Federal Register / Vol. 69, No. 50 / Monday, March 15, 2004 / Notices 12187

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

2Letter from Karen L. Saperstein, General 

Counsel, EMCC (Jan. 23, 2004).

3 15 U.S.C. 78q–1(b) and 78s(a)(1).

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). 

The PBGC notes that the provisions of 

the Job Creation and Worker Assistance 

Act of 2002 that temporarily increased 

the required interest rate to be used to 

determine the PBGC’s variable-rate 

premium to 100% (from 85%) of the 

annual yield on 30-year Treasury 

securities expired at the end of 2003. 

Thus, the required interest rate 

announced in this notice for plan years 

beginning in March 2004 has been 

determined under prior law. Legislation 

has been proposed that would further 

change the rules for determining the 

required interest rate. If such legislation 

is adopted, and the change affects the 

required interest rate for plan years 

beginning in March 2004, the PBGC will 

promptly publish a Federal Register

notice with the new required interest 

rate and post the change on the PBGC’s 

Web site.

DATES: The required interest rate for 

determining the variable-rate premium 

under part 4006 applies to premium 

payment years beginning in March 

2004. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in April 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. The required interest rate is 

the ‘‘applicable percentage’’ (currently 

85 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’’). (Although 

the Treasury Department has ceased 

issuing 30-year securities, the Internal 

Revenue Service announces a surrogate 

yield figure each month—based on the 

30-year Treasury bond maturing in 

February 2031—which the PBGC uses to 

determine the required interest rate.) 

The required interest rate to be used in 

determining variable-rate premiums for 

premium payment years beginning in 

March 2004 is 4.19 percent (i.e., 85 

percent of the 4.93 percent yield figure 

for February 2004). 

The PBGC notes that the provisions of 

the Job Creation and Worker Assistance 

Act of 2002 that temporarily increased 

the required interest rate to be used to 

determine the PBGC’s variable-rate 

premium to 100% (from 85%) of the 

annual yield on 30-year Treasury 

securities expired at the end of 2003. 

Thus, the required interest rate 

announced in this notice for plan years 

beginning in March 2004 has been 

determined under prior law. Legislation 

has been proposed that would further 

change the rules for determining the 

required interest rate. If such legislation 

is adopted, and the change affects the 

required interest rate for plan years 

beginning in March 2004, the PBGC will 

promptly publish a Federal Register

notice with the new required interest 

rate and post the change on the PBGC’s 

Web site. 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between April 

2003 and March 2004.

For premium payment years 

beginning in: 

The required 

interest rate is: 

April 2003 ............................. 4.80 

May 2003 .............................. 4.90 

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 ........................ 4.31 

For premium payment years 

beginning in: 

The required 

interest rate is: 

February 2004 ...................... 4.23 

March 2004 ........................... 4.19 

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 

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 9th day 

of March 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–5763 Filed 3–12–04; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–49379; File No. 600–30] 

Self-Regulatory Organizations; 

Emerging Markets Clearing 

Corporation; Notice of Filing and Order 

Approving a Request for an Extension 

of Temporary Registration as a 

Clearing Agency 

March 9, 2004. 

Pursuant to Section 19(a) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

January 26, 2004, the Emerging Markets 

Clearing Corporation (‘‘EMCC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) a request 

that the Commission extend EMCC’s 

temporary registration as a clearing 

agency.2 The Commission is publishing 

this notice and order to solicit 

comments from interested persons and 

to extend EMCC’s temporary registration 

as a clearing agency through March 31, 

2005.

On February 13, 1998, pursuant to 

Sections 17A(b) and 19(a)(1) of the Act 3

and Rule 17Ab2–1 promulgated