6874 Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Rules and Regulations

approval to modify or delete such

mitigation features.

[FR Doc. 97–3746 Filed 2–13–97; 8:45 am]

BILLING CODE 4910–22–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8692]

RIN 1545–AR76

Reissuance of Mortgage Credit

Certificates; Correction

AGENCY: Internal Revenue Service,

Treasury.

ACTION: Correction to the final and

temporary regulations.

SUMMARY: This document contains a

correction to the final and temporary

regulations (TD 8692) which were

published in the Federal Register on

Tuesday, December 17, 1996 (61 FR

66212). The final and temporary

regulations relates to the reissuance of

mortgage credit certificates.

EFFECTIVE DATE: December 17, 1996.

FOR FURTHER INFORMATION CONTACT:

Michael Wachtel, (202) 622–3980 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final and temporary regulations

that is subject to this correction is under

section 25 of the Internal Revenue Code.

Need for Correction

As published, the final and temporary

regulations (TD 8692) contains an error

which may prove to be misleading and

is in need of clarification.

Correction of Publication

Accordingly, the publication of the

final and temporary regulations (TD

8692) which is the subject of FR Doc.

96–31772 is corrected as follows:

On page 66212, column 3, in the

heading, the RIN ‘‘RIN 1545-AR57’’ is

corrected to read ‘‘RIN 1545-AR76’’.

Cynthia E. Grigsby,

Chief, Regulations Unit Assistant Chief

Counsel (Corporate).

[FR Doc. 97–3653 Filed 2–13–97; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Parts 1 and 602

[TD 8690]

RIN 1545–AS95

Deductibility, Substantiation, and

Disclosure of Certain Charitable

Contributions; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains

corrections to final regulations[TD 8690]

which were published in the Federal

Register for Monday, December 16, 1996

(61 FR 65946). The final regulations

provide guidance regarding the

allowance of certain charitable

contribution deductions, the

substantiation requirements for

charitable contributions of $250 or

more, and the disclosure requirements

for quid pro quo contributing in excess

of $75.

EFFECTIVE DATE: December 16, 1996.

FOR FURTHER INFORMATION CONTACT:

Jefferson K. Fox of the Office of

Assistant Chief Counsel (Income Tax

and Accounting) (202) 622–4930 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of these corrections are under

section 170 of the Internal Revenue

Code.

Need for Correction

As published final regulations [TD

8690] contain errors that are misleading

and in need of clarification.

Correction of Publication

Accordingly, the publication of final

regulations [TD 8690] which are the

subject of FR Doc. 96–31719 is corrected

as follows:

1. On page 65946, column three, in

the heading the RIN ‘‘1545-AS94’’ is

corrected to read ‘‘1545-AS95’’.

2. On page 65946, column three, in

the preamble following the paragraph

heading ‘‘Paperwork Reduction Act’’,

third paragraph, line 5, the language

‘‘average of six minutes.’’ is corrected to

read ‘‘average of six minutes. The

estimated annual burden per respondent

is two and a half hours.’’.

3. On page 65946, column three, in

the preamble following the paragraph

heading ‘‘Paperwork Reduction Act’’,

fourth paragraph, line 5, the language

‘‘Reports Clearance Officer, PC:FP,’’ is

corrected to read ‘‘Reports Clearance

Officer, T:FP,’’.

Cynthia E. Grigsby,

Chief, Regulations Unit Assistant Chief

Counsel (Corporate).

[FR Doc. 97–3654 Filed 2–13–97; 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 March 1997.

EFFECTIVE DATE: March 1, 1997.

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 (202–326–4179

for TTY and TDD).

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

March 1997.

For annuity benefits, the interest

assumptions will be 6.20 percent for the

first 25 years following the valuation

date and 5.00 percent thereafter. For

benefits to be paid as lump sums, the
Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Rules and Regulations 6875

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 seven-year

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 above annuity interest

assumptions represent an increase (from

those in effect for February 1997) of 0.30

percent for the first 25 years following

the valuation date and are otherwise

unchanged. The lump sum interest

assumptions represent an increase (from

those in effect for February 1997) of 0.25

percent for the period during which a

benefit is in pay status and for the seven

years directly preceding that period;

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 March 1997, 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—[AMENDED]

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 41 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 =

* * * * * * *

March 1997 ........................................................................ .0620 1–25 .0500 >25 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 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

* * * * * * *

41 03–1–97 04–1–97 5.00 4.25 4.00 4.00 7 8

Issued in Washington, D.C., on this 6th day

of February 1997.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–3681 Filed 2–13–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD09–94–029]

RIN 2115–AE47

Drawbridge Operation Regulations;

Sturgeon Bay, WI

AGENCY: Coast Guard, DOT.

ACTION: Interim rule with request for

comments.

SUMMARY: The Coast Guard is revising

the operating regulations for Michigan

Street highway bridge, mile 4.3 over

Sturgeon Bay Ship Canal in Sturgeon

Bay, WI, to reduce the number of

required openings for recreational

vessels. Commercial vessel traffic will

not be affected by this action. The

Wisconsin Department of

Transportation has requested this

change to minimize stress on the

operating machinery at the bridge until

a replacement bridge is constructed.