3080 Federal Register / Vol. 60, No. 9 / Friday, January 13, 1995 / Rules and Regulations

chlortetracycline calcium complex

equivalent to 500 g/t chlortetracycline

hydrochloride for prevention of

coccidiosis and as an aid in the

reduction of mortality due to certain E.

coli infections.

ANADA 200–096, salinomycin with

oxytetracycline, which provides for

using approved single ingredient Type

A medicated articles to make Type C

medicated broiler feeds containing 40 to

60 g/t salinomycin sodium activity with

500 g/t oxytetracycline for prevention of

coccidiosis and as an aid in the

reduction of mortality due to

airsacculitis caused by certain strains of

E. coli.

ANADA’s 200–091 and 200–095 are

approved as generic copies of American

Cyanamid’s NADA’s 140–867 and 140–

859. ANADA 200–096 is approved as a

generic copy of Pfizer’s NADA 140–448.

ANADA 200–091 is approved as of

January 13, 1995. ANADA’s 200–095

and 200–096 are approved as of

November 25, 1994. The regulations are

amended in §§ 558.450 and 558.550 (21

CFR 558.450 and 558.550) to reflect the

approvals.

These approvals are for use of Type A

medicated articles to make Type C

medicated feeds. Roxarsone is a

Category II drug which, as in 21 CFR

558.4, requires an approved Form FDA

1900 for making a Type C medicated

feed. Use of salinomycin,

chlortetracycline, and roxarsone to

make Type C medicated feeds as in

ANADA 200–091 requires an approved

Form FDA 1900.

FDA has published several documents

amending § 558.550(a) to create

paragraphs (a)(1) and (a)(2) and add a

series of amendments to paragraph

(a)(2). At this time, FDA is editorially

amending the regulation following

addition of these approvals to simplify

the text.

In addition, FDA provided for the use

of 45 and 45.4 g/t of roxarsone in this

regulation. Those used at 45 g/t are

amended to read 45.4 g/t.

In accordance with the freedom of

information provisions of part 20 (21

CFR part 20) and § 514.11(e)(2)(ii) (21

CFR 514.11(e)(2)(ii)), a summary of

safety and effectiveness data and

information submitted to support

approval of these applications may be

seen in the Dockets Management Branch

(HFA–305), Food and Drug

Administration, rm. 1–23, 12420

Parklawn Dr., Rockville, MD 20857,

between 9 a.m. and 4 p.m., Monday

through Friday.

The agency has determined under 21

CFR 25.24(d)(1)(ii) that this action is of

a type that does not individually or

cumulatively have a significant effect on

the human environment. Therefore,

neither an environmental assessment

nor an environmental impact statement

is required.

List of Subjects in 21 CFR Part 558

Animal drugs, Animal feeds.

Therefore, under the Federal Food,

Drug, and Cosmetic Act and under

authority delegated to the Commissioner

of Food and Drugs and redelegated to

the Center for Veterinary Medicine, 21

CFR part 558 is amended as follows:

PART 558—NEW ANIMAL DRUGS FOR

USE IN ANIMAL FEEDS

1. The authority citation for 21 CFR

part 558 continues to read as follows:

Authority: Secs. 512, 701 of the Federal

Food, Drug, and Cosmetic Act (21 U.S.C.

360b, 371).

§ 558.450 [Amended]

2. Section 558.450 Oxytetracycline is

amended in paragraph (d)(1), in table 1,

under the heading ‘‘Sponsor,’’ in entry

(v) for ‘‘Salinomycin 40 to 60,’’ by

removing ‘‘000069’’ and adding in its

place ‘‘000069, 012799’’.

3. Section 558.550 is amended by

revising paragraph (a)(2) and by

amending paragraph (b)(1)(ii)(a) and

(b)(1)(xv)(a) by removing ‘‘45’’ and

adding in its place ‘‘45.4’’ to read as

follows:

§ 558.550 Salinomycin.

(a) * * *

(2) To 012799 for use as in paragraphs

(b)(1)(i), (b)(1)(iii) through (b)(1)(xvi),

and (b)(3)(i) through (b)(3)(iii) of this

section.

* * * * *

Dated: January 4, 1995.

Stephen F. Sundlof,

Director, Center for Veterinary Medicine.

[FR Doc. 95–898 Filed 1–12–95; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF JUSTICE

28 CFR Part 36

Nondiscrimination on the Basis of

Disability by Public Aaccomodations

and in Commercial Facilities

CFR Correction

In Title 28 of the Code of Federal

Regulations, parts 0 to 42, revised as of

July 1, 1994, appendix A to part 36 is

corrected as follows:

1. On page 544, section 4.30.4, the

first sentence is amended by adding the

words ‘‘(0.8 mm) minimum’’ after ‘‘1/32

in’’.

2. On page 554, section 7.3, paragraph

(1), the third entry in the first column

of the table is revised to read ‘‘9—15’’.

BILLING CODE 1505–01–D

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 January 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 November 1994

through January 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: January 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 27 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
Federal Register / Vol. 60, No. 9 / Friday, January 13, 1995 / Rules and Regulations 3081

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.

The Internal Revenue Service has

announced that for the quarter

beginning January 1, 1995, the interest

charged on the underpayment of taxes

will be at a rate of 9 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 January 1, 1995,

through March 31, 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 November of 1994 through January 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 January 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)

* * * * *

Jan. 1, 1995 . Mar. 31, 1995 ........ 9

3. Appendix B to part 2610 is

amended by adding to the table of

interest rates new entries for premium

payment years beginning in November

of 1994 through January 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

rate1

* * * * *

Nov. 1994 ..................................... 6.35

Dec. 1994 ..................................... 6.46

Jan. 1995 ...................................... 6.30

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 January 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:
3082 Federal Register / Vol. 60, No. 9 / Friday, January 13, 1995 / Rules and Regulations

From Through

Interest

rate

(percent)

* * * * *

Jan. 1, 1995 .... Mar. 31, 1995 ...... 9

Issued in Washington, DC, this 10th day of

January 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 95–966 Filed 1–12–95; 8:45 am]

BILLING CODE 7708–01–M

29 CFR Parts 2619 and 2676

Valuation of Plan Benefits in SingleEmployer Plans; Valuation of Plan

Benefits and Plan Assets Following

Mass Withdrawal; Amendments

Adopting Additional PBGC Rates

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: This final rule amends the

Pension Benefit Guaranty Corporation’s

(‘‘PBGC’s’’) regulations on Valuation of

Plan Benefits in Single-Employer Plans

and Valuation of Plan Benefits and Plan

Assets Following Mass Withdrawal. The

former regulation contains the interest

assumptions that the PBGC uses to

value benefits under terminating singleemployer plans. The latter regulation

contains the interest assumptions for

valuations of multiemployer plans that

have undergone mass withdrawal. The

amendments set out in this final rule

adopt the interest assumptions

applicable to single-employer plans

with termination dates in February

1995, and to multiemployer plans with

valuation dates in February 1995. The

effect of these amendments is to advise

the public of the adoption of these

assumptions.

EFFECTIVE DATE: February 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, 202–326–4024 (202–326–4179

for TTY and TDD). (These are not tollfree numbers.)

SUPPLEMENTARY INFORMATION: This rule

adopts the February 1995 interest

assumptions to be used under the

Pension Benefit Guaranty Corporation’s

(‘‘PBGC’s’’) regulations on Valuation of

Plan Benefits in single-Employer Plans

(29 CFR part 2619, the ‘‘single-employer

regulation’’) and Valuation of Plan

Benefits and Plan Assets Following

Mass Withdrawal (29 CFR part 2676, the

‘‘multiemployer regulation’’).

Part 2619 sets forth the methods for

valuing plan benefits of terminating

single-employer plans covered under

title IV of the Employee Retirement

Income Security Act of 1974, as

amended (‘‘ERISA’’). Under ERISA

section 4041(c), all single-employer

plans wishing to terminate in a distress

termination must value guaranteed

benefits and ‘‘benefit liabilities,’’ i.e., all

benefits provided under the plan as of

the plan termination date, using the

formulas set forth in part 2619, subpart

C. (Plans terminating in a standard

termination may, for purposes of the

Standard Termination Notice filed with

PBGC, use these formulas to value

benefit liabilities, although this is not

required.) In addition, when the PBGC

terminates an underfunded plan

involuntarily pursuant to ERISA

4042(a), it uses the subpart C formulas

to determine the amount of the plan’s

underfunding. Part 2676 prescribes

rules for valuing benefits and certain

assets of multiemployer plans under

sections 4219(c)(1)(D) and 4281(b) of

ERISA.

Appendix B to part 2619 sets forth the

interest rates and factors under the

single-employer regulation. Appendix B

to part 2676 sets forth the interest rates

and factors under the multiemployer

regulation. Because these rates and

factors are intended to reflect current

conditions in the financial and annuity

markets, it is necessary to update the

rates and factors periodically.

The PBGC issues two sets of interest

rates and factors, one set to be used for

the valuation of benefits to be paid as

annuities and one set for the valuation

of benefits to be paid as lump sums. The

same assumptions apply to terminating

single-employer plans and to

multiemployer plans that have

undergone a mass withdrawal. This

amendment adds to appendix B to parts

2619 and 2676 sets of interest rates and

factors for valuing benefits in singleemployer plans that have termination

dates during February 1995 and

multiemployer plans that have

undergone mass withdrawal and have

valuation dates during February 1995.

For annuity benefits, the interest rates

will be 7.30% for the first 20 years

following the valuation date and 5.75%

thereafter. For benefits to be paid as

lump sums, the interest assumptions to

be used by the PBGC will be 6.00% for

the period during which benefits are in

pay status, 5.25% during the seven-year

period directly preceding the benefit’s

placement in pay status, and 4.0%

during any other years preceding the

benefit’s placement in pay status. The

above annuity interest assumptions

represent a decrease (from those in

effect for January 1995) of .20 percent

for the first 20 years following the

valuation date and are otherwise

unchanged. The lump sum interest

assumptions are unchanged from those

in effect for January 1995.

Generally, the interest rates and

factors under these regulations are in

effect for at least one month. However,

the PBGC publishes its interest

assumptions each month regardless of

whether they represent a change from

the previous month’s assumptions. The

assumptions normally will be published

in the Federal Register by the 15th of

the preceding month or as close to that

date as circumstances permit.

The PBGC has determined that notice

and public comment on these

amendments are impracticable and

contrary to the public interest. This

finding is based on the need to

determine and issue new interest rates

and factors promptly so that the rates

and factors can reflect, as accurately as

possible, current market conditions.

Because of the need to provide

immediate guidance for the valuation of

benefits in single-employer plans whose

termination dates fall during February

1995, and in multiemployer plans that

have undergone mass withdrawal and

have valuation dates during February

1995, the PBGC finds that good cause

exists for making the rates and factors

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 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).