48962 Federal Register / Vol. 68, No. 158 / Friday, August 15, 2003 / Notices 

Office of Management and Budget 

(OMB) Circular No. A–76. This 

provision addresses the submission of 

challenges by interested parties to 

inventories of the commercial and 

inherently governmental activities 

performed by agency personnel. 

Paragraph D.2. of Attachment A 

states, among other things, that an 

inventory challenge shall be limited to 

‘‘(a) the reclassification of an activity as 

inherently governmental or commercial, 

or (b) the application of reason codes.’’

With respect to clause (a), OMB intends 

to permit interested parties to challenge 

the inclusion of an activity on, or 

exclusion of an activity from, an agency 

inventory, regardless of whether the 

activity’s classification as commercial or 

inherently governmental has changed 

from the prior year or has remained the 

same. Accordingly, as was the case 

under the Circular in effect prior to the 

May 29th revisions, challenges may 

address classifications or 

reclassifications of activities as either 

commercial or inherently governmental. 

The attached technical correction to 

Paragraph D.2. is meant to avoid 

confusion and ensure OMB’s intent is 

clear regarding the ability of an 

interested party to challenge the 

inclusion or exclusion of an activity. No 

other changes are made to Paragraph D.2 

by this memorandum. 

Questions regarding this technical 

clarification may be addressed to 

Mathew Blum of the Office of Federal 

Procurement Policy at (202) 395–4953. 

Technical Correction to OMB Circular 

No. A–76 (Revised, May 29, 2003) 

1. Paragraph D.2. of Attachment A to 

Circular No. A–76 is revised to read as 

follows:

2. Submission of an Inventory Challenge. 

After publication of OMB’s Federal Register 

notice stating that an agency’s inventories are 

available, an interested party shall have 30 

working days to submit a written inventory 

challenge. The inventory challenge shall be 

limited to (a) the classification of an activity 

as inherently governmental or commercial, or 

(b) the application of reason codes. Function 

codes shall not be subject to the inventory 

challenge process. A written inventory 

challenge shall be submitted to agency 

inventory challenge authorities and shall 

specify the agency, agency component, 

agency organization, function(s), and 

location(s) for the activities being challenged.

[FR Doc. 03–20939 Filed 8–14–03; 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 August 

2003. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in September 2003.

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 

100 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 August 2003 is 4.93 percent. 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between 

September 2002 and August 2003.

For premium payment years 

beginning in: 

The required 

interest rate is: 

September 2002 ................... 5.08 

October 2002 ........................ 4.76 

November 2002 .................... 4.93 

December 2002 .................... 4.96 

January 2003 ........................ 4.92 

February 2003 ...................... 4.94 

March 2003 ........................... 4.81 

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

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

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

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

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

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 

September 2003 under part 4044 are 

contained in an amendment to part 4044 

published September 2003 under part 

4044 are contained in an amendment to 

part 4004 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 7th day 

of August 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–20861 Filed 8–14–03; 8:45 am] 

BILLING CODE 7708–01–P

OFFICE OF PERSONNEL 

MANAGEMENT 

Federal Salary Council

AGENCY: Office of Personnel 

Management.

ACTION: Notice of meeting.

SUMMARY: The Federal Salary Council 

will meet at the time and location 

shown below. The Council is an 

advisory body composed of 

representatives of Federal employee