Federal Register / Vol. 68, No. 72 / Tuesday, April 15, 2003 / Notices 18301

Abstract (Needs and Uses): The 

questionnaire is completed by OPICassisted investors annually. The 

questionnaire allows OPIC’s assessment 

of effects of OPIC-assisted projects on 

the U.S. economy and employment, as 

well as on the environment and 

economic development aboard.

Dated: April 8, 2003. 

Eli Landy, 

Senior Counsel, Administrative Affairs, 

Department of Legal Affairs.

[FR Doc. 03–9069 Filed 4–14–03; 8:45 am] 

BILLING CODE 3210–01–M

OVERSEAS PRIVATE INVESTMENT 

CORPORATION 

Sunshine Act Meeting

TIME AND DATE: Thursday, April 24, 

2003, 1:30 p.m. (OPEN Portion), 1:45 

p.m. (CLOSED Portion).

PLACE: Offices of the Corporation, 

Twelfth Floor Board Room, 1100 New 

York Avenue, NW., Washington, DC.

STATUS: Meeting OPEN to the Public 

from 1:30 p.m. to 1:45 p.m. Closed 

portion will commence at 1:45 p.m. 

(approx.).

MATTERS TO BE CONSIDERED:

1. President’s Report. 

2. Testimonial Jon M. Huntsman, Jr. 

3. Approval of January 30, 2003 

Minutes (Open Portion).

FURTHER MATTERS TO BE CONSIDERED:

(Closed to the Public 1:45 p.m.) 

1. Finance Project in Ecuador. 

2. Approval of January 30, 2003 

Minutes (Open Portion). 

3. Pending Major Projects. 

4. Reports.

FOR FURTHER INFORMATION CONTACT:

Information on the meeting may be 

obtained from Connie M. Downs at (202) 

336–8438.

Dated: April 11, 2003. 

Connie M. Downs, 

Corporate Secretary, Overseas Private 

Investment Corporation.

[FR Doc. 03–9323 Filed 4–11–03; 12:16 pm] 

BILLING CODE 3210–01–M

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium; 

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 April 2003. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in May 2003. 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 second quarter 

(April through June) of 2003.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General 

Counsel, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

1200 K Street, NW., Washington, DC 

20005, 202–326–4024. (TTY/TDD users 

may call the Federal relay service tollfree 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. The required interest rate is 

the ‘‘applicable percentage’’ (currently 

100 percent) of the annual yield on 30-

year Treasury securities for the month 

preceding the beginning of the plan year 

for which premiums are being paid (the 

‘‘premium payment year’’). (Although 

the Treasury Department has ceased 

issuing 30-year securities, the Internal 

Revenue Service announces a surrogate 

yield figure each month—based on the 

30-year Treasury bond maturing in 

February 2031—which the PBGC uses to 

determine the required interest rate.) 

The required interest rate to be used 

in determining variable-rate premiums 

for premium payment years beginning 

in April 2003 is 4.80 percent. 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between May 

2002 and April 2003.

For premium payment years 

beginning in: 

The required 

interest rate is: 

May 2002 .............................. 5.68 

June 2002 ............................. 5.65 

July 2002 .............................. 5.52 

August 2002 ......................... 5.39 

September 2002 ................... 5.08 

October 2002 ........................ 4.76 

November 2002 .................... 4.93 

December 2002 .................... 4.96 

January 2003 ........................ 4.92 

February 2003 ...................... 4.94 

March 2003 ........................... 4.81 

April 2003 ............................. 4.80 

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 

second quarter (April through June) of 

2003, as announced by the IRS, is 5 

percent. 

The following table lists the late 

payment interest rates for premiums and 

employer liability for the specified time 

periods:

18302 Federal Register / Vol. 68, No. 72 / Tuesday, April 15, 2003 / Notices 

1The term ‘‘Contractholder’’ refers to 

contractholders of any variable annuity contract 

funded by a Separate Account (each, a ‘‘Variable 

Contract’’ and collectively, ‘‘Variable Contracts’’), 

and also to contractholders of any variable annuity 

contract funded in the future by a Separate Account 

or a separate account that will be established in the 

future by a PL Insurer to support variable annuity 

contracts issued by a PL Insurer (‘‘Future Account’’) 

(collectively, ‘‘Future Variable Contracts’’).

From Through Interest rate 

(percent) 

7/1/96 ........ 3/31/98 .............. 9 

4/1/98 ........ 12/31/98 ............ 8 

1/1/99 ........ 3/31/99 .............. 7 

4/1/99 ........ 3/31/00 .............. 8 

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 ........ 6/30/03 .............. 5 

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 second 

quarter (April through June) of 2003 

(i.e., the rate reported for March 17, 

2003) is 4.25 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods:

From Through Interest rate

(percent) 

4/1/96 ................ 6/30/97 8.25 

7/1/97 ................ 12/31/98 8.50 

1/1/99 ................ 9/30/99 7.75 

10/1/99 .............. 12/31/99 8.25 

1/1/00 ................ 3/31/00 8.50 

4/1/00 ................ 6/30/00 8.75 

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 ................ 6/30/03 4.25 

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 May 

2003 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 April 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–9193 Filed 4–14–03; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–25998; File No. 812–11760] 

Pacific Life Insurance Company, et al.; 

Notice of Application 

April 9, 2003.

AGENCY: Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of an application for 

exemption pursuant to section 6(c) of 

the Investment Company Act of 1940 

(the ‘‘1940 Act’’) granting exemptions 

from the provisions of section 2(a)(32), 

22(c) and 27(i)(2)(A) of the 1940 Act and 

rule 22c–1 thereunder. 

APPLICANTS: Pacific Life Insurance 

Company (‘‘Pacific Life’’); Separate 

Account A of Pacific Life (‘‘Pacific 

Separate Account A’’); Pacific Select 

Variable Annuity Separate Account of 

Pacific Life Insurance Company (‘‘PSVA 

Separate Account’’); Pacific Life and 

Annuity Company (‘‘PL&A’’) (together 

with Pacific Life the ‘‘PL Insurers’’); 

Separate Account A of Pacific Life and 

Annuity Company (‘‘PL&A Separate 

Account A’’) (together with Pacific 

Separate Account A, PSVA Separate 

Account, and any other separate 

account of Pacific Life, PL&A or any life 

insurance company that is a successor 

in interest to PL Insurers, the ‘‘Separate 

Accounts’’); and Pacific Select 

Distributors, Inc. (‘‘PSD’’) (collectively 

referred to herein as ‘‘Applicants’’).

SUMMARY OF APPLICATION: Applicants 

seek an order to permit, when contracts 

are returned during the free look period, 

(i) the recapture of certain credit 

enhancements (‘‘Credit Enhancements’’) 

applied to the ‘‘Contract Value’’ (as 

defined herein) of Contractholders 1

under: (a) Pacific Value variable 

annuity, a flexible premium deferred 

variable annuity contract that Pacific 

Life issues through Pacific Separate 

Account A (‘‘Pacific Value’’), and (b) 

other Variable Contracts and any Future 

Variable Contracts offered by a Future 

Account, provided that any such 

Variable Contract or Future Variable 

Contract is substantially similar in all 

material respects to Pacific Value; and 

(ii) the recapture of any amounts 

credited under Pacific Portfolios 

variable annuity (‘‘Pacific Portfolios’’), 

Pacific Innovations Select variable 

annuity (‘‘Pacific Innovations Select’’), 

and Pacific One variable annuity 

(‘‘Pacific One’’), each a flexible 

premium deferred variable annuity 

contract funded by Pacific Separate 

Account A; Pacific Select Variable 

Annuity, a flexible premium deferred 

annuity and variable accumulation 

contract funded by Pacific Select 

Variable Annuity Separate Account 

(‘‘PSVA’’), Pacific Innovations Select 

variable annuity, a flexible premium 

deferred variable annuity contract 

funded by PL&A Separate Account A 

(‘‘PL&A Innovations Select’’), or any 

Variable Contract or Future Variable 

Contract that is sold to Contractholders 

in situations where selling and/or 

maintenance costs associated with the 

Variable Contracts are reduced (‘‘Cost 

Reduction Credit’’) or to 

Contractholders who meet certain 

criteria as established by the relevant PL 

Insurer (‘‘Eligible Person Credit’’), 

provided that any such Variable 

Contract or Future Variable Contract is 

substantially similar in all material 

respects to PSVA, Pacific Portfolios, 

Pacific One, Pacific Innovations Select 

or PL&A Innovations Select.

FILING DATES: The Application was filed 

with the SEC on August 24, 1999 and 

amended and restated on March 28, 

2000, April 30, 2002, November 25, 

2002 and April 8, 2003.

HEARING OR NOTIFICATION OF HEARING: An 

order granting the Application will be 

issued unless the SEC orders a hearing. 

Interested persons may request a 

hearing by writing to the SEC’s 

Secretary and serving Applicants with a 

copy of the request, personally or by 

mail. Hearing requests should be 

received by the SEC by 5:30 p.m., on 

May 1, 2003, and should be 

accompanied by proof of service on 

Applicants, in the form of an affidavit, 

or, for lawyers, a certificate of service.