78414 Federal Register / Vol. 65, No. 242 / Friday, December 15, 2000 / Rules and Regulations

responsibilities among the various

levels of government. Therefore, in

accordance with Executive Order 13132,

it is determined that this rule does not

have sufficient federalism implications

to warrant the preparation of a

Federalism Summary Impact Statement.

Executive Order 12988

This regulation meets the applicable

standards set forth in sections 3(a) and

3(b)(2) of Executive Order 12988, Civil

Justice Reform.

Small Business Regulatory Enforcement

Fairness Act of 1996

This rule is not a major rule as

defined by section 251 of the Small

Business Regulatory Enforcement

Fairness Act of 1996. 5 U.S.C. 804. This

rule will not result in an annual effect

on the economy of $100,000,000 or

more; a major increase in costs or prices;

or significant adverse effects on

competition, employment, investment,

productivity, innovation, or the ability

of United States-based companies to

compete with foreign-based companies

in domestic and export markets.

Unfunded Mandates Reform Act of

1995

This rule will not result in the

expenditure by State, local, and tribal

governments, in the aggregate, or by the

private sector, of $100,000,000 or more

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.

Plain Language Instructions

We try to write clearly. If you can

suggest how to improve the clarity of

these regulations, call or write: Stephen

Altman, Assistant Director, Commercial

Litigation Branch, Civil Division,

Department of Justice, Room 6540, 601

D Street, NW., Washington, DC 20004;

(202) 307–0188.

Congressional Review Act

This action pertains to agency

management, personnel, and

organization and does not substantially

affect the rights or obligations of nonagency parties 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 of 1996).

Therefore, the reporting requirement of

5 U.S.C. 801 does not apply.

List of Subjects in 28 CFR Part 0

Authority delegations (government

agencies), Government employees,

Organization and functions (government

agencies), Whistleblowing.

Accordingly, for the reasons set forth

in the preamble, Chapter I of Title 28 of

the Code of Federal Regulations is

amended as follows:

PART 0—[AMENDED]

1. The authority citation for part 0

continues to read as follows:

Authority: 5 U.S.C. 301; 28 U.S.C. 509,

510, 515–519.

2. Revise § 0.169 to read as follows:

§ 0.169 Definition of ‘‘gross amount of the

original claim’’.

(a) The phrase gross amount of the

original claim as used in this subpart Y

and as applied to any civil fraud claim

described in § 0.45(d), shall mean the

amount of single damages involved.

(b) The phrase gross amount of the

original claim as used in this subpart Y

and as applied to any civil claim

brought under section 592 of the Tariff

Act of 1930, as amended (see § 0.45(c)),

shall mean the actual amount of lost

customs duties involved. In nonrevenue

loss cases brought under section 592 of

the Tariff Act of 1930, as amended, the

phrase gross amount of the original

claim shall mean the amount demanded

in the Customs Service’s mitigation

decision issued pursuant to 19 U.S.C.

1618 or, if no mitigation decision has

been issued, the gross amount of the

original claim shall mean twenty

percent of the dutiable value of the

merchandise.

Dated: December 6, 2000.

Janet Reno,

Attorney General.

[FR Doc. 00–31765 Filed 12–14–00; 8:45 am]

BILLING CODE 4410–12–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 January 2001. Interest

assumptions are also published on the

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

EFFECTIVE DATE: January 1, 2001.

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

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 January 2001, (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

January 2001, 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 January 2001.

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 6.70

Federal Register / Vol. 65, No. 242 / Friday, December 15, 2000 / Rules and Regulations 78415

percent for the first 20 years following

the valuation date and 6.25 percent

thereafter. These interest assumptions

(in comparison with those in effect for

December 2000) reflect a 5-year decrease

in the period during which the initial

rate applies (from a period of 25 years

following the valuation date to a period

of 20 years following the valuation

date). The initial rate, in effect during

the 20-year period, represents a decrease

(from the initial rate in effect for

December 2000) of 0.30 percent. The

ultimate rate, in effect thereafter, is

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 5.00 percent for the

period during which a benefit is in pay

status, 4.25 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

represent a decrease (from those in

effect for December 2000) of 0.25

percent for the period during which a

benefit is in pay status and the sevenyear period directly preceding the

benefit’s placement in pay status, and

are otherwise unchanged.

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 January 2001, 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

87, as set forth below, is added to the

table. (The introductory text of the table

is omitted.)

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

*******

87 ...................................... 1–1–01 2–1–01 5.00 4.25 4.00 4.00 7 8

3. In appendix C to part 4022, Rate Set 87, 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

*******

87 ...................................... 1–1–01 2–1–01 5.00 4.25 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

* * * * *

78416 Federal Register / Vol. 65, No. 242 / Friday, December 15, 2000 / Rules and Regulations

For valuation dates occurring in the month—

The values of it are:

it for t = it for t = it for t =

*******

January 2001 .................................................................... .0670 1–20 .0625 >20 N/A N/A

Issued in Washington, DC, on this 12th day

of December 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–31990 Filed 12–14–00; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 920

[MD–047–FOR]

Maryland Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement, Interior.

ACTION: Final rule; correction.

SUMMARY: This document contains

corrections to the final rule [MD–047–

FOR], which was published Wednesday,

November 8, 2000 (65 FR 66929). The

final rule describes Maryland’s

procedures for financing abandoned

mine land reclamation projects that

involve the incidental extraction of coal.

DATES: Effective December 15, 2000.

FOR FURTHER INFORMATION CONTACT:

George Rieger, Program Manager, OSM,

Appalachian Regional Coordinating

Center, 3 Parkway Center, Pittsburgh,

PA 15220. Telephone: (412) 937–2153.

E-mail: grieger@osmre.gov

SUPPLEMENTARY INFORMATION: The final

rule amended § 920.15 to add a new

entry to the table describing the date the

original amendment was submitted, the

date of final publication, and the

citation/description. As originally

published in 65 FR 66929, the

instructions were correct but the section

heading erroneously read ‘‘§ 920.25

Approval of Maryland regulatory

amendments.’’ It should have read

‘‘§ 920.15 Approval of Maryland

regulatory amendments.’’

Correction of Publication

Accordingly, the publication on

November 8, 2000 of the final

regulations (MD–047–FOR), which were

the subject of FR Doc. 00–28618, is

corrected to read as follows:

1. On page 66931, in the third

column, the section heading is corrected

to read as follows:

§ 920.15 Approval of Maryland regulatory

program amendments.

* * * * *

Dated: November 20, 2000.

Allen D. Klein,

Regional Director, Appalachian Regional

Coordinating Center.

[FR Doc. 00–32039 Filed 12–14–00; 8:45 am]

BILLING CODE 4310–05–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[MD 096–3061; FRL–6916–8]

Approval and Promulgation of Air

Quality Implementation Plans;

Maryland; Nitrogen Oxides Budget

Program

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Final rule.

SUMMARY: EPA is approving a State

Implementation Plan (SIP) revision

submitted by the State of Maryland. The

revision consists of amendments to

Maryland’s Nitrogen Oxides ( NOX)

Budget Program. The revisions

implement the Ozone Transport

Commission’s (OTC) September 27,

1994 Memorandum of Understanding

(MOU) in Maryland. In accordance with

the MOU, the revisions implement the

Maryland portion of a regional NOX cap

and trade program that significantly

reduces NOX emissions generated

within the Ozone Transport Region

(OTR). EPA is approving these revisions

in accordance with the requirements of

the Clean Air Act.

EFFECTIVE DATE: This final rule is

effective on January 16, 2001.

ADDRESSES: Copies of the documents

relevant to this action are available for

public inspection during normal

business hours at the Air Protection

Division, U.S. Environmental Protection

Agency, Region III, 1650 Arch Street,

Philadelphia, Pennsylvania 19103; the

Air and Radiation Docket and

Information Center, U.S. Environmental

Protection Agency, 401 M Street, SW.,

Washington, DC 20460; and the

Maryland Department of the

Environment, 2500 Broening Highway,

Baltimore, Maryland 21224.

FOR FURTHER INFORMATION CONTACT:

Cristina Fernandez, (215) 814–2178, or

by e-mail at fernandez.cristina@epa.gov.

SUPPLEMENTARY INFORMATION:

I. Background

On August 28,1998, the Maryland

Department of the Environment (MDE)

submitted a revision to its SIP. The

revision to the SIP includes the

adoption of new sections .01–.14 under

a new chapter, COMAR 26.11.27—Post

RACT Requirements for NOX Sources

(Nitrogen Oxides ( NOX) Budget

Program) and new sections .01–.13

under a new chapter, COMAR

26.11.28—Polices and Procedures

Relating to Maryland’s NOX Budget

Program. The revisions implement the

Ozone Transport Commission’s (OTC)

September 27, 1994 Memorandum of

Understanding (MOU) in Maryland. In

accordance with the MOU, the revisions

implement the Maryland portion of a

regional NOX cap and trade program

that significantly reduces NOX

emissions generated within the Ozone

Transport Region (OTR). On November 16, 1999, MDE

submitted amendments to its August 28,

1998 SIP revision request. The purpose

of these amendments was to change the

compliance date of the Maryland NOX

Budget Program from May 1, 1999 to

May 1, 2000. The revisions to the

August 28, 1998 submittal include

amendments to Regulations (.04)

General Requirements, (.07) Allowance

Banking, and (.11) End-of-Season

Reconciliation under COMAR 26.11.27

and the repeal of Regulation (.08) Early

Reduction Allowances under COMAR

26.11.28. On March 20, 2000, MDE

submitted amendments to its August 28,

1998 SIP revision request consisting of

two enforceable consent agreements

between MDE and the Baltimore Gas

and Electric Company and the Potomac

Electric Power Company. These consent

agreements impose special conditions

and time lines for both companies

regarding the implementation of

Maryland’s NOX Budget Trading

Program requirements. On October 19, 2000 (65 FR 62671),

EPA published a notice of proposed

rulemaking (NPR) for the State of

Maryland proposing to approve the

August 28, 1998 SIP revision request as

amended by the November 16, 1999 and

March 20, 2000 submittals. That NPR