Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 7482-7483 [E7-2654]

Download as PDF ycherry on PROD1PC64 with NOTICES 7482 Federal Register / Vol. 72, No. 31 / Thursday, February 15, 2007 / Notices appropriate arrangements can be made to allow necessary time during the meeting for such statements. Use of still, motion picture, and television cameras during the meeting may be limited to selected portions of the meeting as determined by the Chairman. Information regarding the time to be set aside for this purpose may be obtained by contacting the Cognizant ACRS staff prior to the meeting. In view of the possibility that the schedule for ACRS meetings may be adjusted by the Chairman as necessary to facilitate the conduct of the meeting, persons planning to attend should check with the Cognizant ACRS staff if such rescheduling would result in major inconvenience. 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The availability of VerDate Aug<31>2005 18:37 Feb 14, 2007 Jkt 211001 videoteleconferencing services is not guaranteed. Dated: February 9, 2007. Andrew L. Bates, Advisory Committee Management Officer. [FR Doc. E7–2669 Filed 2–14–07; 8:45 am] BILLING CODE 7590–01–P Dated: February 12, 2007. Michelle Schroll, Office of the Secretary. [FR Doc. 07–736 Filed 2–13–07; 12:43 pm] NUCLEAR REGULATORY COMMISSION Sunshine Federal Register Notice Agency Holding the Meetings: Nuclear Regulatory Commission. Date: Weeks of February 19, 26, 2007. Place: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. Status: Public and Closed. Additional Matters To Be Considered: Wednesday, February 21, 2007 9:30 a.m. Discussion of Security Issues (Closed–Ex. 1) Week of February 26, 2007—Tentative Tuesday, February 27, 2007 1:30 p.m. Discussion of Security Issues (Closed–Ex. 1) (Tentative) * * * * * *The schedule for Commission meetings is subject to change on short notice. To verify the status of meetings call (recording)—(301) 415–1292. Contact person for more information: Michelle Schroll, (301) 415–1662. * * * * * The NRC Commission Meeting Schedule can be found on the Internet at: https://www.nrc.gov/what-we-do/ policy-making/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify the NRC’s Disability Program Coordinator, Deborah Chan, at 301–415–7041, TDD: 301–415–2100, or by e-mail at DLC@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed by mail to several hundred subscribers; if you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Frm 00096 Fmt 4703 Sfmt 4703 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: Week of February 19, 2007 PO 00000 Washington, DC 20555 (301–415–1969). In addition, distribution of this meeting notice over the Internet system is available. If you are interested in receiving this Commission meeting schedule electronically, please send an electronic message to dkw@nrc.gov. 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 2007. The interest assumptions for performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in March 2007. 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 § 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 E:\FR\FM\15FEN1.SGM 15FEN1 Federal Register / Vol. 72, No. 31 / Thursday, February 15, 2007 / Notices 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’’ 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’’). On February 2, 2007 (at 72 FR 4955), the Internal Revenue Service (IRS) published final regulations containing updated mortality tables for determining current liability under section 412(l)(7) of the Code and section 302(d)(7) of ERISA for plan years beginning on or after January 1, 2007. As a result, in accordance with section 4006(a)(3)(E)(iii)(II) of ERISA, the ‘‘applicable percentage’’ to be used in determining the required interest rate for plan years beginning in 2007 is 100 percent. The required interest rate to be used in determining variable-rate premiums for premium payment years beginning in February 2007 is 5.89 percent (i.e., 100 percent of the 5.89 percent composite corporate bond rate for January 2007 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 March 2006 and February 2007. For premium payment years beginning in: The required interest rate is: ycherry on PROD1PC64 with NOTICES March 2006 ....................... April 2006 ......................... May 2006 .......................... June 2006 ......................... July 2006 .......................... August 2006 ..................... September 2006 ............... October 2006 .................... November 2006 ................ December 2006 ................ January 2007 .................... February 2007 .................. 4.87 5.01 5.25 5.35 5.36 5.36 5.19 5.06 5.05 4.90 5.75 5.89 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 January 2007 under part 4044 are contained in VerDate Aug<31>2005 18:37 Feb 14, 2007 Jkt 211001 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 12th day of February 2007. Vincent K. Snowbarger, Interim Director, Pension Benefit Guaranty Corporation. [FR Doc. E7–2654 Filed 2–14–07; 8:45 am] BILLING CODE 7709–01–P POSTAL REGULATORY COMMISSION [Docket No. MC2007–1; Order No. 3] Negotiated Service Agreement Postal Regulatory Commission. Notice and order on new baseline negotiated service agreement case. AGENCY: ACTION: SUMMARY: This document establishes a docket for consideration of the Postal Service’s request for approval of contract rates with Bank of America Corporation (Bank of America). It identifies key elements of the proposed agreement, which involves First-Class and Standard Mail letter rates, and addresses preliminary procedural matters. Notices of intervention due March 5, 2007; prehearing conference: March 14, 2007 (10 a.m.). ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. DATES: FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, 202–789–6820 and stephen.sharfman@prc.gov. Regulatory History Capital One Services, Inc. Negotiated Service Agreement, 67 FR 61355 (September 30, 2002). Negotiated Service Agreement Final Rule, 69 FR 7574 (February 18, 2004). SUPPLEMENTARY INFORMATION: The Request of the United States Postal Service for a Recommended Decision on Classifications, Rates and Fees to Implement a Baseline Negotiated Service Agreement with Bank of America Corporation (Request) was filed with the Postal Regulatory Commission on February 7, 2007.1 The negotiated 1 The procedures of the former Postal Rate Commission apply to this Request under 39 U.S.C. 3622(f) as established by the Postal Accountability and Enhancement Act, Pub. L. 109–435, 120 Stat. 3198 (2006). Section 3622(f) specifies, for the mail categories which are the subject of this Request, PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 7483 service agreement is proffered as a new baseline negotiated service agreement. The Request includes six attachments.2 The Postal Service has identified Bank of America Corporation (Bank of America), along with itself, as parties to the negotiated service agreement. This identification serves as notice of intervention by Bank of America. It also indicates that Bank of America shall be considered a co-proponent, procedurally and substantively, of the Postal Service’s Request during the Commission’s review of the negotiated service agreement. Rule 191(b) [39 CFR 3001.191b]. An appropriate Bank of America Corporation Notice of Appearance and Filing of Testimony as Co-proponent, February 7, 2007, also has been filed. In support of the Request, the Postal Service has filed Direct Testimony of Ali Ayub on Behalf of United States Postal Service, February 7, 2007 (USPS– T–1). Bank of America has separately filed Direct Testimony of Richard D. Jones on Behalf of Bank of America Corporation, February 7, 2007 (BAC–T– 1). The Postal Service states that it intends to rely upon the testimony submitted by Bank of America in presentation of its direct case in accordance with rule 192(b) [39 CFR 3001.192b]. Request at 5. The Request has been assigned Docket No. MC2007– 1. The Postal Service’s Request, the accompanying testimonies of witnesses Ayub (USPS–T–1) and Jones (BAC–T– 1), and other related material are available for inspection at the Commission’s docket section during regular business hours. They also can be accessed electronically, via the Internet, on the Commission’s Web site (https:// www.prc.gov). I. Bank of America Negotiated Service Agreement The Postal Service proposes to enter into a three-year negotiated service agreement with Bank of America. The that: ‘‘[p]roceedings initiated to consider a request for a recommended decision filed by the Postal Service during that 1-year [transition] period shall be completed in accordance with subchapter II of chapter 36 of this title and implementing regulations, as in effect before the date of enactment of this section.’’ 2 Attachments A and B to the Request contain proposed changes to the Domestic Mail Classification Schedule and the associated rate schedules; Attachment C is a certification required by Commission rule 193(i) specifying that the cost statements and supporting data submitted by the Postal Service, which purport to reflect the books of the Postal Service, accurately set forth the results shown by such books; Attachment D is an index of Postal Service testimony; Attachment E is a compliance statement addressing satisfaction of various filing requirements; and Attachment F is a copy of the Negotiated Service Agreement. E:\FR\FM\15FEN1.SGM 15FEN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 72, Number 31 (Thursday, February 15, 2007)]
[Notices]
[Pages 7482-7483]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2654]


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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 
February 2007. The interest assumptions for performing multiemployer 
plan valuations following mass withdrawal under part 4281 apply to 
valuation dates occurring in March 2007.

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

[[Page 7483]]

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'' 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'').
    On February 2, 2007 (at 72 FR 4955), the Internal Revenue Service 
(IRS) published final regulations containing updated mortality tables 
for determining current liability under section 412(l)(7) of the Code 
and section 302(d)(7) of ERISA for plan years beginning on or after 
January 1, 2007. As a result, in accordance with section 
4006(a)(3)(E)(iii)(II) of ERISA, the ``applicable percentage'' to be 
used in determining the required interest rate for plan years beginning 
in 2007 is 100 percent.
    The required interest rate to be used in determining variable-rate 
premiums for premium payment years beginning in February 2007 is 5.89 
percent (i.e., 100 percent of the 5.89 percent composite corporate bond 
rate for January 2007 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 March 2006 and February 2007.

------------------------------------------------------------------------
                                                          The required
        For premium payment years beginning in:           interest rate
                                                               is:
------------------------------------------------------------------------
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
December 2006.........................................              4.90
January 2007..........................................              5.75
February 2007.........................................              5.89
------------------------------------------------------------------------

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 January 2007 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 12th day of February 2007.
Vincent K. Snowbarger,
Interim Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-2654 Filed 2-14-07; 8:45 am]
BILLING CODE 7709-01-P

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