Federal Register / Vol. 62, No. 50 / Friday, March 14, 1997 / Notices 12257

PENSION BENEFIT GUARANTY

CORPORATION

Interest 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 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 home

page (http://www.pbgc.gov).

DATES: The interest rate for determining

the variable-rate premium under part

4006 applies to premium payment years

beginning in March 1997. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in April 1997.

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 (202–326–4179

for TTY and TDD).

SUPPLEMENTARY INFORMATION:

Variable-Rate Premiums

Section 4006(a)(3)(E)(iii)(II) of the

Employee Retirement Income Security

Act of 1974 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 a specified

percentage (currently 80 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 March 1997 (i.e., 80 percent of the

yield figure for February 1997) is 5.35

percent. The following table lists the

assumed interest rates to be used in

determining variable-rate premiums for

premium payment years beginning

between April 1996 and March 1997.

For premium payment years

beginning in

The required interest rate is

April 1996 .................................. 5.28

May 1996 .................................. 5.43

June 1996 ................................. 5.54

July 1996 .................................. 5.65

August 1996 .............................. 5.62

September 1996 ....................... 5.47

October 1996 ............................ 5.62

November 1996 ........................ 5.45

December 1996 ........................ 5.18

January 1997 ............................ 5.24

February 1997 .......................... 5.46

March 1997 ............................... 5.35

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 April

1997 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, D.C., on this 10th

day of March 1997.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 97–6488 Filed 3–13–97; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

Request for Public Comment

Upon Written Request, Copies Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549.

Extension:

Rule 12b–1, SEC File No. 270–188,

OMB Control No. 3235–0212

Rule 17f–1, SEC File No. 270–236,

OMB Control No. 3235–0222

Form N–SAR, SEC File No. 270–292,

OMB Control No. 3235–0330

Form N–17f–1, SEC File No. 270–316,

OMB Control No. 3235–0359

Form N–17f–2, SEC File No. 270–317,

OMB Control No. 3235–0360

Form ADV–E, SEC File No. 270–318,

OMB Control No. 3235–0361

Rule 30b2–1, SEC File No. 270–213,

OMB Control No. 3235–0220

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 publishing for public

comment the following summary of

previously approved information

collection requirements.

Rule 12b–1 under the Investment

Company Act of 1940 (‘‘1940 Act’’)

permits a registered open-end

management investment company

(‘‘mutual fund’’) to distribute its own

shares and pay expenses of distribution

provided, among other things, the

mutual fund adopts a written plan, and

has in writing any agreements relating

to the implementation of the plan. The

rule requires the plan to be approved by

the mutual fund’s directors and

shareholders; provides for quarterly

reports to the board regarding amounts

spent under the plan; requires the board

to review the plan at least annually;

requires board and shareholder approval

for certain changes to the plan; and

imposes certain recordkeeping

requirements.

It is estimated that approximately

4,165 mutual funds rely on the rule each

year, and the average annual burden per

fund is estimated to be 40 hours. The

total annual burden for all mutual funds

relying on the rule is estimated to be

166,600 hours.

Rule 17f–1 under the 1940 Act

provides that any registered

management investment company

(‘‘fund’’) that wishes to place its assets

in the custody of a national securities

exchange may do so only pursuant to a

written contract that must be ratified

initially and approved annually by a

majority of the fund’s board of directors

and that contains certain specified

provisions. The rule also requires that

the fund’s assets in such custody be

examined by an independent public

accountant at least three times during

the fund’s fiscal year. The rule requires

the written contract and the certificate

of each examination to be transmitted to

the Commission. The annual burden of

the rule’s requirements is estimated to

be about 21⁄2 hours for each of

approximately 31 funds that maintain

their assets with a national securities

exchange, for an estimated total of 77.5

burden hours annually.

Form N–SAR under the 1940 Act is

used by registered investment

companies for annual or semi-annual

reports required to be filed with the

Commission. The annual burden is

approximately to 31.5 hours.

Form N–17f–1 is the cover sheet for

accountant examination certificates

filed pursuant to rule 17f–1 under the

1940 Act by management investment

companies maintaining securities or

other investments with companies that