Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 69363 [05-22603]

Download as PDF 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
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