Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Notices 7779

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 February 

2005. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in March 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 February 2005 is 4.66 

percent (i.e., 85 percent of the 5.48 

percent composite corporate bond rate 

for January 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 

March 2004 and February 2005.

For premium payment years 

beginning in: 

The required interest rate is: 

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

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

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

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 

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 March 

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 9th day 

of February 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation.

[FR Doc. 05–2857 Filed 2–14–05; 8:45 am] 

BILLING CODE 7708–01–P

OFFICE OF PERSONNEL 

MANAGEMENT 

Federal Prevailing Rate Advisory 

Committee; Open Committee Meetings 

According to the provisions of section 

10 of the Federal Advisory Committee 

Act (Pub. L. 92–463), notice is hereby 

given that meetings of the Federal 

Prevailing Rate Advisory Committee 

will be held on—Thursday, March 10, 

2005, Thursday, March 17, 2005, 

Thursday, April 7, 2005, Thursday, 

April 21, 2005. 

The meetings will start at 10 a.m. and 

will be held in Room 5A06A, Office of 

Personnel Management Building, 1900 E 

Street, NW., Washington, DC. 

The Federal Prevailing Rate Advisory 

Committee is composed of a Chair, five 

representatives from labor unions 

holding exclusive bargaining rights for 

Federal blue-collar employees, and five 

representatives from Federal agencies. 

Entitlement to membership on the 

Committee is provided for in 5 U.S.C. 

5347. 

The Committee’s primary 

responsibility is to review the Prevailing 

Rate System and other matters pertinent 

to establishing prevailing rates under 

subchapter IV, chapter 53, 5 U.S.C., as 

amended, and from time to time advise 

the Office of Personnel Management. 

These scheduled meetings will start 

in open session with both labor and 

management representatives attending. 

During the meetings either the labor 

members or the management members 

may caucus separately with the Chair to 

devise strategy and formulate positions. 

Premature disclosure of the matters 

discussed in these caucuses would 

unacceptably impair the ability of the 

Committee to reach a consensus on the 

matters being considered and would 

disrupt substantially the disposition of 

its business. Therefore, these caucuses 

will be closed to the public because of 

a determination made by the Director of 

the Office of Personnel Management 

under the provisions of section 10(d) of 

the Federal Advisory Committee Act 

(Pub. L. 92–463) and 5 U.S.C. 

552b(c)(9)(B). These caucuses may, 

depending on the issues involved, 

constitute a substantial portion of a 

meeting. 

Annually, the Chair compiles a report 

of pay issues discussed and concluded 

recommendations. These reports are 

available to the public, upon written 

request to the Committee’s Secretary. 

The public is invited to submit 

material in writing to the Chair on 

Federal Wage System pay matters felt to 

be deserving of the Committee’s 

attention. Additional information on 

these meetings may be obtained by 

contacting the Committee’s Secretary, 

Office of Personnel Management, 

Federal Prevailing Rate Advisory 

Committee, Room 5538, 1900 E Street, 

NW., Washington, DC 20415 (202) 606–

1500.

Dated: February 8, 2005. 

Mary M. Rose, 

Chairperson, Federal Prevailing Rate 

Advisory Committee.

[FR Doc. 05–2811 Filed 2–14–05; 8:45 am] 

BILLING CODE 6325–49–P