Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest on Late Premium Payments; Interest on Underpayments and Overpayments of Single-Employer Plan Termination Liability and Multiemployer Withdrawal Liability; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 2678-2679 [05-794]
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2678
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices
FURTHER MATTERS TO BE CONSIDERED:
(Closed to the Public 9:45 a.m.).
1. Auditor’s Report to the Board.
2. Finance Project—Algeria.
3. Finance Project—Mexico.
4. Finance Project—Pakistan.
5. Finance Project—Mexico.
6. Finance Project—Mexico.
7. Finance Project—Mexico.
8. Approval of November 10, 2004
Minutes (closed portion).
9. Pending Major Projects.
10. Reports.
FOR FURTHER INFORMATION CONTACT:
Information on the meeting may be
obtained from Connie M. Downs at (202)
336–8438.
Dated: January 12, 2005.
Connie M. Downs,
Corporate Secretary, Overseas Private
Investment Corporation.
[FR Doc. 05–907 Filed 1–12–05; 11:29 am]
BILLING CODE 3210–01–M
PENSION BENEFIT GUARANTY
CORPORATION
Required Interest Rate Assumption for
Determining Variable-Rate Premium;
Interest on Late Premium Payments;
Interest on Underpayments and
Overpayments of Single-Employer
Plan Termination Liability and
Multiemployer Withdrawal Liability;
Interest Assumptions for
Multiemployer Plan Valuations
Following Mass Withdrawal
Pension Benefit Guaranty
Corporation.
ACTION: Notice of interest rates and
assumptions.
AGENCY:
SUMMARY: This notice informs the public
of the interest rates and assumptions to
be used under certain Pension Benefit
Guaranty Corporation regulations. These
rates and assumptions are published
elsewhere (or can be derived from rates
published elsewhere), but are collected
and published in this notice for the
convenience of the public. Interest rates
are also published on the PBGC’s Web
site (https://www.pbgc.gov).
DATES: The required interest rate for
determining the variable-rate premium
under part 4006 applies to premium
payment years beginning in January
2005. The interest assumptions for
performing multiemployer plan
valuations following mass withdrawal
under part 4281 apply to valuation dates
occurring in February 2005. The interest
rates for late premium payments under
part 4007 and for underpayments and
overpayments of single-employer plan
termination liability under part 4062
VerDate jul<14>2003
14:36 Jan 13, 2005
Jkt 205001
and multiemployer withdrawal liability
under part 4219 apply to interest
accruing during the first quarter
(January through March) of 2005.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Acting Assistant
General Counsel, Office of the General
Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street, NW.,
Washington, DC 20005, 202–326–4024.
(TTY/TDD users may call the Federal
relay service toll-free at 1–800–877–
8339 and ask to be connected to 202–
326–4024.)
SUPPLEMENTARY INFORMATION:
Variable-Rate Premiums
Section 4006(a)(3)(E)(iii)(II) of the
Employee Retirement Income Security
Act of 1974 (ERISA) and § 4006.4(b)(1)
of the PBGC’s regulation on Premium
Rates (29 CFR part 4006) prescribe use
of an assumed interest rate (the
‘‘required interest rate’’) in determining
a single-employer plan’s variable-rate
premium. Pursuant to the Pension
Funding Equity Act of 2004, for
premium payment years beginning in
2004 or 2005, the required interest rate
is the ‘‘applicable percentage’’
(currently 85 percent) of the annual rate
of interest determined by the Secretary
of the Treasury on amounts invested
conservatively in long-term investment
grade corporate bonds for the month
preceding the beginning of the plan year
for which premiums are being paid.
Thus, the required interest rate to be
used in determining variable-rate
premiums for premium payment years
beginning in January 2005 is 4.73
percent (i.e., 85 percent of the 5.57
percent composite corporate bond rate
for December 2004 as determined by the
Treasury).
The following table lists the required
interest rates to be used in determining
variable-rate premiums for premium
payment years beginning between
February 2004 and January 2005.
For premium payment years
beginning in:
February 2004 ..........................
March 2004 ...............................
April 2004 .................................
May 2004 ..................................
June 2004 .................................
July 2004 ..................................
August 2004 .............................
September 2004 .......................
October 2004 ............................
November 2004 ........................
December 2004 ........................
January 2005 ............................
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
The
required
interest rate
is:
4.83
4.79
4.62
4.98
5.26
5.25
5.10
4.95
4.79
4.73
4.75
4.73
Late Premium Payments;
Underpayments and Overpayments of
Single-Employer Plan Termination
Liability
Section 4007(b) of ERISA and
§ 4007.7(a) of the PBGC’s regulation on
Payment of Premiums (29 CFR part
4007) require the payment of interest on
late premium payments at the rate
established under section 6601 of the
Internal Revenue Code. Similarly,
§ 4062.7 of the PBGC’s regulation on
Liability for Termination of SingleEmployer Plans (29 CFR part 4062)
requires that interest be charged or
credited at the section 6601 rate on
underpayments and overpayments of
employer liability under section 4062 of
ERISA. The section 6601 rate is
established periodically (currently
quarterly) by the Internal Revenue
Service. The rate applicable to the first
quarter (January through March) of
2005, as announced by the IRS, is 5
percent.
The following table lists the late
payment interest rates for premiums and
employer liability for the specified time
periods:
From—
1/1/99 ................
4/1/99 ................
4/1/00 ................
4/1/01 ................
7/1/01 ................
1/1/02 ................
1/1/03 ................
10/1/03 ..............
4/1/04 ................
7/1/04 ................
10/1/04 ..............
Through—
3/31/99
3/31/00
3/31/01
6/30/01
12/31/01
12/31/02
9/30/03
3/31/04
6/30/04
9/30/04
3/31/05
Interest
rate
(percent)
7
8
9
8
7
6
5
4
5
4
5
Underpayments and Overpayments of
Multiemployer Withdrawal Liability
Section 4219.32(b) of the PBGC’s
regulation on Notice, Collection, and
Redetermination of Withdrawal
Liability (29 CFR part 4219) specifies
the rate at which a multiemployer plan
is to charge or credit interest on
underpayments and overpayments of
withdrawal liability under section 4219
of ERISA unless an applicable plan
provision provides otherwise. For
interest accruing during any calendar
quarter, the specified rate 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’’). The rate for the first
quarter (January through March) of 2005
E:\FR\FM\14JAN1.SGM
14JAN1
Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices
(i.e., the rate reported for December 15,
2004) is 5.25 percent.
The following table lists the
withdrawal liability underpayment and
overpayment interest rates for the
specified time periods:
From—
Interest
Rate
(percent)
Through—
1/1/99 ................
10/1/99 ..............
1/1/00 ................
4/1/00 ................
7/1/00 ................
4/1/01 ................
7/1/01 ................
10/1/01 ..............
1/1/02 ................
1/1/03 ................
10/1/03 ..............
10/1/04 ..............
1/1/05 ................
9/30/99
12/31/99
3/31/00
6/30/00
3/31/01
6/30/01
9/30/01
12/31/01
12/31/02
9/30/03
9/30/04
12/31/04
3/31/05
7.75
8.25
8.50
8.75
9.50
8.50
7.00
6.50
4.75
4.25
4.00
4.50
5.25
Multiemployer Plan Valuations
Following Mass Withdrawal
The PBGC’s regulation on Duties of
Plan Sponsor Following Mass
Withdrawal (29 CFR part 4281)
prescribes the use of interest
assumptions under the PBGC’s
regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part
4044). The interest assumptions
applicable to valuation dates in
February 2005 under part 4044 are
contained in an amendment to part 4044
published elsewhere in today’s Federal
Register. Tables showing the
assumptions applicable to prior periods
are codified in appendix B to 29 CFR
part 4044.
Issued in Washington, DC, on this 10th day
of January 2005.
Joseph H. Grant,
Chief Operating Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–794 Filed 1–13–05; 8:45 am]
BILLING CODE 7708–01–P
OFFICE OF PERSONNEL
MANAGEMENT
Proposed Collection; Comment
Request for Review of a Revised
Information Collection: RI 34–1 and RI
34–3
Office of Personnel
Management.
ACTION: Notice.
AGENCY:
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995 (Pub.
L. 104–13, May 22, 1995), this notice
announces that the Office of Personnel
Management (OPM) intends to submit to
the Office of Management and Budget a
VerDate jul<14>2003
14:36 Jan 13, 2005
Jkt 205001
request for review of a revised
information collection. RI 34–1,
Financial Resources Questionnaire,
collects detailed financial information
for use by OPM to determine whether to
agree to a waiver, compromise, or
adjustment of the collection of
erroneous payments from the Civil
Service Retirement and Disability Fund.
RI 34–3, Notice of Amount Due Because
of Annuity Overpayment, informs the
annuitant about the overpayment and
collects information from the annuitant
about how repayment will be made.
Comments are particularly invited on:
Whether this collection of information
is necessary for the proper performance
of functions of OPM, and whether it will
have practical utility; whether our
estimate of the public burden of this
collection is accurate, and based on
valid assumptions and methodology;
and ways in which we can minimize the
burden of the collection of information
on those who are to respond, through
use of the appropriate technological
collection techniques or other forms of
information technology.
Approximately 520 RI 34–1 and 1,561
RI 34–3 forms are completed annually.
Each form takes approximately 60
minutes to complete. The annual
estimated burden is 520 hours and 1,561
hours respectively.
For copies of this proposal, contact
Mary Beth Smith-Toomey on (202) 606–
8358, FAX (202) 418–3251 or via e-mail
to mbtoomey@opm.gov. Please include a
mailing address with your request.
Comments on this proposal
should be received within 60 calendar
days from the date of this publication.
DATES:
Send or deliver comments
to—Pamela S. Israel, Chief, Operations
Support Group, Retirement Services
Program, Center for Retirement and
Insurance Services, U.S. Office of
Personnel Management, 1900 E Street,
NW., Room 3305, Washington, DC
20415–3540.
ADDRESSES:
FOR INFORMATION REGARDING
ADMINISTRATIVE COORDINATION—CONTACT:
Cyrus S. Benson, Team Leader,
Publications Team, RIS Support
Services/Support Group, (202) 606–
0623.
U.S. Office of Personnel Management.
Kay Coles James,
Director.
[FR Doc. 05–758 Filed 1–13–05; 8:45 am]
BILLING CODE 6325–38–P
PO 00000
OFFICE OF PERSONNEL
MANAGEMENT
Solicitation of Federal Civilian and
Uniformed Service Personnel for
Contributions To Private Voluntary
Organizations
Office of Personnel
Management (OPM).
AGENCY:
ACTION:
Notice.
SUMMARY: The Office of Personnel
Management (OPM) is implementing a
Combined Federal Campaign (CFC) pilot
program for up to 16 Local Federal
Coordinating Committees (LFCC) to
allow them to enter into two-year
agreements with non-profit
organizations to serve as the Principal
Combined Fund Organization (PCFO).
These agreements would be subject to
renewal after the first year, following a
review of performance as defined by the
CFC regulations at 5 CFR Part 950,
subparts A, D through F, and I. The
primary objective of the pilot program is
to assess the potential impact of the
multi-year agreements in advance of a
possible proposal for a permanent
amendment to the CFC regulations and
nationwide implementation with
particular attention on: (a) Potential for
costs savings; (b) potential to promote
competition; (c) serve as incentive for
mergers; and (d) potential need for new
regulatory safeguards.
The pilot program will be
effective for the selection of the 2005
PCFO, which must occur no later than
March 15, 2005. Selected LFCCs that
choose to participate will be required to
conduct a performance review and
decide whether or not to renew the
agreement with the PCFO for the second
year no later than January 16, 2006. If
the agreement is not renewed, then the
participating LFCC will need to solicit
a new PCFO and make a selection no
later than March 15, 2006.
DATES:
FOR FURTHER INFORMATION CONTACT:
Mark W. Lambert, Senior Compliance
Officer for the Office of CFC Operations,
by telephone on (202) 606–2564, by
FAX on (202) 606–0902, or by e-mail at
cfc@opm.gov.
Authority: E.O. 12353 (March 23, 1982), 47
FR 12785 (March 25, 1982). 3 CFR 1982
Comp., p. 139. E.O. 12404 (February 10,
1983), 48 FR 6685 (February 15. 1983), Pub.
L 100–202, and Pub. L. 102–393 (5 U.S.C.
1101 Note).
U.S. Office of Personnel Management.
Kay Coles James,
Director.
[FR Doc. 05–745 Filed 1–13–05; 8:45 am]
BILLING CODE 6325–46–P
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Fmt 4703
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2679
E:\FR\FM\14JAN1.SGM
14JAN1
]]>Agencies
[Federal Register Volume 70, Number 10 (Friday, January 14, 2005)]
[Notices]
[Pages 2678-2679]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-794]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Required Interest Rate Assumption for Determining Variable-Rate
Premium; Interest on Late Premium Payments; Interest on Underpayments
and Overpayments of Single-Employer Plan Termination Liability and
Multiemployer Withdrawal Liability; Interest Assumptions for
Multiemployer Plan Valuations Following Mass Withdrawal
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of interest rates and assumptions.
-----------------------------------------------------------------------
SUMMARY: This notice informs the public of the interest rates and
assumptions to be used under certain Pension Benefit Guaranty
Corporation regulations. These rates and assumptions are published
elsewhere (or can be derived from rates published elsewhere), but are
collected and published in this notice for the convenience of the
public. Interest rates are also published on the PBGC's Web site
(https://www.pbgc.gov).
DATES: The required interest rate for determining the variable-rate
premium under part 4006 applies to premium payment years beginning in
January 2005. The interest assumptions for performing multiemployer
plan valuations following mass withdrawal under part 4281 apply to
valuation dates occurring in February 2005. The interest rates for late
premium payments under part 4007 and for underpayments and overpayments
of single-employer plan termination liability under part 4062 and
multiemployer withdrawal liability under part 4219 apply to interest
accruing during the first quarter (January through March) of 2005.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Acting Assistant
General Counsel, Office of the General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202-
326-4024. (TTY/TDD users may call the Federal relay service toll-free
at 1-800-877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION:
Variable-Rate Premiums
Section 4006(a)(3)(E)(iii)(II) of the Employee Retirement Income
Security Act of 1974 (ERISA) and Sec. 4006.4(b)(1) of the PBGC's
regulation on Premium Rates (29 CFR part 4006) prescribe use of an
assumed interest rate (the ``required interest rate'') in determining a
single-employer plan's variable-rate premium. Pursuant to the Pension
Funding Equity Act of 2004, for premium payment years beginning in 2004
or 2005, the required interest rate is the ``applicable percentage''
(currently 85 percent) of the annual rate of interest determined by the
Secretary of the Treasury on amounts invested conservatively in long-
term investment grade corporate bonds for the month preceding the
beginning of the plan year for which premiums are being paid. Thus, the
required interest rate to be used in determining variable-rate premiums
for premium payment years beginning in January 2005 is 4.73 percent
(i.e., 85 percent of the 5.57 percent composite corporate bond rate for
December 2004 as determined by the Treasury).
The following table lists the required interest rates to be used in
determining variable-rate premiums for premium payment years beginning
between February 2004 and January 2005.
------------------------------------------------------------------------
The
required
For premium payment years beginning in: interest
rate is:
------------------------------------------------------------------------
February 2004.............................................. 4.83
March 2004................................................. 4.79
April 2004................................................. 4.62
May 2004................................................... 4.98
June 2004.................................................. 5.26
July 2004.................................................. 5.25
August 2004................................................ 5.10
September 2004............................................. 4.95
October 2004............................................... 4.79
November 2004.............................................. 4.73
December 2004.............................................. 4.75
January 2005............................................... 4.73
------------------------------------------------------------------------
Late Premium Payments; Underpayments and Overpayments of Single-
Employer Plan Termination Liability
Section 4007(b) of ERISA and Sec. 4007.7(a) of the PBGC's
regulation on Payment of Premiums (29 CFR part 4007) require the
payment of interest on late premium payments at the rate established
under section 6601 of the Internal Revenue Code. Similarly, Sec.
4062.7 of the PBGC's regulation on Liability for Termination of Single-
Employer Plans (29 CFR part 4062) requires that interest be charged or
credited at the section 6601 rate on underpayments and overpayments of
employer liability under section 4062 of ERISA. The section 6601 rate
is established periodically (currently quarterly) by the Internal
Revenue Service. The rate applicable to the first quarter (January
through March) of 2005, as announced by the IRS, is 5 percent.
The following table lists the late payment interest rates for
premiums and employer liability for the specified time periods:
------------------------------------------------------------------------
Interest
From-- Through-- rate
(percent)
------------------------------------------------------------------------
1/1/99....................................... 3/31/99 7
4/1/99....................................... 3/31/00 8
4/1/00....................................... 3/31/01 9
4/1/01....................................... 6/30/01 8
7/1/01....................................... 12/31/01 7
1/1/02....................................... 12/31/02 6
1/1/03....................................... 9/30/03 5
10/1/03...................................... 3/31/04 4
4/1/04....................................... 6/30/04 5
7/1/04....................................... 9/30/04 4
10/1/04...................................... 3/31/05 5
------------------------------------------------------------------------
Underpayments and Overpayments of Multiemployer Withdrawal Liability
Section 4219.32(b) of the PBGC's regulation on Notice, Collection,
and Redetermination of Withdrawal Liability (29 CFR part 4219)
specifies the rate at which a multiemployer plan is to charge or credit
interest on underpayments and overpayments of withdrawal liability
under section 4219 of ERISA unless an applicable plan provision
provides otherwise. For interest accruing during any calendar quarter,
the specified rate 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''). The rate for the first quarter (January through March) of
2005
[[Page 2679]]
(i.e., the rate reported for December 15, 2004) is 5.25 percent.
The following table lists the withdrawal liability underpayment and
overpayment interest rates for the specified time periods:
------------------------------------------------------------------------
Interest
From-- Through-- Rate
(percent)
------------------------------------------------------------------------
1/1/99....................................... 9/30/99 7.75
10/1/99...................................... 12/31/99 8.25
1/1/00....................................... 3/31/00 8.50
4/1/00....................................... 6/30/00 8.75
7/1/00....................................... 3/31/01 9.50
4/1/01....................................... 6/30/01 8.50
7/1/01....................................... 9/30/01 7.00
10/1/01...................................... 12/31/01 6.50
1/1/02....................................... 12/31/02 4.75
1/1/03....................................... 9/30/03 4.25
10/1/03...................................... 9/30/04 4.00
10/1/04...................................... 12/31/04 4.50
1/1/05....................................... 3/31/05 5.25
------------------------------------------------------------------------
Multiemployer Plan Valuations Following Mass Withdrawal
The PBGC's regulation on Duties of Plan Sponsor Following Mass
Withdrawal (29 CFR part 4281) prescribes the use of interest
assumptions under the PBGC's regulation on Allocation of Assets in
Single-Employer Plans (29 CFR part 4044). The interest assumptions
applicable to valuation dates in February 2005 under part 4044 are
contained in an amendment to part 4044 published elsewhere in today's
Federal Register. Tables showing the assumptions applicable to prior
periods are codified in appendix B to 29 CFR part 4044.
Issued in Washington, DC, on this 10th day of January 2005.
Joseph H. Grant,
Chief Operating Officer, Pension Benefit Guaranty Corporation.
[FR Doc. 05-794 Filed 1-13-05; 8:45 am]
BILLING CODE 7708-01-P
