1996 Federal Register / Vol. 67, No. 10 / Tuesday, January 15, 2002 / Notices

safe processing and delivery of first

class mail to the NRC. If comments are

sent via first class mail, commenters are

requested to contact Dr. Michael T.

Masnik by telephone at (301) 415–1191,

or through the NRC operator at (800)

368–5642, to inform him that comments

have been submitted by mail.

FOR FURTHER INFORMATION, CONTACT: Dr.

Michael T. Masnik, Environmental

Section, License Renewal and

Environmental Impacts Program,

Division of Regulatory Improvement

Programs, U.S. Nuclear Regulatory

Commission, Washington, DC 20555.

Dr. Masnik may be contacted at the

aforementioned telephone number or email address.

Dated at Rockville, Maryland, this 11th day

of January, 2002.

For the Nuclear Regulatory Commission.

Andrew J. Kugler,

Acting Chief, Environmental Section, License

Renewal and Environmental Impacts

Program, Division of Regulatory Improvement

Programs, Office of Nuclear Reactor

Regulation.

[FR Doc. 02–1070 Filed 1–14–02; 8:45 am]

BILLING CODE 7590–01–P

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

2002. The interest assumptions for

performing multiemployer plan

valuations following mass withdrawal

under part 4281 apply to valuation dates

occurring in February 2002. 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 2002.

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

85 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’’). The yield

figure is reported in Federal Reserve

Statistical Releases G.13 and H.15.

The required interest rate to be used

in determining variable-rate premiums

for premium payment years beginning

in January 2002 is 4.66 percent (i.e., 85

percent of the 5.48 percent yield figure

for December 2001).

The following table lists the required

interest rates to be used in determining

variable-rate premiums for premium

payment years beginning between

February 2001 and January 2002.

For premium payment

years beginning in:

The required interest rate is:

February 2001 ................ 4.71

March 2001 ..................... 4.63

April 2001 ....................... 4.54

May 2001 ........................ 4.80

June 2001 ....................... 4.91

July 2001 ........................ 4.82

August 2001 ................... 4.77

September 2001 ............. 4.66

October 2001 .................. 4.66

November 2001 .............. 4.52

December 2001 .............. 4.35

January 2002 .................. 4.66

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

2002, as announced by the IRS, is 6

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)

7/1/95 ................ 3/31/96 9

4/1/96 ................ 6/30/96 8

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 ................ 3/31/02 6

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 2002

Federal Register / Vol. 67, No. 10 / Tuesday, January 15, 2002 / Notices 1997

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

2001) is 4.75 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

From Through Interest rate

(percent)

10/1/95 .............. 3/31/96 8.75

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 ................ 3/31/02 4.75

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 2002 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 2002.

Steven A. Kandarian,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 02–1137 Filed 1–14–02; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27489]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

January 9, 2002.

Notice is hereby given that the

following filing has been made with the

Commission pursuant to provisions of

the Act and rules promulgated under

the Act. All interested persons are

referred to the declaration for complete

statements of the proposed transaction

summarized below. The declaration is

available for public inspection through

the Commission’s Branch of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

declaration should submit their views in

writing by February 4, 2002, to the

Secretary, Securities and Exchange

Commission, Washington, DC 20549–

0609, and serve a copy on the relevant

declarant at the address specified below.

Proof of service (by affidavit or, in the

case of an attorney at law, by certificate)

should be filed with the request. Any

request for hearing should identify

specifically the issues of facts or law

that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After February 4, 2002, the declaration,

as filed or as amended, may be granted

and/or permitted to become effective.

American Electric Power Company,

Inc. (70–10021)

American Electric Power Company,

Inc. (‘‘AEP’’), a registered holding

company, 1 Riverside Plaza, Columbus,

Ohio 43215, has filed a declaration

under sections 6(a), 7, 32, and 33 of the

Act and rules 53 and 54 under the Act.

The Commission issued a notice of the

declaration on January 2, 2002 (HCAR

No. 27488) (‘‘Prior Notice’’). This

supplemental notice replaces in its

entirety the Prior Notice.

AEP proposes to organize and acquire

all of the common stock or other equity

interests of one or more subsidiaries

(‘‘Financing Subsidiary’’ or ‘‘Financing

Subsidiaries’’) for the purpose of

effecting various financing transactions

from time to time through June 30, 2004

involving the issuance and sale of up to

an aggregate of $3.0 billion (cash

proceeds to AEP) in any combination of

common stock, preferred securities, debt

securities, stock purchase contracts and

stock purchase units, as well as its

common stock issuable under the stock

purchase contracts and stock purchase

units. AEP further proposes that it may

effect directly (i.e., without Financing

Subsidiary) any transaction involving

common stock, preferred securities, debt

securities, stock purchase contracts or

stock purchase units described here,

provided that AEP shall not issue any

secured indebtedness. AEP will not

publicly issue unsecured indebtedness

or preferred securities in this file unless

it has maintained at least an investment

grade corporate or senior unsecured

debt rating by at least one nationally

recognized rating agency. No Financing

Subsidiary or Special Purpose

Subsidiary, as defined below, shall

acquire or dispose of, directly or

indirectly, any interest in any utility

asset, as that term is defined under the

Act. Additionally, AEP’s forecasted cash

flow analysis and capitalization forecast

for the next two years, which forecasts

assume the issuance of $1 billion of

common stock out of the $3.0 billion

total financing authority requested

herein, indicate that it is expected that

AEP’s common equity will remain

above 30% of its consolidated

capitalization for each of the next three

years.

I. Financing Subsidiaries

AEP will acquire all of the

outstanding shares of common stock or

other equity interests of the Financing

Subsidiary for amounts (inclusive of

capital contributions that may be made

from time to time to the Financing

Subsidiary by AEP) aggregating up to

35% of the total capitalization of the

Financing Subsidiary (i.e., the aggregate

of the equity accounts and indebtedness

of the Financing Subsidiary). An

investment by AEP will not in any event

be less than the minimum required by

any applicable law. The business of the

Financing Subsidiary will be limited to

effecting financing transactions for AEP

and its affiliates. In connection with

these financing transactions, AEP will

enter into one or more guarantee or

other credit support agreements in favor

of the Financing Subsidiary.

II. Preferred Securities

In connection with the issuance of

preferred securities, AEP or the

Financing Subsidiary proposes to

organize one or more separate special

purpose subsidiaries (‘‘Special Purpose

Subsidiary’’ or ‘‘Special Purpose

Subsidiaries’’) as any one or any

combination of (a) a limited liability

company under the Limited Liability

Company Act (the ‘‘LLC Act’’) of the

State of Delaware or other jurisdiction

considered advantageous by AEP, (b) a

limited partnership under the Revised

Uniform Limited Partnership Act of the

State of Delaware or other jurisdiction

considered advantageous by AEP, (c) a

business trust under the laws of the

State of Delaware or other jurisdiction

considered advantageous by AEP, or (d)

any other entity or structure, foreign or

domestic, that is considered

advantageous by AEP. In the event that

any Special Purpose Subsidiary is

organized as a limited liability

company, AEP or the Financing

Subsidiary may also organize a second

special purpose wholly-owned

subsidiary under the General

Corporation Law of the State of

Delaware or other jurisdiction

(‘‘Investment Sub’’) for the purpose of

acquiring and holding Special Purpose