18644 Federal Register / Vol. 64, No. 72 /Thursday, April 15, 1999 / Notices

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 April 1999. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in May 1999. 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 second quarter

(April through June) of 1999.

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’’ (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’’). The yield

figure is reported in Federal Reserve

Statistical Releases G.13 and H.15.

The assumed interest rate to be used

in determining variable-rate premiums

for premium payment years beginning

in April 1999 is 4.74 percent (i.e., 85

percent of the 5.58 percent yield figure

for March 1999).

The following table lists the assumed

interest rates to be used in determining

variable-rate premiums for premium

payment years beginning between May

1998 and April 1999.

For premium payment years

beginning in:

The assumed interest rate is:

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

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

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

August 1998 ............................. 4.83

September 1998 ....................... 4.71

October 1998 ............................ 4.42

November 1998 ........................ 4.26

December 1998 ........................ 4.46

January 1999 ............................ 4.30

February 1999 .......................... 4.39

March 1999 ............................... 4.56

April 1999 ................................. 4.74

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

second quarter (April through June) of

1999, 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)

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

From Through Interest rate

(percent)

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

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

10/1/98 .............. 12/31/98 8

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

4/1/99 ................ 6/30/99 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 second

quarter (April through June) of 1999

(i.e., the rate reported for March 15,

1999) is 7.75 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

From Through Rate

(percent)

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

10/1/98 .............. 12/31/98 8.50

1/1/99 ................ 3/31/99 7.75

4/1/99 ................ 6/30/99 7.75
Federal Register / Vol. 64, No. 72 /Thursday, April 15, 1999 / Notices 18645

1 Invesco Global Health Sciences Fund,

Investment Company Act Release Nos. 23061

(March 6, 1998) (notice) and 23099 (April 3, 1998)

(order).

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 May

1999 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 April 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 99–9376 Filed 4–14–99; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

to Withdraw from Listing and

Registration; (The InterCept Group,

Inc., Common Stock, No Par Value Per

Share) File No. 1–14213

April 9, 1999.

The InterCept Group, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the security specified above

(‘‘Security’’) from listing and

registration on the American Stock

Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’).

The Security has been listed for

trading on the Amex since the

Company’s initial public offering

(‘‘IPO’’) on June 9, 1998. On March 22,

1999, the Security was approved for

listing on the Nasdaq National Market

(‘‘Nasdaq’’) and subsequently began

trading there on March 30, 1999.

The Company, whose primary

business relates to technology, has

believed since its IPO that the Nasdaq

would be the preferred marketplace for

its securities and that quotation on the

Nasdaq would provide enhanced

liquidity for the Company’s

shareholders. At the time of its IPO,

however, the Company did not qualify

for listing on the Nasdaq.

Upon meeting the criteria for listing

on the Nasdaq, the Company

determined that, acting according to

what it perceived as the best interests of

its shareholders, it would proceed with

listing the Security on the Nasdaq and

concomitantly make its application to

withdraw the Security from listing on

the Amex.

The Company has complied with the

rules of the Amex by filing with the

Exchange a certified copy of the

resolutions adopted by the Board of

Directors of the Company authorizing

the withdrawal of the Security from

listing on the Amex and by setting forth

in detail to the Exchange the reasons for

such proposed withdrawal, and the facts

in support thereof.

The Amex has informed the Company

of its determination not to interpose any

objection to the Company’s application

to withdraw its Security from listing

and registration on the Exchange.

The Company’s application relates

solely to the withdrawal from listing to

the Company’s Security on the Amex

and shall have no effect upon the

continued listing of the Security on the

Nasdaq. By reason of Section 12(g) of

the Act and the rules and regulations of

the Commission thereunder, the

Company shall continue to be obligated

to file reports under Section 13 of the

Act with the Commission.

Any interested person may, on or

before May 3, 1999, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549–0609,

facts bearing upon whether the

application has been made in

accordance with the rules of the

Exchange and what terms, if any, should

be imposed by the Commission for the

protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 99–9443 Filed 4–14–99; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–23778; 812–11570]

INVESCO Global Health Sciences Fund

et al.; Notice of Application

April 9, 1999.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of application for an

order under section 6(c) of the

Investment Company Act of 1940 (the

‘‘Act’’) for an exemption from section

19(b) of the Act, and rule 19b–1 under

the Act.

SUMMARY OF APPLICATION: Applicants

request an order to amend a prior order

that permits the INVESCO Global Health

Sciences Fund (the ‘‘Fund’’) to make up

to four distributions of net long-term

capital gains in any one taxable year, so

long as the Fund maintains in effect a

distribution policy calling for quarterly

distributions of a mixed percentage of

its net asset value (‘‘NAV’’) (‘‘Prior

Order’’).1

APPLICANTS: The Fund and INVESCO

Funds Group, Inc. (‘‘IFG’’).

FILING DATE: The application was filed

on April 8, 1999.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the

Commission’s Secretary and serving

applicants with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m. on May 4, 1999, and

should be accompanied by proof of

service on applicants, in the form of an

affidavit, or, for lawyers, a certificate of

service. Hearing requests should state

the nature of the writer’s interest, the

reason for the request, and the issues

contested. Persons may request

notification of a hearing by writing to

the Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450

Fifth Street, NW, Washington, DC

20549–0609. Applicants, 7800 East

Union Avenue, Denver, CO 80237.

FOR FURTHER INFORMATION CONTACT: John

K. Forst, Attorney Advisor, at (202) 942–

0569, or Mary Kay Frech, Branch Chief,

at (202) 942–0564 (Division of

Investment Management, Office of

Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the

Commission’s Public Reference Branch,

450 Fifth Street, NW, Washington, DC

20549–0102 (tel. (202) 942–8090).

Applicants’ Representations

1. The Fund is a closed-end

diversified management investment

company organized as a Massachusetts

business trust and registered under the