60590 Federal Register / Vol. 71, No. 198 / Friday, October 13, 2006 / Notices 

individual to initiate an action challenging 

the results of an FBI criminal history records 

check after the record is made available for 

his/her review. The Licensee may make a 

final SGI access determination based upon 

the criminal history record only upon receipt 

of the FBI’s ultimate confirmation or 

correction of the record. Upon a final adverse 

determination on access to SGI, the Licensee 

shall provide the individual its documented 

basis for denial. Access to SGI shall not be 

granted to an individual during the review 

process. 

Protection of Information 

1. Each Licensee who obtains a criminal 

history record on an individual pursuant to 

this Order shall establish and maintain a 

system of files and procedures for protecting 

the record and the personal information from 

unauthorized disclosure. 

2. The Licensee may not disclose the 

record or personal information collected and 

maintained to persons other than the subject 

individual, his/her representative, or to those 

who have a need to access the information 

in performing assigned duties in the process 

of determining access to Safeguards 

Information. No individual authorized to 

have access to the information may redisseminate the information to any other 

individual who does not have a need-toknow. 

3. The personal information obtained on an 

individual from a criminal history record 

check may be transferred to another Licensee 

if the Licensee holding the criminal history 

record check receives the individual’s 

written request to re-disseminate the 

information contained in his/her file, and the 

gaining Licensee verifies information such as 

the individual’s name, date of birth, social 

security number, sex, and other applicable 

physical characteristics for identification 

purposes. 

4. The Licensee shall make criminal 

history records, obtained under this section, 

available for examination by an authorized 

representative of the NRC to determine 

compliance with the regulations and laws. 

5. The Licensee shall retain all fingerprint 

and criminal history records received from 

the FBI, or a copy if the individual’s file has 

been transferred, for three (3) years after 

termination of employment or determination 

of access to SGI (whether access was 

approved or denied). After the required three 

(3) year period, these documents shall be 

destroyed by a method that will prevent 

reconstruction of the information in whole or 

in part. 

[FR Doc. E6–16996 Filed 10–12–06; 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 

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 (http://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 

2006. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in November 2006. 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 

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 § 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 

October 2006 is 5.06 percent (i.e., 85 

percent of the 5.95 percent composite 

corporate bond rate for September 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 

November 2005 and October 2006. 

For premium payment years 

beginning in: 

The required 

interest rate is: 

November 2005 .................... 4.83 

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 

Late Premium Payments; 

Underpayments and Overpayments of 

Single-Employer Plan Termination 

Liability 

Section 4007(b) of ERISA and 

§ 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 2006, as announced by the 

IRS, is 8 percent. 

The following table lists the late 

payment interest rates for premiums and 


ycherry on PROD1PC64 with NOTICES2
Federal Register / Vol. 71, No. 198 / Friday, October 13, 2006 / Notices 60591 

1 15 U.S.C. 78s(b)(1). 

2The Commission has modified the text of the 

summaries prepared by FICC. 

3 GSD Rule 21. 

4 GSD Rule 22. 

5The text of the proposed rules can be found on 

FICC’s Web site at <http://ficc.com/gov/gov.

docs.jsp?NS-query=#rf>. 

6Such triggers include the member failing to 

perform its obligations to FICC and FICC’s 

determination that the member is in or is 

approaching financial difficulty. 

employer liability for the specified time 

periods: 

From— Through— Interest rate 

(percent) 

4/1/00 ........ 3/31/01 9 

4/1/01 ........ 6/30/01 8 

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 ........ 12/31/06 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 

2006 (i.e., the rate reported for 

September 15, 2006) is 8.25 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods: 

From Through Interest rate 

(percent) 

7/1/00 ........ 3/31/01 9.50 

4/1/01 ........ 6/30/01 8.50 

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 ...... 12/31/06 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 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. 

Issued in Washington, DC, on this 5th day 

of October 2006. 

James C. Gerber, 

Acting Interim Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. E6–16957 Filed 10–12–06; 8:45 am] 

BILLING CODE 7709–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–54570); File No. SR–FICC–

2006–12] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of a Proposed Rule Change 

Relating to Financial Responsibility, 

Operational Capability, Insolvency, and 

Ceasing To Act 

October 4, 2006. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

June 15, 2006, the Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) and on 

September 22, 2006, amended the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by FICC. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change would 

amend FICC’s Government Securities 

Division’s (‘‘GSD’’) and Mortgage 

Backed Securities Division’s (‘‘MBSD’’) 

rules relating to members’’ or 

applicants’ financial responsibility, 

operational capability, and insolvency 

and FICC ceasing to act for members. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FICC included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. FICC has prepared 

summaries, set forth in Sections A, B, 

and C below, of the most significant 

aspects of such statements.2

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Cease To Act and Insolvency Rules 

In order to achieve greater legal and 

administrative consistency and 

efficiency, FICC proposes to harmonize 

GSD’s rules governing when FICC will 

cease to act for a member in a 

noninsolvency situation 3 and in an 

insolvency situation 4 with the rules of 

FICC’s affiliate, the National Securities 

Clearing Corporation (‘‘NSCC’’).5

Under the proposed rule change, GSD 

Rule 21 would be renamed ‘‘Restriction 

on Access to Services,’’ would address 

noninsolvency situations, and would be 

structured similar to NSCC Rule 46. 

While new Rule 21 would be triggered 

by essentially the same criteria that are 

contained in the current GSD rule,6 the 

new rule would expand the remedies 

that FICC could exercise beyond only 

‘‘ceasing to act’’ or ‘‘ceasing to accept 

data’’ on behalf of the member. 

Specifically, FICC, after notifying and 

providing an opportunity to request a 

hearing to the member, would be able to 

suspend, prohibit, or limit a member’s 

access to one or more of FICC’s services. 

GSD Rule 22, which covers situations 

when a member becomes insolvent, 

would remain in its current form except 

that its close-out provisions would be 

amended and would be moved to a new 

Rule 22A. Rule 22A would set forth the 

procedures that FICC would follow 

when it ceases to act for a member 


ycherry on PROD1PC64 with NOTICES2