32612 Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 /Rules and Regulations

1Open Access Same-Time Information System

(Formerly Real-Time Information Network) and

Standards of Conduct, 61 FR 21737 (May 10, 1996),

FERC Stats. & Regs., Regulations Preambles January

1991–June 1996 ¶ 31,035 (April 24, 1996); Order

No. 889–A, order on rehearing, 62 FR 12484 (March

14, 1997), III FERC Stats. & Regs. ¶ 31,049 (March

4, 1997); Order No. 889–B, rehearing denied, 62 FR

64715 (December 9, 1997), 81 FERC ¶ 61,253

(November 25, 1997).

and prescribing Standards of Conduct.1

Section 37.4(a)(1) of the Commission’s

regulations, 18 CFR 37.4(a)(1) (1997),

requires employees of transmission

providers engaged in transmission

system operations to function

independently of employees engaged in

wholesale merchant functions. Section

37.4(a)(2) creates an exception and

states that, ‘‘in emergency

circumstances affecting system

reliability, Transmission Providers may

take whatever steps are necessary to

keep the system in operation.’’ The rule

requires transmission providers that

invoke the emergency exception to

‘‘report to the Commission and on the

OASIS each emergency that resulted in

any deviation from the standards of

conduct, within 24 hours of such

deviation’’ but does not provide

guidance on how transmission

providers should submit such reports or

the details that should be included in

the reports.

Reporting Procedures

To promote the uniform reporting of

emergency circumstances as required by

section 37.4(a)(2), the Commission

clarifies that transmission providers

should report emergencies to the

Commission within 24 hours by sending

a report by facsimile to the Secretary at

the following telephone number: (202)

208–2268.

The use of facsimiles for reporting

emergencies is an interim measure until

the Commission develops a

comprehensive information system that

accepts filings and disseminates

information electronically using the

Commission’s Internet site. The

Commission will issue a subsequent

notice when it implements a

comprehensive electronic filing

initiative.

Further, to allow for the uniform

reporting of emergency circumstances as

required by section 37.4(a)(2), the

Commission clarifies that the reports

should, at a minimum:

(a) Identify the name, title and

telephone number of the person who

prepared the report;

(b) State in the ‘‘subject’’ line of the

facsimile that the correspondence

reports an ‘‘emergency deviation’’;

(c) Identify when the emergency

occurred and the duration of the

emergency;

(d) Describe the emergency

circumstances, including the nature of

the emergency, the cause of the

emergency, and the effects on system

reliability; and

(e) Describe the resulting deviation(s)

from the standards of conduct.

If the emergency is ongoing, the report

should provide an estimate of when the

emergency will be concluded.

Transmission providers should provide

updates as necessary until the

emergency is concluded,

Further, section 37.4(a)(2) requires

that transmission providers report

emergency circumstances on the OASIS.

However, the rule does not state a

minimum period for transmission

providers to post the reports on the

OASIS. Accordingly, the Commission

clarifies that reports must remain posted

on the OASIS for 30 days from the date

when the emergency ends. The OASIS

reports must include the same

information as the reports that

transmission providers submit to the

Commission.

New Docket Prefix EY

To properly track reports of

emergency circumstances affecting

system reliability, the Commission has

established a new docket prefix EY. The

new docket prefix will be EYFY–NNN,

where the FY stands for the fiscal year

in which the report is submitted and the

NNN identifies the docket number for

tracking emergency reports. If a

transmission provider submits an

emergency report and subsequently

submits one or more update reports

regarding the same emergency, the

original report and updates will be filed

under the same docket number.

The Commission will assign docket

numbers to emergency reports only for

internal record keeping purposes. The

reports will not be subject to Federal

Register notice or public comment. The

public will have access to the same

information on the OASIS.

David P. Boergers,

Acting Secretary.

[FR Doc. 98–14926 Filed 6–12–98; 8:45 am]

BILLING CODE 6717–01–M

RAILROAD RETIREMENT BOARD

20 CFR Part 209

RIN 3220–AB21

Railroad Employers’ Reports and

Responsibilities

AGENCY: Railroad Retirement Board.

ACTION: Final rule.

SUMMARY: The Railroad Retirement

Board amends its regulations to expand

the methods by which compensation

and service reports may be filed with

the Board and to require that a social

security account number be furnished

for each employee for whom creditable

railroad service and compensation is

reported to the Board.

EFFECTIVE DATE: July 15, 1998.

ADDRESSES: Secretary to the Board,

Railroad Retirement Board, 844 North

Rush Street, Chicago, Illinois 60611.

FOR FURTHER INFORMATION CONTACT:

Thomas W. Sadler, Senior Attorney,

Railroad Retirement Board, 844 North

Rush Street, Chicago, Illinois 60611,

(312) 751–4513, TDD (312) 751–4701.

SUPPLEMENTARY INFORMATION: Employer

reports are used to establish employee

compensation and service records.

These reports are based on payroll

records. Due to changes in technology,

employers now file their reports on

magnetic tape and diskettes and

transmit their reports by facsimile or

computer-to-computer transmission

(electronic filing). The punch card

previously referred to in §§ 209.6, 209.7,

209.11, and 209.14 of the Board’s

regulations is an outdated medium of

reporting. The quarterly report required

by § 209.8 has been eliminated by the

Employer Data Maintenance System.

The Board amends part 209 of its

regulations in order to reflect these

changes. See § 209.4.

The Board also amends § 209.2 to add

a provision that requires each employer

to furnish a social security number

(SSN) for each employee for whom

creditable railroad service and

compensation is reported to the Board.

This amendment simply puts into

regulation a current reporting

requirement. Although not required,

employers are encouraged to validate

the social security numbers of their

employees. In addition, the Board is

revising the present § 209.11 to provide

that the Board shall mail annual

certificates of service and compensation

to employees performing service for

covered employers. Under previous

regulation these certificates could be

provided through the employer.

Finally, the Board has eliminated

references to offices and titles that were

eliminated as the result of a recent

reorganization.

The final rule removes § 209.13,

redesignated § 209.14 in the proposed

rule, since the separate report required

by that section with regard to

miscellaneous compensation under

§ 211.11 of this chapter is no longer
Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 /Rules and Regulations 32613

required. In addition, the reference to

§ 209.13 is removed from § 209.15(d).

The Board published this rule as a

proposed rule on January 20, 1998 (63

FR 2914), and invited comments by

March 23, 1998. No comments were

received.

The Board, with the concurrence of

the Office of Management and Budget,

has determined that this is not a major

rule under Executive Order 12866;

therefore, no regulatory impact analysis

is required. Information collections

required by this rule have been

approved by the Office of Management

and Budget.

List of Subjects in 20 CFR Part 209

Railroad employees, Railroad

retirement, Railroads.

For the reasons set out in the

preamble, Title 20, Chapter II, Part 209

of the Code of Federal Regulations is

amended as follows:

PART 209—RAILROAD EMPLOYERS’

REPORTS AND RESPONSIBILITIES

1. The authority citation for Part 209

continues to read as follows:

Authority: 45 U.S.C. 231f.

1a. Sections 209.8 and 209.13 are

removed.

§§ 209.3 through 209.12 [Redesignated]

2. Sections 209.3 through 209.12 are

redesignated as follows:

Old section New

section

209.3 ............................................... 209.5

209.4 ............................................... 209.6

209.5 ............................................... 209.7

209.6 ............................................... 209.8

209.7 ............................................... 209.9

209.9 ............................................... 209.10

209.10 ............................................. 209.11

209.11 ............................................. 209.12

209.12 ............................................. 209.13

3. A new § 209.3 is added as follows:

§ 209.3 Social security number required.

Each employer shall furnish to the

Board a social security number for each

employee for whom any report is

submitted to the Board. Employers are

encouraged to validate any social

security number provided under this

section.

(Approved by the Office of Management and

Budget under control number 3220–0008)

4. A new § 209.4 is added as follows:

§ 209.4 Method of filing.

Any report or information required to

be furnished under this part shall be

prepared in accordance with

instructions of the Board and shall be

filed with the Board electronically,

which includes the use of magnetic

tape, computer diskette, electronic data

interchange, or on such form as

prescribed by the Board. If not filed

electronically, reports shall be

transmitted by facsimile or mailed

directly to the Board. Any report which

includes, or should include, information

for 250 or more employees must be filed

electronically, as described in this

section.

5. Newly designated § 209.6 is revised

to read as follows:

§ 209.6 Employers’ notice of death of

employees.

Each employer shall notify the Board

immediately of the death of an

employee who, prior to the employee’s

death, performed compensated service

which has not been reported to the

Board.

(Approved by the Office of Management and

Budget under control number 3220–0005)

6. Newly designated § 209.7 is revised

to read as follows:

§ 209.7 Employers’ supplemental reports

of service.

Each employer shall furnish the Board

a report of the current year service of

each employee who ceases work for the

purpose of retiring under the provisions

of the Railroad Retirement Act.

(Approved by the Office of Management and

Budget under control number 3220–0005)

7. Newly designated § 209.8 is revised

to read as follows:

§ 209.8 Employers’ annual reports of

creditable service and compensation.

Each year, on or before the last day of

February, each employer is required to

make an annual report of the creditable

service and compensation (including a

report that there is no compensation or

service to report) of employees who

performed compensated service in the

preceding calendar year. The annual

report shall include service and

compensation previously furnished in

supplemental reports and notices of

death.

(Approved by the Office of Management and

Budget under control number 3220–0008)

8. Newly designated § 209.9(c) is

revised to read as follows:

§ 209.9 Employers’ adjustment reports.

* * * * *

(c) Employers submitting adjustment

reports covering pay for time lost as an

employee shall report this

compensation as provided for in § 211.3

of this chapter. Adjustment reports may

be submitted to the Board each month.

(Approved by the Office of Management and

Budget under control number 3220–0008)

9–10. Newly designated § 209.10 is

amended by removing ‘‘Director of

Research and Employment Accounts’’

and adding in its place ‘‘Board’’, and by

removing ‘‘§ 209.6(a)’’ and adding in its

place ‘‘§ 209.8(a)’’.

11. Newly designated § 209.11 revised

to read as follows:

§ 209.11 Employee representatives’

reports.

An individual claiming status as an

employee representative shall describe

his or her duties as an employee

representative on the form prescribed by

the Board. The Board shall determine

whether the individual claiming to be

an employee representative meets the

requirements for such a status. If the

individual is determined to be an

employee representative, he or she is

required to make an annual report of

creditable compensation as provided for

in § 209.8 of this part. If an employee

representative’s status is terminated, the

last report of service and compensation

shall be marked Final Compensation

Report.

(Approved by the Office of Management and

Budget under control number 3220–0014)

12. Newly designated § 209.12 is

revised to read as follows:

§ 209.12 Certificates of service months

and compensation.

(a) Each year the Board shall provide

each employee who performed

compensated service in the preceding

calendar year a certificate of service

months and compensation. This

certificate is the employee’s record of

the service and compensation credited

to his or her account at the Board. An

employee who for any reason does not

receive a certificate may obtain one from

the nearest Board district office or may

write the Board for one.

(b) By April 1 of each year each

employer shall provide the Board the

current address of each employee for

whom it had reported compensation.

This requirement shall not apply in the

case of an employee for whom the

employer had previously provided an

address.

(Approved by the Office of Management and

Budget under control number 3220–0194)

13–14. Paragraph (b) of newly

designated § 209.13 is revised to read as

follows:
32614 Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 /Rules and Regulations

§ 209.13 Employers’ gross earnings

reports.

* * * * *

(b) Employers shall submit reports

annually for employees in the gross

earnings sample. Such reports shall

include the employee’s gross annual

earnings, which includes all

compensation taxable under the

hospital insurance portion of the tier I

tax rate. Employers with 5,000 or more

employees shall provide a monthly or

quarterly breakdown of the year’s

earnings. Employers with fewer than

5,000 employees may submit an annual

amount only, although a monthly or

quarterly breakdown is preferable. Gross

earnings are to be counted for the same

time period as used in determining the

employer’s annual report of creditable

compensation. The reports are to be

prepared in accordance with prescribed

instructions and filed in accordance

with § 209.4 of this part.

(Approved by the Office of Management and

Budget under control number 3220–0132)

15. Section 209.14 is revised to read

as follows:

§ 209.14 Report of separation allowances

subject to tier II taxation.

For any employee who is paid a

separation payment, the employer must

file a report of the amount of the

payment. This report shall be submitted

to the Board on or before the last day of

the month following the end of the

calendar quarter in which payment is

made. The report is to be prepared in

accordance with prescribed instructions

and filed in accordance with § 209.4 of

this part.

(Approved by the Office of Management and

Budget under control number 3220–0173)

16. Section 209.15 is amended by

removing the reference to ‘‘§ 209.7’’

wherever it appears and adding in its

place ‘‘209.9’’, by removing ‘‘Director of

Research and Employment Accounts’’

wherever it appears and adding in its

place ‘‘Board’’, and by revising

paragraph (d) to read as follows:

§ 209.15 Compensation reportable when

paid.

* * * * *

(d) Miscellaneous pay. Miscellaneous

pay, as defined in § 211.11 of this

chapter, shall be reported in the year

paid and reported on the annual report

of compensation as provided for in

§ 209.8 of this part.

* * * * *

Dated: June 5, 1998.

By authority of the Board.

For the Board,

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 98–15798 Filed 6–12–98; 8:45 am]

BILLING CODE 7905–01–P

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 July 1998.

EFFECTIVE DATE: July 1, 1998.

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 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 July

1998.

For annuity benefits, the interest

assumptions will be 5.50 percent for the

first 25 years following the valuation

date and 5.25 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for June

1998) of 0.10 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 4.00 percent for the period

during which a benefit is in pay status

and during any years preceding the

benefit’s placement in pay status. The

lump sum interest assumptions

represent a decrease (from those in

effect for June 1998) 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 July 1998, 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 57 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.