Federal Register / Vol. 65, No. 10 / Friday, January 14, 2000 / Notices 2445

Board that the petition and/or request

should be granted based upon a

balancing of the factors specified in 10

CFR 2.714(a)(1)(i)–(v) and 2.714(d).

For further details with respect to this

action, see the application for

amendment dated December 28, 1999,

which is available for public inspection

at the Commission’s Public Document

Room, the Gelman Building, 2120 L

Street, NW., Washington, DC, and

accessible electronically through the

ADAMS Public Electronic Reading

Room link at the NRC Web site (http:/

/www.nrc.gov).

Dated at Rockville, Maryland, this 10th day

of January 2000.

For the Nuclear Regulatory Commission.

Peter S. Tam,

Senior Project Manager, Section 1, Project

Directorate 1, Division of Licensing Project

Management, Office of Nuclear Reactor

Regulation.

[FR Doc. 00–974 Filed 1–13–00; 8:45 am]

BILLING CODE 7590–01–P

PENSION BENEFIT GUARANTY

CORPORATION

Interest 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 are derivable 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 interest rate for determining

the variable-rate premium under part

4006 applies to premium payment years

beginning in January 2000. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in February 2000. 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 2000.

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. (For TTY/TDD

users, 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 in

determining a single-employer plan’s

variable-rate premium. The 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 assumed interest rate to be used

in determining variable-rate premiums

for premium payment years beginning

in January 2000 is 5.40 percent (i.e., 85

percent of the 6.35 percent yield figure

for December 1999).

The following table lists the assumed

interest rates to be used in determining

variable-rate premiums for premium

payment years beginning between

February 1999 and January 2000.

For premium payment years

beginning in

The

assumed

interest

rate is

February 1999 .............................. 4.39

March 1999 ................................... 4.56

April 1999 ..................................... 4.74

May 1999 ...................................... 4.72

June 1999 ..................................... 4.94

July 1999 ...................................... 5.13

August 1999 ................................. 5.08

September 1999 ........................... 5.16

October 1999 ................................ 5.16

November 1999 ............................ 5.32

December 1999 ............................ 5.23

January 2000 ................................ 5.40

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

2000, as announced by the IRS, is 8

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)

10/1/92 .................. 6/30/94 7

7/1/94 .................... 9/30/94 8

10/1/94 .................. 3/31/95 9

4/1/95 .................... 6/30/95 10

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

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 2000

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

1999) is 8.50 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

2446 Federal Register / Vol. 65, No. 10 / Friday, January 14, 2000 / Notices

From— Through—

Interest

rate

(percent)

10/1/92 .................. 6/30/94 6.00

7/1/94 .................... 9/30/94 7.25

10/1/94 .................. 12/31/94 7.75

1/1/95 .................... 3/31/95 8.50

4/1/95 .................... 9/30/95 9.00

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

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 2000 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 7th day

of January 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–860 Filed 1–13–00; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–24234; File No. 812–11584]

Great-West Life & Annuity Insurance

Company, et al.; Notice of Application

January 7, 2000.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or Commission’’).

ACTION: Notice of Application for

approval under Section 26(b) of the

Investment Company Act of 1940, as

amemded.

SUMMARY OF APPLICATION: Applicants

seek an order approving the substitution

of shares of the Janus Aspen Worldwide

Growth Portfolio for the Van Eck

Worldwide Hard Assets Fund; the Janus

Aspen International Growth Portfolio

for the Lexington Emerging Markets

Fund; the SAFECO RST Growth

Portfolio for the Stein Roe Special

Venture Fund; the INVESCO VIF—

Equity Income Fund for the INVESCO

VIF—Total Return Fund; and the Alger

American Growth Portfolio for the Janus

Aspen Aggressive Growth Portfolio,

Alger American Small Capitalization

Portfolio, Strong Discovery Fund II and

American Century VP Capital

Appreciation Portfolio.

APPLICANTS: Great-West Life & Annuity

Insurance Company (‘‘GWL&A’’), First

Great-West Life & Annuity Insurance

Company (‘‘FGWLA’’), Variable

Annuity-1 Series Account of GWL&A

(the ‘‘GWL&A Account’’), Variable

Annuity-1 Series Account of FGWLA

(the ‘‘FGWLA Account’’ or together,

with the GWL&A Account, the

‘‘Accounts’’) (hereinafter, all parties are

collectively referred to as the

‘‘Applicants’’).

FILING DATE: The application was filed

on April 16, 1999, and amended and

restated on September 29, 1999, and

December 28, 1999.

HEARING OR NOTIFICATION OF HEARING: An

order granting the Application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the Secretary of

the Commission and serving Applicants

with a copy of the request, personally or

by mail. Hearing requests should be

received by the Commission by 5:30

p.m. on January 31, 2000, and should be

accompanied by proof of service on

Applicants, in the form of an affidavit

or, for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request and the issues contested.

Persons who wish to be notified of a

hearing may request notification by

writing to the Secretary of the

Commission.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 Fifth Street,

NW, Washington, DC 20549–0609.

Applicants, c/o Jorden Burt Boors

Cicchetti Benson & Johnson, LLP, 1025

Thomas Jefferson Street, N.W., Suite 400

East, Washington, DC 20007–0805;

Attention: Tom Ira, Esq.

FOR FURTHER INFORMATION CONTACT:

Michael Pappas, Senior Counsel, or

Susan Olson, Branch Chief, Office of

Insurance Products, Division of

Investment Management, at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

Application. The complete Application

is available for a fee from the Public

Reference Branch of the Commission,

450 Fifth Street NW., Washington, DC

20549–0102 (tel. (202) 942–8090).

Applicant’s Representations

1. GWL&A is a stock life insurance

company organized under the laws of

the State of Colorado. GWL&A is an

indirect, wholly-owned subsidiary of

The Great-West Life Assurance

Company, which is a subsidiary of

Great-West Lifeco, Inc., an insurance

holding company ultimately controlled

by Power Corporation of Canada.

GWL&A is principally engaged in

offering life insurance, annuity

contracts, and accident and health

insurance and is admitted to do

business in the District of Columbia,

Puerto Rico, the U.S. Virgin Islands,

Guam and in all states of the United

States, except New York.

2. FGWLA is a stock life insurance

company organized under the laws of

the State of New York. FGWLA is a

wholly owned subsidiary of GWL&A,

and is principally engaged in the sale of

life insurance, accident and health

insurance, and annuities. FGWLA is

admitted to do business in New York

and Iowa.

3. The GWL&A Account and the

FGWLA Account are distinct

investment accounts of GWL&A and

FGWLA, respectively, which act as

funding vehicles for certain group and

individual flexible premium variable

deferred annuity contracts (the ‘‘Schwab

Contracts’’ or the ‘‘Contracts’’). Charles

Schwab & Co., Inc. (‘‘Schwab’’) is the

principal underwriter and distributor of

the Schwab Contracts. The assets of the

GWL&A Account and the FGWLA

Account are owned by GWL&A and

FGWLA, respectively, and the

obligations under the Schwab Contracts

are obligations of GWL&A and FGWLA,

respectively. GWL&A and FGWLA each

are required to maintain sufficient assets

in the GWL&A Account and FGWLA

Account, respectively, to meet

anticipated obligations of the Schwab

Contracts.

4. The Schwab Contracts currently

offer twenty-eight investment subaccounts, each of which invest

exclusively in one of the corresponding

portfolios (the ‘‘underlying portfolios’’)

of sixteen open-end management

investment companies. The assets of the

Accounts are kept separate from the

other assets of GWL&A and FGWLA.

The income, gains, and losses of the

Accounts, whether or not realized, are

credited to or charged against the

Accounts without regard to other

income, gains, or losses of any other

separate account or arising out of any

other business that GWL&A or FGWLA

may conduct.

5. The GWL&A Account is a unit

investment trust (‘‘UIT’’) and has filed a

registration statement on form N–4

(Registration Nos. 811–07549 and 333–

01153) for the purpose of registering the

GWL&A Account under the 1940 Act