53772 Federal Register / Vol. 61, No. 200 / Tuesday, October 15, 1996 / Notices

Commission, the presiding officer or the

presiding Atomic Safety and Licensing

Board that the petition and/or request

should be granted based upon a

balancing of the factors specified in 10

CFR 2.714(a)(1)(i)-(v) and 2.714(d).

For further details with respect to this

action, see the application for

amendment dated September 6, 1996,

which is available for public inspection

at the Commission’s Public Document

Room, the Gelman Building, 2120 L

Street, NW., Washington, DC, and at the

local public document room located at

the University of Wisconsin, Cofrin

Library, 2420 Nicolet Drive, Green Bay,

Wisconsin.

Dated at Rockville, Maryland, this 9th

day of October 1996.

For the Nuclear Regulatory Commission.

Richard J. Laufer,

Project Manager, Project Directorate III–3

Division of Reactor Projects—III/IV, Office of

Nuclear Reactor Regulation.

[FR Doc. 96–26304 Filed 10–11–96; 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 home

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

DATES: The interest rate for determining

the variable-rate premium under part

4006 applies to premium payment years

beginning in October 1996. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occuring

in November 1996. 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 fourth quarter

(October through December) of 1996.

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 (202–326–4179

for TTY and TDD).

SUPPLEMENTARY INFORMATION:

Variable-rate Premiums

Section 4006(a)(3)(E)(iii)(II) of the

Employee Retirement Income Security

Act of 1974 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 a specified

percentage (currently 80 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 October 1996 (i.e., 80 percent of the

yield figure for September 1996) is 5.62

percent. The following table lists the

assumed interest rates to be used in

determining variable-rate premiums for

premium payment years beginning

between November 1995 and October

1996.

For premium payment years

beginning in:

The required

interest rate is:

November 1995 .................... 5.10

December 1995 .................... 5.01

January 1996 ........................ 4.85

February 1996 ...................... 4.84

March 1996 ........................... 4.99

April 1996 .............................. 5.28

May 1996 .............................. 5.43

June 1996 ............................. 5.54

July 1996 .............................. 5.65

August 1996 .......................... 5.62

September 1996 ................... 5.47

October 1996 ........................ 5.62

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

fourth quarter (October through

December) of 1996, as announced by the

IRS, is 9 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)

10/1/89 .......... 3/31/91 .......... 11

4/1/91 ............ 12/31/91 ........ 10

1/1/92 ............ 3/31/92 .......... 9

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

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 fourth

quarter (October through December) of

1996 (i.e., the rate reported for

September 16, 1996) is 8.25 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:
Federal Register / Vol. 61, No. 200 / Tuesday, October 15, 1996 / Notices 53773

1 15 U.S.C. § 78s(b)(1) (1988).

2Letters from Karen A. Aluise, Assistant Vice

President, BSECC, to Mark Steffensen, Division of

Market Regulation (‘‘Division’’), Commission (July

19, 1996) and Karen A. Aluise, Assistant Vice

President, BSE, to Mark Stefensen, Division,

Commission (July 19, 1996).

3Securities Exchange Act Release Nos. 37552

(August 9, 1996), 61 FR 42669 (BSECC) and 37553

(August 9, 1996), 61 FR 42670 (BSE).

4Pursuant to BSECC’s rules, a specialist is a

BSECC member that acts as a specialist on the floor

of BSE and on whose behalf BSECC guarantees

settlement of all trades executed by such member

on the floor of BSE. Pursuant to Chapter XV,

Section 1 of BSE’s rules, a BSE member may be

registered as a specialist upon application to and

with the consent of BSE.

5BSECC Rule II, Section 5 specifies the use and

application of clearing fund. Paragraph (d) of that

section provides that clearing fund may be used to

discharge a member’s liability to BSECC, BSE, or

Boston Stock Exchange Service Corporation.

6 15 U.S.C. § 78f(b)(5) (1988).

7 15 U.S.C. § 78q–1(b)(3)(F) (1988).

From— Through— Interest rate

(percent)

4/1/90 ............ 3/31/91 .......... 10.00

4/1/91 ............ 6/30/91 .......... 9.00

7/1/91 ............ 9/30/91 .......... 8.50

10/1/91 .......... 12/31/91 ........ 8.00

1/1/92 ............ 3/31/92 .......... 7.50

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

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

November 1996 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 October 1996.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 96–26344 Filed 10–11–96; 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 meeting during

the week of October 7, 1996.

A closed meeting will be held on

Wednesday, October 9, 1996, at 9:00

a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. 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)(4), (8), (9)(A) and (10)

and 17 CFR 200.402(a)(4), (8), (9)(i) and

(10), permit consideration of the

scheduled matter at the closed meeting.

Commissioner Hunt, as duty officer,

voted to consider the item listed for the

closed meeting in a closed session.

The subject matter of the closed

meeting scheduled for Wednesday,

October 9, 1996, at 9:00 a.m., will be:

Institution of administrative proceedings of

an enforcement nature.

Commissioner Hunt, as duty officer,

determined that no earlier notice thereof

was possible.

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: October 10, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–26553 Filed 10–10–96; 3:52 pm]

BILLING CODE 8010–01–M

[Release No. 34–37794; File Nos. SR–

BSECC–96–02; SR–BSE–96–06]

Self-Regulatory Organizations; Boston

Stock Exchange Clearing Corporation;

Boston Stock Exchange, Inc.; Order

Approving Proposed Rule Changes To

Modify Specialists’ Clearing Fund

Requirements

October 7, 1996.

On June 14, 1996, the Boston Stock

Exchange Clearing Corporation

(‘‘BSECC’’) and the Boston Stock

Exchange, Inc. (‘‘BSE’’) each filed with

the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change (File Nos. SR–

BSECC–96–02) and SR–BSE–96–06,

respectively) pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’),1 to modify specialists’

clearing fund requirements. On July 23,

1996, BSECC and BSE each filed an

amendment to its proposed rule

change.2 Notices of the proposed rule

changes were published in the Federal

Register on August 16, 1996.3 No

comment letters were received. For the

reasons discussed below, the

Commission is approving the proposed

rule changes.

I. Description

BSECC’s rule change amends BSECC

Rule II, Section 1 relating to the

maintenance and purpose of BSECC’s

clearing fund and BSE’s rule change

amends Chapter XXII, Section 2(f) of

BSE’s rules regarding specialists’

liquidating equity deposits.4

Specifically, Section 2(f) of Chapter

XXII of BSE’s rules requires specialists

to maintain a liquidating equity deposit

of $200,000 per specialist account with

BSECC (‘‘minimum equity

requirement’’). Section 2 of BSECC Rule

II requires that all members contribute

$6,000 to the clearing fund.5 Under the

rule change, BSECC Rule II, Section 1

has been amended to provide that

specialists are deemed to have met their

clearing fund requirement through the

minimum equity requirement and that

the amount of the minimum equity

requirement equal to the required

clearing fund deposit is deemed to be

the clearing fund deposit. Additionally,

Section 2(f) of Chapter XXII of BSE’s

rules has been amended to provide that

the minimum equity requirement can be

utilized by BSECC and is deemed to be

clearing fund up to the amount required

to be deposited as clearing fund

pursuant to BSECC’s rules. This

provision only applies to specialists that

are members of BSECC.

II. Discussion

The Commission believes that the

proposed rule changes are consistent

with the obligations of BSECC under

Section 17A of the Act and the

obligations of BSE under Section 6 of

the Act. Among other things, Section

6(b)(5) 6 of the Act requires that the rules

of a national securities exchange be

designed to protect investors and the

public interest and Section

17A(b)(3)(F) 7 of the Act requires that

the rules of a clearing agency be

designed to assure the safeguarding of

securities and funds which are in the

custody or control of the clearing agency

or for which it is responsible. Permitting