Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 34801-34802 [05-11770]

Download as PDF Federal Register / Vol. 70, No. 114 / Wednesday, June 15, 2005 / Notices All comments, submissions and background documents are available for inspection and copying at the OSHA Docket Office at the above address. Comments and submissions posted on OSHA’s Web page are available at https://www.OSHA.gov. Contact the OSHA Docket Office for information about materials not available through the OSHA Web page and for assistance using the Web page to locate docket submissions. Electronic copies of this Federal Register notice as well as other relevant documents are available on OSHA’s Web page. Since all submissions become public, private information such as social security numbers should not be submitted. V. Authority and Signature Jonathan L. Snare, Acting Assistant Secretary of Labor for Occupational Safety and Health, directed the preparation of this notice. The authority for this notice is the Paperwork Reduction Act of 1995 (44 U.S.C. 3506 et seq.), and Secretary of Labor’s Order No. 5–2002 (67 FR 65008). Dated: Signed at Washington, DC, on June 8, 2005. Jonathan L. Snare, Acting Assistant Secretary of Labor [FR Doc. 05–11811 Filed 6–14–05; 8:45 am] supervisor, along with any response by the senior executive, and make recommendations to the appointing authority relative to the performance of the senior executive. The following persons have been selected to serve on the Performance Review Board of the National Endowment for the Arts: Eileen B. Mason, Senior Deputy Chairman. Laurence M. Baden, Deputy Chairman for Management and Budget. Tony Chauveaux, Deputy Chairman for Grants and Awards. Ann Guthrie Hingston, Director of the Office of Government Affairs. Michael R. Burke, Chief Information Officer. James F. McDermott, Deputy Director, Office of Human Resources U.S. Nuclear Regulatory Commission. Murray R. Welsh, Director of Administrative Services, National Endowment for the Arts. [FR Doc. 05–11788 Filed 6–14–05; 8:45 am] BILLING CODE 7536–01–M PENSION BENEFIT GUARANTY CORPORATION BILLING CODE 4510–26–M Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal NATIONAL FOUNDATION ON THE ARTS AND HUMANITIES AGENCY: SES Performance Review Board AGENCY: National Endowment for the 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 June 2005. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in July 2005. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, SUMMARY: Arts. ACTION: Pension Benefit Guaranty Corporation. ACTION: Notice of interest rates and assumptions. Notice. SUMMARY: Notice is hereby given of the names and members of the Performance Review Board for the National Endowment for the Arts. This notice supersedes all previous notices of the PRB membership of the Agency. DATES: Upon publication. FOR FURTHER INFORMATION CONTACT: Craig McCord, Director of Human Resources, National Endowment for the Arts, 1100 Pennsylvania Avenue, NW., Room 627, Washington, DC 20506, (202) 682–5473. SUPPLEMENTARY INFORMATION: Sec. 4314(c)(1) through (5) of Title 5, U.S.C., requires each agency to establish, in accordance with regulations prescribed by the Office of Personnel Management, one or more SES Performance Review Boards. The Board shall review and evaluate the initial appraisal of a senior executive’s performance by the VerDate jul<14>2003 17:57 Jun 14, 2005 Jkt 205001 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 34801 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 June 2005 is 4.60 percent (i.e., 85 percent of the 5.41 percent composite corporate bond rate for May 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 July 2004 and June 2005. For premium payment years beginning in: July 2004 .............................. August 2004 ......................... September 2004 ................... October 2004 ........................ November 2004 .................... December 2004 .................... anuary 2005 .......................... February 2005 ...................... March 2005 ........................... April 2005 ............................. May 2005 .............................. June 2005 ............................. The required interest rate is: 5.25 5.10 4.95 4.79 4.73 4.75 4.73 4.66 4.56 4.78 4.72 4.60 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 July 2005 under part 4044 are contained in an amendment to part 4044 published elsewhere in today’s Federal Register. E:\FR\FM\15JNN1.SGM 15JNN1 34802 Federal Register / Vol. 70, No. 114 / Wednesday, June 15, 2005 / Notices Tables showing the assumptions applicable to prior periods are codified in appendix B to 29 CFR part 4044. Issued in Washington, DC, on this 8th day of June, 2005. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. 05–11770 Filed 6–14–05; 8:45 am] BILLING CODE 7708–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51800; File No. SR–CHX– 2005–14] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Participant Fees and Credits June 8, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 2, 2005, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. On June 3, 2005, the Exchange filed Amendment No. 1 to the proposed rule change.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The CHX proposes to amend its Participant Fee Schedule (the ‘‘Fee Schedule’’) to add new fees for 17-inch flat-panel monitors and for voice recording services provided by the Exchange. The text of the proposed rule change is available on the CHX’s Web site (https://www.chx.com), at the CHX’s Office of the Secretary, and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 In Amendment No. 1, the Exchange made technical corrections to the rule text of the proposed rule change. The effective date of the original proposed rule change is May 2, 2005, and the effective date of the amendment is June 3, 2005. For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, as amended, under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on June 3, 2005, the date on which the Exchange submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C). 2 17 VerDate jul<14>2003 17:57 Jun 14, 2005 Jkt 205001 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the CHX included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The CHX has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Under the current Fee Schedule, the Exchange charges its members for specific types of equipment and technology services provided by the Exchange. These charges include fees for personal computers, monitors and printers. Fees vary based on the specific type of equipment or service provided.4 In this proposal, the Exchange seeks to add a new charge, of $24.00 per month, for 17-inch flat-panel monitors provided to participant firms.5 Additionally, the Exchange seeks to add a new charge, of $20.00 per month per phone, to provide voice recording services to on-floor firms that specifically request this service. These new fees are designed to charge CHX participants the costs associated with these monitors and voice recording services and are designed to take effect immediately. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(4) of the Act,7 in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among its members. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any inappropriate burden on competition. 4 For example, a laptop computer has a charge of $150.00 per month, while a Pentium 450 PC has a charge of only $70.00 per month. 5 The Exchange currently charges $15.00 per month for 15-inch flat-panel monitors and $32.00 per month for 18 and 19-inch flat-panel monitors. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 thereunder,9 because it establishes or changes a due, fee, or other charge imposed by the CHX. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.10 IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–CHX–2005–14 on the subject line. Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549. All submissions should refer to File Number SR–CHX–2005–14. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the 8 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 10 See supra note 3. 9 17 E:\FR\FM\15JNN1.SGM 15JNN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 70, Number 114 (Wednesday, June 15, 2005)]
[Notices]
[Pages 34801-34802]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-11770]


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PENSION BENEFIT GUARANTY CORPORATION


Required Interest Rate Assumption for Determining Variable-Rate 
Premium; 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 
June 2005. The interest assumptions for performing multiemployer plan 
valuations following mass withdrawal under part 4281 apply to valuation 
dates occurring in July 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 June 2005 is 4.60 percent (i.e., 
85 percent of the 5.41 percent composite corporate bond rate for May 
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 July 2004 and June 2005.

------------------------------------------------------------------------
                                                           The required
         For premium payment years beginning in:           interest rate
                                                                is:
------------------------------------------------------------------------
July 2004...............................................            5.25
August 2004.............................................            5.10
September 2004..........................................            4.95
October 2004............................................            4.79
November 2004...........................................            4.73
December 2004...........................................            4.75
anuary 2005.............................................            4.73
February 2005...........................................            4.66
March 2005..............................................            4.56
April 2005..............................................            4.78
May 2005................................................            4.72
June 2005...............................................            4.60
------------------------------------------------------------------------

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 July 2005 under part 4044 are 
contained in an amendment to part 4044 published elsewhere in today's 
Federal Register.

[[Page 34802]]

Tables showing the assumptions applicable to prior periods are codified 
in appendix B to 29 CFR part 4044.

    Issued in Washington, DC, on this 8th day of June, 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-11770 Filed 6-14-05; 8:45 am]
BILLING CODE 7708-01-P

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