Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 69363 [05-22603]
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Federal Register / Vol. 70, No. 219 / Tuesday, November 15, 2005 / Notices
PENSION BENEFIT GUARANTY
CORPORATION
Required Interest Rate Assumption for
Determining Variable-Rate Premium;
Interest Assumptions for
Multiemployer Plan Valuations
Following Mass Withdrawal
Pension Benefit Guaranty
Corporation.
ACTION: Notice of interest rates and
assumptions.
AGENCY:
For premium payment years
beginning in:
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 November
2005. The interest assumptions for
performing multiemployer plan
valuations following mass withdrawal
under part 4281 apply to valuation dates
occurring in December 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
VerDate Aug<31>2005
15:50 Nov 14, 2005
Jkt 208001
beginning in November 2005 is 4.83
percent (i.e., 85 percent of the 5.68
percent composite corporate bond rate
for October 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
December 2004 and November 2005.
The required
interest rate is:
December 2004 ....................
January 2005 ........................
February 2005 ......................
March 2005 ...........................
April 2005 .............................
May 2005 ..............................
June 2005 .............................
July 2005 ..............................
August 2005 .........................
September 2005 ...................
October 2005 ........................
November 2005 ....................
4.75
4.73
4.66
4.56
4.78
4.72
4.60
4.47
4.56
4.61
4.62
4.83
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
December 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 9th day
of November 2005.
James J. Armbruster,
Acting Director, Legislative and Regulatory
Department, Pension Benefit Guaranty
Corporation.
[FR Doc. 05–22603 Filed 11–14–05; 8:45 am]
BILLING CODE 7708–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 1–15781]
Issuer Delisting; Notice of Application
of Berkshire Hills Bancorp, Inc. To
Withdraw Its Common Stock, $.01 Par
Value, From Listing and Registration
on the American Stock Exchange LLC
November 8, 2005.
On October 20, 2005, Berkshire Hills
Bancorp, Inc., a Delaware corporation
(‘‘Issuer’’), filed an application with the
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
69363
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
12(d) of the Securities Exchange Act of
1934 (‘‘Act’’) 1 and Rule 12d2–2(d)
thereunder,2 to withdraw its common
stock, $.01 par value (‘‘Security’’), from
listing and registration on the American
Stock Exchange LLC (‘‘Amex’’).
On July 27, 2005, the Board of
Directors (‘‘Board’’) of the Issuer
approved a resolution to withdraw the
Security from listing and registration on
Amex and to list the Security on the
Nasdaq National Market (‘‘Nasdaq’’).
The Issuer stated that the Board believes
it is in the best interests of the Issuer
and its shareholders to move the
Security from listing on Amex to
Nasdaq because Nasdaq will provide the
Issuer with the opportunity to increase
its exposure among investors and
improve the liquidity of the Security.
The Issuer stated in its application
that it has met the requirements of
Amex Rule 18 by complying with all
applicable laws in effect in the state of
Delaware, in which it is incorporated,
and by providing written notice of
withdrawal to Amex.
The Issuer’s application relates solely
to withdrawal of the Security from
listing on the Amex and from
registration under section 12(b) of the
Act,3 and shall not affect its obligation
to be registered under section 12(g) of
the Act.4
Any interested person may, on or
before December 5, 2005, comment on
the facts bearing upon whether the
application has been made in
accordance with the rules of Amex, and
what terms, if any, should be imposed
by the Commission for the protection of
investors. All comment letters may be
submitted by either of the following
methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/delist.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include the
File Number 1–15781; or
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number 1–15781. This file number
should be included on the subject line
1 15
U.S.C. 78l(d).
CFR 240.12d2–2(d).
3 15 U.S.C. 78l(b).
4 15 U.S.C. 78l(g).
2 17
E:\FR\FM\15NON1.SGM
15NON1
]]>Agencies
[Federal Register Volume 70, Number 219 (Tuesday, November 15, 2005)]
[Notices]
[Page 69363]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22603]
[[Page 69363]]
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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
November 2005. The interest assumptions for performing multiemployer
plan valuations following mass withdrawal under part 4281 apply to
valuation dates occurring in December 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 November 2005 is 4.83 percent
(i.e., 85 percent of the 5.68 percent composite corporate bond rate for
October 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 December 2004 and November 2005.
------------------------------------------------------------------------
The required
For premium payment years beginning in: interest rate
is:
------------------------------------------------------------------------
December 2004........................................... 4.75
January 2005............................................ 4.73
February 2005........................................... 4.66
March 2005.............................................. 4.56
April 2005.............................................. 4.78
May 2005................................................ 4.72
June 2005............................................... 4.60
July 2005............................................... 4.47
August 2005............................................. 4.56
September 2005.......................................... 4.61
October 2005............................................ 4.62
November 2005........................................... 4.83
------------------------------------------------------------------------
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 December 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 9th day of November 2005.
James J. Armbruster,
Acting Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 05-22603 Filed 11-14-05; 8:45 am]
BILLING CODE 7708-01-P
