Federal Register / Vol. 66, No. 51 / Thursday, March 15, 2001 / Rules and Regulations 15031

Dated: February 28, 2001.

James McDivitt,

Deputy Assistant Secretary—Indian Affairs

(Management).

[FR Doc. 01–6485 Filed 3–14–01; 8:45 am]

BILLING CODE 4310–02–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 April 2001. Interest

assumptions are also published on the

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

EFFECTIVE DATE: April 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 April 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 April

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 April 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

are unchanged from those in effect for

March 2001.

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 March 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 April 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).

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

90, 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 n2

*******

90 4–1–01 5–1–01 4.75 4.00 4.00 4.00 7 8

15032 Federal Register / Vol. 66, No. 51 / Thursday, March 15, 2001 / Rules and Regulations

3. In appendix C to part 4022, Rate Set

90, 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

*******

90 4–1–01 5–1–01 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 =

*******

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

Issued in Washington, DC, on this 12th day

of March 2001.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–6486 Filed 3–14–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF LABOR

Mine Safety and Health Administration

30 CFR Part 57

RIN 1219–AB11

Diesel Particulate Matter Exposure of

Underground Metal and Nonmetal

Miners; Delay of Effective Dates

AGENCY: Mine Safety and Health

Administration (MSHA), Labor.

ACTION: Final rule; delay of effective

dates and conforming amendments.

SUMMARY: In accordance with the

memorandum dated January 20, 2001,

from Andrew H. Card, Jr., the Assistant

to the President and Chief of Staff,

entitled ‘‘Regulatory Review Plan,’’

published in the Federal Register on

January 24, 2001 (66 FR 7702), the Mine

Safety and Health Administration is

delaying for 60 days the effective date

of the rule entitled, ‘‘Diesel Particulate

Matter Exposure of Underground Metal

and Nonmetal Miners,’’ published in the

Federal Register on January 19, 2001

(66 FR 5706). This temporary delay will

allow the Department an opportunity for

further consideration of this rule.

EFFECTIVE DATE: The effective date of the

rule amending 30 CFR Part 57 published

on January 19, 2001, at 66 FR 5706 is

delayed from March 20, 2001, until May

21, 2001.

In the final rule that addresses the

exposure of underground metal and

nonmetal miners to diesel particulate

matter, the effective date of the rule is

delayed. The rule will become effective

May 21, 2001. Section 57.5067 will

become effective May 21, 2001.

However, § 57.5060(a) will continue to

apply on July 19, 2002 and § 57.5060(b)

will continue to apply on January 19,

2006.

FOR FURTHER INFORMATION CONTACT:

David L. Meyer, Director; Office of

Standards, Regulations, and Variances;

MSHA, 4015 Wilson Boulevard,

Arlington, Virginia 22203–1984. Mr.

Meyer can be reached at

dmeyer@msha.gov (E-mail), 703–235–

1910 (Voice), or 703–235–5551 (fax).

SUPPLEMENTARY INFORMATION: On

January 19, 2001, MSHA published the

final rule addressing diesel particulate

matter exposure of underground miners.

The final rule establishes new health

standards for underground metal and

nonmetal mines that use equipment

powered by diesel engines and requires

operators of these underground mines to

train miners about the hazards of being

exposed to diesel particulate matter.

In accordance with the January 20,

2001, memorandum from Andrew H.

Card, this notice announces the 60-day

delay of the effective date of certain

provisions of the final regulations.

I. Delayed Effective Dates

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). The Department’s

implementation of this rule without

opportunity for public comment,

effective immediately upon publication

today in the Federal Register, is also

based on the good cause exceptions in

5 U.S.C. 553(b)(B) and 553(d)(3), in that

seeking public comment is

impracticable, unnecessary and contrary

to the public interest. The 60-day delay

in effective dates is necessary to give

Department 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 delay is impractical, as well as

contrary to the public interest in the

orderly promulgation and

implementation of regulations.