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, 58339-58340 [E7-20268]
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<![CDATA[
sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Notices
methods to develop and quantitatively
assess reliability models of digital
systems. As part of this work, BNL will
apply two selected traditional methods
to two benchmark digital systems. The
initial tasks in the BNL project,
including preparatory work for
developing the reliability models of the
first benchmark system, are addressed
in draft NUREG/CR–XXXX,
‘‘Approaches for Using Traditional
Probabilistic Risk Assessment Methods
for Digital Systems.’’ This notice
announces the availability of the draft
NUREG/CR for public comment.
DATES: Please submit comments on
NUREG/CR–XXXX, ‘‘Approaches for
Using Traditional Probabilistic Risk
Assessment Methods for Digital
Systems,’’ by November 14, 2007.
Comments received after this date will
be considered if practical to do so, but
the NRC staff is able to ensure
consideration only for those comments
received on or before this date.
ADDRESSES: NUREG/CR–XXXX,
‘‘Approaches for Using Traditional
Probabilistic Risk Assessment Methods
for Digital Systems,’’ is available for
inspection and copying for a fee at the
NRC’s Public Document Room (PDR),
Public File Area O–1F21, One White
Flint North, 11555 Rockville Pike,
Rockville, Maryland. Publicly available
documents created or received at the
NRC after November 1, 1999, are
available electronically at the NRC’s
Electronic Reading Room at https://
www.nrc.gov/NRC/ADAMS/.
From this site, the public can gain entry
into the NRC’s Agencywide Document
Access and Management System
(ADAMS), which provides text and
image files of the NRC’s public
documents. The ADAMS Accession
Numbers for NUREG/CR–XXXX,
‘‘Approaches for Using Traditional
Probabilistic Risk Assessment Methods
for Digital Systems,’’ are ML072690235
(main report) and ML072690238
(appendices). If you do not have access
to ADAMS or if there are problems in
accessing the documents located in
ADAMS, contact the NRC PDR
Reference staff at 1–800–397–4209, 301–
415–4737, or by e-mail to pdr@nrc.gov.
This document will also be posted on
the NRC’s public Web site at: https://
www.nrc.gov/about-nrc/regulatory/
research/digital/techreference.html#one.
Please submit comments to Chief,
Rulemaking, Directives and Editing
Branch, Division of Administrative
Services, Office of Administration, U.S.
Nuclear Regulatory Commission,
Washington, DC 20555–0001. You may
also deliver comments to 11545
VerDate Aug<31>2005
21:55 Oct 12, 2007
Jkt 214001
Rockville Pike, Rockville, MD, between
7:30 a.m. and 4:30 p.m. Federal
workdays, or by e-mail to:
nrcrep@nrc.gov.
FOR FURTHER INFORMATION CONTACT:
Alan Kuritzky, Office of Nuclear
Regulatory Research, U.S. Nuclear
Regulatory Commission, Washington,
DC 20555–0001, telephone (301) 415–
6255, e-mail: ask1@nrc.gov.
Dated at Rockville, Maryland, this 9th day
of October, 2007.
For the U.S. Nuclear Regulatory
Commission.
Christiana Lui,
Director, Division of Risk Analysis, Office of
Nuclear Regulatory Research.
[FR Doc. E7–20301 Filed 10–12–07; 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 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.
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 October
2007. The interest assumptions for
performing multiemployer plan
valuations following mass withdrawal
under part 4281 apply to valuation dates
occurring in November 2007. 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 fourth
PO 00000
Frm 00057
Fmt 4703
Sfmt 4703
58339
quarter (October through December) of
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
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 October 2007 is 6.23 percent (i.e., 100
percent of the 6.23 percent composite
corporate bond rate for September 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
November 2006 and October 2007.
For premium payment years
beginning in:
November 2006 ........................
E:\FR\FM\15OCN1.SGM
15OCN1
The
required
interest rate
is:
5.05
58340
Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Notices
For premium payment years
beginning in:
The
required
interest rate
is:
December 2006 ........................
January 2007 ............................
February 2007 ..........................
March 2007 ...............................
April 2007 .................................
May 2007 ..................................
June 2007 .................................
July 2007 ..................................
August 2007 .............................
September 2007 .......................
October 2007 ............................
4.90
5.75
5.89
5.85
5.84
5.98
6.01
6.32
6.33
6.33
6.23
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,
§ 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
fourth quarter (October through
December) of 2007, as announced by the
IRS, is 8 percent.
The following table lists the late
payment interest rates for premiums and
employer liability for the specified time
periods:
From—
Through—
sroberts on PROD1PC70 with NOTICES
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 ..............
7/1/06 ................
Interest rate
(percent)
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
12/31/07
7
6
5
4
5
4
5
6
7
8
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
withdrawal liability under section 4219
VerDate Aug<31>2005
21:55 Oct 12, 2007
Jkt 214001
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 fourth
quarter (October through December) of
2007 (i.e., the rate reported for
September 17, 2007) is 8.25 percent.
The following table lists the
withdrawal liability underpayment and
overpayment interest rates for the
specified time periods:
From—
Through—
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 ................
7/1/06 ................
10/1/06 ..............
Interest rate
(percent)
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
9/30/06
12/31/07
7.00
6.50
4.75
4.25
4.00
4.50
5.25
5.50
6.00
6.50
7.25
7.50
8.00
8.25
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
November 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 10th day
of October 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E7–20268 Filed 10–12–07; 8:45 am]
BILLING CODE 7709–01–P
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 13e–3 (Schedule 13E–3), OMB
Control No. 3235–0007, SEC File No.
270–1.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget the
request for extension of the previously
approved collection of information
discussed below.
Rule 13e–3 and Schedule 13E–3 (17
CFR 240.13e–3 and 240.13e–100)—Rule
13e–3 prescribes the filing, disclosure
and dissemination requirements in
connection with a going private
transaction by an issuer or an affiliate.
Schedule 13E–3 provides shareholders
and the marketplace with information
concerning going private transactions
that is important in determining how to
respond to such transactions. The
information collected permits
verification of compliance with
securities laws requirements and
ensures the public availability and
dissemination of the collected
information. This information is made
available to the public. Information
provided on Schedule 13E–3 is
mandatory. We estimate that Schedule
13E–3 is filed by approximately 600
issuers annually and it takes
approximately 137.25 hours per
response. We estimate that 25% of the
137.25 hours per response is prepared
by the filer for a total annual reporting
burden of 20,588 hours.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Written comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or send an email to:
Alexander_T._Hunt@omb.eop.gov.; and
(ii) R. Corey Booth, Director/Chief
Information Officer, Securities and
E:\FR\FM\15OCN1.SGM
15OCN1
]]>Agencies
[Federal Register Volume 72, Number 198 (Monday, October 15, 2007)]
[Notices]
[Pages 58339-58340]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20268]
=======================================================================
-----------------------------------------------------------------------
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
October 2007. The interest assumptions for performing multiemployer
plan valuations following mass withdrawal under part 4281 apply to
valuation dates occurring in November 2007. 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 fourth quarter (October through December) of 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 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 October 2007 is 6.23
percent (i.e., 100 percent of the 6.23 percent composite corporate bond
rate for September 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 November 2006 and October 2007.
------------------------------------------------------------------------
The
required
For premium payment years beginning in: interest
rate is:
------------------------------------------------------------------------
November 2006.............................................. 5.05
[[Page 58340]]
December 2006.............................................. 4.90
January 2007............................................... 5.75
February 2007.............................................. 5.89
March 2007................................................. 5.85
April 2007................................................. 5.84
May 2007................................................... 5.98
June 2007.................................................. 6.01
July 2007.................................................. 6.32
August 2007................................................ 6.33
September 2007............................................. 6.33
October 2007............................................... 6.23
------------------------------------------------------------------------
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, Sec.
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 fourth quarter (October
through December) of 2007, as announced by the IRS, is 8 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)
------------------------------------------------------------------------
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
7/1/06........................................ 12/31/07 8
------------------------------------------------------------------------
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 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 fourth quarter (October through December) of
2007 (i.e., the rate reported for September 17, 2007) is 8.25 percent.
The following table lists the withdrawal liability underpayment and
overpayment interest rates for the specified time periods:
------------------------------------------------------------------------
Interest
From-- Through-- rate
(percent)
------------------------------------------------------------------------
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
7/1/06........................................ 9/30/06 8.00
10/1/06....................................... 12/31/07 8.25
------------------------------------------------------------------------
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 November 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 10th day of October 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-20268 Filed 10-12-07; 8:45 am]
BILLING CODE 7709-01-P
