32614 Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 /Rules and Regulations

§ 209.13 Employers’ gross earnings

reports.

* * * * *

(b) Employers shall submit reports

annually for employees in the gross

earnings sample. Such reports shall

include the employee’s gross annual

earnings, which includes all

compensation taxable under the

hospital insurance portion of the tier I

tax rate. Employers with 5,000 or more

employees shall provide a monthly or

quarterly breakdown of the year’s

earnings. Employers with fewer than

5,000 employees may submit an annual

amount only, although a monthly or

quarterly breakdown is preferable. Gross

earnings are to be counted for the same

time period as used in determining the

employer’s annual report of creditable

compensation. The reports are to be

prepared in accordance with prescribed

instructions and filed in accordance

with § 209.4 of this part.

(Approved by the Office of Management and

Budget under control number 3220–0132)

15. Section 209.14 is revised to read

as follows:

§ 209.14 Report of separation allowances

subject to tier II taxation.

For any employee who is paid a

separation payment, the employer must

file a report of the amount of the

payment. This report shall be submitted

to the Board on or before the last day of

the month following the end of the

calendar quarter in which payment is

made. The report is to be prepared in

accordance with prescribed instructions

and filed in accordance with § 209.4 of

this part.

(Approved by the Office of Management and

Budget under control number 3220–0173)

16. Section 209.15 is amended by

removing the reference to ‘‘§ 209.7’’

wherever it appears and adding in its

place ‘‘209.9’’, by removing ‘‘Director of

Research and Employment Accounts’’

wherever it appears and adding in its

place ‘‘Board’’, and by revising

paragraph (d) to read as follows:

§ 209.15 Compensation reportable when

paid.

* * * * *

(d) Miscellaneous pay. Miscellaneous

pay, as defined in § 211.11 of this

chapter, shall be reported in the year

paid and reported on the annual report

of compensation as provided for in

§ 209.8 of this part.

* * * * *

Dated: June 5, 1998.

By authority of the Board.

For the Board,

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 98–15798 Filed 6–12–98; 8:45 am]

BILLING CODE 7905–01–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 July 1998.

EFFECTIVE DATE: July 1, 1998.

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 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 July

1998.

For annuity benefits, the interest

assumptions will be 5.50 percent for the

first 25 years following the valuation

date and 5.25 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for June

1998) 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 4.00 percent for the period

during which a benefit is in pay status

and during any years preceding the

benefit’s placement in pay status. The

lump sum interest assumptions

represent a decrease (from those in

effect for June 1998) of 0.25 percent for

the period during which a benefit is in

pay status; 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 July 1998, 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 57 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.
Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 /Rules and Regulations 32615

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 =

* * * * * * *

July 1998 ............................................................................... .0550 1–25 .0525 >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

* * * * * * *

57 07–1–98 08–1–98 4.00 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 8th day

of June 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–15822 Filed 6–12–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 938

[PA–112–FOR]

Pennsylvania Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement (OSM),

Interior.

ACTION: Final rule; correction.

SUMMARY: This notice corrects an

inadvertent omission of a phrase at 30

CFR 938.16 paragraphs (vvv) through

(bbbb), concerning required

Pennsylvania regulatory program

amendments as published on

Wednesday, April 22, 1998 (63 FR

19802). As originally published, the

required amendments did not provide

Pennsylvania with the option to submit,

in lieu of proposed written

amendments, descriptions of

amendments and timetables for

enactment of the described

amendments.

EFFECTIVE DATE: This correction is

effective April 22, 1998.

FOR FURTHER INFORMATION CONTACT:

Robert J. Biggi, Director, Office of

Surface Mining Reclamation and

Enforcement, Harrisburg Field Office,

Harrisburg Transportation Center, Third

Floor, Suite 3C, 4th and Market Streets,

Harrisburg, Pennsylvania 17101,

Telephone: (717) 782–4036.

SUPPLEMENTARY INFORMATION:

Need for Correction

As originally published on

Wednesday, April 22, 1998 (63 FR

19802), the required amendments

codified at 30 CFR 938.16 paragraphs

(vvv) through (bbbb) did not provide 30

CFR 732.17(f). Therefore, this notice

announces a correction of each of the

required amendments to include this

option.

Under authority of 30 CFR 1201 et

seq., The Federal Register published on

April 22, 1998, is corrected as set forth

below.

List of Subjects in 30 CFR Part 938

Intergovernmental relations, Surface

mining, Underground mining.

Dated: June 4, 1998.

Tim L. Dieringer,

Acting Regional Director, Appalachian

Regional Coordinating Center.

For the reasons set out in the

preamble, the final rule published April

22, 1998, is corrected as set forth below:

PART 938—PENNSYLVANIA

1. The authority citation for Part 938

continues to read as follows:

Authority: 30 U.S.C. 1201 et seq.

2. Beginning on page 63 FR 19820,

§ 938.16, paragraphs (vvv) through

(bbbb) are corrected to read as follows:

§ 938.16 Required regulatory program

amendments.

* * * * *

(vvv) By July 1, 1998, Pennsylvania

shall amend the Pennsylvania program,

or provide a written description of an

amendment together with a timetable

for enactment which is consistent with

established administrative or legislative

procedures in the State, to clarify the

meaning of the term ‘‘excess soil and

related materials’’ as that term is used

in the definition of ‘‘coal refuse disposal

activities.’’

(www) By July 1, 1998, Pennsylvania

shall amend the Pennsylvania program,

or provide a written description of an

amendment together with a timetable

for enactment which is consistent with

established administrative or legislative