.

This action is needed to protect persons,

facilities, vessels and others in the

maritime community from the safety

hazards associated with this fireworks

display. Entry into this safety zone is

prohibited unless authorized by the

Captain of the Port.

DATES: This rule is effective from 8:45

p.m. on July 19, 2000 to 9:40 p.m. on

July 19, 2000.