diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1c6c906899..8686cd654a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,12 @@ and this project uses `yyyy.rr[.pp]`, where `yyyy` is the year a patch is releas
 `rr` is a sequential release number (starting from `01`), and an optional two-digit
 sequential patch number (starting from `01`).
 
+## [2021.03.01] - 2021-09-07
+### Fixed
+- TIME_INTERP: Fixes issue in load_record when reading 3d variables with fms2_io and elimates redundant loads and validity checks for on-grid interpolations
+### Changed
+- Changes configure script to only check for gcc 11.1.0, not any gcc 11 version
+
 ## [2021.03] - 2021-08-16
 ### Known Issues
 - DIAG_MANAGER: 3D diurnal diagnostic variables are not supported in this version of FMS
diff --git a/configure.ac b/configure.ac
index 1ac208eded..bb91cda777 100644
--- a/configure.ac
+++ b/configure.ac
@@ -25,7 +25,7 @@ AC_PREREQ([2.69])
 
 # Initialize with name, version, and support email address.
 AC_INIT([GFDL FMS Library],
-  [2021.03.0],
+  [2021.03.01],
   [gfdl.climate.model.info@noaa.gov],
   [FMS],
   [https://www.gfdl.noaa.gov/fms])
@@ -273,11 +273,11 @@ if test -n "$fc_version_info"; then
 fi
 
 # Check if gcc is 11.1 for class(*) select type bug
-AC_MSG_CHECKING([if gcc 11 is loaded])
-if [ test -n "`$FC --version | grep GNU | grep 11\..\..`" ]; then
+AC_MSG_CHECKING([if gcc 11.1.0 is loaded])
+if [ test -n "`$FC --version | grep GNU | grep 11\.1\..`" ]; then
   AC_MSG_RESULT([yes])
-  AC_MSG_ERROR([Compilation with gcc and gfortran 11 is unsupported by this version\
- of FMS. Please use another compiler version])
+  AC_MSG_ERROR([Compilation with gcc and gfortran 11.1.0 is unsupported \
+by this version of FMS due to a bug in the compiler. Please use a different version of gcc/gfortran.])
 else
   AC_MSG_RESULT([no])
 fi
diff --git a/time_interp/time_interp_external.F90 b/time_interp/time_interp_external.F90
index 004eac5ce5..accb070498 100644
--- a/time_interp/time_interp_external.F90
+++ b/time_interp/time_interp_external.F90
@@ -1097,7 +1097,6 @@ subroutine load_record(field, rec, interp, is_in, ie_in, js_in, je_in, window_id
 
         field%mask(isw:iew,jsw:jew,:,ib) = mask_out(isw:iew,jsw:jew,:) > 0
         deallocate(mask_out)
-        field%need_compute(ib, window_id) = .false.
      else
         if ( field%region_type .NE. NO_REGION ) then
            call mpp_error(FATAL, "time_interp_external: region_type should be NO_REGION when interp is not present")
@@ -1108,6 +1107,7 @@ subroutine load_record(field, rec, interp, is_in, ie_in, js_in, je_in, window_id
      ! convert units
      where(field%mask(isw:iew,jsw:jew,:,ib)) field%data(isw:iew,jsw:jew,:,ib) = &
           field%data(isw:iew,jsw:jew,:,ib)*field%slope + field%intercept
+     field%need_compute(ib, window_id) = .false.
   endif
 
 end subroutine load_record
diff --git a/time_interp/time_interp_external2.F90 b/time_interp/time_interp_external2.F90
index a11eb84084..1c113dcd44 100644
--- a/time_interp/time_interp_external2.F90
+++ b/time_interp/time_interp_external2.F90
@@ -1067,7 +1067,7 @@ subroutine load_record(field, rec, interp, is_in, ie_in, js_in, je_in, window_id
      start(2) = field%js_src; nread(2) = field%je_src - field%js_src + 1
      start(3) = 1;            nread(3) = size(field%src_data,3)
      start(field%tdim) = rec; nread(field%tdim) = 1
-     call read_data(field%fileobj,field%name,field%src_data(:,:,:,ib),corner=start,edge_lengths=nread)
+     call read_data(field%fileobj,field%name,field%src_data(:,:,:,ib:ib),corner=start,edge_lengths=nread)
   endif
 !$OMP END CRITICAL
   isw=field%isc;iew=field%iec
@@ -1117,7 +1117,6 @@ subroutine load_record(field, rec, interp, is_in, ie_in, js_in, je_in, window_id
 
         field%mask(isw:iew,jsw:jew,:,ib) = mask_out(isw:iew,jsw:jew,:) > 0
         deallocate(mask_out)
-        field%need_compute(ib, window_id) = .false.
      else
         if ( field%region_type .NE. NO_REGION ) then
            call mpp_error(FATAL, "time_interp_external: region_type should be NO_REGION when interp is not present")
@@ -1128,6 +1127,7 @@ subroutine load_record(field, rec, interp, is_in, ie_in, js_in, je_in, window_id
      ! convert units
      where(field%mask(isw:iew,jsw:jew,:,ib)) field%data(isw:iew,jsw:jew,:,ib) = &
           field%data(isw:iew,jsw:jew,:,ib)*field%slope + field%intercept
+     field%need_compute(ib, window_id) = .false.
   endif
 
 end subroutine load_record