53538 Federal Register / Vol. 62, No. 199 / Wednesday, October 15, 1997 / Rules and Regulations

PART 600—BIOLOGICAL PRODUCTS:

GENERAL

1. The authority citation for 21 CFR

part 600 continues to read as follows:

Authority: 21 U.S.C. 321, 351, 352, 353,

355, 360, 360i, 371, 374; 42 U.S.C. 216, 262,

263, 263a, 264, 300aa–25.

§ 600.10 [Amended]

2. Section 600.10 Personnel is

amended by removing and reserving

paragraph (a) and by revising the

heading of paragraph (b) to read

‘‘Personnel.’’

PART 601—LICENSING

3. The authority citation for 21 CFR

part 601 continues to read as follows:

Authority: 21 U.S.C. 321, 351, 352, 353,

355, 360, 360c–360f, 360h–360j, 371, 374,

379e, 381; 42 U.S.C. 216, 241, 262, 263; 15

U.S.C. 1451–1461.

4. Section 601.2 is amended by

adding a sentence before the last

sentence in the introductory text of

paragraph (a) and by adding new

paragraph (c)(6) to read as follows:

§ 601.2 Applications for establishment and

product licenses; procedures for filing.

(a) * * * The applicant, or the

applicant’s attorney, agent, or other

authorized official shall sign the

application. * * *

* * * * *

(c) * * *

(6) The applicant, or the applicant’s

attorney, agent, or other authorized

official shall sign the application.

5. Section 601.25 is amended by

revising the first sentence of paragraph

(b)(3)(VIII) to read as follows:

§ 601.25 Review procedures to determine

that licensed biological products are safe,

effective, and not misbranded under

prescribed, recommended, or suggested

conditions of use.

* * * * *

(b) * * *

(3) * * *

(VIII) If the submission is by a

licensee, a statement signed by an

authorized official of the licensee shall

be included, stating that to the best of

his or her knowledge and belief, it

includes all information, favorable and

unfavorable, pertinent to an evaluation

of the safety, effectiveness, and labeling

of the product, including information

derived from investigation, commercial

marketing, or published literature.

* * *

* * * * *

PART 606—CURRENT GOOD

MANUFACTURING PRACTICE FOR

BLOOD AND BLOOD COMPONENTS

6. The authority citation for 21 CFR

part 606 continues to read as follows:

Authority: 21 U.S.C. 321, 331, 351, 352,

355, 360, 360j, 371, 374; 42 U.S.C. 216, 262,

263a, 264.

§ 606.20 [Amended]

7. Section 606.20 Personnel is

amended by removing and reserving

paragraph (a).

Dated: September 4, 1997.

William B. Schultz,

Deputy Commissioner for Policy.

[FR Doc. 97–27298 Filed 10–14–97; 8:45 am]

BILLING CODE 4160–01–F

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 1997.

EFFECTIVE DATE: November 1, 1997.

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 and

TDD, call 800–877–8339 and request

connection 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 1997.

For annuity benefits, the interest

assumptions will be 5.70 percent for the

first 25 years following the valuation

date and 5.00 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for

October 1997) of 0.20 percent for the

first 25 years following the valuation

date and are otherwise unchanged. For

benefits to be paid as lump sums, the

interest assumptions to be used by the

PBGC will be 4.50 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. The lump sum interest

assumptions represent a decrease (from

those in effect for October 1997) of 0.25

percent for the period during which a

benefit is in pay status; 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 November 1997, 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.
Federal Register / Vol. 62, No. 199 / Wednesday, October 15, 1997 / Rules and Regulations 53539

2. In appendix B, a new entry is

added to Table I, and Rate Set 49 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 =

* * * * * * *

November 1997 ..................................................................... .0570 1–25 .0500 >25 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

* * * * * * *

49 11–1–97 12–1–97 4.50 4.00 4.00 4.00 7 8

Issued in Washington, D.C., on this 9th day

of October 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–27273 Filed 10–14–97; 8:45 am]

BILLING CODE 7708–01–P

POSTAL SERVICE

39 CFR Part 111

Bulk Parcel Return Service and

Shipper Paid Forwarding

AGENCY: Postal Service.

ACTION: Final rule.

SUMMARY: This final rule sets forth the

Domestic Mail Manual (DMM)

standards adopted by the Postal Service

to implement the decision of the

Governors of the Postal Service in Postal

Rate Commission Docket No. MC97–4,

Bulk Parcel Return Service and Shipper

Paid Forwarding.

EFFECTIVE DATES: The amendments to

section S concerning Bulk Parcel Return

Service are effective October 12, 1997,

and the amendments to sections F and

R concerning Shipper Paid Forwarding

are effective January 4, 1998.

FOR FURTHER INFORMATION CONTACT: Tom

DeVaughan, (202) 268–4491.

SUPPLEMENTARY INFORMATION: On June 6,

1997, the United States Postal Service

filed a Request with the Postal Rate

Commission pursuant to sections 3622

and 3623 of the Postal Reorganization

Act, 39 U.S.C. 101 et seq., for a

recommended decision on proposed

changes to the Domestic Mail

Classification Schedule (DMCS). The

proposed revisions also included

proposed new fees. The Postal Service

requested the consideration of two

changes affecting the forwarding and

return of Standard Mail (A) parcels that

were initially considered in Docket No.

MC97–2. It requested that Bulk Parcel

Return Service (BPRS) and Shipper Paid

Forwarding (SPF) be established.

Pursuant to 39 U.S.C. 3624, on

September 4, 1997, the PRC issued its

Recommended Decision in Docket

MC97–4, to the Governors of the United

States Postal Service. That decision

adopted the BPRS and SPF

classifications and fees proposed in a

Revised Stipulation and Agreement

submitted by most of the parties in the

proceeding. Pursuant to 39 U.S.C. 3625,

the Governors acted on the PRC’s

Recommendation on October 6, 1997.

The Governors approved the PRC’s

recommendations, and set an

implementation date of October 12,

1997, for BPRS. Due to software and

other support modifications needed for

Computer Forwarding Sites and the

Address Change Service network to

support SPF, the Governors set January

4, 1998, for the effective date of SPF.

Under current practice, forwarding

and return of bulk Standard Mail (A)

parcels are obtained by endorsing pieces

‘‘Forwarding Service Requested’’ (or

until December 31, 1997, ‘‘Forwarding

and Return Postage Guaranteed’’) or

‘‘Address Service Requested’’ (or until

December 31, 1997, ‘‘Forwarding and

Return Postage Guaranteed, Address

Correction Requested’’). The postage

charged at the time that a parcel is

returned is a weighted fee that is 2.472

times the applicable single-piece rate.

This fee indirectly pays for forwarding

service of other parcels: 1.472 is the

average number of pieces forwarded for