Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest on Late Premium Payments; Interest on Underpayments and Overpayments of Single-Employer Plan Termination Liability and Multiemployer Withdrawal Liability; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 19567-19568 [06-3571]
Download as PDF
<![CDATA[
19567
Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
Executive Director, OSHRC, 1120 20th
Street, NW., Ninth Floor, Washington,
DC 20036–3457. For an explanation on
how such requests should be drafted,
refer to 29 CFR 2400.5 (notification),
and 29 CFR 2400.6 (procedures for
requesting records).
CONTESTING RECORD PROCEDURES:
Individuals who wish to contest their
records should notify: Executive
Director, OSHRC, 1120 20th Street,
NW., Ninth Floor, Washington, DC
20036–3457. For an explanation on the
specific procedures for contesting the
contents of a record, refer to 29 CFR
2400.7 (procedures for requesting
amendment).
RECORD SOURCE CATEGORIES:
Information in this system of records
comes from the individual to whom the
record pertains.
EXEMPTIONS CLAIMED FOR THE SYSTEM:
None.
Dated: April 6, 2006.
W. Scott Railton,
Chairman.
[FR Doc. E6–5541 Filed 4–13–06; 8:45 am]
BILLING CODE 7600–01–P
PENSION BENEFIT GUARANTY
CORPORATION
Required Interest Rate Assumption for
Determining Variable-Rate Premium for
Single-Employer Plans; Interest on
Late Premium Payments; Interest on
Underpayments and Overpayments of
Single-Employer Plan Termination
Liability and Multiemployer Withdrawal
Liability; Interest Assumptions for
Multiemployer Plan Valuations
Following Mass Withdrawal
Pension Benefit Guaranty
Corporation.
ACTION: Notice of interest rates and
assumptions.
wwhite on PROD1PC65 with NOTICES
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 April 2006.
The interest assumptions for performing
multiemployer plan valuations
VerDate Aug<31>2005
16:37 Apr 13, 2006
Jkt 208001
following mass withdrawal under part
4281 apply to valuation dates occurring
in May 2006. The interest rates for late
premium payments under part 4007 and
for underpayments and overpayments of
single-employer plan termination
liability under part 4062 and
multiemployer withdrawal liability
under part 4219 apply to interest
accruing during the second quarter
(April through June) of 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
‘‘premium payment year’’). The required
interest rate to be used in determining
variable-rate premiums for premium
payment years beginning in April 2006
is 4.02 percent (i.e., 85 percent of the
4.73 percent Treasury Securities Rate for
March 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 April 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 May
2005 and April 2006.
PO 00000
Frm 00092
Fmt 4703
Sfmt 4703
For premium payment years
beginning in:
The required
interest rate is:
(percent)
May 2005 ..............................
June 2005 .............................
July 2005 ..............................
August 2005 .........................
September 2005 ...................
October 2005 ........................
November 2005 ....................
December 2005 ....................
January 2006 ........................
February 2006 ......................
March 2006 ...........................
April 2006 .............................
4.72
4.60
4.47
4.56
4.61
4.62
4.83
4.91
3.95
3.90
3.89
4.02
Late Premium Payments;
Underpayments and Overpayments of
Single-Employer Plan Termination
Liability
Section 4007(b) of ERISA and section
4007.7(a) of the PBGC’s regulation on
Payment of Premiums (29 CFR part
4007) require the payment of interest on
late premium payments at the rate
established under section 6601 of the
Internal Revenue Code. Similarly,
section 4062.7 of the PBGC’s regulation
on Liability for Termination of SingleEmployer Plans (29 CFR part 4062)
requires that interest be charged or
credited at the section 6601 rate on
underpayments and overpayments of
employer liability under section 4062 of
ERISA. The section 6601 rate is
established periodically (currently
quarterly) by the Internal Revenue
Service. The rate applicable to the
second quarter (April through June) of
2006, as announced by the IRS, is 7
percent.
The following table lists the late
payment interest rates for premiums and
employer liability for the specified time
periods:
From—
4/1/00 ................
4/1/01 ................
7/1/01 ................
1/1/02 ................
1/1/03 ................
10/1/03 ..............
4/1/04 ................
7/1/04 ................
10/1/04 ..............
4/1/05 ................
10/1/05 ..............
Through—
Interest rate
(percent)
3/31/01
6/30/01
12/31/01
12/31/02
9/30/03
3/31/04
6/30/04
9/30/04
3/31/05
9/30/05
6/30/06
Underpayments and Overpayments of
Multiemployer Withdrawal Liability
Section 4219.32(b) of the PBGC’s
regulation on Notice, Collection, and
Redetermination of Withdrawal
Liability (29 CFR part 4219) specifies
the rate at which a multiemployer plan
is to charge or credit interest on
underpayments and overpayments of
E:\FR\FM\14APN1.SGM
14APN1
9
8
7
6
5
4
5
4
5
6
7
19568
Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
withdrawal liability under section 4219
of ERISA unless an applicable plan
provision provides otherwise. For
interest accruing during any calendar
quarter, the specified rate is the average
quoted prime rate on short-term
commercial loans for the fifteenth day
(or the next business day if the fifteenth
day is not a business day) of the month
preceding the beginning of the quarter,
as reported by the Board of Governors
of the Federal Reserve System in
Statistical Release H.15 (‘‘Selected
Interest Rates’’). The rate for the second
quarter (April through June) of 2006
(i.e., the rate reported for March 15,
2005) is 7.50 percent.
The following table lists the
withdrawal liability underpayment and
overpayment interest rates for the
specified time periods:
From—
Through—
4/1/00 ................
7/1/00 ................
4/1/01 ................
7/1/01 ................
10/1/01 ..............
1/1/02 ................
1/1/03 ................
10/1/03 ..............
10/1/04 ..............
1/1/05 ................
4/1/05 ................
7/1/05 ................
10/1/05 ..............
1/1/06 ................
4/1/06 ................
Interest rate
(percent)
6/30/00
3/31/01
6/30/01
9/30/01
12/31/01
12/31/02
9/30/03
9/30/04
12/31/04
3/31/05
6/30/05
9/30/05
12/31/05
3/31/06
6/30/06
8.75
9.50
8.50
7.00
6.50
4.75
4.25
4.00
4.50
5.25
5.50
6.00
6.50
7.25
7.50
Multiemployer Plan Valuations
Following Mass Withdrawal
wwhite on PROD1PC65 with NOTICES
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 May
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 7th day
of April 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 06–3571 Filed 4–13–06; 8:45 am]
BILLING CODE 7709–01–P
VerDate Aug<31>2005
16:37 Apr 13, 2006
RAILROAD RETIREMENT BOARD
100 F Street, NE., Washington,
DC.
Agency Forms Submitted for OMB
Review
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35), the Railroad
Retirement Board (RRB) has submitted
the following proposal(s) for the
collection of information to the Office of
Management and Budget for review and
approval.
Summary of Proposal(s)
(1) Collection title: Nonresident
Questionnaire.
(2) Form(s) submitted: RRB–1001.
(3) OMB Number: 3220–0145.
(4) Expiration date of current OMB
clearance: 7/31/2006.
(5) Type of request: Extension of a
currently approved collection.
(6) Respondents: Individuals or
households.
(7) Estimated annual number of
respondents: 1,300.
(8) Total annual responses: 1,300.
(9) Total annual reporting hours: 650.
(10) Collection description: Under the
Railroad Retirement Act, the benefits
payable to an annuitant living outside
the United States may be subject to
withholding under Public Laws 98–21
and 98–76. The form obtains the
information needed to determine the
amount to be withheld.
Additional Information or Comments:
Copies of the forms and supporting
documents can be obtained from
Charles Mierzwa, the agency clearance
officer (312–751–3363) or
Charles.Mierzwa@rrb.gov.
Comments regarding the information
collection should be addressed to
Ronald J. Hodapp, Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois 60611–2092 or
Ronald.Hodapp@rrb.gov and to the
OMB Desk Officer for the RRB, at the
Office of Management and Budget,
Room 10230, New Executive Office
Building, Washington, DC 20503.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6–5540 Filed 4–13–06; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting Notice
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: [71 FR 18788, April 12,
2006]
STATUS:
Jkt 208001
PLACE:
PO 00000
ANNOUNCEMENT OF ADDITIONAL MEETING:
Additional Meeting (Week of April 10,
2006).
A Closed Meeting has been scheduled
for Thursday, April 13, 2006 at 9 a.m.
Commissioners and certain staff
members who have an interest in the
matter will attend the Closed Meeting.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), (9)(B) and (10)
and 17 CFR 200.402(a)(5), (7), 9(ii) and
(10) permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Glassman, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session, and determined that no earlier
notice thereof was possible.
The subject matter of the Closed
Meeting scheduled for Thursday, April
13, 2006 will be: Institution and
settlement of injunctive actions.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact: The Office
of the Secretary at (202) 551–5400.
Dated: April 12, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06–3652 Filed 4–12–06; 3:48 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53621; File No. SR–CBOE–
2006–32]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Order Granting Accelerated Approval
of Proposed Rule Change and
Amendment No. 1 Thereto To List for
Trading Options on the iShares MSCI
Emerging Markets Index Fund
April 10, 2006.
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 April 5,
2006, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
1 15
Closed Meeting.
Frm 00093
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\14APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
14APN1
]]>Agencies
[Federal Register Volume 71, Number 72 (Friday, April 14, 2006)]
[Notices]
[Pages 19567-19568]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-3571]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Required Interest Rate Assumption for Determining Variable-Rate
Premium for Single-Employer Plans; Interest on Late Premium Payments;
Interest on Underpayments and Overpayments of Single-Employer Plan
Termination Liability and Multiemployer Withdrawal Liability; 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
April 2006. The interest assumptions for performing multiemployer plan
valuations following mass withdrawal under part 4281 apply to valuation
dates occurring in May 2006. The interest rates for late premium
payments under part 4007 and for underpayments and overpayments of
single-employer plan termination liability under part 4062 and
multiemployer withdrawal liability under part 4219 apply to interest
accruing during the second quarter (April through June) of 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''). The required interest rate to be used in
determining variable-rate premiums for premium payment years beginning
in April 2006 is 4.02 percent (i.e., 85 percent of the 4.73 percent
Treasury Securities Rate for March 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
April 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 May 2005 and April 2006.
------------------------------------------------------------------------
The required
For premium payment years beginning in: interest rate
is: (percent)
------------------------------------------------------------------------
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
April 2006.............................................. 4.02
------------------------------------------------------------------------
Late Premium Payments; Underpayments and Overpayments of Single-
Employer Plan Termination Liability
Section 4007(b) of ERISA and section 4007.7(a) of the PBGC's
regulation on Payment of Premiums (29 CFR part 4007) require the
payment of interest on late premium payments at the rate established
under section 6601 of the Internal Revenue Code. Similarly, section
4062.7 of the PBGC's regulation on Liability for Termination of Single-
Employer Plans (29 CFR part 4062) requires that interest be charged or
credited at the section 6601 rate on underpayments and overpayments of
employer liability under section 4062 of ERISA. The section 6601 rate
is established periodically (currently quarterly) by the Internal
Revenue Service. The rate applicable to the second quarter (April
through June) of 2006, as announced by the IRS, is 7 percent.
The following table lists the late payment interest rates for
premiums and employer liability for the specified time periods:
------------------------------------------------------------------------
Interest
From-- Through-- rate
(percent)
------------------------------------------------------------------------
4/1/00........................................ 3/31/01 9
4/1/01........................................ 6/30/01 8
7/1/01........................................ 12/31/01 7
1/1/02........................................ 12/31/02 6
1/1/03........................................ 9/30/03 5
10/1/03....................................... 3/31/04 4
4/1/04........................................ 6/30/04 5
7/1/04........................................ 9/30/04 4
10/1/04....................................... 3/31/05 5
4/1/05........................................ 9/30/05 6
10/1/05....................................... 6/30/06 7
------------------------------------------------------------------------
Underpayments and Overpayments of Multiemployer Withdrawal Liability
Section 4219.32(b) of the PBGC's regulation on Notice, Collection,
and Redetermination of Withdrawal Liability (29 CFR part 4219)
specifies the rate at which a multiemployer plan is to charge or credit
interest on underpayments and overpayments of
[[Page 19568]]
withdrawal liability under section 4219 of ERISA unless an applicable
plan provision provides otherwise. For interest accruing during any
calendar quarter, the specified rate is the average quoted prime rate
on short-term commercial loans for the fifteenth day (or the next
business day if the fifteenth day is not a business day) of the month
preceding the beginning of the quarter, as reported by the Board of
Governors of the Federal Reserve System in Statistical Release H.15
(``Selected Interest Rates''). The rate for the second quarter (April
through June) of 2006 (i.e., the rate reported for March 15, 2005) is
7.50 percent.
The following table lists the withdrawal liability underpayment and
overpayment interest rates for the specified time periods:
------------------------------------------------------------------------
Interest
From-- Through-- rate
(percent)
------------------------------------------------------------------------
4/1/00........................................ 6/30/00 8.75
7/1/00........................................ 3/31/01 9.50
4/1/01........................................ 6/30/01 8.50
7/1/01........................................ 9/30/01 7.00
10/1/01....................................... 12/31/01 6.50
1/1/02........................................ 12/31/02 4.75
1/1/03........................................ 9/30/03 4.25
10/1/03....................................... 9/30/04 4.00
10/1/04....................................... 12/31/04 4.50
1/1/05........................................ 3/31/05 5.25
4/1/05........................................ 6/30/05 5.50
7/1/05........................................ 9/30/05 6.00
10/1/05....................................... 12/31/05 6.50
1/1/06........................................ 3/31/06 7.25
4/1/06........................................ 6/30/06 7.50
------------------------------------------------------------------------
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 May 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 7th day of April 2006.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 06-3571 Filed 4-13-06; 8:45 am]
BILLING CODE 7709-01-P
