Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Notices 38631 

This is the second release of the FAIR 

Act inventories for FY 2006. Interested 

parties who disagree with the agency’s 

initial judgment may challenge the 

inclusion or the omission of an activity 

on the list of activities that are not 

inherently governmental within 30 

working days and, if not satisfied with 

this review, may appeal to a higher level 

within the agency. 

The Office of Federal Procurement 

Policy has made available a FAIR Act 

User’s Guide through its Internet site: 

http://www.whitehouse.gov/omb/ 

procurement/fair-index.html. This 

User’s Guide will help interested parties 

review FY 2006 FAIR Act inventories. 

Rob Portman, 

Director, Office of Management and Budget. 

ATTACHMENT—SECOND FAIR ACT RELEASE FY 2006 

Department of Agriculture ........................................................................ Ms. Ava Lee, (202) 720–1179,http://www.usda.gov/ocfo. 

Department of Agriculture OIG ................................................................. Mr. Rod DeSmet, (202) 720–6979, http://www.usda.gov/oig/ 

rptsbulletins.htm. 

Department of Homeland Security ........................................................... Mr. David Childs, (202) 447–5266, http://www.dhs.gov/dhspublic/ 

interapp/editorial/editorial_0504.xml. 

Department of State ................................................................................. Ms. Valerie Dumas, (703) 516–1506,http://www.state.gov. 

Department of Veterans Affairs ................................................................ Ms. Julie Plush, (202) 273–5048, http://www.va.gov/op3/. 

Equal Employment Opportunity Commission ........................................... Mr. Jeffrey Smith, (202) 663–4200, http://www.eeoc.gov/abouteeoc/ 

plan/. 

Federal Election Commission ................................................................... Ms. Tina VanBrakle, (202) 694–1006, http://www.fec.gov/pages/ 

fair.shtml. 

Federal Maritime Commission .................................................................. Mr. Bruce Dombrowski, (202) 523–5800, http://www.fmc.gov/reading/ 

FairActSubmissionIntro.asp. 

General Services Administration .............................................................. Mr. Paul Boyle, (202) 501–0324, http://www.gsa.gov. 

Merit Systems Protection Board ............................................................... Mr. Wade Douglas, (202) 653–6772 x1118, http://www.mspb.gov. 

Nuclear Regulatory Commission .............................................................. Ms. Mary Lynn Scott, (301) 415–7305, http://www.nrc.gov/who-we-are/ 

contracting.html. 

Nuclear Regulatory Commission OIG ...................................................... Mr. David Lee, (301) 415–5930, http://www.nrc.gov/insp-gen/fairact-inventory.html. 

Office of Personnel Management ............................................................. Mr. Ronald C. Flom, (202) 606–3207, http://www.opm.gov/procure/ 

fairactinventory/. 

Office of the U.S. Trade Representative .................................................. Ms. Susan Buck, (202) 395–9412, http://www.ustr.gov. 

Smithsonian Institution ............................................................................. Ms. Alice Maroni, (202) 275–2020, http://www.si.edu. 

[FR Doc. E7–13562 Filed 7–12–07; 8:45 am] 

BILLING CODE 3110–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium for 

Single-Employer Plans; 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 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 July 2007. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in August 2007. 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 2007. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, 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 

Protection Act of 2006, for premium 

payment years beginning in 2006 or 

2007, the required interest rate is the 

‘‘applicable percentage’’ 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 (the ‘‘premium payment 

year’’). 

On February 2, 2007 (at 72 FR 4955), 

the Internal Revenue Service (IRS) 

published final regulations containing 

updated mortality tables for determining 

current liability under section 412(l)(7) 

of the Code and section 302(d)(7) of 

ERISA for plan years beginning on or 

after January 1, 2007. As a result, in 

accordance with section 

4006(a)(3)(E)(iii)(II) of ERISA, the 

‘‘applicable percentage’’ to be used in 

determining the required interest rate 

for plan years beginning in 2007 is 100 

percent. 

The required interest rate to be used 

in determining variable-rate premiums 

for premium payment years beginning 

in July 2007 is 6.32 percent (i.e., 100 

percent of the 6.32 percent composite 

corporate bond rate for June 2007 as 

determined by the Treasury). 


pwalker on PROD1PC71 with NOTICES
38632 Federal Register / Vol. 72, No. 134 / Friday, July 13, 2007 / Notices 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between 

August 2006 and July 2007. 

For premium payment years 

beginning in: 

The required 

interest rate is: 

August 2006 ......................... 5.36 

September 2006 ................... 5.19 

October 2006 ........................ 5.06 

November 2006 .................... 5.05 

December 2006 .................... 4.90 

January 2007 ........................ 5.75 

February 2007 ...................... 5.89 

March 2007 ........................... 5.85 

April 2007 ............................. 5.84 

May 2007 .............................. 5.98 

June 2007 ............................. 6.01 

July 2007 .............................. 6.32 

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 

2007, 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) 

7/1/01 ................ 12/31/01 7 

1/1/02 ................ 12/31/02 6 

1/1/03 ................ 9/30/03 5 

10/1/03 .............. 3/31/04 4 

4/1/04 ................ 6/30/04 5 

7/1/04 ................ 9/30/04 4 

10/1/04 .............. 3/31/05 5 

4/1/05 ................ 9/30/05 6 

10/1/05 .............. 6/30/06 7 

7/1/06 ................ 9/30/07 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 

2007 (i.e., the rate reported for June 15, 

2007) is 8.25 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods: 

From Through Interest rate 

(percent) 

7/1/01 ................ 9/30/01 7.00 

10/1/01 .............. 12/31/01 6.50 

1/1/02 ................ 12/31/02 4.75 

1/1/03 ................ 9/30/03 4.25 

10/1/03 .............. 9/30/04 4.00 

10/1/04 .............. 12/31/04 4.50 

1/1/05 ................ 3/31/05 5.25 

4/1/05 ................ 6/30/05 5.50 

7/1/05 ................ 9/30/05 6.00 

10/1/05 .............. 12/31/05 6.50 

1/1/06 ................ 3/31/06 7.25 

4/1/06 ................ 6/30/06 7.50 

7/1/06 ................ 9/30/06 8.00 

10/1/06 .............. 9/30/07 8.25 

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 

2007 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 July 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–13595 Filed 7–12–07; 8:45 am] 

BILLING CODE 7709–01–P 

RAILROAD RETIREMENT BOARD 

Agency Forms Submitted for OMB 

Review, Request for Comments 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995 (44 

U.S.C. Chapter 35), the Railroad 

Retirement Board (RRB) is forwarding 

an Information Collection Request (ICR) 

to the Office of Information and 

Regulatory Affairs (OIRA), Office of 

Management and Budget (OMB) for the 

following collection of information: 

3220–0136, Public Service Pension 

Questionnaires. Review and approval by 

OIRA ensures that we impose 

appropriate paperwork burdens. 

The RRB invites comments on the 

proposed collection of information to 

determine (1) the practical utility of the 

collection; (2) the accuracy of the 

estimated burden of the collection; (3) 

ways to enhance the quality, utility and 

clarity of the information that is the 

subject of collection; and (4) ways to 

minimize the burden of collections on 

respondents, including the use of 

automated collection techniques or 

other forms of information technology. 

Comments to RRB or OIRA must contain 

the OMB control number of the ICR. For 

proper consideration of your comments, 

it is best if RRB and OIRA receive them 

within 30 days of publication date. 

Public Law 95–216 amended the 

Social Security Act of 1977 by 

providing, in part, that spouse or 

survivor benefits may be reduced when 

the beneficiary is in receipt of a pension 

based on employment with a Federal, 

State, or local governmental unit. 

Initially, the reduction was equal to the 

full amount of the government pension. 

Public Law 98–21 changed the 

reduction to two-thirds of the amount of 

the government pension. Public Law 

108–203 amended the Social Security 

Act by changing the requirement for 

exemption to public service offset, that 

Federal Insurance Contributions Act 

(FICA) taxes be deducted from the 

public service wages for the last 60 

months of public service employment, 

rather than just the last day of public 

service employment. 

Sections 4(a)(1) and 4(f)(1) of the 

Railroad Retirement Act (RRA) provides 

that a spouse or survivor annuity should 

be equal in amount to what the 


pwalker on PROD1PC71 with NOTICES