55828 Federal Register / Vol. 64, No. 199 / Friday, October 15, 1999 /Rules and Regulations

reporting, possession limits, gear

restrictions, closed areas, permitting

restrictions, crew limits, minimum fish

sizes, onboard observers, minimum

hook size and hook style, the use of

crucifiers in the hook-gear fishery, fleet

sector shares, recreational fishing

measures, area closures and other

appropriate measures to mitigate marine

mammal entanglements and

interactions, and any other management

measures currently included in the

FMP. The Council’s recommendation on

adjustments or additions to management

measures for the purposes of facilitating

aquaculture projects must come from

one or more of the following categories:

Minimum fish sizes, gear restrictions,

minimum mesh sizes, possession limits,

tagging requirements, monitoring

requirements, reporting requirements,

permit restrictions, area closures,

establishment of special management

areas or zones, and any other

management measures currently

included in the FMP.

* * * * *

[FR Doc. 99–26839 Filed 10–14–99; 8:45 am]

BILLING CODE 3510–22–F

DEPARTMENT OF HOUSING AND

URBAN DEVELOPMENT

24 CFR Part 200

Introduction to FHA Programs

CFR Correction

In Title 24 of the Code of Federal

Regulations, parts 200 to 499, revised as

of Apr. 1, 1999, on page 72, § 200.1301

should precede § 200.1302. Section

200.1301 was published in the Federal

Register at 60 FR 47262, Sept. 11, 1995,

but never correctly incorporated into the

CFR. Section 200.1301 reads as follows:

§ 200.1301 Expiring Programs—Savings

Clause.

No new loan assistance, additional

participation, or new loans are being

insured under the programs listed

below. Any existing loan assistance,

ongoing participation, or insured loans

under these programs will continue to

be governed by the regulations in effect

as they existed immediately before

October 11, 1995:

Part 205 Mortgage Insurance for Land

Development [Title X]

Part 209 Individual Homes; War Housing

Mortgage Insurance [Sec. 603]

Part 224 Armed Services Housing —Military

Personnel [Sec. 803]

Part 225 Military Housing Insurance [Sec.

803]

Part 226 Armed Services Housing —Civilian

Employees [Sec. 809]

Part 227 Armed Services Housing—Impacted

Areas [Sec. 810]

Part 228 Individual Residences; National

Defense Housing Mortgage Insurance [Sec.

903]

Part 240 Mortgage Insurance on Loans for Fee

Title Purchase

Part 277 Loans for Housing for the Elderly or

Handicapped

Part 278 Mandatory Meals Program in

Multifamily Rental or Cooperative Projects

for the Elderly or Handicapped

[FR Doc. 99–55536 Filed 10–14–99; 8:45 am]

BILLING CODE 1505–01–D

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 November 1999. Interest

assumptions are also published on the

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

EFFECTIVE DATE: November 1, 1999.

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

November 1999.

For annuity benefits, the interest

assumptions will be 6.30 percent for the

first 20 years following the valuation

date and 5.25 percent thereafter. The

annuity interest assumptions are

unchanged from those in effect for

October 1999. 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 are unchanged

from those in effect for October 1999.

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 November 1999, 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 73 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. 64, No. 199 / Friday, October 15, 1999 /Rules and Regulations 55829

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 =

* * * * * * *

November 1999 .................................................................... .0630 1–20 .0525 >20 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

* * * * * * *

73 11–1–99 12–1–99 5.00 4.25 4.00 4.00 7 8

Issued in Washington, DC, on this 8th day of October 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

[FR Doc. 99–26958 Filed 10–14–99; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD 05–99–016]

RIN 2115–AE46

Special Local Regulations for Marine

Events; Night in Venice, Great Egg

Harbor, City of Ocean City, NJ

AGENCY: Coast Guard, DOT.

ACTION: Final rule.

SUMMARY: The Coast Guard is amending

permanent special local regulations

established for the Night in Venice, a

marine event held annually in Great Egg

Harbor, by redefining the regulated area.

This action is necessary to provide a

current description of the event area.

This action is intended to enhance the

safety of life and property during the

event.

DATES: This final rule is effective

November 15, 1999.

ADDRESSES: Documents as indicated in

this preamble are available for

inspection or copying at Commander

(Aoax), Fifth Coast Guard District, Room

119, 431 Crawford Street, Portsmouth,

Virginia 23704–5004 between 9:30 a.m.

and 2 p.m., Monday through Friday,

except Federal holidays. The telephone

number is (757) 398–6204.

FOR FURTHER INFORMATION CONTACT: S.L.

Phillips, Project Manager, Operations

Division, Auxiliary Section, at (757)

398–6204.

SUPPLEMENTARY INFORMATION:

Regulatory History

On May 10, 1999, the Coast Guard

published a notice of proposed

rulemaking (NPRM) entitled ‘‘Special

Local Regulations for Marine Events;

Night in Venice, Great Egg Harbor, City

of Ocean City, New Jersey’’ in the

Federal Register (64 FR 24979). The

Coast Guard received no letters

commenting on the proposed

rulemaking. No public hearing was

requested, and none was held.

Background and Purpose

The current regulations at 33 CFR

100.504 establish special local

regulations for the Night in Venice, a

marine event held annually in Great Egg

Harbor Bay. The purpose of these

regulations is to control vessel traffic

during the event to enhance the safety

of participants, spectators, and

transiting vessels. The regulated area

was initially described in the current

regulations by referencing prominent

aids to navigation in the event area.

Since the initial publication of the

regulations at 33 CFR 100.504, the

referenced buoys and markers have been

renamed and/or repositioned.

Regulatory Evaluation

This final rule is not a significant

regulatory action under section 3(f) of

Executive Order 12866 and does not

require an assessment of potential costs

and benefits under section 6(a)(3) of that

order. The Office of Management and

Budget has not reviewed it under that

order. It is not ‘‘significant’’ under the

regulatory policies and procedures of

the Department of Transportation (DOT)

(44 FR 11040; February 26, 1979).

The Coast Guard expects the

economic impact of this final rule to be

so minimal that a full Regulatory

Evaluation under paragraph 10e of the

regulatory policies and procedures of