25628 Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices 

protection requirements of III.G.2 are 

not applicable. During an NRC internal 

meeting on May 7, 1986, to discuss 

SECY–85–306, ‘‘Appendix R, Post-Fire 

Safe Shutdown’’ (ML050140123), one 

staff member voiced this industry 

position. In that meeting, the NRC 

Office of the Executive Legal Director 

(now Office of General Counsel) 

confirmed that the line of reasoning 

proposed is only applicable to licensees 

that have requested and received an 

exemption, as this position does not 

meet regulatory requirements. These 

meeting minutes later became publicly 

available. 

The requirements of paragraph III.G.1 

are not independent of the requirements 

of paragraph III.G.2 and the 

requirements are not necessarily 

progressive. Paragraph III.G.2 states: 

‘‘Except as provided for in paragraph 

G.3 of this section, where cables or 

equipment, including associated nonsafety circuits that could prevent 

operation or cause maloperation due to 

hot shorts, open circuits, or shorts to 

ground, of redundant trains of systems 

necessary to achieve and maintain hot 

shutdown conditions are located within 

the same fire area outside of primary 

containment, one of the following 

means of ensuring that one of the 

redundant trains is free of fire damage 

shall be provided: * * * ’’

Consequently, unless alternative or 

dedicated shutdown capability is 

provided, redundant circuits credited 

for post-fire safe shutdown and located 

in the same fire area must be protected 

in accordance with III.G.2 without the 

use of emergency control stations of any 

kind. The regulatory requirement to 

provide either III.G.2 or III.G.3 

protection was noted in GL 86–10 

(response to Question 5.1.2).

This staff position was reiterated in 

the May 16, 2002, letter from J. N. 

Hannon of the NRC to A. Marion of NEI 

(ML021410026), and Committee To 

Review Generic Requirements (CRGR) 

Meeting Minutes No. 367 

(ML021750218) noted that this letter 

does not contain any new staff 

positions. 

This RIS does not give a precise 

definition of emergency control stations, 

but clarifies that, under the current 

regulations, manual actions may not be 

credited to claim that a III.G.2 area is a 

III.G.1 area. Where redundant trains are 

located in the same fire area and where 

an alternative shutdown capability is 

not provided, the protection required by 

III.G.2, including detection and 

suppression (where noted), must be 

provided. 

The operator manual actions 

rulemaking currently in process is 

expected to provide guidance to 

licensees on using operator manual 

actions to comply with III.G.2. In 

addition, licensees may address these 

issues by adopting a risk-informed, 

performance-based fire protection 

program in accordance with NFPA 805 

and 10 CFR 50.48(c). 

End of Draft Regulatory Issue Summary 

Documents may be examined, and/or 

copied for a fee, at the NRC’s Public 

Document Room at One White Flint 

North, 11555 Rockville Pike (first floor), 

Rockville, Maryland. Publicly available 

records will be accessible electronically 

from the Agencywide Documents 

Access and Management System 

(ADAMS) Public electronic reading 

room on the internet at the NRC Web 

site, http://www.nrc.gov/nrc/adams/

index.html. If you do not have access to 

adams or if you have problems in 

accessing the documents in adams, 

contact the NRC public document room 

(pdr) reference staff at 1–800–397–4209 

or 301–415–4737 or by e-mail to 

pdr@nrc.gov.

Dated at Rockville, Maryland, this 4th day 

of May 2005.

For the Nuclear Regulatory Commission. 

Patrick H. Hiland, 

Chief, Reactor Operations Branch, Division 

of Inspection Program Management, Office 

of Nuclear Reactor Regulation.

[FR Doc. E5–2377 Filed 5–12–05; 8:45 am] 

BILLING CODE 7590–01–P

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium; 

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 May 2005. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in June 2005.

FOR FURTHER INFORMATION CONTACT:

Catherine B. Klion, Attorney, 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 

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 May 2005 is 4.72 percent 

(i.e., 85 percent of the 5.55 percent 

composite corporate bond rate for April 

2005 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 June 

2004 and May 2005.

For premium payment years beginning in: 

The required interest rate 

is: 

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 

February 2005 ............................. 4.66 

March 2005 ................................. 4.56 

April 2005 .................................... 4.78 

May 2005 .................................... 4.72 

Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices 25629

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

2 17 CFR 240.19b–4.

3See Form 19b–4 dated April 4, 2005 

(‘‘Amendment No. 1’’). Amendment No. 1 replaced 

the proposal in its entirety.

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 June 

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 6th day 

of May 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–9549 Filed 5–12–05; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold the following 

meeting during the week of May 16, 

2005: 

A Closed Meeting will be held on 

Tuesday, May 17, 2005 at 10 a.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters may also be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), (9)(B), and 

(10) and 17 CFR 200.402(a)(3), (5), (7), 

9(ii) and (10), permit consideration of 

the scheduled matters at the Closed 

Meeting. 

Commissioner Glassman, as duty 

officer, voted to consider the items 

listed for the closed meeting in closed 

session. 

The subject matter of the Closed 

Meeting scheduled for Tuesday, May 17, 

2005, will be: 

Formal orders of investigations; 

Institution and settlement of 

injunctive actions; and 

Institution and settlement of 

administrative proceedings of an 

enforcement nature. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: The Office of the Secretary at 

(202) 942–7070.

Dated: May 10, 2005. 

Jonathan G. Katz, 

Secretary.

[FR Doc. 05–9678 Filed 5–11–05; 11:15 am] 

BILLING CODE 8010–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–51671; File No. SR–Amex–

2005–033] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing of Proposed Rule Change and 

Amendment No. 1 Thereto To Amend 

Rule 918—ANTE(a)(4) Regarding 

Closing Rotations 

May 9, 2005. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 17, 

2005, the American Stock Exchange LLC 

(‘‘Amex’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in items I, II and III 

below, which items have been prepared 

by the Amex. The Amex submitted an 

amendment to the proposal on April 14, 

2005.3 The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as amended, from 

interested persons.

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Amex proposes to amend Rule 

918—ANTE (a)(4) to eliminate the 

requirement that a closing rotation be 

held in every option series at the end of 

every trading day. The text of the 

proposed rule change, as amended, is 

available on the Amex’s Web site (http:/

/www.amex.com), at the Amex’s Office 

of the Secretary, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Amex included statements concerning 

the purpose of and basis for the 

proposed rule change, as amended, and 

discussed any comments it received on 

the proposed rule change, as amended. 

The text of these statements may be 

examined at the places specified in item 

IV below. The Amex has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On May 20, 2004, the Commission 

approved the Amex’s proposal to 

implement a new options trading 

platform known as the Amex New 

Trading Environment (‘‘ANTE’’). On 

May 25, 2004, the Amex began rolling 

out the ANTE System on its trading 

floor on a specialist’s post-byspecialist’s post basis. Amex Rule 918—

ANTE (a)(4) currently requires an 

automatic trading rotation to be 

employed promptly after the close of 

trading on each trading day for every 

option series. The automated closing 

rotation is used to execute at-the-close 

orders received by the Exchange prior to 

the close. If no at-the-close orders are 

received in a particular option series, 

the ANTE System’s automated closing 

rotation simply closes trading in that 

series. Orders may be entered, modified 

or cancelled into the ANTE System up 

to 4:02 p.m. or 4:15 p.m. for options on 

Exchange Traded Fund Shares, when 

the underlying Fund Share ceases 

trading at 4:15 p.m. Quotes may be 

submitted up until the commencement 

of the rotation in such series. The 

closing rotation may begin once the 

underlying security has closed. 

The Exchange believes that use of the 

ANTE System during the last eleven 

months has shown that a closing 

rotation is not necessary and serves no 

purpose when no market-on-close or 

limit-on-close orders have been 

submitted. Therefore, the Exchange 

proposes to revise the text of Amex Rule 

918—ANTE (a)(4) to provide that 

closing rotations shall only occur in 

those option series in which market-onclose and limit-on-close orders have 

been submitted.