Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 8004-8005 [E6-2098]

Download as PDF 8004 Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Notices authorities related to Museum and Library Services. The Executive Session of the Meeting from 2 p.m. to 3:15 p.m. on Monday, March 6, 2006 will be closed pursuant to subsections (c)(4) and (c)(9) of section 552b of Title 5, United States Code because the Board will consider information that may disclose: Trade secrets and commercial or financial information obtained from a person and privileged or confidential; and information the premature disclosure of which would be likely to significantly frustrate implementation of a proposed agency action. The meetings from 3:30 p.m. until 5 p.m. Monday, March 6, 2006 and the meeting from 9 a.m. to 1 p.m. on Tuesday, March 7, 2006 are open to the public. If you need special accommodations due to a disability, please contact: Institute of Museum and Library Services, 1100 Pennsylvania Avenue, NW., Washington, DC 20506. Telephone: (202) 653–4676; TDD (202) 653–4699 at least seven (7) days prior to the meeting date. Dated: February 13, 2006. Teresa LaHaie, Director of Administration and Budget. [FR Doc. 06–1456 Filed 2–13–06; 1:07 pm] conditions to determine the operability of offsite power systems under plant technical specifications. (The TSO, ISO, or RA/RC is responsible for preserving the reliability of the local transmission system. In this GL the term TSO is used to denote these entities); 2. Use of NPP/TSO protocols and analysis tools by TSOs to assist NPPs in monitoring grid conditions for consideration in maintenance risk assessments; 3. Offsite power restoration procedures in accordance with Section 2 of NRC Regulatory Guide (RG) 1.155, ‘‘Station Blackout’’; 4. Losses of offsite power caused by grid failures at a frequency equal to or greater than once in 20 site-years in accordance with RG 1.155, and 5. Require addressees to provide a written response to the NRC in accordance with 10 CFR 50.54(f). This Federal Register notice is available through the NRC’s Agencywide Documents Access and Management System (ADAMS) under accession number ML060380343. The GL was issued on February 1, 2006. DATES: BILLING CODE 7036–01–M ADDRESSES: NUCLEAR REGULATORY COMMISSION Grid Reliability and the Impact on Plant Risk and the Operability of Offsite Power Nuclear Regulatory Commission. ACTION: Notice of Issuance. cprice-sewell on PROD1PC66 with NOTICES AGENCY: SUMMARY: The U.S. Nuclear Regulatory Commission (NRC) has issued Generic Letter (GL) 2006–02 to all holders of operating licenses for nuclear power reactors, except those who have permanently ceased operation and have certified that fuel has been removed from the reactor vessel. The NRC is issuing this generic letter to determine if compliance is being maintained with NRC regulatory requirements governing electric power sources and associated personnel training for your plant, the NRC is issuing this GL to obtain information from its licensees regarding: 1. Use of protocols between the nuclear power plant (NPP) and the transmission system operator (TSO), independent system operator (ISO), or reliability coordinator/authority (RC/ RA) and the use of transmission load flow analysis tools (analysis tools) by TSOs to assist NPPs in monitoring grid VerDate Aug<31>2005 13:17 Feb 14, 2006 Jkt 208001 Not applicable. FOR FURTHER INFORMATION, CONTACT: Paul Gill at 301–415–3316 or by e-mail asg@nrc.gov or Matthew W. McConnell at 301–415–1597 or e-mail mxm4@nrc.gov. NRC GL 2006–02 may be examined, and/or copied for a fee, at the NRC’s Public Document Room (PDR) at One White Flint North, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the ADAMS Public Electronic Reading Room on the Internet at the NRC Web site, https:// www.nrc.gov/NRC/ADAMS/. The ADAMS number for the GL is ML060180352. If you do not have access to ADAMS or if you have problems in accessing the documents in ADAMS, contact the NRC PDR reference staff at 1–800–397–4209 or 301–415–4737 or by e-mail to pdr@nrc.gov. SUPPLEMENTARY INFORMATION: Dated at Rockville, Maryland, this 9th day of February 2006. For the Nuclear Regulatory Commission. Christopher I. Grimes, Director, Division of Policy and Rulemaking, Office of Nuclear Reactor Regulation. [FR Doc. E6–2167 Filed 2–14–06; 8:45 am] BILLING CODE 7590–01–P PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 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: 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 February 2006. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in March 2006. 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 should call the Federal relay service by dialing 711 and ask for 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. The required interest rate is the ‘‘applicable percentage’’ (currently 85 percent) of the annual yield on 30year Treasury securities for the month preceding the beginning of the plan year for which premiums are being paid (the ‘‘premium payment year’’). (Although the Treasury Department has ceased issuing 30-year securities, the Internal Revenue Service announces a surrogate yield figure each month—based on the 30-year Treasury bond maturing in February 2031—which the PBGC uses to determine the required interest rate.) The required interest rate to be used in determining variable-rate premiums for E:\FR\FM\15FEN1.SGM 15FEN1 Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Notices premium payment years beginning in February 2006 is 3.90 percent (i.e., 85 percent of the 4.59 percent Treasury Securities Rate for January 2006). The Pension Funding Equity Act of 2004 (‘‘PFEA’’)—under which the required interest rate is 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—applies only for premium payment years beginning in 2004 or 2005. Congress is considering legislation that would extend the PFEA rate for one more year. If legislation that changes the rules for determining the required interest rate for plan years beginning in February 2006 is adopted, the PBGC will promptly publish a Federal Register notice with the new rate. The following table lists the required interest rates to be used in determining variable-rate premiums for premium payment years beginning between March 2005 and February 2006. For premium payment years beginning in: The required interest rate is: March 2005 ......................... April 2005 ........................... May 2005 ............................ June 2005 ........................... July 2005 ............................ August 2005 ....................... September 2005 ................. October 2005 ...................... November 2005 .................. December 2005 .................. January 2006 ...................... February 2006 .................... 4.56 4.78 4.72 4.60 4.47 4.56 4.61 4.62 4.83 4.91 3.95 3.90 cprice-sewell on PROD1PC66 with NOTICES 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 March 2006 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. VerDate Aug<31>2005 13:17 Feb 14, 2006 Jkt 208001 Issued in Washington, DC, on this 8th day of February 2006. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. E6–2098 Filed 2–14–06; 8:45 am] BILLING CODE 7709–01–P 8005 be submitted to OMB within 30 days of this notice. Dated: February 6, 2006 J. Lynn Taylor, Assistant Secretary. [FR Doc. E6–2099 Filed 2–14–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549 Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Form 12b–25; SEC File No. 270–71; OMB Control No. 3235–0058 Extension: Rule 24b–1; SEC File No. 270–205; OMB Control No. 3235–0194. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget the request for extension of the previously approved collection of information discussed below. The purpose of Form 12b–25 under the Securities Exchange Act of 1934 is to provide notice to the Commission and the marketplace that a public company will be unable to timely file a required periodic report. If all filing conditions are met, the company is granted an automatic filing extension. The information required is filed on occasion and is mandatory. All information is provided to the public for review. Publicly held companies file Form 12b–25. Approximately 7,799 issuers fileForm 12b–25 and it takes approximately 2.5 hours per response for a total of 19,498 burden hours. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Written comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503; or an e-mail to David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Office of Information Technology, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. Comments must Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 24b–1 (17 CFR 240.24b–1) under the Securities Exchange Act of 1934 requires a national securities exchange to keep and make available for public inspection a copy of its registration statement and exhibits filed with the Commission, along with any amendments thereto. There are eight national securities exchanges that spend approximately one half hour each complying with this rule, for an aggregate total compliance burden of four hours per year. The staff estimates that the average cost per respondent is $57.68 per year, calculated as the costs of copying ($12.36) plus storage ($45.32), resulting in a total cost of compliance for the respondents of $461.44. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Written comments regarding the estimated burden hours should be directed to (i) the Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Building, Washington, DC 20503, or by sending an email to: David_Rostker@omb.eop.gov; and (ii) R. PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\15FEN1.SGM 15FEN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 71, Number 31 (Wednesday, February 15, 2006)]
[Notices]
[Pages 8004-8005]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2098]


=======================================================================
-----------------------------------------------------------------------

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 
February 2006. The interest assumptions for performing multiemployer 
plan valuations following mass withdrawal under part 4281 apply to 
valuation dates occurring in March 2006.

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 should call the Federal relay service by dialing 711 and 
ask for 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. The required interest 
rate is the ``applicable percentage'' (currently 85 percent) of the 
annual yield on 30-year Treasury securities for the month preceding the 
beginning of the plan year for which premiums are being paid (the 
``premium payment year''). (Although the Treasury Department has ceased 
issuing 30-year securities, the Internal Revenue Service announces a 
surrogate yield figure each month--based on the 30-year Treasury bond 
maturing in February 2031--which the PBGC uses to determine the 
required interest rate.) The required interest rate to be used in 
determining variable-rate premiums for

[[Page 8005]]

premium payment years beginning in February 2006 is 3.90 percent (i.e., 
85 percent of the 4.59 percent Treasury Securities Rate for January 
2006).
    The Pension Funding Equity Act of 2004 (``PFEA'')--under which the 
required interest rate is 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--applies only for premium payment years beginning in 2004 or 
2005. Congress is considering legislation that would extend the PFEA 
rate for one more year. If legislation that changes the rules for 
determining the required interest rate for plan years beginning in 
February 2006 is adopted, the PBGC will promptly publish a Federal 
Register notice with the new rate.
    The following table lists the required interest rates to be used in 
determining variable-rate premiums for premium payment years beginning 
between March 2005 and February 2006.

------------------------------------------------------------------------
                                                           The required
        For premium payment years beginning in:           interest rate
                                                               is:
------------------------------------------------------------------------
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
December 2005..........................................             4.91
January 2006...........................................             3.95
February 2006..........................................             3.90
------------------------------------------------------------------------

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 March 2006 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 8th day of February 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
 [FR Doc. E6-2098 Filed 2-14-06; 8:45 am]
BILLING CODE 7709-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.