Federal Register / Vol. 66, No. 32 / Thursday, February 15, 2001 / Rules and Regulations 10365

the subject of FR Doc. 00–31500, is

corrected as follows:

§ 301.7508A–1 [Corrected]

1. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(i) of Example 4, the second line from

the bottom of the paragraph, the

language ‘‘payments. H and W’s

principal residence is’’ is corrected to

read ‘‘payments. H’s and W’s principal

residence is.’’

2. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 1, the language

‘‘Because H and W’s principal

residence’’ is corrected to read ‘‘Because

H’s and W’s principal residence’’.

3. On page 78412, column 2,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 4, the language

‘‘date of H and W’s 2001 Form 1040

and’’ is corrected to read ‘‘date of H’s

and W’s 2001 Form 1040 and’’.

4. On page 78412, column 3,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 4, line 6 from the top

of the column, the language

‘‘Accordingly, H and W’s 2001 Form

1040 and’’ is corrected to read

‘‘Accordingly, H’s and W’s 2001 Form

1040 and’’.

5. On page 78412, column 3,

§ 301.7508A–1, paragraph (g), paragraph

(i) of Example 5, line 6, the language ‘‘of

section 7508A, under section 6511(a),

H’’ is corrected to read ‘‘of section

7508A, under section 6511(a), H’s’’.

6. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(i)of Example 8, second line from the

bottom of the paragraph, the language

‘‘the 2001 taxable year. H and W’s

principal’’ is corrected to read ‘‘the 2001

taxable year . H’s and W’s principal’’.

7. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 8, line 1, the language

‘‘Because H and W’s principal

residence’’ is corrected to read ‘‘Because

H’s and W’s principal residence’’.

8. On page 78413, column 1,

§ 301.7508A–1, paragraph (g), paragraph

(iii) of Example 8, line 12, the language

‘‘extension. Therefore, H and W’s return

and’’ is corrected to read ‘‘extension.

Therefore, H’s and W’s return and’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Office of Special

Counsel (Modernization and Strategic

Planning).

[FR Doc. 01–3774 Filed 2–14–01; 8:45 am]

BILLING CODE 4830–01–P

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 March 2001. Interest

assumptions are also published on the

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

EFFECTIVE DATE: March 1, 2001.

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).

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 March 2001, (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

March 2001, 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 March 2001.

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 6.40

percent for the first 20 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

represent a decrease (from those in

effect for February 2001) of 0.10 percent

for the first 20 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 4.75 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 interest

assumptions are unchanged from those

in effect for February 2001.

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 March 2001, 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).

10366 Federal Register / Vol. 66, No. 32 / Thursday, February 15, 2001 / Rules and Regulations

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.

2. In appendix B to part 4022, Rate Set

89, 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 n32

*******

89 3–1–01 4–1–01 4.75 4.00 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 89, 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

*******

89 3–1–01 4–1–01 4.75 4.00 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 =

*******

March 2001 ....................................................................... .0640 1–20 .0625 >20 N/A N/A

Federal Register / Vol. 66, No. 32 / Thursday, February 15, 2001 / Rules and Regulations 10367

Issued in Washington, DC, on this 12th day

of February 2001.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–3881 Filed 2–14–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF DEFENSE

Office of the Secretary

32 CFR Part 199

RIN 0720–AA62

Civilian Health and Medical Program of

the Uniformed Services (CHAMPUS)

TRICARE, Partial Implementation of

Pharmacy Benefits Program;

Implementation of National Defense

Authorization Act Medical Benefits for

Fiscal Year 2001; Change in Effective

Date

AGENCY: Office of the Secretary,

Defense.

ACTION: Interim final rule.

SUMMARY: On Friday, February 9, 2001

(66 FR 9651), the Department of Defense

published an Interim final rule on

Partial Implementation of Pharmacy

Benefits Program; Implementation of

National Defense Authorization Act

Medical Benefits for Fiscal Year 2001.

This document is published to change

the effective date of that rule in

accordance with the statutory

requirements of the National Defense

Authorization Act for Fiscal Year 2001,

which directed implementation of

specific medical benefits on April 1,

2001.

EFFECTIVE DATE: The effective date of the

rule is amended to April 1, 2001.

FOR FURTHER INFORMATION CONTACT: L.M.

Bynum, 703–601–4722.

Dated: February 9, 2001.

L.M. Bynum,

Alternate OSD Federal Register Liaison,

Department of Defense.

[FR Doc. 01–3788 Filed 2–14–01; 8:45 am]

BILLING CODE 5001–10–M

DEPARTMENT OF DEFENSE

Department of the Army, Corps of

Engineers

33 CFR Part 323

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 232

[FRL–6945–3]

Further Revisions to the Clean Water

Act Regulatory Definition of

‘‘Discharge of Dredged Material’’:

Delay of Effective Date

AGENCIES: Army Corps of Engineers,

Department of the Army, DOD; and

Environmental Protection Agency.

ACTION: Final Rule; Delay of Effective

Date.

SUMMARY: In accordance with the

memorandum of January 20, 2001, from

the Assistant to the President and Chief

of Staff, entitled ‘‘Regulatory Review

Plan,’’ published in the Federal Register

on January 24, 2001, this action

temporarily delays for 60 days the

effective date of the rule entitled

‘‘Further Revisions to the Clean Water

Act Regulatory Definition of ‘Discharge

of Dredged Material’,’’ published in the

Federal Register on Wednesday,

January 17, 2001, at 66 FR 4549. That

rule amends Clean Water Act section

404 regulations defining the term

‘‘discharge of dredged material.’’

DATES: The effective date of Further

Revisions to the Clean Water Act

Regulatory Definition of ‘‘Discharge of

Dredged Material,’’ amending 33 CFR

part 323 and 40 CFR part 232, published

in the Federal Register on Wednesday,

January 17, 2001, at 66 FR 4549, is

delayed for 60 days, from the original

February 16, 2001, effective date to a

new effective date of April 17, 2001.

FOR FURTHER INFORMATION CONTACT: For

information on today’s action, contact

either Mr. Michael Smith, U.S. Army

Corps of Engineers, ATTN: CECW-OR

(3F73), 441 ‘‘G’’ Street, NW,

Washington, DC 203140–1000, phone:

(202) 761–4598, or Cynthia Puskar, U.S.

Environmental Protection Agency,

Office of Water (4201), 1200

Pennsylvania Avenue N.W.,

Washington, DC 20460, phone: (202)

260–8532.

SUPPLEMENTARY INFORMATION: To the

extent that 5 U.S.C. 553 applies to this

action, it is exempt from notice and

comment because it constitutes a rule of

procedure under 5 U.S.C. 553(b)(A).

Alternatively, the agencies’

implementation of this action without

opportunity for public comment,

effective immediately upon publication

today in the Federal Register, is based

on the good cause exceptions in 5 U.S.C.

553(b)(B) and 553(d)(3). Seeking public

comment is impracticable, unnecessary

and contrary to the public interest. The

temporary 60-day delay in effective date

is necessary to give EPA and Corps

officials the opportunity for further

review and consideration of new

regulations, consistent with the

Assistant to the President’s

memorandum of January 20, 2001.

Given the imminence of the effective

date, seeking prior public comment on

this temporary delay would have been

impractical, as well as contrary to the

public interest in the orderly

promulgation and implementation of

regulations. The imminence of the

effective date is also good cause for

making this rule immediately effective

upon publication.

Dated: February 9, 2001.

Claudia L. Tornblom,

Deputy Assistant Secretary of the Army

(Management and Budget), Department of the

Army.

Dated: February 12, 2001.

Christine T. Whitman,

Administrator, Environmental Protection

Agency.

[FR Doc. 01–3843 Filed 2–14–01; 8:45 am]

BILLING CODE 6560–50–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 300

[FRL–6927–2]

National Oil and Hazardous

Substances Pollution Contingency

Plan; National Priorities List

AGENCY: Environmental Protection

Agency (EPA)

ACTION: Partial direct final deletion of

the California Gulch Superfund Site

from the National Priorities List (NPL).

SUMMARY: The Environmental Protection

Agency (EPA) Region 8 announces its

intent to delete Operable Unit 10 (OU

10) of the California Gulch Superfund

Site (Site) from the National Priorities

List (NPL) and requests public comment

on this action. The NPL constitutes

Appendix B of 40 CFR Part 300, the

National Oil and Hazardous Substances

Pollution Contingency Plan (NCP),

which EPA promulgated pursuant to

Section 105 of the Comprehensive

Environmental Response,