Federal Register / Vol. 69, No. 94 / Friday, May 14, 2004 / Notices 26901

1 JPMIM and the Future Advisers are referred to 

collectively in this notice as the Advisers. Any 

Adviser that currently intends to rely on the 

requested order is named as an applicant in this 

application. Any other Adviser that relies on the 

order in the future will comply with the terms and 

conditions of this application.

NON-PAY CATEGORIES (SUPPLIES AND

EQUIPMENT, ETC.) 

(percent) 

FY 2004 ...................................... 1.3 

FY 2005 ...................................... 1.3 

FY 2006 ...................................... 1.5 

FY 2007 ...................................... 1.7 

FY 2008 ...................................... 1.9 

FY 2009 ...................................... *2.0 

* Any subsequent years included in the period of performance and cost comparison shall 

continue to use the 2.0% figure, until otherwise revised by OMB. 

The pay rates (including geographic 

pay differentials) that are in effect for 

2004 shall be included for the 

development of in-house personnel 

costs. The pay raise factors provided for 

2005 and beyond shall be applied to all 

employees, with no assumption being 

made as to how they will be distributed 

between possible locality and base pay 

increases.

[FR Doc. 04–10926 Filed 5–13–04; 8:45 am] 

BILLING CODE 3110–01–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 2004. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in June 2004.

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. 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 2004 is 4.98 percent 

(i.e., 85 percent of the 5.86 percent 

composite corporate bond rate for April 

2004 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 

2003 and May 2004. Note that the 

required interest rates for premium 

payment years beginning in June 

through December 2003 were 

determined under the Job Creation and 

Worker Assistance Act of 2002, and that 

the required interest rates for premium 

payment years beginning in January 

through May 2004 were determined 

under the Pension Funding Equity Act 

of 2004.

For premium payment years 

beginning in: 

The required 

interest rate is: 

June 2003* ........................... 4.53 

July 2003* ............................. 4.37 

August 2003* ........................ 4.93 

September 2003* .................. 5.31 

October 2003* ...................... 5.14 

November 2003* ................... 5.16 

December 2003* ................... 5.12 

January 2004** ..................... 4.94 

February 2004** ................... 4.83 

March 2004** ........................ 4.79 

April 2004** ........................... 4.62 

May 2004** ........................... 4.98 

* The required interest rates for premium 

payment years beginning in June through December 2003 were determined under the Job 

Creation and Worker Assistance Act of 2002. 

** The required interest rates for premium 

payment years beginning in January through 

May 2004 were determined under the Pension 

Funding Equity Act of 2004. 

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 

2004 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 11th day 

of May 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–11032 Filed 5–13–04; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

26446; 812–13051] 

J.P. Morgan Investment Management 

Inc., et al., Notice of Application 

May 10, 2004.

AGENCY: Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of application for an 

order under sections 6(c) and 17(b) of 

the Investment Company Act of 1940 

(the ‘‘Act’’) for an exemption from 

section 17(a) of the Act. 

Applicants: J.P. Morgan Investment 

Management, Inc., (‘‘JPMIM’’), any other 

existing or future registered investment 

adviser which acts as investment 

adviser or subadviser to a Money Market 

Fund (defined below) and which 

controls, is controlled by, or is under 

common control (as defined in section 

2(a)(9) of the Act) with J.P. Morgan 

Chase & Co. (‘‘JPM’’) (‘‘Future 

Advisers’’),1 J.P. Morgan Securities Inc. 

(‘‘JPMSI’’), J.P. Morgan Mutual Fund 

Trust (‘‘JPMMFT’’), all existing and