Federal Register / Vol. 72, No. 71 / Friday, April 13, 2007 / Notices 18693 

• Evaluate whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

collection of information, including the 

validity of the methodology and 

assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are to respond, including through the 

use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology, 

e.g., permitting electronic submission of 

responses. 

Issued in Washington, DC, this 11th day of 

April 2007. 

Marc A. Felton, 

Deputy Chief Information Officer, Pension 

Benefit Guaranty Corporation. 

[FR Doc. E7–7126 Filed 4–12–07; 10:57 am] 

BILLING CODE 7709–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium for 

Single-Employer Plans; 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 2007. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in May 2007. 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 2007. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, 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 

Protection Act of 2006, for premium 

payment years beginning in 2006 or 

2007, the required interest rate is the 

‘‘applicable percentage’’ 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 (the ‘‘premium payment 

year’’). 

On February 2, 2007 (at 72 FR 4955), 

the Internal Revenue Service (IRS) 

published final regulations containing 

updated mortality tables for determining 

current liability under section 412(l)(7) 

of the Code and section 302(d)(7) of 

ERISA for plan years beginning on or 

after January 1, 2007. As a result, in 

accordance with section 

4006(a)(3)(E)(iii)(II) of ERISA, the 

‘‘applicable percentage’’ to be used in 

determining the required interest rate 

for plan years beginning in 2007 is 100 

percent. 

The required interest rate to be used 

in determining variable-rate premiums 

for premium payment years beginning 

in April 2007 is 5.84 percent (i.e., 100 

percent of the 5.84 percent composite 

corporate bond rate for March 2007 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 May 

2006 and April 2007. 

For premium payment years 

beginning in: 

The required interest rate is: 

May 2006 .................................. 5.25 

June 2006 ................................. 5.35 

July 2006 .................................. 5.36 

August 2006 ............................. 5.36 

September 2006 ....................... 5.19 

October 2006 ............................ 5.06 

November 2006 ........................ 5.05 

December 2006 ........................ 4.90 

January 2007 ............................ 5.75 

February 2007 .......................... 5.89 

March 2007 ............................... 5.85 

April 2007 ................................. 5.84 

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 

2007, 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) 

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 

4/1/05 ................ 9/30/05 6 

10/1/05 .............. 6/30/06 7 

7/1/06 ................ 6/30/07 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 


pwalker on PROD1PC71 with NOTICES
18694 Federal Register / Vol. 72, No. 71 / Friday, April 13, 2007 / Notices 

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 2007 

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

2007) is 8.25 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods: 

From Through Interest rate 

(percent) 

4/1/01 ................ 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 

4/1/05 ................ 6/30/05 5.50 

7/1/05 ................ 9/30/05 6.00 

10/1/05 .............. 12/31/05 6.50 

1/1/06 ................ 3/31/06 7.25 

4/1/06 ................ 6/30/06 7.50 

7/1/06 ................ 9/30/06 8.00 

10/1/06 .............. 6/30/07 8.25 

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 

2007 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 2007. 

Vincent K. Snowbarger, 

Interim Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–7097 Filed 4–12–07; 8:45 am] 

BILLING CODE 7709–01–P 

RAILROAD RETIREMENT BOARD 

Agency Forms Submitted for OMB 

Review, Request for Comments 

Summary: In accordance with the 

Paperwork Reduction Act of 1995 (44 

U.S.C. Chapter 35), the Railroad 

Retirement Board (RRB) is forwarding 

an Information Collection Request (ICR) 

to the Office of Information and 

Regulatory Affairs (OIRA), Office of 

Management and Budget (OMB) to 

request a revision to the following 

collection of information: 3220–0052, 

Application to Act as Representative 

Payee, consisting of RRB Form(s) AA–5, 

Application for Substitution of Payee, 

G–478, Statement Regarding Patient’s 

Capability to Manage Payments and 

booklet RB–5, Your Duties as 

Representative Payee-Representative 

Payee Record. Our ICR describes the 

information we seek to collect from the 

public. Completion is required to obtain 

or retain benefits. One response is 

required of each respondent. Review 

and approval by OIRA ensures that we 

impose appropriate paperwork burdens. 

The RRB invites comments on the 

proposed collection of information to 

determine (1) The practical utility of the 

collection; (2) the accuracy of the 

estimated burden of the collection; (3) 

ways to enhance the quality, utility and 

clarity of the information that is the 

subject of collection; and (4) ways to 

minimize the burden of collections on 

respondents, including the use of 

automated collection techniques or 

other forms of information technology. 

Comments to RRB or OIRA must contain 

the OMB control number of the ICR. For 

proper consideration of your comments, 

it is best if RRB and OIRA receive them 

within 30 days of publication date. 

Previous Requests for Comments: The 

RRB has already published the initial 

60-day notice (71 FR No. 227 on 68644 

and 68645 on November 27, 2006) 

required by 44 U.S.C. 3506(c)(2). That 

request elicited no comments. 

Information Collection Request (ICR) 

Title: Application to Act as 

Representative Payee. 

OMB Control Number: 3220–0052. 

Form(s) submitted: AA–5, Application 

for Substitution of Payee; G–478, 

Statement Regarding Patient’s 

Capability to Manage Payments; and 

RB–5, your duties as Representative 

Payee’s Record. 

Type of request: Revision of a 

currently approved collection. 

Affected public: Individuals or 

households; Business or other for Profit. 

Abstract: Under Section 12 of the 

Railroad Retirement Act, the Railroad 

Retirement Board (RRB) may pay 

benefits to a representative payee when 

an employee, spouse or survivor 

annuitant is incompetent or is a minor. 

The collection obtains information 

related to the representative payee 

application, supporting documentation, 

and the maintenance of records 

pertaining to the receipt and use of the 

benefits. 

Changes Proposed: The RRB proposes 

a revised title for the information 

collection (currently Railroad 

Retirement Act Continuing Entitlement), 

Application to Act as Representative 

Payee, to more accurately reflect the 

information collected. No changes are 

proposed to the forms in the collection. 

The burden estimate for the ICR is as 

follows: 

Estimated annual number of 

respondents: 17,300. 

Total annual responses: 20,300. 

Total annual reporting hours: 16,350. 

Additional Information or Comments: 

Copies of the forms and supporting 

documents can be obtained from 

Charles Mierzwa, the agency clearance 

officer (312–751–3363) or 

Charles.Mierzwa@rrb.gov. 

Comments regarding the information 

collection should be addressed to 

Ronald J. Hodapp, Railroad Retirement 

Board, 844 North Rush Street, Chicago, 

Illinois, 60611–2092 or 

Ronald.Hodapp@rrb.gov and to the 

OMB Desk Officer for the RRB, at the 

Office of Management and Budget, 

Room 10230, New Executive Office 

Building, Washington, DC 20503. 

Charles Mierzwa, 

Clearance Officer. 

[FR Doc. E7–7001 Filed 4–12–07; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549 

Extension: Rule 6a–3, SEC File No. 270–

0015, OMB Control No. 3235–0021 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 


pwalker on PROD1PC71 with NOTICES