Federal Register / Vol. 63, No. 85 / Monday, May 4, 1998 /Rules and Regulations 24421

Dated: April 21, 1998.

Andrew J. Beaulieu,

Acting Director, Office of New Animal Drug

Evaluation, Center for Veterinary Medicine.

[FR Doc. 98–11741 Filed 5–1–98; 8:45 am]

BILLING CODE 4160–01–F

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Part 4231

RIN 1212–AA69

Mergers and Transfers Between

Multiemployer Plans

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: The Pension Benefit Guaranty

Corporation is amending its regulation

on Mergers and Transfers Between

Multiemployer Plans to clarify how the

rules are to be applied to plans

terminated by mass withdrawal and to

make other minor changes and

clarifications in the regulation.

EFFECTIVE DATE: June 3, 1998.

FOR FURTHER INFORMATION CONTACT:

Deborah C. Murphy, Attorney, Office of

the General Counsel, suite 340, Pension

Benefit Guaranty Corporation, 1200 K

Street, NW., Washington, DC 20005–

4026; 202–326–4024 (202–326–4179 for

TTY and TDD).

SUPPLEMENTARY INFORMATION:

Background

Under section 4231 (a) and (b) of

ERISA, a merger, or a transfer of assets

and liabilities, between multiemployer

plans must satisfy four requirements

unless otherwise provided in

regulations prescribed by the PBGC:

(1) The PBGC must receive 120 days’

advance notice of the transaction;

(2) Accrued benefits must not be

reduced;

(3) There must be no reasonable

likelihood that benefits will be

suspended as a result of plan

insolvency; and

(4) An actuarial valuation of each

affected plan must have been performed

as prescribed in section 4231(b)(4).

The PBGC’s regulation on Mergers

and Transfers Between Multiemployer

Plans (29 CFR part 4231) prescribes

procedures for requesting a

determination that a merger or transfer

satisfies applicable requirements, allows

the PBGC to waive the 120-day notice

requirement, and sets higher-level and

lower-level requirements for ‘‘safe

harbor’’ plan solvency tests and for

valuation standards. Whether the

higher-level or lower-level requirements

apply depends on whether a

‘‘significant transfer’’ is involved.

On May 1, 1997, the PBGC published

for public comment (at 62 FR 23700) a

proposed rule to amend part 4231. One

commenter submitted comments. The

final rule reflects changes made in

response to the comments.

Terminated Plan Transactions

The proposed amendment provided

that transactions involving plans

terminated by mass withdrawal under

ERISA section 4041A(a)(2) would

(except for ‘‘de minimis’’ transactions)

be governed by the higher-level

valuation standard and ‘‘safe harbor’’

solvency test. The proposed amendment

also extended to ‘‘de minimis’’

terminated plan transactions the

requirement that actuarial valuation

reports be submitted to the PBGC.

The commenter expressed concern

that the proposed amendment would

‘‘have the adverse effect of making it

more expensive for a large, well-funded

plan to rescue a small terminated plan

by absorbing it into a large, stable asset

pool.’’ The final regulation adopts the

commenter’s suggestion that a plan not

be subjected to the higher-level

valuation provisions simply because it

was involved in a terminated plan

transaction if it were not otherwise

‘‘significantly affected’’ (see §§ 4231.5

and 4231.9(b)(1)(iii)).

Other Changes

The commenter pointed out that for

consistency with other provisions,

redesignated § 4231.6(a)(2) should refer

to ‘‘the first five years beginning on or

after the proposed effective date’’ (rather

than just ‘‘after’’ that date). The PBGC

agrees and has made the suggested

change.

Paperwork Reduction Act

The collection of information

requirements in Part 4231 as amended

have been approved by the Office of

Management and Budget under control

number 1212–0022 (expires June 30,

2000). An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless it displays a currently valid OMB

control number.

Compliance With Rulemaking

Guidelines

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866.

The PBGC certifies that the

amendment in this rule will not have a

significant economic impact on a

substantial number of small entities.

This certification is based on the fact

that the primary substantive effect of the

amendment is to liberalize certain

existing requirements and to clarify the

application of existing requirements to a

very rare category of transactions, viz.,

multiemployer mergers and transfers

involving plans that have terminated by

mass withdrawal. (The PBGC is aware of

only two such transactions since section

4231 of ERISA was enacted.)

Accordingly, as provided in section

605(b) of the Regulatory Flexibility Act,

compliance with sections 603 and 604

of the Regulatory Flexibility Act is not

required.

List of Subjects in 29 CFR Part 4231

Pensions, Reporting and

recordkeeping requirements.

For the reasons given above, 29 CFR

part 4231 is revised to read as follows.

PART 4231—MERGERS AND

TRANSFERS BETWEEN

MULTIEMPLOYER PLANS

Sec.

4231.1 Purpose and scope.

4231.2 Definitions.

4231.3 Requirements for mergers and

transfers.

4231.4 Preservation of accrued benefits.

4231.5 Valuation requirement.

4231.6 Plan solvency tests.

4231.7 De minimis mergers and transfers.

4231.8 Notice of merger or transfer.

4231.9 Request for compliance

determination.

4231.10 Actuarial calculations and

assumptions.

Authority: 29 U.S.C. 1302(b)(3), 1411.

§ 4231.1 Purpose and scope.

(a) Purpose. The purpose of this part

is to prescribe notice requirements

under section 4231 of ERISA for mergers

and transfers of assets or liabilities

among multiemployer pension plans.

This part also interprets the other

requirements of section 4231 and

prescribes special rules for de minimis

mergers and transfers. The collections of

information in this part have been

approved by the Office of Management

and Budget under OMB control number

1212–0022.

(b) Scope. This part applies to mergers

and transfers among multiemployer

plans where all of the plans

immediately before and immediately

after the transaction are multiemployer

plans covered by title IV of ERISA.

§ 4231.2 Definitions.

The following terms are defined in

§ 4001.2 of this chapter: Code, EIN,

ERISA, fair market value, IRS,

multiemployer plan, PBGC, plan, plan

year, and PN.
24422 Federal Register / Vol. 63, No. 85 / Monday, May 4, 1998 /Rules and Regulations

In addition, for purposes of this part:

Actuarial valuation means a valuation

of assets and liabilities performed by an

enrolled actuary using the actuarial

assumptions used for purposes of

determining the charges and credits to

the funding standard account under

section 302 of ERISA and section 412 of

the Code.

Certified change of collective

bargaining representative means a

change of collective bargaining

representative certified under the LaborManagement Relations Act of 1947, as

amended, or the Railway Labor Act, as

amended.

Fair market value of assets has the

same meaning as the term has for

minimum funding purposes under

section 302 of ERISA and section 412 of

the Code.

Merger means the combining of two or

more plans into a single plan. For

example, a consolidation of two plans

into a new plan is a merger.

Significantly affected plan means a

plan that—

(1) Transfers assets that equal or

exceed 15 percent of its assets before the

transfer,

(2) Receives a transfer of unfunded

accrued benefits that equal or exceed 15

percent of its assets before the transfer,

(3) Is created by a spinoff from

another plan, or

(4) Engages in a merger or transfer

(other than a de minimis merger or

transfer) either—

(i) After such plan has terminated by

mass withdrawal under section

4041A(a)(2) of ERISA, or

(ii) With another plan that has so

terminated.

Transfer and transfer of assets or

liabilities mean a diminution of assets or

liabilities with respect to one plan and

the acquisition of these assets or the

assumption of these liabilities by

another plan or plans (including a plan

that did not exist prior to the transfer).

However, the shifting of assets or

liabilities pursuant to a written

reciprocity agreement between two

multiemployer plans in which one plan

assumes liabilities of another plan is not

a transfer of assets or liabilities. In

addition, the shifting of assets between

several funding media used for a single

plan (such as between trusts, between

annuity contracts, or between trusts and

annuity contracts) is not a transfer of

assets or liabilities.

Unfunded accrued benefits means the

excess of the present value of a plan’s

accrued benefits over the fair market

value of its assets, determined on the

basis of the actuarial valuation required

under § 4231.5(b).

§ 4231.3 Requirements for mergers and

transfers.

(a) General requirements. A plan

sponsor may not cause a multiemployer

plan to merge with one or more

multiemployer plans or transfer assets

or liabilities to or from another

multiemployer plan unless the merger

or transfer satisfies all of the following

requirements:

(1) No participant’s or beneficiary’s

accrued benefit is lower immediately

after the effective date of the merger or

transfer than the benefit immediately

before that date.

(2) Actuarial valuations of the plans

that existed before the merger or transfer

have been performed in accordance

with § 4231.5.

(3) For each plan that exists after the

transaction, an enrolled actuary—

(i) Determines that the plan meets the

applicable plan solvency requirement

set forth in § 4231.6; or

(ii) Otherwise demonstrates that

benefits under the plan are not

reasonably expected to be subject to

suspension under section 4245 of

ERISA.

(4) The plan sponsor notifies the

PBGC of the merger or transfer in

accordance with § 4231.8.

(b) Compliance determination. If a

plan sponsor requests a determination

that a merger or transfer that may

otherwise be prohibited by section

406(a) or (b)(2) of ERISA satisfies the

requirements of section 4231 of ERISA,

the plan sponsor must submit the

information described in § 4231.9 in

addition to the information required by

§ 4231.8. PBGC may request additional

information if necessary to determine

whether a merger or transfer complies

with the requirements of section 4231

and this part. Plan sponsors are not

required to request a compliance

determination. Under section 4231(c) of

ERISA, if the PBGC determines that the

merger or transfer complies with section

4231 of ERISA and this part, the merger

or transfer will not constitute a violation

of the prohibited transaction provisions

of section 406(a) and (b)(2) of ERISA.

(c) Certified change in bargaining

representative. Transfers of assets and

liabilities pursuant to a certified change

in bargaining representative are

governed by section 4235 of ERISA.

Plan sponsors involved in such transfers

are not required to comply with this

part. However, under section 4235(f)(1)

of ERISA, the plan sponsors of the plans

involved in the transfer may agree to a

transfer that complies with sections

4231 and 4234 of ERISA. Plan sponsors

that elect to comply with sections 4231

and 4234 must comply with the rules in

this part.

§ 4231.4 Preservation of accrued benefits.

Section 4231(b)(2) of ERISA and

§ 4231.3(a)(1) require that no

participant’s or beneficiary’s accrued

benefit may be lower immediately after

the effective date of the merger or

transfer than the benefit immediately

before the merger or transfer. A plan

that assumes an obligation to pay

benefits for a group of participants

satisfies this requirement only if the

plan contains a provision preserving all

accrued benefits. The determination of

what is an accrued benefit must be

made in accordance with section 411 of

the Code and the regulations

thereunder.

§ 4231.5 Valuation requirement.

(a) In general. For a plan that is not

a significantly affected plan, or that is a

significantly affected plan only because

the merger or transfer involves a plan

that has terminated by mass withdrawal

under section 4041A(a)(2) of ERISA, the

actuarial valuation requirement under

section 4231(b)(4) of ERISA and

§ 4231.3(a)(2) is satisfied if an actuarial

valuation has been performed for the

plan based on the plan’s assets and

liabilities as of a date not more than

three years before the date on which the

notice of the merger or transfer is filed.

(b) Significantly affected plans. For a

significantly affected plan, other than a

plan that is a significantly affected plan

only because the merger or transfer

involves a plan that has terminated by

mass withdrawal under section

4041A(a)(2) of ERISA, the actuarial

valuation requirement under section

4231(b)(4) of ERISA and § 4231.3(a)(2) is

satisfied only if an actuarial valuation

has been performed for the plan based

on the plan’s assets and liabilities as of

a date not earlier than the first day of

the last plan year ending before the

proposed effective date of the

transaction. The valuation must

separately identify assets, contributions,

and liabilities being transferred and

must be based on the actuarial

assumptions and methods that are

expected to be used for the plan for the

first plan year beginning after the

transfer.

§ 4231.6 Plan solvency tests.

(a) In general. For a plan that is not

a significantly affected plan, the plan

solvency requirement of section

4231(b)(3) of ERISA and § 4231.3(a)(3)(i)

is satisfied if—

(1) The expected fair market value of

plan assets immediately after the merger

or transfer equals or exceeds five times

the benefit payments for the last plan

year ending before the proposed
Federal Register / Vol. 63, No. 85 / Monday, May 4, 1998 /Rules and Regulations 24423

effective date of the merger or transfer;

or

(2) In each of the first five plan years

beginning on or after the proposed

effective date of the merger or transfer,

expected plan assets plus expected

contributions and investment earnings

equal or exceed expected expenses and

benefit payments for the plan year.

(b) Significantly affected plans. The

plan solvency requirement of section

4231(b)(3) of ERISA and § 4231.3(a)(3)(i)

is satisfied for a significantly affected

plan if all of the following requirements

are met:

(1) Expected contributions equal or

exceed the estimated amount necessary

to satisfy the minimum funding

requirement of section 412(a) of the

Code (including reorganization funding,

if applicable) for the five plan years

beginning on or after the proposed

effective date of the transaction.

(2) The expected fair market value of

plan assets immediately after the

transaction equal or exceed the total

amount of expected benefit payments

for the first five plan years beginning on

or after the proposed effective date of

the transaction.

(3) Expected contributions for the first

plan year beginning on or after the

proposed effective date of the

transaction equal or exceed expected

benefit payments for that plan year.

(4) Expected contributions for the

amortization period equal or exceed

unfunded accrued benefits plus

expected normal costs. The actuary may

select as the amortization period

either—

(i) The first 25 plan years beginning

on or after the proposed effective date

of the transaction, or

(ii) The amortization period for the

resulting base when the combined

charge base and the combined credit

base are offset under section 412(b)(4) of

the Code.

(c) Rules for determinations. In

determining whether a transaction

satisfies the plan solvency requirements

set forth in this section, the following

rules apply:

(1) Expected contributions after a

merger or transfer must be determined

by assuming that contributions for each

plan year will equal contributions for

the last full plan year ending before the

date on which the notice of merger or

transfer is filed with the PBGC.

Contributions must be adjusted,

however, to reflect—

(i) The merger or transfer,

(ii) Any change in the rate of

employer contributions that has been

negotiated (whether or not in effect),

and

(iii) Any trend of changing

contribution base units over the

preceding five plan years or other

period of time that can be demonstrated

to be more appropriate.

(2) Expected normal costs must be

determined under the funding method

and assumptions expected to be used by

the plan actuary for purposes of

determining the minimum funding

requirement under section 412 of the

Code (which requires that such

assumptions be reasonable in the

aggregate). If the plan uses an aggregate

funding method, normal costs must be

determined under the entry age normal

method.

(3) Expected benefit payments must

be determined by assuming that current

benefits remain in effect and that all

scheduled increases in benefits occur.

(4) The expected fair market value of

plan assets immediately after the merger

or transfer must be based on the most

recent data available immediately before

the date on which the notice is filed.

(5) Expected investment earnings

must be determined using the same

interest assumption to be used for

determining the minimum funding

requirement under section 412 of the

Code.

(6) Expected expenses must be

determined using expenses in the last

plan year ending before the notice is

filed, adjusted to reflect any anticipated

changes.

(7) Expected plan assets for a plan

year must be determined by adjusting

the most current data on fair market

value of plan assets to reflect expected

contributions, investment earnings,

benefit payments and expenses for each

plan year between the date of the most

current data and the beginning of the

plan year for which expected assets are

being determined.

§ 4231.7 De minimis mergers and

transfers.

(a) Special plan solvency rule. The

determination of whether a de minimis

merger or transfer satisfies the plan

solvency requirement in § 4231.6(a) may

be made without regard to any other de

minimis mergers or transfers that have

occurred since the last actuarial

valuation.

(b) De minimis merger defined. A

merger is de minimis if the present

value of accrued benefits (whether or

not vested) of one plan is less than 3

percent of the fair market value of the

other plan’s assets.

(c) De minimis transfer defined. A

transfer of assets or liabilities is de

minimis if —

(1) The fair market value of the assets

transferred, if any, is less than 3 percent

of the fair market value of all the assets

of the transferor plan;

(2) The present value of the accrued

benefits transferred (whether or not

vested) is less than 3 percent of the fair

market value of all the assets of the

transferee plan; and

(3) The transferee plan is not a plan

that has terminated under section

4041A(a)(2) of ERISA.

(d) Value of assets and benefits. For

purposes of paragraphs (b) and (c) of

this section, the value of plan assets and

accrued benefits may be determined as

of any date prior to the proposed

effective date of the transaction, but not

earlier than the date of the most recent

actuarial valuation.

(e) Aggregation required. In

determining whether a merger or

transfer is de minimis, the assets and

accrued benefits transferred in previous

de minimis mergers and transfers within

the same plan year must be aggregated

as described in paragraphs (e)(1) and

(e)(2) of this section. For the purposes

of those paragraphs, the value of plan

assets may be determined as of the date

during the plan year on which the total

value of the plan’s assets is the highest.

(1) A merger is not de minimis if the

total present value of accrued benefits

merged into a plan, when aggregated

with all prior de minimis mergers of and

transfers to that plan effective within

the same plan year, equals or exceeds 3

percent of the value of the plan’s assets.

(2) A transfer is not de minimis if,

when aggregated with all previous de

minimis mergers and transfers effective

within the same plan year—

(i) The value of all assets transferred

from a plan equals or exceeds 3 percent

of the value of the plan’s assets; or

(ii) The present value of all accrued

benefits transferred to a plan equals or

exceeds 3 percent of the plan’s assets.

§ 4231.8 Notice of merger or transfer.

(a) When to file. Except as provided in

paragraph (f) of this section, a notice of

a proposed merger or transfer must be

filed not less than 120 days before the

effective date of the transaction. For

purposes of this part, the effective date

of a merger or transfer is the earlier of—

(1) The date on which one plan

assumes liability for benefits accrued

under another plan involved in the

transaction; or

(2) The date on which one plan

transfers assets to another plan involved

in the transaction.

(b) Who must file. The plan sponsors

of all plans involved in a merger or

transfer, or the duly authorized

representative(s) acting on behalf of the

plan sponsors, must jointly file the

notice required by this section.
24424 Federal Register / Vol. 63, No. 85 / Monday, May 4, 1998 /Rules and Regulations

(c) Where to file. The notice must be

delivered to Reports Processing,

Insurance Operations Department,

Pension Benefit Guaranty Corporation,

1200 K Street NW., Washington, DC

20005–4026.

(d) Filing date. For purposes of

paragraph (a) of this section, the notice

is not considered filed until all of the

information required by paragraph (e) of

this section has been submitted.

Information filed under this part is

considered filed—

(1) On the date of the United States

postmark stamped on the cover in

which the information is mailed, if—

(i) The postmark was made by the

United States Postal Service; and

(ii) The information was mailed

postage prepaid, properly addressed to

the PBGC; or

(2) On the date it is received by the

PBGC, if the conditions stated in

paragraph (d)(1) of this section are not

met. Information received on a weekend

or Federal holiday or after 5:00 p.m. on

a weekday is considered filed on the

next regular business day.

(e) Information required. Each notice

must contain the following information:

(1) For each plan involved in the

merger or transfer—

(i) The name of the plan;

(ii) The name, address and telephone

number of the plan sponsor and of the

plan sponsor’s duly authorized

representative, if any; and

(iii) The plan sponsor’s EIN and the

plan’s PN and, if different, the EIN or

PN last filed with the PBGC. If no EIN

or PN has been assigned, the notice

must so indicate.

(2) Whether the transaction being

reported is a merger or transfer, whether

it involves any plan that has terminated

under section 4041A(a)(2) of ERISA,

whether any significantly affected plan

is involved in the transaction (and, if so,

identifying each such plan), and

whether it is a de minimis transaction

as defined in § 4231.7 (and, if so,

including an enrolled actuary’s

certification to that effect).

(3) The proposed effective date of the

transaction.

(4) A copy of each plan provision

stating that no participant’s or

beneficiary’s accrued benefit will be

lower immediately after the effective

date of the merger or transfer than the

benefit immediately before that date.

(5) For each plan that exists after the

transaction, one of the following

statements, certified by an enrolled

actuary:

(i) A statement that the plan satisfies

the applicable plan solvency test set

forth in § 4231.6, indicating which is the

applicable test.

(ii) A statement of the basis on which

the actuary has determined that benefits

under the plan are not reasonably

expected to be subject to suspension

under section 4245 of ERISA, including

the supporting data or calculations,

assumptions and methods.

(6) For each plan that exists before a

transaction (unless the transaction is de

minimis and does not involve any plan

that has terminated under section

4041A(a)(2) of ERISA), a copy of the

most recent actuarial valuation report

that satisfies the requirements of

§ 4231.5.

(7) For each significantly affected plan

that exists after the transaction, the

following information used in making

the plan solvency determination under

§ 4231.6(b):

(i) The present value of the accrued

benefits and fair market value of plan

assets under the valuation required by

§ 4231.5(b), allocable to the plan after

the transaction.

(ii) The fair market value of assets in

the plan after the transaction

(determined in accordance with

§ 4231.6(c)(4)).

(iii) The expected benefit payments

for the plan in the first plan year

beginning on or after the proposed

effective date of the transaction

(determined in accordance with

§ 4231.6(c)(3)).

(iv) The contribution rates in effect for

the plan for the first plan year beginning

on or after the proposed effective date

of the transaction.

(v) The expected contributions for the

plan in the first plan year beginning on

or after the proposed effective date of

the transaction (determined in

accordance with § 4231.6(c)(1)).

(f) Waiver of notice. The PBGC may

waive the notice requirements of this

section and section 4231(b)(1) of ERISA

if—

(1) A plan sponsor demonstrates to

the satisfaction of the PBGC that failure

to complete the merger or transfer in

less than 120 days after filing the notice

will cause harm to participants or

beneficiaries of the plans involved in

the transaction;

(2) The PBGC determines that the

transaction complies with the

requirements of section 4231 of ERISA;

or

(3) The PBGC completes its review of

the transaction.

§ 4231.9 Request for compliance

determination.

(a) General. The plan sponsor(s) of

one or more plans involved in a merger

or transfer, or the duly authorized

representative(s) acting on behalf of the

plan sponsor(s), may file a request for a

determination that the transaction

complies with the requirements of

section 4231 of ERISA. The request

must contain the information described

in paragraph (b) or (c) of this section, as

applicable.

(1) The place of filing. The request

must be delivered to the address set

forth in § 4231.8(c).

(2) Single request permitted for all de

minimis transactions. Because the plan

solvency test for de minimis mergers

and transfers is based on the most recent

valuation (without adjustment for

intervening de minimis transactions), a

plan sponsor may submit a single

request for a compliance determination

covering all de minimis mergers or

transfers that occur between one plan

valuation and the next. However, the

plan sponsor must still notify PBGC of

each de minimis merger or transfer

separately, in accordance with § 4231.8.

The single request for a compliance

determination may be filed concurrently

with any one of the notices of a de

minimis merger or transfer.

(b) Contents of request. (1) General. A

request for a compliance determination

concerning a merger or transfer that is

not de minimis must contain—

(i) A copy of the merger or transfer

agreement;

(ii) A summary of the required

calculations, including a complete

description of assumptions and

methods, on which the enrolled actuary

based each certification that a plan

involved in the merger or transfer

satisfied a plan solvency test described

in § 4231.6; and

(iii) For each significantly affected

plan, other than a plan that is a

significantly affected plan only because

the merger or transfer involves a plan

that has terminated by mass withdrawal

under section 4041A(a)(2) of ERISA,

copies of all actuarial valuations

performed within the 5 years preceding

the date of filing the notice required

under § 4231.8.

(2) De minimis merger or transfer. A

request for a compliance determination

concerning a de minimis merger or

transfer must contain one of the

following statements for each plan that

exists after the transaction, certified by

an enrolled actuary:

(i) A statement that the plan satisfies

one of the plan solvency tests set forth

in § 4231.6(a), indicating which test is

satisfied.

(ii) A statement of the basis on which

the actuary has determined that benefits

under the plan are not reasonably

expected to be subject to suspension

under section 4245 of ERISA, including

supporting data or calculations,

assumptions and methods.
Federal Register / Vol. 63, No. 85 / Monday, May 4, 1998 /Rules and Regulations 24425

§ 4231.10 Actuarial calculations and

assumptions.

(a) Most recent valuation. All

calculations required by this part must

be based on the most recent actuarial

valuation as of the date of filing the

notice, updated to show any material

changes.

(b) Assumptions. All calculations

required by this part must be based on

methods and assumptions that are

reasonable in the aggregate, based on

generally accepted actuarial principles.

(c) Updated calculations. If the actual

effective date of the merger or transfer

is more than one year after the date the

notice is filed with the PBGC, PBGC

may require the plans involved to

provide updated calculations and

representations based on the actual

effective date of the transaction.

Issued in Washington, D.C., this 28th day

of April 1998.

Alexis M. Herman,

Chairman, Board of Directors, Pension Benefit

Guaranty Corporation.

Issued on the date set forth above pursuant

to a resolution of the Board of Directors

authorizing its Chairman to issue this final

rule.

James J. Keightley,

Secretary, Board of Directors, Pension Benefit

Guaranty Corporation.

[FR Doc. 98–11784 Filed 5–1–98; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Parts 100 and 165

[USCG–1998–3772]

Safety Zones, Security Zones, and

Special Local Regulations

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary rules

issued.

SUMMARY: This document provides

required notice of substantive rules

adopted by the Coast Guard and

temporarily effective between January 1,

1998 and March 31, 1998, which were

not published in the Federal Register.

This quarterly notice lists temporary

local regulations, security zones, and

safety zones, which were of limited

duration and for which timely

publication in the Federal Register may

not have been possible.

DATES: This notice lists temporary Coast

Guard regulations that became effective

and were terminated between January 1,

1998 and March 31, 1998, as well as

several regulations which were not

included in the previous quarterly list.

ADDRESSES: The Docket Management

Facility maintains the public docket for

this notice. Documents indicated in this

preamble will be available for

inspection or copying at the Docket

Management Facility, U.S. Department

of Transportation, Room PL–401, 400

Seventh Street SW., Washington, DC

20593–0001 between 10 a.m. and 5

p.m., Monday through Friday, except

Federal Holidays. You may

electronically access the public docket

for this notice on the Internet at http:/

/dms.dot.gov, Monday through Friday,

except Federal holidays.

FOR FURTHER INFORMATION CONTACT: For

information concerning the quarterly

list contact Lieutenant Christopher S.

Keane, Office of Regulations and

Administrative Law, USCG, at (202)

267–6233 between the hours of 8 a.m.

and 3 p.m., Monday through Friday. For

information concerning the Docket

Management Facility contact Paullette

Twine, Chief, Documentary Services

Division, U.S. Department of

Transportation, (202) 866–9329.

SUPPLEMENTARY INFORMATION: District

Commanders and Captains of the Port

(COTP) must be immediately responsive

to the safety needs of the waters within

their jurisdiction; therefore, District

Commanders and COTPs have been

delegated the authority to issue certain

regulations. Safety zones may be

established for safety or environmental

purposes. A safety zone may be

stationary and described by fixed limits

or it may be described as a zone around

a vessel in motion. Security zones limit

access to vessels, ports, or waterfront

facilities to prevent injury or damage.

Special local regulations are issued to

enhance the safety of participants and

spectators at regattas and other marine

events. Timely publication of these

regulations in the Federal Register is

often precluded when a regulation

responds to an emergency, or when an

event occurs without sufficient advance

notice. However, the affected public is

informed of these regulations through

Local Notices to Mariners, press

releases, and other means. However,

actual notification is provided by Coast

Guard patrol vessels enforcing the

restrictions imposed by the regulation.

Because mariners are notified by Coast

Guard officials on-scene prior to an

enforcement action, Federal Register

notice is not required to place the

special local regulation, security zone,

or safety zone in effect. However, the

Coast Guard, by law, must publish in

the Federal Register notice of

substantial rules adopted. To discharge

this legal obligation without imposing

undue expense on the public, the Coast

Guard periodically publishes a list of

these temporary special local

regulations, security zones, and safety

zones. Permanent regulations are not

included in this list because they are

published in their entirety in the

Federal Register. Temporary regulations

may also be published in their entirety

if sufficient time is available to do so

before they are placed in effect or

terminated. The safety zones, special

local regulations and security zones

listed in this notice have been exempted

from review under Executive Order

12866 because of their emergency

nature, or limited scope and temporary

effectiveness.

The following regulations were placed

in effect temporarily during the period

January 1, 1998 and March 31, 1998,

unless otherwise indicated.

Michael L. Emge,

Commander, U.S. Coast Guard, Executive

Secretary, Marine Safety Council.

QUARTERLY REPORT

District docket Location Type Effective

date

01–98–001 .......................... EAST RIVER, NEW YORK ................................................................... SECURITY ZONE .............. 1/8/98

01–98–003 .......................... EAST RIVER, NEW YORK ................................................................... SECURITY ZONE .............. 1/15/98

01–98–004 .......................... PORTLAND, ME .................................................................................... SAFETY ZONE .................. 1/28/98

01–98–007 .......................... BATH, ME .............................................................................................. SAFETY ZONE .................. 1/24/98

01–98–010 .......................... PORTLAND, ME .................................................................................... SAFETY ZONE .................. 2/18/98

01–98–011 .......................... PORTLAND, ME .................................................................................... SAFETY ZONE .................. 3/16/98

01–98–019 .......................... KENNEBEC RIVER, BATH, ME ........................................................... SAFETY ZONE .................. 3/28/98

01–98–022 .......................... BOSTON, MA ........................................................................................ SECURITY ZONE .............. 3/13/98

05–98–003 .......................... JAMES RIVER, NEWPORT NEWS, VA ............................................... SAFETY ZONE .................. 1/12/98

05–98–005 .......................... ALBERMARLE SOUND, HARVEY POINT, AND VICINITY ................. SECURITY ZONE .............. 1/30/98