18268 Federal Register / Vol. 62, No. 72 / Tuesday, April 15, 1997 / Rules and Regulations

B. Paperwork Reduction Act

The Paperwork Reduction Act of

1995, Pub. L. 104–13 (May 13, 1995),

imposes certain requirements on federal

agencies (including the Commission) in

connection with their conducting or

sponsoring any collection of

information as defined by the

Paperwork Reduction Act. While this

rule has no burden, the group of rules

(3038–0005) of which this is a part has

the following burden:

Average Burden Hours per Response:

124.75.

Number of Respondents: 4,654.

Frequency of Response: On occasion.

Copies of the OMB approved

information collection package

associated with this rule may be

obtained from: Desk Officer, CFTC,

Office of Management and Budget,

Room 10202, NEOB Washington DC

20503, (202) 395–7340.

C. List of Subjects in 17 CFR Part 4

Commodity futures, Reporting and

recordkeeping requirements, Filings.

In consideration of the foregoing, and

pursuant to the authority contained in

the Commodity Exchange Act, and in

particular sections 2(a)(1), 4b, 4c, 4l,

4m, 4n, 4o, and 8a, 7 U.S.C. 2, 6b, 6c,

6l, 6m, 6n, 6o, and 12a, the Commission

hereby amends Chapter I of Title 17 of

the Code of Federal Regulations as

follows:

PART 4—COMMODITY POOL

OPERATORS AND COMMODITY

TRADING ADVISORS

Subpart A—General Provisions,

Definitions and Exemptions

1. The authority citation for part 4

continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 4, 6b, 6c, 6l, 6m,

6n, 6o, 12a and 23.

2. Section 4.2 paragraph (a) is to be

revised to read as follows:

§ 4.2 Requirements as to filing.

(a) All material filed with the

Commission under this part 4 must be

filed with the Commission at its

Washington, DC office (Att: Special

Counsel, Front Office Audit Unit,

Division of Trading and Markets,

C.F.T.C., Three Lafayette Centre, 1155

21st Street, NW., Washington, DC

20581; Provided, however, that

Disclosure Documents and amendments

thereto may be filed at an electronic

mail address for the Commission, as

specified by the Commission.

* * * * *

Subpart B—Commodity Pool

Operators

3. Section 4.26 paragraph (d) is to be

revised to read as follows:

§ 4.26 Use, amendment and filing of

Disclosure Document.

* * * * *

(d) Except as provided by § 4.8:

(1) The commodity pool operator

must file with the Commission two

copies of the Disclosure Document for

each pool that it operates or that it

intends to operate not less than 21

calendar days prior to the date the pool

operator first intends to deliver the

Document to a prospective participant

in the pool; Provided, however, that a

pool operator electing to file

electronically pursuant to § 4.2(a) may

file a single copy of the Disclosure

Document by that method; and

(2) The commodity pool operator

must file with the Commission two

copies of the subsequent amendments to

the Disclosure Document for each pool

that it operates or that it intends to

operate within 21 calendar days of the

date upon which the pool operator first

knows or has reason to know of the

defect requiring the amendment;

Provided, however, that a pool operator

electing to file electronically pursuant to

§ 4.2(a) may file a single copy of each

such amendment by that method.

Subpart C—Commodity Trading

Advisors

4. Section 4.36 paragraph (d) is to be

revised to read as follows:

§ 4.36 Use, amendment and filing of

Disclosure Document.

* * * * *

(d) (1) The trading advisor must file

with the Commission two copies of the

Disclosure Documents for each trading

program that it offers or that it intends

to offer not less than 21 calendar days

prior to the date the trading advisor first

intends to deliver the Document to a

prospective client in the trading

program; Provided, however, that a

trading advisor electing to file

electronically pursuant to § 4.2(a) may

file a single copy of the Disclosure

Document by that method.

(2) The commodity trading advisor

must file with the Commission two

copies of all subsequent amendments to

the Disclosure Document for each

trading program that it offers or that it

intends to offer within 21 calendar days

of the date upon which the trading

advisor first knows or has reason to

know of the defect requiring the

amendment; Provided, however, that a

trading advisor electing to file

electronically pursuant to § 4.2(a) may

file a single copy of each such

amendment by that method.

Issued in Washington, DC on April 9, 1997,

by the Commission.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 97–9655 Filed 4–14–97; 8:45 am]

BILLING CODE 6351–01–P

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 May 1997.

EFFECTIVE DATE: May 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 May

1997.

For annuity benefits, the interest

assumptions will be 6.30 percent for the

first 25 years following the valuation
Federal Register / Vol. 62, No. 72 / Tuesday, April 15, 1997 / Rules and Regulations 18269

date and 5.00 percent thereafter. The

annuity interest assumptions represent

an increase (from those in effect for

April 1997) of 0.20 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 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 lump sum interest

assumptions represent an increase (from

those in effect for April 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 May 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 43 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 =

* * * * * * *

May 1997 ................................................................................................... .0630 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

* * * * * * *

43 .......................................................................................... 05–1–97 06–1–97 5.00 4.25 4.00 4.00 7 8

Issued in Washington, D.C., on this 8th day

of April 1997.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 97–9600 Filed 4–14–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 756

[NA–003–FOR]

Navajo Nation Abandoned Mine Land

Reclamation Plan

AGENCY: Office of Surface Mining

Reclamation and Enforcement, Interior.

ACTION: Final rule; approval of

amendment.

SUMMARY: The Office of Surface Mining

Reclamation and Enforcement (OSM) is

approving a proposed amendment to the

Navajo Nation abandoned mine land

reclamation (AMLR) plan (hereinafter,

the ‘‘Navajo Nation plan’’) under the

Surface Mining Control and

Reclamation Act of 1977 (SMCRA). The

Navajo Nation proposed revisions to,

additions of, or deletions of rules