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, 19974-19975 [05-7550]
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19974
Federal Register / Vol. 70, No. 72 / Friday, April 15, 2005 / Notices
White Paper. In addition, the Committee
will discuss progress on specific
sections of this White Paper, for
example Section 1, ‘‘Origins and
History.’’
• 5 p.m.–6 p.m.: Discussion of April
14–15, 2005, Visit to the Center for
Nuclear Waste Regulatory Analyses
(CNWRA) (Open)—An ACNW
Subcommittee will report on the
outcome of its recent visit to the
CNWRA to review ongoing technical
assistance work for NMSS’ HLW
programs.
All the other items remain the same
as previously published in the Federal
Register on Thursday, April 7, 2005 (70
FR 17722).
For further information, contact Mr.
Richard K. Major (telephone 301–415–
7366), between 8:15 a.m. and 6 p.m. e.t.
Dated: April 11, 2005.
Andrew L. Bates,
Advisory Committee Management Officer.
[FR Doc. E5–1782 Filed 4–14–05; 8:45 am]
BILLING CODE 7590–01–P
1 p.m.—Briefing on Office of Nuclear
Reactor Regulation (NRR) Programs,
Performance, and Plans (Public
Meeting) (Contact: Laura Gerke,
301–415–4099) (Note: New Meeting
Time).
This meeting will be Web cast live at
the Web address—https://www.nrc.gov.
3:15 p.m.—Meeting with Advisory
Committee on the Medical Uses of
Isotopes (ACMUI) (Public Meeting)
(Contact: Angela McIntosh, 301–
415–5030) (Note: New Meeting
Time).
This meeting will be Web cast live at
the Web address—htt://www.nrc.gov.
Thursday, April 21, 2005
1:30 p.m.—Discussion of Security Issues
(Closed—Ex. 1).
3 p.m.—Discussion of Security Issues
(Closed—Ex. 1).
Week of April 25, 2005—Tentative
Tuesday, April 26, 2005
9:30 a.m.—Briefing on Grid Stability
and Offsite Power Issues (Public
Meeting) (Contact: John Lamb, 301–
415–1446).
This meeting will be Web cast live at
the Web address—https://www.nrc.gov.
NUCLEAR REGULATORY
COMMISSION
Sunshine Federal Register Notice
AGENCY HOLDING THE MEETINGS: Nuclear
Regulatory Commission.
DATES: Weeks of April 18, 25, May 2, 9,
16, 23, 2005.
PLACE: Commissioner’s Conference
Room, 11555 Rockville Pike, Rockville,
Maryland.
STATUS: Public and closed.
MATTERS TO BE CONSIDERED:
Week of April 18, 2005
Week of May 2, 2005—Tentative
There are no meetings scheduled for
the Week of May 2, 2005.
Week of May 9, 2005—Tentative
Wednesday, May 11, 2005
10:30 a.m.—All Employees Meeting
(Public Meeting).
1:30 p.m.—All Employees Meeting
(Public Meeting).
Dated: April 12, 2005.
Dave Gamberoni,
Office of the Secretary.
[FR Doc. 05–7654 Filed 4–13–05; 9:22 am]
BILLING CODE 7590–01–M
Tuesday, April 19, 2005
9 a.m.—Discussion of Enforcement Issue
(Closed—Ex. 5).
9:30 a.m.—Discussion of Security Issues
(Closed—Ex. 1).
Week of May 16, 2005—Tentative
Wednesday, April 20, 2005
12:55 p.m.—Affirmation Session (Public
Meeting) (Tentative) (Note: New
Meeting Time).
a. (1) EXELON GENERATION
COMPANY, LLC (Early Site Permit for
Clinton ESP Site), Docket No. 52–007–
ESP; (2) DOMINION NUCLEAR NORTH
ANNA, LLC (Early Site Permit for North
Anna ESP Site), Docket No. 52–008–
ESP; (3) SYSTEM ENERGY
RESOURCES, INC. (Early Site Permit for
Grand Gulf ESP Site), Docket No. 52–
009–ESP; (4) LOUISIANA ENERGY
SERVICES, L.P. (National Enrichment
Facility), Docket No. 70–3103–ML; (5)
USEC Inc. (American Centrifuge Plant),
Docket No. 70–7004 (Tentative)
Monday, May 23, 2005
VerDate jul<14>2003
14:34 Apr 14, 2005
Jkt 205001
Contact person for more information:
Dave Gamberoni, (301) 415–1651.
*
*
*
*
*
The NRC Commission Meeting
Schedule can be found on the Internet
at: https://www.nrc.gov/what-we-do/
policy-making/schedule.html.
*
*
*
*
*
The NRC provides reasonable
accommodation to individuals with
disabilities where appropriate. If you
need a reasonable accommodation to
participate in these public meetings, or
need this meeting notice or the
transcript or other information from the
public meetings in another format (e.g.
braille, large print), please notify the
NRC’s Disability Program Coordinator,
August Spector, at 301–415–7080, TDD:
301–415–2100, or by e-mail at
aks@nrc.gov. Determinations on
requests for reasonable accommodation
will be made on a case-by-case basis.
*
*
*
*
*
This notice is distributed by mail to
several hundred subscribers; If you no
longer wish to receive it, or would like
to be added to the distribution, please
contact the Office of the Secretary,
Washington, DC 20555 (301–415–1969).
In addition, distribution of this meeting
notice over the Internet system is
available. If you are interested in
receiving this Commission meeting
schedule electronically, please send an
electronic message to dkw@nrc.gov.
There are no meetings scheduled for
the Week of May 16, 2005.
Week of May 23, 2005—Tentative
1:30 p.m.—Discussion of Security Issues
(Closed—Ex. 1).
Wednesday, May 25, 2005
9:30 a.m.—Briefing on Results of the
Agency Review Meeting (Public
Meeting) (Contact: Lois James, 301–
415–1112).
This meeting will be Web cast at the
Web address—https://www.nrc.gov.
1:30 p.m.—Briefing on Threat
Environment Assessment (Closed—
Ex. 1).
*The schedule for Commission
meetings is subject to change on short
notice. To verify the status of meetings
call (recording)—(301) 415–1292.
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
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
E:\FR\FM\15APN1.SGM
15APN1
19975
Federal Register / Vol. 70, No. 72 / Friday, April 15, 2005 / Notices
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 April 2005.
The interest assumptions for performing
multiemployer plan valuations
following mass withdrawal under part
4281 apply to valuation dates occurring
in May 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 second quarter
(April through June) of 2005.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, Legislative
and Regulatory Department, 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 April 2005 is 4.78 percent
(i.e., 85 percent of the 5.62 percent
composite corporate bond rate for
March 2005 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 May
2004 and April 2005.
VerDate jul<14>2003
14:34 Apr 14, 2005
Jkt 205001
For premium payment years beginning in:
May 2004 ....................................
June 2004 ...................................
July 2004 ....................................
August 2004 ...............................
September 2004 .........................
October 2004 ..............................
November 2004 ..........................
December 2004 ..........................
January 2005 ..............................
February 2005 ............................
March 2005 .................................
April 2005 ...................................
The
required
interest
rate is:
4.98
5.26
5.25
5.10
4.95
4.79
4.73
4.75
4.73
4.66
4.56
4.78
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
second quarter (April through June) of
2005, as announced by the IRS, is 6
percent.
The following table lists the late
payment interest rates for premiums and
employer liability for the specified time
periods:
From—
Through—
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 ..................
4/1/05 ....................
Interest
rate
(percent)
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
6/30/05
8
9
8
7
6
5
4
5
4
5
6
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
PO 00000
Frm 00057
Fmt 4703
Sfmt 4703
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 second
quarter (April through June) of 2005
(i.e., the rate reported for March 15,
2005) is 5.50 percent.
The following table lists the
withdrawal liability underpayment and
overpayment interest rates for the
specified time periods:
From—
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 ....................
4/1/05 ....................
Through—
Interest
rate
(percent)
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
6/30/05
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
5.50
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 May
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 11th day
of April 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–7550 Filed 4–14–05; 8:45 am]
BILLING CODE 7708–01–P
E:\FR\FM\15APN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 72 (Friday, April 15, 2005)]
[Notices]
[Pages 19974-19975]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-7550]
=======================================================================
-----------------------------------------------------------------------
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
[[Page 19975]]
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
April 2005. The interest assumptions for performing multiemployer plan
valuations following mass withdrawal under part 4281 apply to valuation
dates occurring in May 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 second quarter (April through June) of 2005.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney,
Legislative and Regulatory Department, 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 April 2005 is 4.78 percent
(i.e., 85 percent of the 5.62 percent composite corporate bond rate for
March 2005 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 May 2004 and April 2005.
------------------------------------------------------------------------
The
required
For premium payment years beginning in: interest
rate is:
------------------------------------------------------------------------
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
February 2005............................................... 4.66
March 2005.................................................. 4.56
April 2005.................................................. 4.78
------------------------------------------------------------------------
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 second quarter (April
through June) of 2005, as announced by the IRS, is 6 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)
------------------------------------------------------------------------
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
4/1/05.......................................... 6/30/05 6
------------------------------------------------------------------------
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 second quarter (April through June) of 2005
(i.e., the rate reported for March 15, 2005) is 5.50 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
4/1/05.......................................... 6/30/05 5.50
------------------------------------------------------------------------
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 May 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 11th day of April 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-7550 Filed 4-14-05; 8:45 am]
BILLING CODE 7708-01-P
