38214 Federal Register / Vol. 63, No. 135 /Wednesday, July 15, 1998 / Notices

Local Public Document Room

location: Chattanooga-Hamilton County

Library, 1001 Broad Street, Chattanooga,

Tennessee 37402.

Toledo Edison Company, Centerior

Service Company, and The Cleveland

Electric Illuminating Company, Docket

No. 50–346, Davis-Besse Nuclear Power

Station, Unit 1, Ottawa County, Ohio

Date of application for amendment:

December 23, 1997, as supplemented by

letter dated June 11, 1998.

Brief description of amendment: This

amendment revises Technical

Specification (TS) Section 1.0,

‘‘Definitions,’’ to clarify the meaning of

core alteration; relocates TS Section 3/

4.9.5, ‘‘Refueling Operations—

Communications,’’ and the associated

bases to the Technical Requirements

Manual; and adds TS Section 3.0.6 and

associated bases to address the return to

service of inoperable equipment.

Date of issuance: June 30, 1998.

Effective date: June 30, 1998.

Amendment No.: 224.

Facility Operating License No. NPF–3:

Amendment revised the Technical

Specifications.

Date of initial notice in Federal

Register: January 28, 1998 (63 FR 4327).

The Commission’s related evaluation

of the amendment is contained in a

Safety Evaluation dated June 30, 1998.

.

No significant hazards consideration

comments received: No.

Local Public Document Room

location: University of Toledo, William

Carlson Library, Government

Documents Collection, 2801 West

Bancroft Avenue, Toledo, OH 43606.

Virginia Electric and Power Company, et

al., Docket Nos. 50–338 and 50–339,

North Anna Power Station, Units No. 1

and No. 2, Louisa County, Virginia

Date of application for amendments:

March 25, 1998.

Brief description of amendments: The

amendments revise the Technical

Specifications (TS) Sections 6.1.1;

6.2.1.b; 6.5.1.1; 6.5.1.6.a,d,h, and m;

6.5.1.7.c; 6.5.1.8; 6.14.1.2; 6.15.b;

6.2.3.5; 6.5.1.2; 6.5.1.7.a for Unit 1 and

6.1.1; 6.2.1.b; 6.5.1.1; 6.5.1.6.a,d,h, and

m; 6.5.1.7.c; 6.5.1.8; 6.13.b; 6.14.b;

6.2.3.5; 6.5.1.2; and 6.5.1.7.a for Unit 2,

changing the title of Station Manager to

Site Vice President, and the titles of the

Assistant Station Managers to ManagerStation Operation and Maintenance and

Manager-Station Safety and Licensing.

Date of issuance: June 23, 1998.

Effective date: June 23, 1998.

Amendment Nos.: 212 and 193.

Facility Operating License Nos. NPF–

4 and NPF–7: Amendments revised the

Technical Specifications.

Date of initial notice in Federal

Register: April 22, 1998 (63 FR 19980).

The Commission’s related evaluation

of the amendments is contained in a

Safety Evaluation dated June 23, 1998.

No significant hazards consideration

comments received: No.

Local Public Document Room

location: The Alderman Library, Special

Collections Department, University of

Virginia, Charlottesville, Virginia

22903–2498.

Dated at Rockville, Maryland, this 8th day

of July 1998.

For the Nuclear Regulatory Commission.

Elinor G. Adensam,

Acting Director, Division of Reactor Projects—

III/IV, Office of Nuclear Reactor Regulation.

[FR Doc. 98–18684 Filed 7–14–98; 8:45 am]

BILLING CODE 7590–01–P

PENSION BENEFIT GUARANTY

CORPORATION

Interest Assumption for Determining

Variable-Rate Premium; 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 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 web

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

DATES: The interest rate for determining

the variable-rate premium under part

4006 applies to premium payment years

beginning in July 1998. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in August 1998. 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 third quarter (July

through September) of 1998.

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. (For TTY/TDD

users, 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 in

determining a single-employer plan’s

variable-rate premium. The rate is the

‘‘applicable percentage’’ (described in

the statute and the regulation) 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.

For plan years beginning before July

1, 1997, the applicable percentage of the

30-year Treasury yield was 80 percent.

The Retirement Protection Act of 1994

(RPA) amended ERISA section

4006(a)(3)(E)(iii)(II) to change the

applicable percentage to 85 percent,

effective for plan years beginning on or

after July 1, 1997. (The amendment also

provides for a further increase in the

applicable percentage ‘‘ to 100 percent

‘‘ when the Internal Revenue Service

adopts new mortality tables for

determining current liability.)

The assumed interest rate to be used

in determining variable-rate premiums

for premium payment years beginning

in July 1998 is 4.85 percent (i.e., 85

percent of the 5.70 percent yield figure

for June 1998).

(Under section 774(c) of the RPA, the

amendment to the applicable percentage

was deferred for certain regulated public

utility (RPU) plans for as long as six

months. The applicable percentage for

RPU plans has therefore remained 80

percent for plan years beginning before

January 1, 1998. For ‘‘partial’’ RPU

plans, the assumed interest rates to be

used in determining variable-rate

premiums can be computed by applying

the rules in § 4006.5(g) of the premium

rates regulation. The PBGC’s 1997

premium payment instruction booklet

also describes these rules and provides

a worksheet for computing the assumed

rate.)

The following table lists the assumed

interest rates to be used in determining

variable-rate premiums for premium
Federal Register / Vol. 63, No. 135 /Wednesday, July 15, 1998 / Notices 38215

payment years beginning between

August 1997 and July 1998. The rates

for August through December 1997 in

the table (which reflect an applicable

percentage of 85 percent) apply only to

non-RPU plans. However, the rates for

months after December 1997 apply to

RPU (and ‘‘partial’’ RPU) plans as well

as to non-RPU plans.

For premium payment years beginning in

The assumed interest

rate is

August 1997 .................................. 5.53

September 1997 ........................... 5.59

October 1997 ................................ 5.53

November 1997 ............................ 5.38

December 1997 ............................ 5.19

January 1998 ................................ 5.09

February 1998 .............................. 4.94

March 1998 ................................... 5.01

April 1998 ...................................... 5.06

May 1998 ...................................... 5.03

June 1998 ..................................... 5.04

July 1998 ...................................... 4.85

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 third

quarter (July through September) of

1998, 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)

4/1/92 ................ 9/30/92 8

10/1/92 .............. 6/30/94 7

7/1/94 ................ 9/30/94 8

10/1/94 .............. 3/31/95 9

4/1/95 ................ 6/30/95 10

7/1/95 ................ 3/31/96 9

4/1/96 ................ 6/30/96 8

7/1/96 ................ 12/31/96 9

1/1/97 ................ 3/31/97 9

4/1/97 ................ 6/30/97 9

7/1/97 ................ 9/30/97 9

From Through Interest rate

(percent)

10/1/97 .............. 12/31/97 9

1/1/98 ................ 3/31/98 9

4/1/98 ................ 6/30/98 8

7/1/98 ................ 9/30/98 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

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 third

quarter (July through September) of

1998 (i.e., the rate reported for June 15,

1998) is 8.50 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

From Through Rate

(percent)

4/1/92 ................ 9/30/92 6.50

10/1/92 .............. 6/30/94 6.00

7/1/94 ................ 9/30/94 7.25

10/1/94 .............. 12/31/94 7.75

1/1/95 ................ 3/31/95 8.50

4/1/95 ................ 9/30/95 9.00

10/1/95 .............. 3/31/96 8.75

4/1/96 ................ 12/31/96 8.25

1/1/97 ................ 3/31/97 8.25

4/1/97 ................ 6/30/97 8.25

7/1/97 ................ 9/30/97 8.50

10/1/97 .............. 12/31/97 8.50

1/1/98 ................ 3/31/98 8.50

4/1/98 ................ 6/30/98 8.50

7/1/98 ................ 9/30/98 8.50

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 August

1998 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 6th day

of July 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–18681 Filed 7–14–98; 8:45 am]

BILLING CODE 7708–01–P

Postal Rate Commission

Sunshine Act Meetings

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 63 FR 33420, June 18,

1998.

PREVIOUSLY ANNOUNCED TIME AND DATE OF

MEETING: 10:30 a.m., July 23, 1998.

CHANGES IN THE MEETING: The meeting

will begin at 9:30 a.m. instead of 10:30

a.m.

CONTACT PERSON FOR MORE INFORMATION:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, Suite 300,

1333 H Street, NW, Washington, DC

20268–0001, (202) 789–6820.

Dated: July 13, 1998.

Cyril J. Pittack,

Acting Secretary.

[FR Doc. 98–18996 Filed 7–13–98; 2:22 pm]

BILLING CODE 7710–FW–M

POSTAL RATE COMMISSION

Announcement of Visit

SUMMARY: Representatives of E-Stamp

Corporation will visit the Commission

to present a briefing on a system for

electronic generation of postage indicia.

DATES: The date of the visit is Thursday,

July 16, 1998, beginning at 2:30 p.m.

ADDRESSES: Postal Rate Commission

(Conference Room), 1333 H Street, NW,

Suite 300, Washington, DC 20268–0001.

FOR FURTHER INFORMATION CONTACT:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, Suite 300,

1333 H Street, NW, Washington, DC

20268–001, (202) 789–6820.

SUPPLEMENTARY INFORMATION: During

this visit, representatives of E-Stamp

Corporation will brief the Commission

on a system for electronic generation of

postage indicia.

Dated: July 10, 1998.

Cyril J. Pittack,

Acting Secretary.

[FR Doc. 98–18844 Filed 7–14–98; 8:45 am]

BILLING CODE 7710–FN–M