2678 Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices 

FURTHER MATTERS TO BE CONSIDERED:

(Closed to the Public 9:45 a.m.). 

1. Auditor’s Report to the Board. 

2. Finance Project—Algeria. 

3. Finance Project—Mexico. 

4. Finance Project—Pakistan. 

5. Finance Project—Mexico. 

6. Finance Project—Mexico. 

7. Finance Project—Mexico. 

8. Approval of November 10, 2004 

Minutes (closed portion). 

9. Pending Major Projects. 

10. Reports.

FOR FURTHER INFORMATION CONTACT:

Information on the meeting may be 

obtained from Connie M. Downs at (202) 

336–8438.

Dated: January 12, 2005. 

Connie M. Downs, 

Corporate Secretary, Overseas Private 

Investment Corporation.

[FR Doc. 05–907 Filed 1–12–05; 11:29 am] 

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 January 

2005. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in February 2005. 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 first quarter 

(January through March) of 2005.

FOR FURTHER INFORMATION CONTACT:

Catherine B. Klion, Acting 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 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 

Funding Equity Act of 2004, for 

premium payment years beginning in 

2004 or 2005, 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. 

Thus, the required interest rate to be 

used in determining variable-rate 

premiums for premium payment years 

beginning in January 2005 is 4.73 

percent (i.e., 85 percent of the 5.57 

percent composite corporate bond rate 

for December 2004 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 

February 2004 and January 2005.

For premium payment years 

beginning in: 

The

required

interest rate 

is: 

February 2004 .......................... 4.83 

March 2004 ............................... 4.79 

April 2004 ................................. 4.62 

May 2004 .................................. 4.98 

June 2004 ................................. 5.26 

July 2004 .................................. 5.25 

August 2004 ............................. 5.10 

September 2004 ....................... 4.95 

October 2004 ............................ 4.79 

November 2004 ........................ 4.73 

December 2004 ........................ 4.75 

January 2005 ............................ 4.73 

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 first 

quarter (January through March) of 

2005, 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:

From— Through— 

Interest

rate

(percent) 

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 ................ 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 

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 first 

quarter (January through March) of 2005 

Federal Register / Vol. 70, No. 10 / Friday, January 14, 2005 / Notices 2679

(i.e., the rate reported for December 15, 

2004) is 5.25 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods:

From— Through—

Interest

Rate

(percent) 

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 ................ 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 

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 

February 2005 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 January 2005. 

Joseph H. Grant, 

Chief Operating Officer, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–794 Filed 1–13–05; 8:45 am] 

BILLING CODE 7708–01–P

OFFICE OF PERSONNEL 

MANAGEMENT 

Proposed Collection; Comment 

Request for Review of a Revised 

Information Collection: RI 34–1 and RI 

34–3

AGENCY: Office of Personnel 

Management.

ACTION: Notice.

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995 (Pub. 

L. 104–13, May 22, 1995), this notice 

announces that the Office of Personnel 

Management (OPM) intends to submit to 

the Office of Management and Budget a 

request for review of a revised 

information collection. RI 34–1, 

Financial Resources Questionnaire, 

collects detailed financial information 

for use by OPM to determine whether to 

agree to a waiver, compromise, or 

adjustment of the collection of 

erroneous payments from the Civil 

Service Retirement and Disability Fund. 

RI 34–3, Notice of Amount Due Because 

of Annuity Overpayment, informs the 

annuitant about the overpayment and 

collects information from the annuitant 

about how repayment will be made. 

Comments are particularly invited on: 

Whether this collection of information 

is necessary for the proper performance 

of functions of OPM, and whether it will 

have practical utility; whether our 

estimate of the public burden of this 

collection is accurate, and based on 

valid assumptions and methodology; 

and ways in which we can minimize the 

burden of the collection of information 

on those who are to respond, through 

use of the appropriate technological 

collection techniques or other forms of 

information technology. 

Approximately 520 RI 34–1 and 1,561 

RI 34–3 forms are completed annually. 

Each form takes approximately 60 

minutes to complete. The annual 

estimated burden is 520 hours and 1,561 

hours respectively. 

For copies of this proposal, contact 

Mary Beth Smith-Toomey on (202) 606–

8358, FAX (202) 418–3251 or via e-mail 

to mbtoomey@opm.gov. Please include a 

mailing address with your request.

DATES: Comments on this proposal 

should be received within 60 calendar 

days from the date of this publication.

ADDRESSES: Send or deliver comments 

to—Pamela S. Israel, Chief, Operations 

Support Group, Retirement Services 

Program, Center for Retirement and 

Insurance Services, U.S. Office of 

Personnel Management, 1900 E Street, 

NW., Room 3305, Washington, DC 

20415–3540.

FOR INFORMATION REGARDING

ADMINISTRATIVE COORDINATION—CONTACT:

Cyrus S. Benson, Team Leader, 

Publications Team, RIS Support 

Services/Support Group, (202) 606–

0623.

U.S. Office of Personnel Management. 

Kay Coles James, 

Director.

[FR Doc. 05–758 Filed 1–13–05; 8:45 am] 

BILLING CODE 6325–38–P

OFFICE OF PERSONNEL 

MANAGEMENT 

Solicitation of Federal Civilian and 

Uniformed Service Personnel for 

Contributions To Private Voluntary 

Organizations

AGENCY: Office of Personnel 

Management (OPM).

ACTION: Notice.

SUMMARY: The Office of Personnel 

Management (OPM) is implementing a 

Combined Federal Campaign (CFC) pilot 

program for up to 16 Local Federal 

Coordinating Committees (LFCC) to 

allow them to enter into two-year 

agreements with non-profit 

organizations to serve as the Principal 

Combined Fund Organization (PCFO). 

These agreements would be subject to 

renewal after the first year, following a 

review of performance as defined by the 

CFC regulations at 5 CFR Part 950, 

subparts A, D through F, and I. The 

primary objective of the pilot program is 

to assess the potential impact of the 

multi-year agreements in advance of a 

possible proposal for a permanent 

amendment to the CFC regulations and 

nationwide implementation with 

particular attention on: (a) Potential for 

costs savings; (b) potential to promote 

competition; (c) serve as incentive for 

mergers; and (d) potential need for new 

regulatory safeguards.

DATES: The pilot program will be 

effective for the selection of the 2005 

PCFO, which must occur no later than 

March 15, 2005. Selected LFCCs that 

choose to participate will be required to 

conduct a performance review and 

decide whether or not to renew the 

agreement with the PCFO for the second 

year no later than January 16, 2006. If 

the agreement is not renewed, then the 

participating LFCC will need to solicit 

a new PCFO and make a selection no 

later than March 15, 2006.

FOR FURTHER INFORMATION CONTACT:

Mark W. Lambert, Senior Compliance 

Officer for the Office of CFC Operations, 

by telephone on (202) 606–2564, by 

FAX on (202) 606–0902, or by e-mail at 

cfc@opm.gov.

Authority: E.O. 12353 (March 23, 1982), 47 

FR 12785 (March 25, 1982). 3 CFR 1982 

Comp., p. 139. E.O. 12404 (February 10, 

1983), 48 FR 6685 (February 15. 1983), Pub. 

L 100–202, and Pub. L. 102–393 (5 U.S.C. 

1101 Note).

U.S. Office of Personnel Management. 

Kay Coles James, 

Director.

[FR Doc. 05–745 Filed 1–13–05; 8:45 am] 

BILLING CODE 6325–46–P