42470 Federal Register / Vol. 69, No. 135 / Thursday, July 15, 2004 / Notices 

calling or writing Gilbert Tran at the 

address listed above.

Linda M. Springer, 

Controller.

[FR Doc. 04–15733 Filed 7–14–04; 8:45 am] 

BILLING CODE 3110–01–P

OVERSEAS PRIVATE INVESTMENT 

CORPORATION 

Submission for OMB Review; 

Comments Request

AGENCY: Overseas Private Investment 

Corporation (OPIC).

ACTION: Request for comments.

SUMMARY: Under the provisions of the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35), agencies are required to 

publish a notice in the Federal Register

notifying the public that the Agency has 

prepared an information collection 

request for OMB review and approval 

and has requested public review and 

comment on the submission. Comments 

are being solicited on the need for the 

information; the accuracy of the 

Agency’s burden estimate; the quality, 

practical utility and clarity of the 

information to be collected; and on 

ways to minimize the reporting burden, 

including automated collection 

techniques and uses of other forms of 

technology. The proposed form, OMB 

control number 3420–0015, under 

review is summarized below.

DATES: Comments must be received 

within 60-calendar days of publication 

of this Notice.

ADDRESSES: Copies of the subject form 

and the request for review prepared for 

submission to OMB may be obtained 

from the Agency Submitting Officer. 

Comments on the form should be 

submitted to the Agency Submitting 

Officer.

FOR FURTHER INFORMATION CONTACT:

OPIC Agency Submitting Officer: Bruce 

I. Campbell, Records Management 

Officer, Overseas Private Investment 

Corporation, 1100 New York Avenue, 

NW., Washington, DC 20527; (202) 336–

8563. 

Summary of Form Under Review 

Type of Request: Form Renewal. 

Title: Application for Financing. 

Form Number: OPIC–115. 

Frequency of Use: One per investor, 

per project. 

Type of Respondents: Business or 

other institutions (except farms); 

individuals. 

Description of Affected Public: U.S. 

companies or citizens investing 

overseas. 

Reporting Hours: 4.0 hours per 

project. 

Number of Responses: 300 per year. 

Federal Cost: $22,053 per year. 

Authority for Information Collection:

Sections 231 and 234(b) and (c) of the 

Foreign Assistance Act of 1961, as 

amended. 

Abstract (Needs and Uses): The OPIC 

115 form is the principal document 

used by OPIC to determine the 

investor’s and the project’s eligibility for 

debt financing, assess the environmental 

impact and developmental effects of the 

project, measure the economic effects 

for the United States and the host 

country economy, and collect 

information for underwriting analysis.

Dated: July 9, 2004. 

Eli Landy, 

Senior Counsel, Administrative Affairs, 

Department of Legal Affairs.

[FR Doc. 04–16035 Filed 7–14–04; 8:45 am] 

BILLING CODE 3210–01–M

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate 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 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 2004. 

The interest assumptions for performing 

multiemployer plan valuations 

following mass withdrawal under part 

4281 apply to valuation dates occurring 

in August 2004. 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 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. 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 July 2004 is 5.25 percent 

(i.e., 85 percent of the 6.18 percent 

composite corporate bond rate for June 

2004 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 

August 2003 and July 2004. Note that 

the required interest rates for premium 

payment years beginning in August 

through December 2003 were 

determined under the Job Creation and 

Worker Assistance Act of 2002, and that 

the required interest rates for premium 

payment years beginning in January 

through July 2004 were determined 

under the Pension Funding Equity Act 

of 2004.

For premium payment years beginning in 

The

required

interest 

rate is 

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

September 2003* .......................... 5.31

October 2003* .............................. 5.14

November 2003* ........................... 5.16

December 2003* ........................... 5.12

Federal Register / Vol. 69, No. 135 / Thursday, July 15, 2004 / Notices 42471

For premium payment years beginning in 

The

required

interest 

rate is 

January 2004** ............................. 4.94

February 2004** ........................... 4.83

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

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

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

June 2004** .................................. 5.26

July 2004** ................................... 5.25

*The required interest rates for premium 

payment years beginning in August through 

December 2003 were determined under the 

Job Creation and Worker Assistance Act of 

2002. **The required interest rates for premium 

payment years beginning in January through 

July 2004 were determined under the Pension 

Funding Equity Act of 2004. 

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 

2004, as announced by the IRS, is 4 

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) 

4/1/98 ................ 12/31/98 8

1/1/99 ................ 3/31/99 7

4/1/99 ................ 3/31/00 8

4/1/00 ................ 3/31/01 9

4/1/01 ................ 6/30/01 8

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

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 

2004 (i.e., the rate reported for June 15, 

2004) is 4.00 percent. 

The following table lists the 

withdrawal liability underpayment and 

overpayment interest rates for the 

specified time periods:

From Through 

Interest 

rate

(percent) 

7/1/97 ................ 12/31/98 8.50

1/1/99 ................ 9/30/99 7.75

10/1/99 .............. 12/31/99 8.25

1/1/00 ................ 3/31/00 8.50

4/1/00 ................ 6/30/00 8.75

7/1/00 ................ 3/31/01 9.50

4/1/01 ................ 6/30/01 8.50

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

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 

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 July, 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–16003 Filed 7–14–04; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Pub. L. 94–409, that the 

Securities and Exchange Commission 

will hold the following meetings during 

the week of July 19, 2004: 

Closed Meetings will be held on 

Tuesday, July 20, 2004 at 2 p.m., and 

Thursday, July 22, 2004 at 2:00 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meetings. Certain 

staff members who have an interest in 

the matter may also be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), (8), (9)(B), and 

(10) and 17 CFR 200.402(a)(3), (5), (7), 

(8), 9(ii) and (10), permit consideration 

of the scheduled matters at the Closed 

Meetings. 

Commissioner Atkins, as duty officer, 

voted to consider the item listed for the 

closed meetings in a closed session and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the Closed 

Meeting scheduled for Tuesday, July 20, 

2004 will be: 

Formal orders of investigations; 

Institution and settlement of an 

injunctive action; 

Institution of an administrative 

proceeding of an enforcement nature; 

and 

Regulatory matter regarding a 

financial institution. 

The subject matter of the Closed 

Meeting scheduled for Tuesday, July 22, 

2004 will be: 

Formal orders of investigations; 

Institution and settlement of 

injunctive actions; and 

Institution and settlement of an 

administrative proceeding of an 

enforcement nature. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. For further 

information and to ascertain what, if 

any, matters have been added, deleted 

or postponed, please contact: 

The Office of the Secretary at (202) 

942–7070.

Dated: July 13, 2004. 

Jonathan G. Katz, 

Secretary.

[FR Doc. 04–16263 Filed 7–13–04; 4:00 pm] 

BILLING CODE 8010–01–P