61012 Federal Register / Vol. 62, No. 220 / Friday, November 14, 1997 / Rules and Regulations

§ 2200.203 Commencing E–Z Trial.

(a) Selection. Upon receipt of a Notice

of Contest, the Chief Administrative

Law Judge may, at his or her discretion,

assign an appropriate case for E–Z Trial.

* * * * *

Dated: November 7, 1997.

Earl R. Ohman, Jr.,

General Counsel.

[FR Doc. 97–29956 Filed 11–13–97; 8:45 am]

BILLING CODE 7600–01–M

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 December 1997.

EFFECTIVE DATE: December 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. (For TTY and

TDD, call 800–877–8339 and request

connection 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

December 1997.

For annuity benefits, the interest

assumptions will be 5.60 percent for the

first 25 years following the valuation

date and 5.00 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for

November 1997) of 0.10 percent for the

first 25 years following the valuation

date and are otherwise unchanged. For

benefits to be paid as lump sums, the

interest assumptions to be used by the

PBGC will be 4.50 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. The lump sum interest

assumptions are unchanged from those

in effect for November 1997.

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 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—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 50 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 =

* * * * * * *

December 1997 ................................................................. .0560 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
Federal Register / Vol. 62, No. 220 / Friday, November 14, 1997 / Rules and Regulations 61013

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

* * * * * * *

50 ........................................................................ 12–1–97 01–1–98 4.50 4.00 4.00 4.00 7 8

Issued in Washington, D.C., on this 10th

day of November 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–30043 Filed 11–13–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF DEFENSE

Office of the Secretary

32 CFR Part 285

[DoD 5400.7]

DoD Freedom of Information Act

(FOIA) Program

AGENCY: Department of Defense.

ACTION: Final rule.

SUMMARY: This revision conforms 32

CFR part 285, DoD Freedom of

Information Act (FOIA) program, to the

requirements of the Electronic Freedom

of Information Act Amendments of

1996, as amended by Pub. L. 104–231.

EFFECTIVE DATE: September 29, 1997.

FOR FURTHER INFORMATION CONTACT:

Mr. C. Talbott, 703–697–1171.

SUPPLEMENTARY INFORMATION: On May

12, 1997 (62 FR 25875), the Department

of Defense published a proposed rule for

comment. No comments were received.

Executive Order 12866, Regulatory

Planning and Review

It has been determined that this final

rule (32 CFR part 285) is not a

significant regulatory action. The rule

does not:

(1) Have an annual effect to the

economy of $100 million or more or

adversely affect in a material way the

economy; a section of the economy;

productivity’ competition; jobs; the

environment; public health or safety; or

State, local, or tribal governments, or

communities;

(2) Create a serious inconsistency or

otherwise interfere with an action taken

or planned by another Agency;

(3) Materially alter the budgetary

impact of entitlements, grants, user fees,

or loan programs, or the rights and

obligations of recipients thereof; or

(4) Raise novel legal or policy issues

arising out of legal mandates, the

President’s priorities, or the principles

set forth in this Executive order.

Public Law 96–354, Regulatory

Flexibility Act (5 U.S.C. 601)

It has been certified that this rule is

not subject to the Regulatory Flexibility

Act (5 U.S.C. 601) because it would not,

if promulgated, have a significant

economic impact on a substantial

number of small entities. This rule

implements the Freedom of Information

Act (5 U.S.C. 552), a statue concerning

the release of Federal Government

records, and does not economically

impact Federal Government relations

with the private sector.

Public Law 96–511, Paperwork

Reduction Act (44 U.S.C. Chapter 35)

It has been certified that this part does

not impose any reporting or

recordkeeping requirements under the

Paperwork Reduction Act of 1995.

List of Subjects in 32 CFR Part 285

Freedom of information.

Accordingly, 32 CFR part 285 is

revised to read as follows:

PART 285—DOD FREEDOM OF

INFORMATION ACT (FOIA) PROGRAM

Sec.

285.1 Purpose.

285.2 Applicability and scope.

285.3 Policy.

285.4 Responsibilities.

285.5 Information requirements.

Authority: 5 U.S.C. 552.

§ 285.1 Purpose.

This part:

(a) Updates policies and

responsibilities for the implementation

of the DoD FOIA Program under 5

U.S.C. 552.

(b) Continues to delegate authorities

and responsibilities for the effective

administration of the FOIA program.

§ 285.2 Applicability and scope.

(a) This part applies to the Office of

the Secretary of Defense (OSD), the

Military Departments, the Chairman of

the Joint Chiefs of Staff, the Combatant

Commands, the Inspector General of the

Department of Defense, the Defense

Agencies, and the DoD Field Activities

(hereafter referred to collectively as ‘‘the

DoD Components’’).

(b) National Security Agency/Central

Security Service records are subject to

this part unless the records are exempt

under section 6 of Pub. L. 86–36 (1959),

codified at 50 U.S.C. 402 note. The

records of the Defense Intelligence

Agency, National Reconnaissance

Office, and the National Imagery and

Mapping Agency are also subject to this

part unless the records are exempt

under 10 U.S.C. 424.

§ 285.3 Policy.

It is DoD policy to:

(a) Promote public trust by making the

maximum amount of information

available to the public, in both hard

copy and electronic formats, on the

operation and activities of the

Department of Defense, consistent with

DoD responsibility to ensure national

security.

(b) Allow a requester to obtain agency

records from the Department of Defense

that are available through other public

information services without invoking

the FOIA.

(c) Make available, under the

procedures established by 32 CFR part

286, those agency records that are

requested by a member of the general

public who explicitly or implicitly cites

the FOIA.

(d) Answer promptly all other

requests for information, agency

records, objects, and articles under

established procedures and practices.

(e) Release agency records to the

public unless those records are exempt

from mandatory disclosure as outlined

in 5 U.S.C. 552. Make discretionary

disclosures of exempt records or

information whenever disclosure would

not foreseeably harm an interest

protected by a FOIA exemption.

(f) Process requests by individuals for

access to records about themselves

contained in a Privacy Act system of

records under procedures set forth in