Federal Register / Vol. 62, No. 199 / Wednesday, October 15, 1997 / Notices 53667

VI. Regulatory Analysis

1. Statement of the Problem

During the past several years, both the

Commission and the nuclear industry

have recognized that probabilistic risk

assessment (PRA) has evolved to the

point that it can be used increasingly as

a tool in regulatory decisionmaking. In

August 1995 the Commission published

a policy statement that articulated the

view that increased use of PRA

technology would (1) enhance

regulatory decisionmaking, (2) allow for

a more efficient use of agency resources,

and (3) allow a reduction in

unnecessary burdens on licensees. In

order for this change in regulatory

approach to occur, guidance must be

developed describing acceptable means

for increasing the use of PRA

information in the regulation of nuclear

power reactors.

2. Objective

To provide guidance to power reactor

licensees and NRC staff reviewers on

acceptable approaches for utilizing risk

information (PRA) to support requests

for changes in a plant’s current licensing

basis (CLB). It is intended that the

changes in regulatory approach

addressed by this guidance should

allow a focussing of both industry and

NRC staff resources on the most

important regulatory areas while

providing for a reduction in burden on

the resources of licensees. Specifically,

guidance is to be provided in several

areas that have been identified as having

potential for this application. This

application includes risk-informed

inservice inspection programs of piping.

3. Alternatives

The increased use of PRA information

as described in the draft regulatory

guide being developed for this purpose

is voluntary. Licensees can continue to

operate their plants under the existing

procedures defined in their CLB. It is

expected that licensees will choose to

make changes in their current licensing

bases to use the new approaches

described in the draft regulatory guide

only if it is perceived to be to their

benefit to do so.

4. Consequences

Acceptance guidelines included in

the draft regulatory guide state that only

small increases in overall risk are to be

allowed under the risk-informed

program. Reducing the inspection

frequency of piping identified to

represent low risk and low failure

potential as provided for under this

program is an example of a potential

contributor to a small increase in plant

risk. However, the program also requires

increased emphasis on piping

categorized as high-safety-significant

and high-failure-potential that may not

be inspected under current programs.

This is an example of a potential

contributor to decreases in plant risk.

An improved prioritization of industry

and NRC staff resources, such that the

most important areas associated with

plant safety receive increased attention,

should result in a corresponding

contributor to a reduction in risk. Some

of the possible impacts on plant risk

cannot be readily quantified using

present PRA techniques and must be

evaluated qualitatively. The staff

believes that the net effect of the risk

changes associated with the riskinformed programs, as allowed using

the guidelines in the draft regulatory

guide, should result in a very small

increase in risk, maintain a risk-neutral

condition, or result in a net risk

reduction in some cases.

5. Decision Rationale

It is believed that the changes in

regulatory approach provided for in the

draft regulatory guide being developed

will result in a significant improvement

in the allocation of resources both for

the NRC and for the industry. At the

same time, it is believed that this

program can be implemented while

maintaining an adequate level of safety

at the plants that choose to implement

risk-informed programs.

6. Implementation

It is intended that the risk-informed

regulatory guide on inservice inspection

of piping (DG–1063) be published by

early to mid CY 1998.

Dated at Rockville, Maryland, this 8th day

of October 1997.

For the Nuclear Regulatory Commission.

Mark A. Cunningham,

Chief, Probabilistic Risk Analysis Branch.

[FR Doc. 97–27235 Filed 10–14–97; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR WASTE TECHNICAL

REVIEW BOARD

Panel Meeting: November 19–20,

1997—Arlington, Virginia: Spent

Nuclear Fuel Transportation Safety

Pursuant to its authority under

section 5051 of Public Law 100–203, the

Nuclear Waste Policy Amendments Act

of 1987, the Nuclear Waste Technical

Review Board’s Panel on the Waste

Management System will hold a

meeting November 19–20, 1997,

beginning at 8:30 a.m. The meeting,

which is open to the public, will focus

on transportation safety issues for spent

nuclear fuel.

The first day will include

presentations on the federal regulatory

framework under which transportation

will take place, transportation planning

and practices (using a specific example),

and risk analysis (with emphasis on

methodologies). Representatives from

the Department of Transportation, the

Nuclear Regulatory Commission, Sandia

National Laboratories, and Lawrence

Livermore National Laboratory have

been invited to make the presentations,

along with several private consultants.

On the second day, the presenters will

participate in a round-table discussion

of their topics. Representatives of the

state of Nevada, the environmental

community, the Department of Energy,

and other stakeholder groups also will

participate. The meeting will end

around noon. A detailed agenda will be

available approximately two weeks

prior to the meeting by fax or email, or

on the Board’s web site at

www.nwtrb.gov.

The meeting will be held at the

Sheraton national Hotel, Columbia Pike

& Washington Boulevard, Arlington,

Virginia 22204; (Tel) 703–521–1900;

(Fax) 703–521–0332. Reservations for

accommodations must be made by

October 17, 1997, and you must indicate

that you are attending the Nuclear

Waste Technical Review Board’s panel

meeting to receive the preferred rate.

Time has been set aside on the agenda

for comments and questions from the

public. Those wishing to speak are

encouraged to sign the Public Comment

Register at the check-in table. A time

limit may have to be set on the length

of individual remarks; however, written

comments of any length may be

submitted for the record.

Transcripts of this meeting will be

available on computer disk, via e-mail,

or on a library-loan basis in paper

format from Davonya Barnes, Board

staff, beginning December 18, 1997. For

further information, contact Frank

Randall, External Affairs, 2300

Clarendon Blvd., Suite 1300, Arlington,

Virginia 22201–3367; (Tel) 703–235–

4473; (Fax) 703–235–4495; (E-mail)

info@nwtrb.gov.

The Nuclear Waste Technical Review

Board was created by Congress in the

Nuclear Waste Policy Amendments Act

of 1987 to evaluate the technical and

scientific validity of activities

undertaken by the DOE in its program

to manage the disposal of the nation’s

high-level radioactive waste and

commercial spent nuclear fuel. In that

same legislation, Congress directed the

DOE to characterize a site at Yucca

Mountain, Nevada, for its suitability as
53668 Federal Register / Vol. 62, No. 199 / Wednesday, October 15, 1997 / Notices

a potential location for a permanent

repository for the disposal of that waste.

Dated: October 8, 1997.

William Barnard,

Executive Director, Nuclear Waste Technical

Review Board.

[FR Doc. 97–27256 Filed 10–14–97; 8:45 am]

BILLING CODE 6820–AM–M

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 1997. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in November 1997. 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 1997.

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 and

TDD, call 800–877–8339 and request

connection 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’’ (described in

the statute and the regulation) 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.

For plan years beginning before July

1, 1997, the applicable percentage of the

30-year Treasury yield was 80 percent.

The Retirement Protection Act of 1994

(RPA) amended ERISA section

4006(a)(3)(E)(iii)(II) to provide that the

applicable percentage is 85 percent for

plan years beginning on or after July 1,

1997, through (at least) plan years

beginning before January 1, 2000.

However, under section 774(c) of the

RPA, the application of the amendment

is deferred for certain regulated public

utility (RPU) plans for as long as six

months. The applicable percentage for

RPU plans will therefore remain 80

percent for plan years beginning before

January 1, 1998. (The rules governing

the applicable percentages for ‘‘partial’’

RPU plans are described in § 4006.5(g)

of the premium rates regulation.)

For plans for which the applicable

percentage is 85 percent, the assumed

interest rate to be used in determining

variable-rate premiums for premium

payment years beginning in October

1997 is 5.53 percent (i.e., 85 percent of

the 6.50% percent yield figure for

September 1997).

The following table lists the assumed

interest rates to be used in determining

variable-rate premiums for premium

payment years beginning between

November 1996 and October 1997. The

rates for July through October 1997 in

the table reflect an applicable

percentage of 85 percent and thus apply

only to non-RPU plans. However, the

rates for months before July 1997, which

reflect an applicable percentage of 80

percent, apply to RPU (and ‘‘partial’’

RPU) plans as well as to non-RPU plans.

For premium payment years

beginning in:

The assumed interest rate

is—

November 1996 ........................ 5.45

December 1996 ........................ 5.18

For premium payment years

beginning in:

The assumed interest rate

is—

January 1997 ............................ 5.24

February 1997 .......................... 5.46

March 1997 ............................... 5.35

April 1997 .................................. 5.54

May 1997 .................................. 5.67

June 1997 ................................. 5.55

July 1997 .................................. 5.75

August 1997 .............................. 5.53

September 1997 ....................... 5.59

October 1997 ............................ 5.53

For premium payment years

beginning in October 1997, the assumed

interest rate to be used in determining

variable-rate premiums for RPU plans

(determined using an applicable

percentage of 80 percent) is 5.20

percent. For ‘‘partial’’ RPU plans, the

assumed interest rates to be used in

determining variable-rate premiums can

be computed by applying the rules in

§ 4006.5(g) of the premium rates

regulation. The PBGC’s premium

payment instruction booklet also

describes these rules and provides a

worksheet for computing the assumed

rate.

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 1997, 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)

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