Required Interest Rate Assumption for Determining Variable-Rate Premium for Premium Payment Years Beginning in January Through August 2006, 50477-50478 [E6-14210]

Download as PDF Federal Register / Vol. 71, No. 165 / Friday, August 25, 2006 / Notices the public health and safety, and is consistent with the common defense and security. Also, special circumstances are present. Therefore, the Commission hereby grants OPPD an exemption from the requirements of 10 CFR 50.46 and 10 CFR Part 50, Appendix K, for the Fort Calhoun Station, Unit 1. Pursuant to 10 CFR 51.32, the Commission has determined that the granting of this exemption will not have a significant impact on the quality of the human environment (71 FR 46927; published on August 15, 2006). This exemption is effective upon issuance. Dated at Rockville, Maryland, this 17th day of August 2006. For the Nuclear Regulatory Commission. Catherine Haney, Director, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E6–14106 Filed 8–24–06; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Required Interest Rate Assumption for Determining Variable-Rate Premium for Premium Payment Years Beginning in January Through August 2006 Pension Benefit Guaranty Corporation. ACTION: Notice of interest rate assumptions. cprice-sewell on PROD1PC66 with NOTICES AGENCY: SUMMARY: This notice informs the public of the interest rate assumptions to be used for determining the variable-rate premium under part 4006 of the Pension Benefit Guaranty Corporation regulations (the ‘‘required interest rate’’) for premium payment years beginning in January through August 2006. It reflects changes made by the Pension Protection Act of 2006, which was signed into law on August 17, 2006. These interest rate assumptions 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 assumption for determining the variable-rate premium under part 4006 applies to premium payment years beginning in January through August 2006. FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit VerDate Aug<31>2005 14:57 Aug 24, 2006 Jkt 208001 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: Each month PBGC publishes a notice in the Federal Register informing the public of the interest rates and assumptions to be used under certain PBGC regulations. One such rate is the required interest rate used pursuant to 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) in determining a single-employer plan’s variable-rate premium. The Pension Funding and Equity Act of 2004 (‘‘PFEA’’) set the required interest rate for plan years beginning in 2004 or 2005 as 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 (the ‘‘composite corporate bond rate’’) for the month preceding the beginning of the plan year for which premiums are being paid (the ‘‘premium payment year’’). The Pension Protection Act of 2006 (‘‘PPA’’), which was signed into law on August 17, 2006, extended the applicability of the PFEA required interest rate to plan years beginning in 2006 and 2007. Before PPA was signed into law, the required interest rate for plan years beginning in 2006 was 85 percent of the annual yield on 30-year Treasury securities. Accordingly, this was the required interest rate published each month by the PBGC for premium payment years beginning in January though August of 2006. This notice revises those published rates to reflect changes made by PPA. On August 18, 2006, the Internal Revenue Service issued Notice 2006–75, announcing the composite corporate bond rates needed to determine the required interest rates for premium payment years beginning in January through August 2006. The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in January 2006 is 4.86 percent (i.e., 85 percent of the 5.72 percent composite corporate bond rate announced in IRS Notice 2006–75 for December 2005). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in February 2006 is 4.80 percent (i.e., 85 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 50477 percent of the 5.65 percent composite corporate bond rate announced in IRS Notice 2006–75 for January 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in March 2006 is 4.87 percent (i.e., 85 percent of the 5.73 percent composite corporate bond rate announced in IRS Notice 2006–75 for February 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in April 2006 is 5.01 percent (i.e., 85 percent of the 5.89 percent composite corporate bond rate announced in IRS Notice 2006–75 for March 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in May 2006 is 5.25 percent (i.e., 85 percent of the 6.18 percent composite corporate bond rate announced in IRS Notice 2006–75 for April 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in June 2006 is 5.35 percent (i.e., 85 percent of the 6.29 percent composite corporate bond rate announced in IRS Notice 2006–75 for May 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in July 2006 is 5.36 percent (i.e., 85 percent of the 6.31 percent composite corporate bond rate announced in IRS Notice 2006–75 for June 2006). The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in August 2006 is 5.36 percent (i.e., 85 percent of the 6.30 percent composite corporate bond rate announced in IRS Notice 2006–75 for July 2006). The following table lists the required interest rates to be used in determining variable-rate premiums for premium payment years beginning in January through August 2006. For premium payment years beginning in . . . January 2006 ........................ February 2006 ...................... March 2006 ........................... April 2006 ............................. May 2006 .............................. June 2006 ............................. July 2006 .............................. August 2006 ......................... The required interest rate is . . . 4.86 4.80 4.87 5.01 5.25 5.35 5.36 5.36 PBGC will post the revised required interest rates (listed above) on its Web site (https://www.pbgc.gov). E:\FR\FM\25AUN1.SGM 25AUN1 50478 Federal Register / Vol. 71, No. 165 / Friday, August 25, 2006 / Notices Issued in Washington, DC, on this 23rd day of August 2006. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. [FR Doc. E6–14210 Filed 8–24–06; 8:45 am] BILLING CODE 7709–01–P OFFICE OF PERSONNEL MANAGEMENT [Optional Form 306, OMB No. 3206–0182] Submission for OMB Review; Comment Request for Clearance of a Reinstatement, With Change, of a Previously Approved Collection for Which Approval Has Expired; Declaration for Federal Employment Office of Personnel Management. ACTION: Notice. Potter/Brenda Aguilar, OPM Desk Officer, Office of Information and Regulatory Affairs, Office of Management Budget, New Executive Office Building, Room 10035, Washington, DC 20503. For Information Regarding Administrative Coordination—Contact: Deborah A. Micsky, Operational Policy Group, Federal Investigative Services Division, U.S. Office of Personnel Management, 1900 E Street, NW., Room 5416, Washington, DC 20415. Office of Personnel Management. Dan G. Blair, Deputy Director. [FR Doc. E6–14098 Filed 8–24–06; 8:45 am] BILLING CODE 6325–53–P cprice-sewell on PROD1PC66 with NOTICES AGENCY: SECURITIES AND EXCHANGE COMMISSION SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104–13, May 22, 1995), this notice announces that the Office of Personnel Management (OPM) has submitted a request to the Office of Management and Budget (OMB) for reinstatement of an expired information collection with change. The Optional Form (OF) 306, Declaration for Federal Employment, is completed by applicants who are under consideration for Federal or Federal contract employment. The OF 306 requests that the applicant provide personal identifying data, including, for example, general background information, information on Selective Service registration, military service and information concerning retirement pay received or requested. The change is to make needed administrative updates and delete life insurance questions. It is estimated that 474,000 individuals will respond annually. Each form takes approximately 15 minutes to complete. The annual estimated burden is 118,500 hours. No comments were received on this proposal. For copies of this proposal, contact Mary Beth Smith-Toomey on (202) 606– 8358, FAX (202) 418–3251 or via E-mail to mbtoomey@opm.gov. Please include a mailing address with your request. DATES: Comments on this proposal should be received within 30 calendar days for the date of this publication. ADDRESSES: Send or deliver comments to: Kathy Dillaman, Associate Director, Federal Investigative Services Division, U.S. Office of Personnel Management, 1900 E Street, NW., Room 5416, Washington, DC 20415, and Rachel VerDate Aug<31>2005 16:47 Aug 24, 2006 Jkt 208001 Proposed Collection; Comment Request Upon written request, copies available from: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 17i–6, SEC File No. 270–532, OMB Control No. 3235–0588. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 1 the Securities and Exchange Commission (‘‘Commission’’) intends to submit to the Office of Management and Budget a request for extension of the previously approved collections of information discussed below. The Code of Federal Regulation citation to this collection of information is the following rule: 17 CFR 240.17i–6. Section 231 of the Gramm-LeachBliley Act of 1999 2 (the ‘‘GLBA’’) amended Section 17 of the Securities Exchange Act of 1934 to create a regulatory framework under which a holding company of a broker-dealer (‘‘investment bank holding company’’ or ‘‘IBHC’’) may voluntarily be supervised by the Commission as a supervised investment bank holding company (or ‘‘SIBHC’’).3 In 2004, the Commission promulgated rules, including Rule 17i– 6, to create a framework for the Commission to supervise SIBHCs.4 This framework includes qualification criteria for SIBHCs, as well as 1 44 U.S.C. 3501 et seq. L. 106–102, 113 Stat. 1338 (1999). 3 See 15 U.S.C. 78q(i). 4 See Exchange Act Release No. 49831 (Jun. 8, 2004), 69 FR 34472 (Jun. 21, 2004). 2 Pub. PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 recordkeeping and reporting requirements. Among other things, this regulatory framework for SIBHCs is intended to provide a basis for non-U.S. financial regulators to treat the Commission as the principal U.S. consolidated, home-country supervisor for SIBHCs and their affiliated brokerdealers.5 Pursuant to Section 17(i)(3)(A) of the Exchange Act, an SIBHC must make and keep records, furnish copies thereof, and make such reports as the Commission may require by rule.6 Rule 17i–6 requires that an SIBHC file with the Commission certain monthly and quarterly reports and an annual audit report. The reports and notices required to be filed pursuant to Rule 17i–6 must be preserved for a period of not less than three years.7 The collections of information required by Rule 17i–6 are necessary to allow the Commission adequately to supervise the activities of these SIBHCs and to effectively determine whether supervision of an IBHC as an SIBHC is necessary or appropriate in furtherance of the purposes of section 17 of the Act. Rule 17i–6s also enhances the Commission’s supervision of an SIBHCs’ subsidiary broker-dealers through collection of additional information and inspections of affiliates of those broker-dealers. Without these reports, the Commission would be unable to adequately supervise an SIBHC, nor would it be able to determine whether continued supervision of an IBHC as an SIBHC were necessary and appropriate in furtherance of the purposes of section 17 of the Act. We estimate that three IBHCs will file Notices of Intention with the Commission to be supervised by the Commission as SIBHCs. An SIBHC will require about eight hours each month to prepare and file the monthly reports required by this rule (or approximately 96 hours per year).8 On average, it will take an SIBHC about 16 hours each quarter (or 64 hours each year) 9 to prepare and file the quarterly reports required by this rule. An SIBHC will require about 200 hours to prepare and file the annual audit reports required by this rule. Consequently, the total annual 5 See—H.R. Conf. Rep. No. 106–434, 165 (1999). See also—Exchange Act Release No. 49831, at 6 (Jun. 8, 2004), 69 FR 34472, at 34473 (Jun. 21, 2004). 6 15 U.S.C. 78q(i)(3)(A). 7 17 CFR 240.17i–5(b)(3). 8 (8 hours × 12 months in a year) = 96 hours/year. 9 (16 hours × 4 quarters in a year) = 64 hours/year. E:\FR\FM\25AUN1.SGM 25AUN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 71, Number 165 (Friday, August 25, 2006)]
[Notices]
[Pages 50477-50478]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14210]


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PENSION BENEFIT GUARANTY CORPORATION


Required Interest Rate Assumption for Determining Variable-Rate 
Premium for Premium Payment Years Beginning in January Through August 
2006

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of interest rate assumptions.

-----------------------------------------------------------------------

SUMMARY: This notice informs the public of the interest rate 
assumptions to be used for determining the variable-rate premium under 
part 4006 of the Pension Benefit Guaranty Corporation regulations (the 
``required interest rate'') for premium payment years beginning in 
January through August 2006. It reflects changes made by the Pension 
Protection Act of 2006, which was signed into law on August 17, 2006.
    These interest rate assumptions 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 assumption for determining the 
variable-rate premium under part 4006 applies to premium payment years 
beginning in January through August 2006.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, 
Regulatory and Policy Division, 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: Each month PBGC publishes a notice in the 
Federal Register informing the public of the interest rates and 
assumptions to be used under certain PBGC regulations. One such rate is 
the required interest rate used pursuant to 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) in determining a single-employer 
plan's variable-rate premium.
    The Pension Funding and Equity Act of 2004 (``PFEA'') set the 
required interest rate for plan years beginning in 2004 or 2005 as 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 
(the ``composite corporate bond rate'') for the month preceding the 
beginning of the plan year for which premiums are being paid (the 
``premium payment year'').
    The Pension Protection Act of 2006 (``PPA''), which was signed into 
law on August 17, 2006, extended the applicability of the PFEA required 
interest rate to plan years beginning in 2006 and 2007. Before PPA was 
signed into law, the required interest rate for plan years beginning in 
2006 was 85 percent of the annual yield on 30-year Treasury securities. 
Accordingly, this was the required interest rate published each month 
by the PBGC for premium payment years beginning in January though 
August of 2006. This notice revises those published rates to reflect 
changes made by PPA.
    On August 18, 2006, the Internal Revenue Service issued Notice 
2006-75, announcing the composite corporate bond rates needed to 
determine the required interest rates for premium payment years 
beginning in January through August 2006.
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in January 2006 is 4.86 
percent (i.e., 85 percent of the 5.72 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for December 2005).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in February 2006 is 4.80 
percent (i.e., 85 percent of the 5.65 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for January 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in March 2006 is 4.87 
percent (i.e., 85 percent of the 5.73 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for February 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in April 2006 is 5.01 
percent (i.e., 85 percent of the 5.89 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for March 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in May 2006 is 5.25 
percent (i.e., 85 percent of the 6.18 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for April 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in June 2006 is 5.35 
percent (i.e., 85 percent of the 6.29 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for May 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in July 2006 is 5.36 
percent (i.e., 85 percent of the 6.31 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for June 2006).
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in August 2006 is 5.36 
percent (i.e., 85 percent of the 6.30 percent composite corporate bond 
rate announced in IRS Notice 2006-75 for July 2006).
    The following table lists the required interest rates to be used in 
determining variable-rate premiums for premium payment years beginning 
in January through August 2006.

------------------------------------------------------------------------
                                                           The required
      For premium payment years beginning in . . .         interest rate
                                                             is . . .
------------------------------------------------------------------------
January 2006............................................            4.86
February 2006...........................................            4.80
March 2006..............................................            4.87
April 2006..............................................            5.01
May 2006................................................            5.25
June 2006...............................................            5.35
July 2006...............................................            5.36
August 2006.............................................            5.36
------------------------------------------------------------------------

    PBGC will post the revised required interest rates (listed above) 
on its Web site (https://www.pbgc.gov).


[[Page 50478]]


    Issued in Washington, DC, on this 23rd day of August 2006.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty Corporation.
 [FR Doc. E6-14210 Filed 8-24-06; 8:45 am]
BILLING CODE 7709-01-P

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