Conversion to the Euro; Correction (IRS final rule

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-1998-10-15/pdf/98-27708.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

Federal Register / Vol. 63, No. 199 / Thursday, October 15, 1998 / Rules and Regulations 55333

PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 4044

Allocation of Assets in Single- Employer Plans; Interest Assumptions for Valuing Benefits

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

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 November 1998.

For annuity benefits, the interest assumptions will be 5.30 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 October 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 3.75 percent for the period during which a benefit is in pay status

Dated: October 9, 1998. Harold M. Singer, Chief, Regulations Branch.

[FR Doc. 98–27646 Filed 10–14–98; 8:45 am]

BILLING CODE 4820–02–P

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Parts 401 and 402

[Docket No. FR–4298–C–04]

RIN 2502–AH09

Multifamily Housing Mortgage and Housing Assistance Restructuring Program (Mark-to-Market) and Renewal of Expiring Section 8 Project-Based Assistance Contracts; Correction

AGENCY: Office of the Secretary, HUD.

ACTION: Interim rule; correction.

SUMMARY: On September 11, 1998, at 63 FR 48926, we published an interim rule implementing the new Mark-to-Market Program. The internet address for submitting public comments by e-mail given in that rule was incorrect. This document corrects the internet address.

FOR FURTHER INFORMATION CONTACT: Dan Sullivan, Department of Housing and Urban Development, 451 7th St., Washington DC 20410. Telephone: 202– 708–0547. (This is not a toll-free number.) For hearing- and speechimpaired persons, this number may be accessed via TTY by calling the Federal Information Relay Service at 1–800– 877–8339.

SUPPLEMENTARY INFORMATION: In interim rule FR Doc. 98–24284 published on September 11, 1998, (63 FR 48926) make the following correction. On page 48940, in the second column, correct the paragraph under the heading ‘‘Electronic Access and Filing Address’’ to read:

‘‘If you wish to comment on this interim rule, you may submit comments through HUD’s Public Comment Webpage accessible through the Internet at http://www.hud.gov/ogc/ regcom2.html. That webpage will enable you to create an e-mail message containing your comments. Your comments will be sent to the Rules Docket Clerk and will be available to any person. If you send your comment through the Public Comment Webpage, please DO NOT also send a paper copy of your comment.’’

Dated: October 9, 1998. Camille E. Acevedo, Assistant General Counsel for Regulations

[FR Doc. 98–27686 Filed 10–14–98; 8:45 am]

BILLING CODE 4210–32–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8776]

RIN 1545–AW34

Conversion to the Euro; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulations.

SUMMARY: This document contains a correction to Treasury Decision 8776, which was published in the Federal Register on Wednesday, July 29, 1998 (63 FR 40366) relating to U.S. taxpayers operating, investing or otherwise conducting business in the currencies of certain European countries that are replacing their national currencies with a single, multinational currency called the euro.

DATES: This correction is effective July 29, 1998.

FOR FURTHER INFORMATION CONTACT: Howard Weiner, (202) 622–3870 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the subject of this correction are under section 1001 of the Internal Revenue Code.

Need for Correction

As published, TD 8776 contains an error which may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the temporary regulations (TD 8776), which was the subject of FR Doc. 98–20023, is corrected as follows:

§ 1.985–8T [Corrected]

On page 40369, column 2, § 1.985– 8T(c)(3)(iv)(B), third line from the top of the column, the language ‘‘year of change which includes the’’ is corrected to read ‘‘year ending immediately prior to the year of change which includes the’’. Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

[FR Doc. 98–27708 Filed 10–14–98; 8:45 am]

BILLING CODE 4830–01–U

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 November 1998.

EFFECTIVE DATE: November 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.)