18998 Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Rules and Regulations

(4) For benefits for which the deferral

period is y years (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; thereafter the immediate annuity

rate shall apply.

TABLE I

[Lump Sum Valuations]

Rate set

For plans with a valuation

date Immediate

annuity rate

(percent)

Deferred annuities (percent)

On or after Before i1 i2 i3 n1 n2

* * * * * * *

19 5–1–95 6–1–95 5.50 4.75 4.00 4.00 7 8

Annuity Valuations

In determining the value of interest

factors of the form v0:n (as defined in

§ 2676.13(b)(1)) for purposes of applying

the formulas set forth in § 2676.13 (b)

through (i) and in determining the value

of any interest factor used in valuing

annuity benefits under this subpart, the

plan administrator shall use the values

of it prescribed in the table below.

The following table tabulates, for each

calendar month of valuation ending

after the effective date of this part, 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.

TABLE II

[Annuity Valuations]

For valuation dates occurring in the month—

The values of it are:

it for t= it for t= it for t=

* * * * * * *

May 1995 .......................................................................... .0690 1–20 .0575 >20 N/A N/A

Issued in Washington, DC, on this 11th day

of April 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 95–9238 Filed 4–13–95; 8:45 am]

BILLING CODE 7708–01–M

29 CFR Part 2644

Notice and Collection of Withdrawal

Liability; Adoption of New Interest Rate

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: This is an amendment to the

Pension Benefit Guaranty Corporation’s

regulation on Notice and Collection of

Withdrawal Liability. That regulation

incorporates certain interest rates

published by another Federal agency.

This amendment adds to the appendix

of that regulation a new interest rate to

be effective from April 1, 1995, to June

30, 1995. The effect of the amendment

is to advise the public of the new rate.

EFFECTIVE DATE: April 1, 1995.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counel,

Pension Benefit Guaranty Corporation,

1200 K Street NW., Washington, DC

20005–4026; telephone 202–326–4024

(202–326–4179 for TTY and TDD).

These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: Under

section 4219(c) of the Employee

Retirement Income Security Act of 1974,

as amended (‘‘ERISA’’), the Pension

Benefit Guaranty Corporation (‘‘the

PBGC’’) promulgated a final regulation

on Notice and Collection of Withdrawal

Liability. That regulation, codified at 29

CFR part 2644, deals with the rate of

interest to be charged by multiemployer

pension plans on withdrawal liability

payments that are overdue or in default,

or to be credited by plans on

overpayments of withdrawal liability.

The regulation allows plans to set rates,

subject to certain restrictions. Where a

plan does not set the interest rate,

§ 2644.3(b) of the regulation provides

that the rate to be charged or credited

for any calendar quarter is the average

quoted prime rate on short-term

commercial loans for the fifteenth day

(or the next business day if the fifteenth

day is not a business day) of the month

preceding the beginning of the quarter,

as reported by the Board of Governors

of the Federal Reserve System in

Statistical Release H.15 (‘‘Selected

Interest Rates’’).

Because the regulation incorporates

interest rates published in Statistical

Release H.15, that release is the

authoritative source for the rates that are

to be applied under the regulation. As

a convenience to persons using the

regulation, however, the PBGC collects

the applicable rates and republishes

them in an appendix to part 2644. This

amendment adds to this appendix the

interest rate of 9.00 percent, which will

be effective from April 1, 1995, through

June 30, 1995. This rate represents an

increase of .50 percent from the rate in

effect for the first quarter of 1995. This

rate is based on the prime rate in effect

on March 15, 1995.

The appendix to 29 CFR part 2644

does not prescribe interest rates under

the regulation; the rates prescribed in

the regulation are those published in

Statistical Release H.15. The appendix

merely collects and republishes the

rates in a convenient place. Thus, the

interest rates in the appendix are

informational only. Accordingly, the

PBGC finds that notice of and public

comment on this amendment would be

unnecessary and contrary to the public

interest. For the above reasons, the

PBGC also believes that good cause

exists for making this amendment

effective immediately.
Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Rules and Regulations 18999

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866, because it 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 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 2644

Employee benefit plans, Pensions.

In consideration of the foregoing, part

2644 of subchapter F of chapter XXVI of

title 29, Code of Federal Regulations, is

amended as follows:

PART 2644—NOTICE AND

COLLECTION OF WITHDRAWAL

LIABILITY

1. The authority citation for part 2644

continues to read as follows:

Authority: 29 U.S.C. 1302(b)(3), 1399(c)(6).

2. Appendix A to part 2644 is

amended by adding to the end of the

table a new entry to read as follows:

Appendix A to Part 2644—Table of

Interest Rates

* * * * *

From To Date of

quotation

Rate

(percent)

* * * * *

4/01/95 6/30/95 3/15/95 9.00

Issued in Washington, DC, on this 11th day

of April 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 95–9239 Filed 4–13–95; 8:45 am]

BILLING CODE 7708–01–M

FEDERAL COMMUNICATIONS

COMMISSION

47 CFR Parts 2 and 90

[FCC No. 95–115]

Conditional Waiver To Use Television

Channel 16 (482–488 MHz) in New York

City Metropolitan Area for Public

Safety Services

AGENCY: Federal Communications

Commission.

ACTION: Final rule; waiver.

SUMMARY: The Commission waives its

rules regarding the allocation for

spectrum for television broadcast

service to permit the temporary

assignment of frequencies in the 482–

488 MHz band (television Channel 16)

to public safety agencies in the New

York City metropolitan area. Public

safety use of these frequencies will be

permitted for a period of at least five

years or until the Commission assigns

Channel 16 in New York City for

advanced television service (ATV) and

the television broadcast licensee is then

ready to commence operation. This

band is currently allocated to the

broadcasting service but is not allotted

for use in New York City. We find that

circumstances exist that warrant a

waiver of our rules to permit use of this

spectrum by public safety radio services

in the New York City metropolitan area.

Granting this conditional waiver will

provide public safety agencies with

immediate spectrum relief that is

urgently needed in the congested New

York City metropolitan area.

EFFECTIVE DATE: May 15, 1995.

FOR FURTHER INFORMATION CONTACT:

Ray LaForge, Office of Engineering and

Technology, telephone (202) 739–0598.

SUPPLEMENTARY INFORMATION: This is a

summary of the Commission’s Order

adopted on March 14, 1995 and released

on March 17, 1995. The complete text

of this Order is available for inspection

and copying during normal business

hours in the FCC Public Reference

Center (Room 239), 1919 M Street, NW.,

Washington, DC. The complete text of

this Order also may be purchased from

the Commission’s duplication

contractor, International Transcription

Service, Inc., 2100 M Street, NW., Suite

140, Washington, DC 20036, (202) 857–

3800.

Summary of Order

The Commission concluded that the

public safety agencies in the New York

City metropolitan area have an urgent

and immediate need for additional

spectrum capacity for public safety

communications. Further, we held that

use of Channel 16 will provide

immediate and necessary relief to these

public safety agencies and will also

allow for development of

interoperability of communications

between the public safety agencies.

Finally, we decided that this spectrum

relief for the New York City public

safety agencies can be accomplished

without adversely affecting existing TV

operations or our plans for

implementation of ATV. Therefore, we

found that the conditional grant of a

waiver to the Agencies to use television

Channel 16 is in the public interest. We

are conditioning the grant of the waiver

to reflect the concerns of broadcasters,

as indicated in the Appendix.

Ordering Clauses

It is hereby ordered that, the Joint

Request for Waiver filed by the New

York Public Safety Agencies is granted

to the extent discussed herein, for a

period of at least five years or until any

television broadcast licensee in the New

York City metropolitan area initiates use

of Channel 16 for ATV broadcast

operations, whichever is longer,

Sections 2.106 and 90.311 of the

Commission’s Rules are waived so that

New York City metropolitan area public

safety agencies may use 482–488 MHz,

for land mobile public safety services

under the conditions specified in the

Appendix. It is hereby further ordered

that the Request for Waiver filed by the

New York City Transit Police

Department to use television Channel 19

Is Dismissed. These actions are taken

pursuant to sections 4(i), 303 (c), (f), (g),

and (r), and 309(a) of the

Communications Act of 1934, as

amended, 47 U.S.C. sections 154(i), 303

(c), (f), (g), and (r).

List of Subjects

47 CFR Part 2

Radio.

47 CFR Part 90

Radio.

Federal Communications Commission.

William F. Caton,

Acting Secretary.

Appendix

In order to prevent interference

between the proposed land mobile

operations on Channel 16 in New York

City and the existing television

operations of WNEP–TV in Scranton,

Pennsylvania on Channel 16 (FCC File

Number BLCT–2623) and WPHL–TV in

Philadelphia, Pennsylvania on Channel

17 (FCC File Number BLCT–2611), the