44128 Federal Register / Vol. 64, No. 156 / Friday, August 13, 1999 /Rules and Regulations

exchange visitor to valid program status.

Your application must include:

(i) Copies of all the exchange visitor’s

Forms IAP–66 issued to date;

(ii) A new, completed Form IAP–66,

showing in Block 3 the date for which

reinstatement is sought, i.e., the new

program end date;

(iii) A copy of the receipt showing

that the Pub. L. 104–208 fee has been

paid; and,

(iv) A written statement (together with

documentary evidence supporting such

statement):

(A) Declaring that the exchange visitor

is pursuing or was at all times intending

to pursue the exchange visitor program

activity for which the exchange visitor

was admitted to the United States; and,

(B) Showing that the exchange visitor

failed to maintain valid program status

due to circumstances beyond the control

of the exchange visitor, or from

administrative delay or oversight,

inadvertence, or excusable neglect on

your part or the exchange visitor’s part;

and,

(C) Showing that it would be an

unusual hardship to the exchange

visitor if we do not grant the

reinstatement to valid program status.

(i) How will we notify you of our

decision on your request for

reinstatement? (1) If we deny your

request for reinstatement, we will notify

you by letter.

(2) If we approve your request for

reinstatement, we will notify you:

(i) By stamping Box 6 on the new

Form IAP–66 to show that reinstatement

was granted, effective as of the date on

which the application for reinstatement

was received by the Exchange Visitor

Program Services office; and

(ii) By returning the new Form IAP–

66 for the exchange visitor.

(j) How long will it take us to act on

your request for reinstatement? We will

act on your request for reinstatement

within forty-five days from the date on

which we receive the request and

supporting documentation.

(k) Are you required to notify us each

time that you correct a record? No

special notification is necessary.

Submission of the notification copy of

Form IAP–66 to the Agency serves as

notice that a record has been corrected.

Following the regulations in this part in

issuing a letter or document serves as

correction in the sponsor’s file for those

items not normally sent to the Agency

under existing notification procedures.

[FR Doc. 99–20783 Filed 8–12–99; 8:45 am]

BILLING CODE 8230–01–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 September, 1999. Interest

assumptions are also published on the

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

EFFECTIVE DATE: September 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

September 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

August 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 August 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 September 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 71 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. 156 / Friday, August 13, 1999 /Rules and Regulations 44129

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 =

* * * * * * *

September 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 >

n2) 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–n1K–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

* * * * * * *

71 09–1–99 10–1–99 5.00 4.25 4.00 4.00 7 8

Issued in Washington, DC, on this 6th day of August, 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty Corporation.

[FR Doc. 99–20927 Filed 8–12–99; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD01–99–010]

RIN 2115–AE47

Drawbridge Operation Regulations:

Shrewsbury River, NJ

AGENCY: Coast Guard, DOT.

ACTION: Final Rule.

SUMMARY: The Coast Guard is changing

the drawbridge operation regulations

governing the Route 36 Bridge, mile 1.8,

across the Shrewsbury River at

Highlands, New Jersey. This final rule

requires the drawbridge need open only

at a quarter before and a quarter after the

hour, May 15 through October 15, 7 a.m.

to 8 p.m. This change is necessary to

help alleviate vehicular traffic

congestion caused by frequent bridge

openings. This final rule is expected to

relieve traffic congestion, synchronize

the opening times of the two moveable

bridges on the waterway, and still meet

the reasonable needs of navigation.

DATES: This final rule is effective

September 13, 1999.

ADDRESSES: Documents as indicated in

this preamble are available for

inspection or copying at the First Coast

Guard District Office, 408 Atlantic

Avenue, Boston, Massachusetts 02110, 7

a.m. to 3 p.m., Monday through Friday,

except Federal holidays. The telephone

number is (617) 223–8364.

FOR FURTHER INFORMATION CONTACT: John

W. McDonald, Project Officer, First

Coast Guard District, (617) 223–8364.

SUPPLEMENTARY INFORMATION:

Regulatory History

On May 25, 1999, the Coast Guard

published a notice of proposed

rulemaking entitled Drawbridge

Operation Regulations; Shrewsbury

River, New Jersey, in the Federal

Register (64 FR 28126). The Coast Guard

received one letter commenting on the

notice of proposed rulemaking. No

public hearing was requested and none

was held.

Background

The Route 36 Bridge, at mile 1.8, at

Highlands, new Jersey, across the

Shrewsbury River, has a vertical

clearance of 35 feet at mean high water

and 39 feet at mean low water.

The existing operating regulations for

the Rt-36 Bridge, listed at 33 CFR

117.755(a), require the bridge to open on

signal; except that, from Memorial Day

through Labor Day on Saturdays,

Sundays, and holidays, from 10 a.m. to

7 p.m., the draw need be opened only

on the hour and half hour.

The bridge owner, the New Jersey

Department of Transportation (NJDOT)

asked the Coast Guard to change the

operating regulations for the Route 36

Bridge to help alleviate vehicular traffic

caused by bridge openings during the

summer months. The Coast Guard

published a notice of proposed

rulemaking on May 25, 1999, which

proposed that the Route 36 Bridge open

on signal, except that, from May 15

through October 15, 7 a.m. to 8 p.m., the

draw need open only on the hour and

half hour.

The Coast Guard received one

comment letter in response to the notice

of proposed rulemaking suggesting that

the Coast Guard synchronize the

opening times for the Route 36 Bridge

and the Monmouth County highway