48176 Federal Register / Vol. 62, No. 178 / Monday, September 15, 1997 / Rules and Regulations

Department of Labor, 200 Constitution

Avenue, NW., Washington, DC 20210.

Signed at Washington, DC, this 9th day of

September 1997.

Gregory R. Watchman,

Acting Assistant Secretary of Labor.

PART 1910—[AMENDED]

1. The general authority citation for

subpart Z of CFR 29 part 1910 continues

to read, in part, as follows:

Authority: Sections 4, 6, and 8 of the

Occupational Safety and Health Act of 1970

(29 U.S.C. 653, 655, and 657); Secretary of

Labor’s Order No. 12–71 (36 FR 8754), 8–76

(41 FR 25059), 9–83 (48 FR 35736), 1–90 (55

FR 9033), or 6–96 (62 FR 111), as applicable;

and 29 CFR Part 1911.

* * * * *

2. Paragraph (n)(2)(iii)(C) of

§ 1910.1052 is revised to read as

follows:

§ 1910.1052 Methylene chloride.

* * * * *

(n) * * *

(2) * * *

(iii) * * *

(C) For all other employers, within

210 days after the effective date of this

section.

* * * * *

[FR Doc. 97–24350 Filed 9–12–97; 8:45 am]

BILLING CODE 4510–26–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 October 1997.

EFFECTIVE DATE: October 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 (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

October 1997.

For annuity benefits, the interest

assumptions will be 5.90 percent for the

first 25 years following the valuation

date and 5.00 percent thereafter. The

annuity interest assumptions represent

an increase (from those in effect for

September 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 4.75 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 an increase (from

those in effect for September 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 October 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.

2. In appendix B, a new entry is

added to Table I, and Rate Set 48 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=

* * * * * * *

October 1997 ......................................................................... .0590 1–25 .0500 >25 N/A N/A
Federal Register / Vol. 62, No. 178 / Monday, September 15, 1997 / Rules and Regulations 48177

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 1<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

* * * * * * *

48 10–1–97 11–1–97 4.75 4.00 4.00 4.00 7 8

Issued in Washington, D.C., on this 10th

day of September 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–24395 Filed 9–12–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Chapter V

Blocked Persons, Specially Designated

Nationals, Specially Designated

Terrorists, Specially Designated

Narcotics Traffickers, and Blocked

Vessels: Additional Designations and

Removal of Two Individuals

AGENCY: Office of Foreign Assets

Control, Treasury.

ACTION: Amendment of final rule.

SUMMARY: The Treasury Department is

adding to appendices A and B to 31 CFR

chapter V the name of one entity and

one individual who have been

determined to act for or on behalf of, or

to be owned or controlled by, the

Government of Libya. In addition, two

individuals previously designated as

specially designated narcotics traffickers

are being removed from the appendices.

EFFECTIVE DATE: September 9, 1997.

FOR FURTHER INFORMATION CONTACT:

Office of Foreign Assets Control,

Department of the Treasury,

Washington, DC 22201; tel.: 202/622–

2520.

SUPPLEMENTARY INFORMATION:

Electronic 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 Acrobat TM 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 selfexpanding 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-ondemand service: call 202/622–0077

using a fax machine, fax modem, or

(within the United States) a touch-tone

telephone.

Background

Appendices A and B to 31 CFR

chapter V contain the names of blocked

persons, specially designated nationals,

specially designated terrorists, and

specially designated narcotics traffickers

designated pursuant to the various

economic sanctions programs

administered by the Office of Foreign

Assets Control (‘‘OFAC’’) (62 FR 34934,

June 27, 1997). Pursuant to the Libyan

Sanctions Regulations, 31 CFR part 550,

one Italian entity and one Italian

individual are added to the appendices

as persons who have been determined to

act for or on behalf of, or to be owned

or controlled by, the Government of

Libya (‘‘specially designated nationals’’

or ‘‘SDNs’’). Any property subject to the

jurisdiction of the United States in

which an SDN has an interest is

blocked, and U.S. persons are

prohibited from engaging in any

transaction or in dealing in any property

in which an SDN has an interest.

In addition, pursuant to the Narcotics

Trafficking Sanctions Regulations, 31

CFR part 536, and upon review of

compliance with and enforcement of

Executive Order 12978 of October 21,

1995, ‘‘Blocking Assets and Prohibiting

Transactions with Significant Narcotics

Traffickers,’’ the names of two

individuals previously designated as

specially designated narcotics traffickers

(‘‘SDNTS’’) are being removed from the

appendices. All real and personal

property of these individuals, including

all accounts not otherwise subject to

blocking in which they have any

interest, are unblocked; and all lawful

transactions involving U.S. persons and

these individuals are authorized.

Designations of foreign persons

blocked pursuant to the Order are

effective upon the date of determination

by the Director of the Office of Foreign

Assets Control, acting under authority

delegated by the Secretary of the

Treasury. Public notice of blocking is

effective upon the date of filing with the

Federal Register, or upon prior actual

notice.

Since this regulation involves a

foreign affairs function, the provisions

of Executive Order 12866 and 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.

For the reasons set forth in the

preamble, and under the authority of (1)

3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C.