68892 Federal Register / Vol. 65, No. 221 / Wednesday, November 15, 2000 / Rules and Regulations

in any one year, and it will not

significantly or uniquely affect small

governments. Therefore, no actions were

deemed necessary under the provisions

of the Unfunded Mandates Reform Act

of 1995.

F. Small Business Regulatory

Enforcement Fairness Act of 1996

The Department has determined that

this action pertains to agency

management and, accordingly, is not a

‘‘rule’’ as that term is used by the

Congressional Review Act (Subtitle E of

the Small Business Regulatory

Enforcement Fairness Act, 5 U.S.C. 804).

Therefore, the reports to Congress and

the General Accounting Office specified

by the SBREFA are not required.

List of Subjects in 28 CFR Part 16

Administrative practice and

procedure, Courts, Freedom of

Information, Privacy, Sunshine Act.

For the reasons stated in the

preamble, Title 28 of the Code of

Federal Regulations is amended as

follows:

1. The authority citation for Part 16

continues to read as follows:

Authority: 5 U.S.C. 301, 552, 552a, 552b(g),

553; 18 U.S.C. 4203(a)(1); 28 U.S.C. 509, 510,

534; 31 U.S.C. 3717.

2. Add Subpart G to Part 16 to read

as follows:

Subpart G—Access to Documents by

Former Employees of the Department

Sec. 16.300 Access to documents for the

purpose of responding to an official inquiry.

16.301 Limitations.

Subpart G—Access to Documents by

Former Employees of the Department

§ 16.300 Access to documents for the

purpose of responding to an official inquiry.

(a) To the extent permitted by law,

former employees of the Department

shall be given access to documents that

they originated, reviewed, or signed

while employees of the Department, for

the purpose of responding to an official

inquiry by a federal, state, or local

government entity or professional

licensing authority. Documents include

memoranda, drafts, reports, notes,

written communications, and

documents stored electronically that are

in the possession of the Department.

Access ordinarily will be provided on

government premises.

(b) Requests for access to documents

under this section must be submitted in

writing to the head of the component

where the employee worked when

originating, reviewing, or signing the

documents. If the employee requesting

access was the Attorney General,

Deputy Attorney General, or Associate

Attorney General, the request may be

granted by the Assistant Attorney

General for Administration. This

authority may not be delegated below

the level of principal deputy component

head.

(c) The written request should

describe with specificity the documents

to which access is sought (including

time periods wherever possible), the

reason for which access is sought

(including the timing of the official

inquiry involved), and any intended

disclosure of any of the information

contained in the documents.

(d) The requester must agree in

writing to safeguard the information

from unauthorized disclosure and not to

further disclose the information, by any

means of communication, or to make

copies, without the permission of the

Department. Determinations regarding

any further disclosure of information or

removal of copies shall be made in

accordance with applicable standards

and procedures.

§ 16.301 Limitations.

(a) The Department may deny or limit

access under this subpart where

providing the requested access would be

unduly burdensome.

(b) Access under this subpart to

classified information is governed by

Executive Order 12958 and 28 CFR

17.46. Requests for access to classified

information must be submitted to (or

will be referred to) the Department

Security Officer and may be granted by

the Department Security Officer in

consultation with the appropriate

component head.

(c) Nothing in this subpart shall be

construed to supplant the operation of

other applicable prohibitions against

disclosure.

(d) This subpart is not intended to,

does not, and may not be relied upon to,

create any right or benefit, substantive

or procedural, enforcecable at law by a

party against the United States.

Dated: November 7, 2000.

Janet Reno,

Attorney General.

[FR Doc. 00–29208 Filed 11–14–00; 8:45 am]

BILLING CODE 4410–C5–M

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 December 2000. Interest

assumptions are also published on the

PBGC’s web site (www.pbgc.gov).

EFFECTIVE DATE: December 1, 2000.

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). (See the PBGC’s two final

rules published March 17, 2000, in the

Federal Register (at 65 FR 14752 and

14753). Effective May 1, 2000, these

rules changed how the interest

Federal Register / Vol. 65, No. 221 / Wednesday, November 15, 2000 / Rules and Regulations 68893

assumptions are used and where they

are set forth in the PBGC’s regulations.)

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 December 2000,

(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

December 2000, 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

December 2000.

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 7.00

percent for the first 25 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

represent a decrease (from those in

effect for November 2000) of 0.10

percent for the first 25 years following

the valuation date and are otherwise

unchanged.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in Appendix B to

part 4022) will be 5.25 percent for the

period during which a benefit is in pay

status, 4.50 percent during the sevenyear 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. These interest assumptions are

unchanged from those in effect for

November 2000.

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 December 2000,

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

86, as set forth below, is added to the

table. (The introductory text of the table

is omitted.)

68894 Federal Register / Vol. 65, No. 221 / Wednesday, November 15, 2000 / Rules and Regulations

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

*******

86 12–1–00 1–1–01 5.25 4.50 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 86, 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

*******

86 12–1–00 1–1–01 5.25 4.50 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 =

*******

December 2000 .................................................................... .0700 1–25 .0625 >25 N/A N/A

Issued in Washington, DC, on this 8th day

of November 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–29231 Filed 11–14–00; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD07–00–111]

Drawbridge Operation Regulations:

Siesta Key Bridge (SR 758), Sarasota,

Sarasota County, FL

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation

from regulations.

SUMMARY: The Commander, Seventh

Coast Guard District, has approved a

temporary deviation from the

regulations governing the operation of

the Siesta Key Drawbridge (SR 758)

across the Gulf Intracoastal Waterway,

mile 71.6, Sarasota, Sarasota County,

Florida. This deviation allows the

drawbridge owner to provide single leaf

openings for vessel traffic. This

temporary deviation is required

November 22, 2000 from 8 a.m. until 4

p.m., to allow the bridge owner to safely

complete maintenance to the

drawbridge.

DATES: This deviation is effective on

November 22, 2000, from 8 a.m. until 4

p.m.

FOR FURTHER INFORMATION CONTACT: Mr.

Barry Dragon, Chief, Operations Section,

Seventh Coast Guard District, Bridge

Section at (305) 415–6743.

SUPPLEMENTARY INFORMATION: The Siesta

Key Drawbridge (SR 758) across the Gulf

Intracoastal Waterway at Sarasota, FL

has a vertical clearance of 21 feet above

mean high water (MHW) measured at

the center in the closed position. On

October 30, 2000 the owner, requested

a deviation from the current operating

regulation in 33 CFR 117.35 which

requires the drawbridge to open

promptly and fully when a request to

open is given. This temporary deviation

was requested to allow necessary

maintenance to the drawbridge in a

critical time sensitive manner.

The District Commander has granted

a temporary deviation from the

operating requirements listed in 33 CFR