18994 Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Rules and Regulations

sector. This change will ensure the

reporting of these serious incidents in a

timely manner and enable OSHA to

respond more quickly and efficiently.

This revision is procedural in

character, therefore, this rule is not

classified as a ‘‘major rule’’ under

Executive Order 12291 because it is not

likely to result in (1) an annual effect on

the economy of $100 million or more;

(2) a major increase in costs or prices for

consumers, individual industries,

Federal, State, or local government

agencies, or geographic regions; or (3)

significant adverse effects on

competition, employment, investment,

productivity, innovation, or on the

ability of the United States based

enterprises to compete with foreign

based enterprises in domestic or export

markets. Accordingly, no regulatory

impact analysis is required.

This regulation changes the reporting

requirements for fatalities and

catastrophes in the Federal sector to

reflect the requirements in the private

sector. It does not add additional burden

for the agencies. Therefore, it is not

necessary to publish it for notice and

comment pursuant to 5. U.S.C. 553(b).

Under authority granted by the United

States Code, Title 5, sections 553 and

7902; the Occupational Safety and

Health Act, sections 19 and 24; and

Executive Order 12196, the Secretary of

Labor is authorized to make these

procedural revisions to 29 CFR part

1960.

Authority: This document was prepared

under the direction of Mr. Joseph A. Dear,

Assistant Secretary of Labor for Occupational

Safety and Health, U.S. Department of Labor,

200 Constitution Avenue NW., Washington,

DC 20210.

Accordingly, pursuant to sections 19

and 24 of the Occupational Safety and

Health Act of 1970 (84 Stat, 1609, 1614;

29 U.S.C. 668, 673), 5 U.S.C. 553,

Secretary of Labor’s Order No. 1–90 (55

FR 9033), and Executive Order 12196,

29 CFR part 1960 is revised to make

reporting requirements for fatalities and

catastrophes in the Federal sector the

same as those requirements in the

private sector.

List of Subjects in 29 CFR Part 1960

Government employees, Occupational

safety and health, Reporting and

recordkeeping requirements.

Signed at Washington, DC, this 10th day of

April 1995.

Joseph A. Dear,

Assistant Secretary.

For the reason set forth in the

preamble, part 1960 of chapter XVII of

title 29 of the Code of Federal

Regulations is amended to read as

follows:

PART 1960—BASIC PROGRAM

ELEMENTS FOR FEDERAL EMPLOYEE

OCCUPATIONAL SAFETY AND

HEALTH PROGRAMS

1. The authority citation for part 1960

is revised to read as follows:

Authority: Sections 19 and 24 of the

Occupational Safety and Health Act of 1970

(84 Stat. 1609, 1614; 29 U.S.C. 668, 673), 5

U.S.C. 553, Secretary of Labor’s Order No. 1–

90 (55 FR 9033), and Executive Order 12196.

2. Part 1960 of 29 CFR is amended by

revising § 1960.70 to read as follows:

§ 1960.70 Reporting of serious accidents.

(a) Within 8 hours after the death of

any employee from a work-related

incident or the in-patient

hospitalization of three or more

employees as a result of a work-related

incident, the Federal Agency head or

his/her designee shall orally report the

fatality/multiple hospitalization by

telephone or in person to the Area

Office of the Occupational Safety and

Health Administration (OSHA), U.S.

Department of Labor, that is nearest to

the site of the incident, or by using the

OSHA toll-free central telephone

number.

(b) This requirement applies to each

such fatality or hospitalization of three

or more employees which occurs within

thirty (30) days of an incident.

(c) Exception: If the Federal Agency

Head or designee does not learn of a

reportable incident at the time it occurs

and the incident would otherwise be

reportable under paragraphs (a) and (b)

of this section, the Federal Agency Head

or designee shall make the report within

8 hours of the time the incident is

reported to any agent or employee of the

employer.

(d) Each report required by this

section shall relate the following

information: Establishment name;

location of incident; time of the

incident; number of fatalities or

hospitalized employees; contact person;

phone number; and a brief description

of the incident.

(e) Agencies shall provide the Office

of Federal Agency Programs with a

summary report of each fatal and

catastrophic accident investigation. The

summaries shall address the date/time

of accident, agency/establishment name

and location, and consequences,

description of operation and the

accident, causal factors, applicable

standards and their effectiveness, and

agency corrective/preventive actions.

[FR Doc. 95–9278 Filed 4–13–95; 8:45 am]

BILLING CODE 4510–26–M

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Parts 2610 and 2622

Late Premium Payments and Employer

Liability Underpayments and

Overpayments; Interest Rate for

Determining Variable Rate Premium;

Amendments to Interest Rates

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: This document notifies the

public of the interest rate applicable to

late premium payments and employer

liability underpayments and

overpayments for the calendar quarter

beginning April 1, 1995. This interest

rate is established quarterly by the

Internal Revenue Service. This

document also sets forth the interest

rates for valuing unfunded vested

benefits for premium purposes for plan

years beginning in February 1995

through April 1995. These interest rates

are established pursuant to section 4006

of the Employee Retirement Income

Security Act of 1974, as amended. The

effect of these amendments is to advise

plan sponsors and pension practitioners

of these new interest rates.

EFFECTIVE DATE: April 1, 1995.

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

20005–4026; telephone 202–326–4024

(202–326–4179 for TTY and TTD).

These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: As part of

title IV of the Employee Retirement

Income Security Act of 1974, as

amended (‘‘ERISA’’), the Pension

Benefit Guaranty Corporation (‘‘PBGC’’)

collects premiums from ongoing plans

to support the single-employer and

multiemployer insurance programs.

Under the single-employer program, the

PBGC also collects employer liability

from those persons described in ERISA

section 4062(a). Under ERISA section

4007 and 29 CFR 2610.7, the interest

rate to be charged on unpaid premiums

is the rate established under section

6601 of the Internal Revenue Code

(‘‘Code’’). Similarly, under 29 CFR

2622.7, the interest rate to be credited or

charged with respect to overpayments or

underpayments of employer liability is

the section 6601 rate. These interest

rates are published by the PBGC in

appendix A to the premium regulation

and appendix A to the employer

liability regulation.
Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Rules and Regulations 18995

The Internal Revenue Service has

announced that for the quarter

beginning April 1, 1995, the interest

charged on the underpayment of taxes

will be at a rate of 10 percent.

Accordingly, the PBGC is amending

appendix A to 29 CFR part 2610 and

appendix A to 29 CFR part 2622 to set

forth this rate for the April 1, 1995,

through June 30, 1995, quarter.

Under ERISA section

4006(a)(3)(E)(iii)(II), in determining a

single-employer plan’s unfunded vested

benefits for premium computation

purposes, plans must use an interest

rate equal to 80% of the annual yield on

30-year Treasury securities for the

month preceding the beginning of the

plan year for which premiums are being

paid. Under § 2610.23(b)(1) of the

premium regulation, this value is

determined by reference to 30-year

Treasury constant maturities as reported

in Federal Reserve Statistical Releases

G.13 and H.15. The PBGC publishes

these rates in appendix B to the

regulation.

The PBGC publishes these monthly

interest rates in appendix B on a

quarterly basis to coincide with the

publication of the late payment interest

rate set forth in appendix A. (The PBGC

publishes the appendix A rates every

quarter, regardless of whether the rate

has changed.) Unlike the appendix A

rate, which is determined prospectively,

the appendix B rate is not known until

a short time after the first of the month

for which it applies. Accordingly, the

PBGC is hereby amending appendix B to

part 2610 to add the vested benefits

valuation rates for plan years beginning

in February of 1995 through April of

1995.

The appendices to 29 CFR parts 2610

and 2622 do not prescribe the interest

rates under these regulations. Under

both regulations, the appendix A rates

are the rates determined under section

6601(a) of the Code. The interest rates

in appendix B to part 2610 are

prescribed by ERISA section

4006(a)(3)(E)(iii)(II) and § 2610.23(b)(1)

of the regulation. These appendices

merely collect and republish the interest

rates in a convenient place. Thus, the

interest rates in the appendices are

informational only. Accordingly, the

PBGC finds that notice of and public

comment on these amendments would

be unnecessary and contrary to the

public interest. For the above reasons,

the PBGC also believes that good cause

exists for making these amendments

effective immediately.

The PBGC has determined that none

of these actions is a ‘‘significant

regulatory action’’ under the criteria set

forth in Executive Order 12866, because

they will not have an annual effect on

the economy of $100 million or more or

adversely affect in a material way the

economy, a sector of the economy,

productivity, competition, jobs, the

environment, public health or safety, or

State, local, or tribal governments or

communities; create a serious

inconsistency or otherwise interfere

with an action taken or planned by

another agency; materially alter the

budgetary impact of entitlements,

grants, user fees, or loan programs or the

rights and obligations of recipients

thereof; or raise novel legal or policy

issues arising out of legal mandates, the

President’s priorities, or the principles

set forth in Executive Order 12866.

Because no general notice of proposed

rulemaking is required for these

amendments, the Regulatory Flexibility

Act of 1980 does not apply. See 5 U.S.C.

601(2).

List of Subjects

29 CFR Part 2610

Employee benefit plans, Penalties,

Pension insurance, Pensions, and

Reporting and recordkeeping

requirements.

29 CFR Part 2622

Business and industry, Employee

benefit plans, Pension insurance,

Pensions, Reporting and recordkeeping

requirements, and Small businesses.

In consideration of the foregoing, part

2610 and part 2622 of chapter XXVI of

title 29, Code of Federal Regulations, are

hereby amended as follows:

PART 2610—PAYMENT OF PREMIUMS

1. The authority citation for part 2610

continues to read as follows:

Authority: 29 U.S.C. 1302(b)(3), 1306,

1307.

2. Appendix A to part 2610 is

amended by adding a new entry for the

quarter beginning April 1, 1995, to read

as follows. The introductory text is

republished for the convenience of the

reader and remains unchanged.

Appendix A to Part 2610—Late

Payment Interest Rates

The following table lists the late

payment interest rates under § 2610.7(a)

for the specified time periods:

From Through Interest rate

(percent)

* * * * *

April 1, 1995 . June 30, 1995 10

3. Appendix B to part 2610 is

amended by adding to the table of

interest rates new entries for premium

payment years beginning in February of

1995 through April of 1995, to read as

follows. The introductory text is

republished for the convenience of the

reader and remains unchanged.

Appendix B to Part 2610—Interest

Rates for Valuing Vested Benefits

The following table lists the required

interest rates to be used in valuing a

plan’s vested benefits under

§ 2610.23(b) and in calculating a plan’s

adjusted vested benefits under

§ 2610.23(c)(1):

For premium payment years

beginning in—

Required interest rate 1

* * * * *

February 1995 .......................... 6.28

March 1995 ............................... 6.09

April 1995 ................................. 5.96

1The required interest rate listed above is

equal to 80% of the annual yield for 30-year

Treasury constant maturities, as reported in

Federal Reserve Statistical Release G.13 and

H.15 for the calendar month preceding the calendar month in which the premium payment

year begins.

PART 2622—EMPLOYER LIABILITY

FOR WITHDRAWALS FROM AND

TERMINATIONS OF SINGLEEMPLOYER PLANS

4. The authority citation for part 2622

continues to read as follows:

Authority: 29 U.S.C. 1302(b)(3), 1362–

1364, 1367–68.

5. Appendix A to part 2622 is

amended by adding a new entry for the

quarter beginning April 1, 1995, to read

as follows. The introductory text is

republished for the convenience of the

reader and remains unchanged.

Appendix A to Part 2622—Late

Payment and Overpayment Interest

Rates

The following table lists the late

payment and overpayment interest rates

under § 2622.7 for the specified time

periods:

From Through Interest rate

(percent)

* * * * *

April 1, 1995 . June 30, 1995 10

Issued in Washington, DC, this 11th day of

April 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 95–9237 Filed 4–13–95; 8:45 am]

BILLING CODE 7708–01–M