Required Interest Rate Assumption for Determining Variable-Rate Premium for Single-Employer Plans; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal, 64253 [E7-22327]
Download as PDF
<![CDATA[
Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
Pension Benefit Guaranty
Corporation.
ACTION: Notice of interest rates and
assumptions.
under part 4281 apply to valuation dates
occurring in December 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:
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
2007. The interest assumptions for
performing multiemployer plan
valuations following mass withdrawal
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
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:
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 November 2007 is 6.14 percent (i.e.,
100 percent of the 6.14 percent
composite corporate bond rate for
October 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
December 2006 and November 2007.
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 .............................................................................................................................................................
November 2007 .........................................................................................................................................................
pwalker on PROD1PC71 with NOTICES
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 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.
VerDate Aug<31>2005
19:50 Nov 14, 2007
Jkt 214001
Issued in Washington, DC, on this 8th day
of November 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty
Corporation.
[FR Doc. E7–22327 Filed 11–14–07; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–28045; 812–12984]
BTOP50 Managed Futures Fund and
Asset Alliance Advisors, Inc.; Notice of
Application
November 8, 2007.
Securities and Exchange
Commission (‘‘Commission’’).
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
4.90
5.75
5.89
5.85
5.84
5.98
6.01
6.32
6.33
6.33
6.23
6.14
Notice of application for an
order under section 6(c) of the
Investment Company Act of 1940
(‘‘Act’’) for an exemption from sections
18(c) and 18(i) of the Act.
ACTION:
Applicants
request an order to permit certain
registered closed-end management
investment companies to issue multiple
classes of shares.
APPLICANTS: BTOP50 Managed Futures
Fund (‘‘Trust’’) and Asset Alliance
Advisors, Inc. (‘‘Advisor’’).
FILING DATES: The application was filed
on June 9, 2003 and amended on
December 9, 2003 and November 6,
2007.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
SUMMARY OF APPLICATION:
BILLING CODE 7709–01–P
AGENCY:
64253
E:\FR\FM\15NON1.SGM
15NON1
]]>Agencies
[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Notices]
[Page 64253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22327]
[[Page 64253]]
=======================================================================
-----------------------------------------------------------------------
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 2007. The interest assumptions for performing multiemployer
plan valuations following mass withdrawal under part 4281 apply to
valuation dates occurring in December 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 November 2007 is 6.14
percent (i.e., 100 percent of the 6.14 percent composite corporate bond
rate for October 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 December 2006 and November 2007.
------------------------------------------------------------------------
The required interest rate
For premium payment years beginning in: is:
------------------------------------------------------------------------
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
November 2007............................. 6.14
------------------------------------------------------------------------
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 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 8th day of November 2007.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E7-22327 Filed 11-14-07; 8:45 am]
BILLING CODE 7709-01-P
