Federal Register / Vol. 61, No. 222 / Friday, November 15, 1996 / Rules and Regulations 58479

Appendix E to part 3500 [Removed]

12. Appendix E to part 3500 is

removed.

Appendix F to part 3500 [Redesignated]

13. Appendix F to part 3500 is

redesignated as Appendix E to part

3500.

Appendix N to part 3500 [Removed]

14. Appendix N to part 3500 is

removed.

Dated: November 8, 1996.

Nicolas P. Retsinas,

Assistant Secretary for Housing-Federal

Housing Commissioner

[FR Doc. 96–29278 Filed 11–14–96; 8:45 am]

BILLING CODE 4210–27–M

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 December 1996.

EFFECTIVE DATE: December 1, 1996.

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

December 1996.

For annuity benefits, the interest

assumptions will be 6.00 percent for the

first 20 years following the valuation

date and 4.75 percent thereafter. For

benefits to be paid as lump sums, the

interest assumptions to be used by the

PBGC will be 4.75 percent for the period

during which a benefit is in pay status,

4.00 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 above annuity interest

assumptions represent a decrease (from

those in effect for November 1996) of .20

percent for the first 20 years following

the valuation date and are otherwise

unchanged. The lump sum interest

assumptions represent a decrease (from

those in effect for November 1996) of .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 December 1996, 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 hereby 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.

Appendix B to Part 4044—[Amended]

2. In appendix B, a new entry is

added to Table I, and Rate Set 38 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=

* * * * * * *

December 1996 ................................................................. .0600 1–20 .0475 >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
58480 Federal Register / Vol. 61, No. 222 / Friday, November 15, 1996 / Rules and Regulations

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

* * * * * * *

38 ........................................ 12–1–96 01–1–97 4.75 4.00 4.00 4.00 7 8

Issued in Washington, DC, on this 12th day

of November 1996.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 96–29336 Filed 11–14–96; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 560

Iranian Transactions Regulations

AGENCY: Office of Foreign Assets

Control, Treasury.

ACTION: Final rule; amendment.

SUMMARY: The Office of Foreign Assets

Control of the U.S. Department of the

Treasury is amending the Iranian

Transactions Regulations to clarify the

reporting requirement in § 560.603 for

oil–related transactions.

EFFECTIVE DATE: November 14, 1996.

FOR FURTHER INFORMATION CONTACT:

Loren L. Dohm, Chief, Blocked Assets

Division (tel.: 202/622–2440), or

William B. Hoffman, Chief Counsel (tel.:

202/622–2410), Office of Foreign Assets

Control, Department of the Treasury,

Washington, DC 20220.

SUPPLEMENTARY INFORMATION:

Electronic and Facsimile Availability

This document is available as an

electronic file on The Federal Bulletin

Board the day of publication in the

Federal Register. By modem, dial 202/

512–1387 and type ‘‘/GO FAC,’’ or call

202/512–1530 for disk or paper copies.

This file is available for downloading

without charge in WordPerfect 5.1,

ASCII, and Adobe AcrobatTM readable

(*.PDF) formats. For Internet access, the

address for use with the World Wide

Web (Home Page), Telnet, or FTP

protocol is: fedbbs.access.gpo.gov. The

document is also accessible for

downloading in ASCII format without

charge from Treasury’s Electronic

Library (‘‘TEL’’) in the ‘‘Business, Trade

and Labor Mall’’ of the FedWorld

bulletin board. By modem, dial 703/

321–3339, and select the appropriate

self–expanding file in TEL. For Internet

access, use one of the following

protocols: Telnet = fedworld.gov

(192.239.93.3); World Wide Web (Home

Page) = http://www.fedworld.gov; FTP

= ftp.fedworld.gov (192.239.92.205).

Additional information concerning the

programs of the Office of Foreign Assets

Control is available for downloading

from the Office’s Internet Home Page:

http://www.ustreas.gov/treasury/

services/fac/fac.html, or in fax form

through the Office’s 24–hour fax–on–

demand service: call 202/622–0077

using a fax machine, fax modem, or

touch tone telephone.

Background

In Executive Order 12957 of March

15, 1995 (60 FR 14615, March 17, 1995),

President Clinton declared a national

emergency with respect to the actions

and policies of the Government of Iran

and imposed sanctions against Iran

supplementing those which were

imposed in 1987, invoking the

authority, inter alia, of the International

Emergency Economic Powers Act (50

U.S.C. 1701–06 — ‘‘IEEPA’’). The

President substantially supplemented

and amended those sanctions in

Executive Order 12959 of May 6, 1995

(60 FR 24757, May 9, 1995), invoking

the authority, inter alia, of IEEPA and

the International Security and

Development Cooperation Act of 1985

(22 U.S.C. 2349aa–9). In implementation

of these orders, the Office of Foreign

Assets Control amended the Iranian

Transactions Regulations in September

1995 (60 FR 47061, September 11, 1995

— the ‘‘Regulations’’).

This final rule further amends the

Regulations to clarify that the scope of

the reporting requirement in § 560.603

extends beyond transactions directly

involving crude oil or natural gas to

include transactions involving

petrochemicals and the provision of

goods and services related to the

financing, lifting, transporting, insuring,

refining or processing of crude oil,

natural gas and petrochemicals,

including the sale to Iran of oilfield

supplies or equipment.

Because the Regulations involve a

foreign affairs function, Executive Order

12866 and the provisions of the

Administrative Procedure Act (5 U.S.C.

553) requiring notice of proposed

rulemaking, opportunity for public

participation, and delay in effective

date, are inapplicable. Because no

notice of proposed rulemaking is

required for this rule, the Regulatory

Flexibility Act (5 U.S.C. 601–612), does

not apply.

List of Subjects in 31 CFR Part 560

Administrative practice and

procedure, Agricultural commodities,

Banking and finance, Exports, Foreign

trade, Imports, Information,

Investments, Iran, Loans, Penalties,

Reporting and recordkeeping

requirements, Services, Specially

designated nationals, Terrorism,

Transportation.

For the reasons set forth in the

preamble, 31 CFR part 560 is amended

as follows:

PART 560—IRANIAN TRANSACTIONS

REGULATIONS

1. The authority section is revised to

read as follows:

Authority: 50 U.S.C. 1701–1706; 50 U.S.C.

1601–1651; 22 U.S.C. 2349aa–9; Pub. L. 104–

132, 110 Stat. 1214, 1254 (18 U.S.C. 2332d);

Pub. L. 101–410, 104 Stat. 890 (28 U.S.C.

2461 note); 3 U.S.C. 301; E.O. 12613, 52 FR

41940, 3 CFR, 1987 Comp., p. 256; E.O.

12957, 60 FR 14615, 3 CFR, 1995 Comp., p.

332; E.O. 12959, 60 FR 24757, 3 CFR, 1995

Comp., p. 356.

Subpart F—Reports

2. Section 560.603 is amended by

revising paragraph (f)(2) to read as

follows: