Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 66565-66566 [E6-19259]

Download as PDF 66565 Federal Register / Vol. 71, No. 220 / Wednesday, November 15, 2006 / Notices substantial and specific danger to public health or safety, unless disclosure of such information is specifically prohibited by law and such information is specifically required by executive order to be kept secret in the interest of national defense or the conduct of foreign affairs. Retaliation against an employee or applicant for making a protected disclosure is prohibited by 5 U.S.C. 2302(b)(8). If you believe that you have been the victim of whistleblower retaliation, you may file a written complaint (Form OSC–11) with the U.S. Office of Special Counsel at 1730 M Street NW., Suite 218, Washington, DC 20036–4505 or online through the OSC Web site—https://www.osc.gov. Retaliation for Engaging in Protected Activity A Federal agency cannot retaliate against an employee or applicant because that individual exercises his or her rights under any of the Federal antidiscrimination or whistleblower protection laws listed above. If you believe that you are the victim of retaliation for engaging in protected activity, you must follow, as appropriate, the procedures described in the antidiscrimination and whistleblower protection laws sections or, if applicable, the administrative or negotiated grievance procedures in order to pursue any legal remedy. rmajette on PROD1PC67 with NOTICES1 Disciplinary Actions Under the existing laws, each agency retains the right, where appropriate, to discipline a Federal employee for conduct that is inconsistent with Federal Antidiscrimination and Whistleblower Protection Laws up to and including removal. If OSC has initiated an investigation under 5 U.S.C. 1214, however, according to 5 U.S.C. 1214(f), agencies must seek approval from the Special Counsel to discipline employees for, among other activities, engaging in prohibited retaliation. Nothing in the No FEAR Act alters existing laws or permits an agency to take unfounded disciplinary action against a Federal employee or to violate the procedural rights of a Federal employee who has been accused of discrimination. Additional Information For further information regarding the No FEAR Act regulations, refer to 5 CFR part 724, as well as the appropriate offices within your agency (e.g., EEO/ civil rights office, human resources office or legal office). Additional information regarding Federal antidiscrimination, whistleblower VerDate Aug<31>2005 15:00 Nov 14, 2006 Jkt 211001 protection and retaliation laws can be found at the EEOC Web site—https:// www.eeoc.gov and the OSC Web site— https://www.osc.gov. Existing Rights Unchanged Pursuant to section 205 of the No FEAR Act, neither the Act nor this notice creates, expands or reduces any rights otherwise available to any employee, former employee or applicant under the laws of the United States, including the provisions of law specified in 5 U.S.C. 2302(d). Issued in Washington, DC, this 8th day of November, 2006. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. [FR Doc. E6–19247 Filed 11–14–06; 8:45 am] BILLING CODE 7709–01–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: 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 2006. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in December 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: PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 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 Protection Act of 2006, for premium payment years beginning in 2006 or 2007, 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 (the ‘‘premium payment year’’). Thus, the required interest rate to be used in determining variable-rate premiums for premium payment years beginning in November 2006 is 5.05 percent (i.e., 85 percent of the 5.94 percent composite corporate bond rate for October 2006 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 2005 and November 2006. For premium payment years beginning in: The required interest rate is: December 2005 .................... January 2006 ........................ February 2006 ...................... March 2006 ........................... April 2006 ............................. May 2006 .............................. June 2006 ............................. July 2006 .............................. August 2006 ......................... September 2006 ................... October 2006 ........................ November 2006 .................... 4.91 4.86 4.80 4.87 5.01 5.25 5.35 5.36 5.36 5.19 5.06 5.05 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 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. E:\FR\FM\15NON1.SGM 15NON1 66566 Federal Register / Vol. 71, No. 220 / Wednesday, November 15, 2006 / Notices Issued in Washington, DC, on this 8th day of November 2006. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. [FR Doc. E6–19259 Filed 11–14–06; 8:45 am] BILLING CODE 7709–01–P OFFICE OF PERSONNEL MANAGEMENT Proposed Collection; Comment Request for Review of a Revised Information Collection: RI 20–63, RI 20–116, RI 20–117 Office of Personnel Management. ACTION: Notice. rmajette on PROD1PC67 with NOTICES1 AGENCY: 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) intends to submit to the Office of Management and Budget (OMB) a request for review of a revised information collection. RI 20–63, Survivor Annuity Election for a Spouse, is used by annuitants to elect a reduced annuity with a survivor annuity for their spouse. RI 20–116 is a cover letter for RI 20–63 giving information about the cost to elect less than the maximum survivor annuity. This letter may be used to decline to elect. RI 20–117 is a cover letter for RI 20–63 giving information about the cost to elect the maximum survivor annuity. This letter may be used to ask for more information or to decline to elect. RI 20–117 is accompanied by RI 20– 63A, Information on Electing a Survivor Annuity for Your Spouse, or RI 20–63B, Information on Electing a Survivor Annuity for Your Spouse When You Are Providing a Former Spouse Annuity. Both booklets explain the election. RI 20–63A is for annuitants who do not have a former spouse who is entitled to survivor annuity benefit; RI 20–63B is for those who do have a former spouse who is entitled to a benefit. These booklets do not require OMB clearance. They have been included because they provide the annuitant additional information. Comments are particularly invited on: Whether this collection of information is necessary for the proper performance of functions of the Office of Personnel Management, and whether it will have practical utility, whether our estimate of the public burden of this collection of information is accurate, and based on valid assumptions and methodology; and ways in which we can minimize the burden of the collection of information VerDate Aug<31>2005 15:00 Nov 14, 2006 Jkt 211001 on those who are to respond, through the use of appropriate technological collection techniques or other forms of information technology. Approximately 2,400 RI 20–63 forms are returned each year electing survivor annuities and 200 annuitants return the cover letter to ask for information about the cost to elect less than the maximum survivor annuity or to refuse to provide any survivor benefit. It is estimated to take approximately 45 minutes to complete the form with a burden of 1,800 hours and 10 minutes to complete the letter, which gives a burden of 34 hours. The total burden for RI 20–63 is 1,834 hours. For copies of this proposal, contact Mary Beth Smith-Toomey on (202) 606– 8358, FAX (202) 418–3251 or via e-mail to MaryBeth.Smith-Toomey@opm.gov. Please include a mailing address with your request. DATES: Comments on this proposal should be received within 60 calendar days from the date of this publication. ADDRESSES: Send or deliver comments to—Pamela S. Israel, Chief, Operations Support Group, Center for Retirement and Insurance Services, U.S. Office of Personnel Management, 1900 E Street, NW., Room 3349, Washington, DC 20415–3540. For Information Regarding Administrative Coordination—Contact: Cyrus S. Benson, Team Leader, Publications Team, RIS Support Services/Support Group; (202) 606– 0623. U.S. Office of Personnel Management. Dan G. Blair, Deputy Director. [FR Doc. 06–9196 Filed 11–14–06; 8:45 am] BILLING CODE 6325–38–M SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 27550; 812–13145] Old Mutual Advisor Funds II, et al.; Notice of Application November 8, 2006. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from section 15(a) of the Act and rule 18f-2 under the Act, as well as certain disclosure requirements. AGENCY: Summary of Application: Applicants request an order that would permit them to enter into and materially amend sub- PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 advisory agreements without shareholder approval and would grant relief from certain disclosure requirements. Applicants: Old Mutual Advisor Funds II (‘‘OMAF II’’) on behalf of Old Mutual Cash Reserves Fund, Old Mutual Columbus Circle Technology and Communications Fund, Old Mutual Growth Fund, Old Mutual Large Cap Growth Concentrated Fund, Old Mutual Large Cap Growth Fund, Old Mutual Select Growth Fund, Old Mutual Small Cap Fund and Old Mutual Strategic Small Company Fund (together, the ‘‘OMAF II Funds’’), Old Mutual Insurance Series Fund (‘‘OMISF’’, and each of OMAF II and OMISF, a ‘‘Trust’’) on behalf of Old Mutual Columbus Circle Technology and Communications Portfolio, Old Mutual Growth II Portfolio, Old Mutual Large Cap Growth Concentrated Portfolio, Old Mutual Large Cap Growth Portfolio and Old Mutual Small Cap Portfolio (together, the ‘‘OMISF Funds’’, and together with the OMAF II Funds, the ‘‘Funds’’), and Old Mutual Capital, Inc. (‘‘Old Mutual Capital’’). Filing Dates: The application was filed on January 3, 2005, and amended on June 27, 2005, August 18, 2005, June 21, 2006, and November 3, 2006. Hearing or Notification of Hearing: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on December 4, 2006, and should be accompanied by proof of service on the applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons may request notification of a hearing by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. Applicants, Andra C. Ozols, Old Mutual Capital, 4643 South Ulster Street, Suite 600, Denver, Colorado 80237. FOR FURTHER INFORMATION CONTACT: Laura J. Riegel, Senior Counsel, at (202) 551–6873, or Nadya B. Roytblat, Assistant Director, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the E:\FR\FM\15NON1.SGM 15NON1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 71, Number 220 (Wednesday, November 15, 2006)]
[Notices]
[Pages 66565-66566]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-19259]


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

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 
Protection Act of 2006, for premium payment years beginning in 2006 or 
2007, 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 (the 
``premium payment year''). Thus, the required interest rate to be used 
in determining variable-rate premiums for premium payment years 
beginning in November 2006 is 5.05 percent (i.e., 85 percent of the 
5.94 percent composite corporate bond rate for October 2006 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 2005 and November 2006.

------------------------------------------------------------------------
                                                           The required
         For premium payment years beginning in:           interest rate
                                                                is:
------------------------------------------------------------------------
December 2005...........................................            4.91
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
September 2006..........................................            5.19
October 2006............................................            5.06
November 2006...........................................            5.05
------------------------------------------------------------------------

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 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.


[[Page 66566]]


    Issued in Washington, DC, on this 8th day of November 2006.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty Corporation.
[FR Doc. E6-19259 Filed 11-14-06; 8:45 am]
BILLING CODE 7709-01-P

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