Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Rules and Regulations 6875

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 above annuity interest

assumptions represent an increase (from

those in effect for February 1997) of 0.30

percent for the first 25 years following

the valuation date and are otherwise

unchanged. The lump sum interest

assumptions represent an increase (from

those in effect for February 1997) of 0.25

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 March 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—[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.

2. In appendix B, a new entry is

added to Table I, and Rate Set 41 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 =

* * * * * * *

March 1997 ........................................................................ .0620 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

* * * * * * *

41 03–1–97 04–1–97 5.00 4.25 4.00 4.00 7 8

Issued in Washington, D.C., on this 6th day

of February 1997.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–3681 Filed 2–13–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD09–94–029]

RIN 2115–AE47

Drawbridge Operation Regulations;

Sturgeon Bay, WI

AGENCY: Coast Guard, DOT.

ACTION: Interim rule with request for

comments.

SUMMARY: The Coast Guard is revising

the operating regulations for Michigan

Street highway bridge, mile 4.3 over

Sturgeon Bay Ship Canal in Sturgeon

Bay, WI, to reduce the number of

required openings for recreational

vessels. Commercial vessel traffic will

not be affected by this action. The

Wisconsin Department of

Transportation has requested this

change to minimize stress on the

operating machinery at the bridge until

a replacement bridge is constructed.
6876 Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Rules and Regulations

DATES: This interim rule is effective on

March 17, 1997. Comments must be

received on or before April 15, 1997.

ADDRESSES: Documents concerning this

regulation are available for inspection

and copying and comments may be sent

to Commander (obr), 1240 E. Ninth

Street, Room 2019B, Cleveland, OH

44199–2060 between 6:30 a.m. and 3

p.m., Monday through Friday, except

holidays. The telephone number is (216)

522–3993.

FOR FURTHER INFORMATION CONTACT:

Mr. Scot Striffler, Project Manager,

Bridge Branch at (216) 522–3993.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to participate in this

rulemaking by submitting written data,

views, or arguments. Persons submitting

comments should include their name,

address, identify this rulemaking

(CGD09–94–029) and the specific

section of this rule to which each

comment applies, and give the reason

for each comment. Please submit two

copies of all comments and attachments

in an unbound format, no larger than

81⁄2 by 11 inches, suitable for copying

and electronic filing. Persons wanting

acknowledgement of receipt of

comments should enclose a stamped

self-addressed post card or envelope.

Persons may submit comments by

writing to Commander (obr), Ninth

Coast Guard District, listed under

ADDRESSES.

The Coast Guard plans no public

hearing. Persons may request a public

hearing by writing to Mr. Scot Striffler

at the address under ADDRESSES. The

request should include reasons why a

hearing would be beneficial. If it

determines that the opportunity for oral

presentations will aid this rulemaking,

the Coast Guard will hold a public

hearing at a time and place announced

by a later notice in the Federal Register.

Regulatory Information

This rule is being published as an

interim rule and is being made effective

March 17, 1997. Under the provisions of

5 U.S.C. 553(b), this rule is being

promulgated without issuing a Notice of

Proposed Rulemaking. An interim final

rule, effective September 8, 1994, was

issued to reduce the required openings

of the bridge for certain vessels because

of stress fractures found in the operating

machinery. The owners have requested

further restrictions on opening

requirements to extend the life of the

bridge.

Background and Purpose

The Wisconsin Department of

Transportation (WDOT) has requested

the Coast Guard revise the operating

requirements for the Michigan Street

bridge, mile 4.3 over Sturgeon Bay Ship

Canal, for recreational vessels. This

action was requested to limit the

number of openings to reduce stress on

the machinery gear that raises and

lowers the bridge. Construction of a

replacement bascule bridge is scheduled

to commence in the year 2002. The

limited bridge openings are necessary to

help extend the life of the existing span

and avoid potential serious

interruptions to commercial and

recreational vessel traffic until a

replacement bridge is built. In June of

1994, WDOT requested a limitation on

the hours that the bridge be required to

open on signal for recreational traffic.

The Coast Guard issued an interim final

rule that was published on September 8,

1994 in the Federal Register. This

action helped reduce openings without

adversely impacting recreational traffic.

No comments were received from the

public concerning this rule. On July 11,

1996, WDOT requested that the bridge

be opened only on the hour, 24 hours

a day, 7 days a week, for recreational

vessels between March 15 and

December 31. WDOT has stated that,

according to bridge logs, approximately

100 openings could have been

eliminated in 1995 if the bridge

operated on the schedule requested.

The Coast Guard authorized WDOT a

temporary deviation to the current

regulations during the summer of 1996

for a trial period to test the effectiveness

of this change. The Coast Guard did not

receive any comments and WDOT

reported no adverse comments or

feedback from recreational craft in the

area during the trial period.

The bridge shall continue to open on

signal for the passage of public vessels

of the United States, state or local

vessels used for public safety,

commercial vessels, vessels in distress,

and vessels seeking shelter from severe

weather.

Discussion of Interim Rule

Currently, from March 15 to

December 31, the bridge is required to

open on the hour for recreational vessels

between 8 a.m. and 6 p.m. Between 6

p.m. and 10 p.m., the draw need open

for recreational vessels only on the hour

and half-hour. The bridge opens on

signal from 10 p.m. to 8 a.m. This rule

will require the bridge to open for

recreational vessels only on the hour, 24

hours a day, between March 15 and

December 31. There is no change to the

requirement for vessels to provide a 12-

hour advance notice for requests to open

the draw between January 1 and March

14.

Regulatory Evaluation

This rule is not a significant

regulatory action under section 3(f) of

Executive Order 12866 and does not

require an assessment of potential costs

and benefits under section 6(a)(3) of that

order. It has not been reviewed by the

Office of Management and Budget under

that order. It is not significant under the

regulatory policies and procedures of

the Department of Transportation (DOT)

(44 FR 11040; February 26, 1979). The

Coast Guard expects the economic

impact of this rule to be so minimal that

a full Regulatory Evaluation under

paragraph 10e of the regulatory policies

and procedures of DOT is unnecessary.

Commercial vessel traffic will not be

impacted by this action. Furthermore,

the failure to modify the operating

schedule of the bridge could potentially

result in a long-term breakdown that

would close the waterway and seriously

impact the economy of the area.

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601 et seq.), the Coast Guard

must consider the economic impact on

small entities of a rule for which a

general notice of proposed rulemaking

is required. ‘‘Small entities’’ may

include (1) small businesses and not-forprofit organizations that are

independently owned and operated and

are not dominant in their fields and (2)

governmental jurisdictions with

populations of less than 50,000.

This rule, while limiting openings to

every hour for recreational vessels, will

not interfere with commercial use of the

waterway. Therefore, no adverse

economic impact is anticipated on a

substantial number of small entities.

If, however, you think that your

business or organization qualifies as a

small entity and this rule will have a

significant impact on your business or

organization, please submit a comment

(see ADDRESSES) explaining why you

think it qualifies and in what way and

to what degree this rule will

economically affect it.

Collection of Information

This rule contains no collection-ofinformation requirements under the

Paperwork Reduction Act (44 U.S.C.

3501 et seq.).

Federalism

The Coast Guard has analyzed this

rule under the principles and criteria

contained in Executive Order 12612 and
Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Rules and Regulations 6877

has determined that this rule does not

have sufficient federalism implications

to warrant the preparation of a

Federalism Assessment.

Environment

The Coast Guard considered the

environmental impact of this rule and

concluded that, under paragraph 2.B.2

of Commandant Instruction M16475.1B,

(as revised by 59 FR 38654, July 29,

1994), this rule is categorically excluded

from further environmental

documentation. This action is not

expected to result in any significant

cumulative impacts on the human

environment or create substantial

controversy or substantial change to

existing environmental conditions. A

‘‘Categorical Exclusion Determination’’

is available in the docket for inspection

or copying where indicated under

ADDRESSES.

List of Subjects in 33 CFR Part 117

Bridges.

For reasons set out in the preamble,

33 CFR part 117 is amended as follows:

PART 117—DRAWBRIDGE

OPERATION REGULATIONS

1. The authority citation for Part 117

continues to read as follows:

Authority: 33 U.S.C. 499; 49 CFR 1.46; 33

CFR 1.05(g); section 117.255 also issued

under the authority of Pub. L. 102–587, 106

Stat. 5039.

2. Section § 117.1101 (a)(1) is revised

to read as follows:

§ 117.1101 Sturgeon Bay.

* * * * *

(a) From March 15 through December

31—

(1) The draw need open on signal for

recreational vessels only on the hour, 24

hours a day. However, if more than 20

vessels have accumulated at the bridge,

the draw shall open as soon as possible.

* * * * *

Dated: February 10, 1997.

G.F. Woolever,

Rear Admiral, U.S. Coast Guard, Commander,

Ninth Coast Guard District.

[FR Doc. 97–3756 Filed 2–13–97; 8:45 am]

BILLING CODE 4910–14–M

DEPARTMENT OF DEFENSE

Department of the Army, Corps of

Engineers

33 CFR Part 330, Appendix A

Nationwide Permits and Conditions

AGENCY: U.S. Army Corps of Engineers,

DoD.

ACTION: Final rule.

SUMMARY: The Corps is removing

Appendix A to 33 CFR Part 330.

Appendix A contains a listing of the

nationwide permits and conditions

issued on November 21, 1991, which

expired on January 21, 1997. On

December 13, 1996, the Corps published

a Notice in the Federal Register (61 FR

65874–65922) of the issuance,

reissuance and modification of the

nationwide permits and conditions,

effective February 11, 1997. The

removal of Appendix A is merely a

‘‘housekeeping’’ measure which

removes obsolete materials from the

Federal Register and does not affect the

nationwide permits issued, reissued or

modified or the conditions in the Notice

issued on December 13, 1996.

EFFECTIVE DATE: January 22, 1997.

ADDRESSES: HQUSACE, CECW–OR,

Washington, D.C. 20314–1000.

FOR FURTHER INFORMATION CONTACT:

Mr. Sam Collinson, Regulatory Branch,

CECW–OR at (202) 761–0199, or Mr.

Tim Zimmerman, CECW–OR at (202)

761–0571.

SUPPLEMENTARY INFORMATION: On

November 22, 1991, the Corps

published a final rule in the Federal

Register amending the nationwide

permit program regulations in 33 CFR

Part 330. In that final rule, we stated

that upon expiration of the existing

nationwide permits, we would issue the

permits separately from the regulations

governing their use and rescind

Appendix A of 33 CFR Part 330

Appendix A. Consequently, the

nationwide permits will no longer

appear in the Code of Federal

Regulations (CFR), but will be published

in the Notice section of the Federal

Register and announced, with regional

conditions, in public notices issued by

Corps district offices and included on

the Internet. the nationwide permits

have now been published in the Federal

Register on December 13, 1996, using

the procedures adopted on November

22, 1991, for issuance, reissuance,

modification, and revocation of

nationwide permits. The previous

nationwide permits published at 33 CFR

Part 330, Appendix A, expired on

January 21, 1997, and are no longer in

effect. Therefore, we are removing

Appendix A from the CFR. This action

does not affect any projects that

qualified for the grandfather provisions

under 33 CFR 330.6(b).

Procedural Requirements

A. Review Under Executive Order 12866

The Corps had determined that this

document does not contain major rule

requiring a Regulatory impact analysis

because it will not result in an annual

effect on the economy of $100 million

or more and it will not result in a major

increase in costs or services.

B. Review Under the Regulatory

Flexibility Act

These rules have been reviewed under

the Regulatory Flexibility Act (Pub. L.

96–354), which requires that

preparation of a regulatory flexibility

analysis for any regulation that will

have a significant economic impact on

a substantial number of small entities

(i.e., small businesses and small

Governments). The Corps expects that

the economic impact of the removal of

the expired nationwide permits

published on November 22, 1991, from

the CFR would have no impact on the

public, and accordingly, certifies that

this proposal will have no significant

economic impact on small entities.

C. Review Under the National

Environmental Policy Act

We have concluded, based on the

minor nature of this editorial change

that this removal of the expired

nationwide permits from the CFR at the

time of their expiration date will not

have significant impact to the human

environment, and preparation of an

environmental impact statement is not

required.

D. Unfunded Mandates Act

This rule does not impose an

enforceable duty among the private

sector and, therefore, is not a Federal

private sector mandate and is not

subject to the requirements of Section

202 or 205 of the Unfunded Mandates

Act. We have also found under Section

203 of the Unfunded Mandates Act, that

small Governments will not be

significantly and uniquely affected by

this action.

E. Submission to Congress and the

General Accounting Office

Pursuant to Section 801(a)(1)(A) of the

Administrative Procedure Act as

amended by the Small Business

Regulatory Enforcement Fairness Act of

1996, the Army has submitted a report

containing this rule to the U.S. Senate,

House of Representatives, and the

Comptroller General of the General

Accounting Office, prior to the effective

date of this rule in the Federal Register.

This rule is not a major rule within the

meaning of Section 804(2) of the

Administrative Procedure Act, as

amended.