Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 13437 [E6-3699]

Download as PDF Federal Register / Vol. 71, No. 50 / Wednesday, March 15, 2006 / Notices For the Nuclear Regulatory Commission. Jill Caverly, Project Manager, Licensing Section, Spent Fuel Project Office, Office of Nuclear Material Safety and Safeguards. [FR Doc. E6–3714 Filed 3–14–06; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal Pension Benefit Guaranty Corporation. ACTION: Notice of interest rates and assumptions. AGENCY: sroberts on PROD1PC70 with NOTICES 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 March 2006. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in April 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 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. 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 VerDate Aug<31>2005 17:27 Mar 14, 2006 Jkt 208001 ‘‘premium payment year’’). (After a fiveyear hiatus, the Treasury Department issued 30-year securities during February 2006. To take yields on the new securities into account, the Internal Revenue Service has determined the annual yield on 30-year Treasury securities for February 2006 to be the average of the yield on the 30-year Treasury bond maturing in February 2031 determined each business day in February 2006 through February 8, 2006, and the yield on the 30-year Treasury bond maturing in February 2036 determined each business day for the balance of February 2006. The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in March 2006 is 3.89 percent (i.e., 85 percent of the 4.58 percent Treasury securities rate for February 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 March 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 April 2005 and March 2006. For premium payment years beginning in: April 2005 ..................................... May 2005 ...................................... June 2005 ..................................... July 2005 ...................................... August 2005 ................................. September 2005 ........................... October 2005 ................................ November 2005 ............................ December 2005 ............................ January 2006 ................................ February 2006 .............................. March 2006 ................................... The required interest rate is: 4.78 4.72 4.60 4.47 4.56 4.61 4.62 4.83 4.91 3.95 3.90 3.89 Multiemployer Plan Valuations Following Mass Withdrawal The PBGC’s regulation on Duties of Plan Sponsor Following Mass Withdrawal (29 CFR part 4281) PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 13437 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 April 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 March 2006. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. E6–3699 Filed 3–14–06; 8:45 am] BILLING CODE 7709–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–31227] Issuer Delisting; Notice of Application of Cogent Communications Group, Inc. To Withdraw Its Common Stock, $.001 Par Value, From Listing and Registration on the American Stock Exchange LLC March 9, 2006. On March 3, 2006, Cogent Communications Group, Inc., a Delaware corporation (‘‘Issuer’’), filed an application with the 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, $.001 par value (‘‘Security’’), from listing and registration on the American Stock Exchange LLC (‘‘Amex’’). The Board of Directors (‘‘Board’’) of the Issuer approved resolutions on July 11, 2005, and confirmed such authorization on February 7, 2006 to withdraw the Security from listing on Amex and register and list the Security on the Nasdaq National Market (‘‘Nasdaq’’). The Board believes that Nasdaq will provide greater exposure of the Security to investors, especially as more members of the Issuer’s peer group of communications companies have a Nasdaq listing rather than an exchange listing. The Issuer stated that on February 28, 2006, Nasdaq approved the Issuer’s application to list the Security on Nasdaq. The Issuer expects the Security to trade on Nasdaq on or about March 6, 2006. 1 15 2 17 U.S.C. 78l(d). CFR 240.12d2–2(d). E:\FR\FM\15MRN1.SGM 15MRN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 71, Number 50 (Wednesday, March 15, 2006)]
[Notices]
[Page 13437]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3699]


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PENSION BENEFIT GUARANTY CORPORATION


Required Interest Rate Assumption for Determining Variable-Rate 
Premium for Single-Employer Plans; 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 
March 2006. The interest assumptions for performing multiemployer plan 
valuations following mass withdrawal under part 4281 apply to valuation 
dates occurring in April 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 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. 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''). (After a five-year hiatus, the Treasury 
Department issued 30-year securities during February 2006. To take 
yields on the new securities into account, the Internal Revenue Service 
has determined the annual yield on 30-year Treasury securities for 
February 2006 to be the average of the yield on the 30-year Treasury 
bond maturing in February 2031 determined each business day in February 
2006 through February 8, 2006, and the yield on the 30-year Treasury 
bond maturing in February 2036 determined each business day for the 
balance of February 2006. The required interest rate to be used in 
determining variable-rate premiums for premium payment years beginning 
in March 2006 is 3.89 percent (i.e., 85 percent of the 4.58 percent 
Treasury securities rate for February 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 
March 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 April 2005 and March 2006.

------------------------------------------------------------------------
                                                                  The
                                                                required
           For premium payment years beginning in:              interest
                                                                rate is:
------------------------------------------------------------------------
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
March 2006...................................................       3.89
------------------------------------------------------------------------

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 April 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 March 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
 [FR Doc. E6-3699 Filed 3-14-06; 8:45 am]
BILLING CODE 7709-01-P

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