Federal Register / Vol. 63, No. 94 / Friday, May 15, 1998 / Notices 27107

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 May 1998. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in June 1998.

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’’ (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 change the

applicable percentage to 85 percent,

effective for plan years beginning on or

after July 1, 1997. (The amendment also

provides for a further increase in the

applicable percentage—to 100 percent—

when the Internal Revenue Service

adopts new mortality tables for

determining current liability.)

The assumed interest rate to be used

in determining variable-rate premiums

for premium payment years beginning

in May 1998 is 5.03 percent (i.e., 85

percent of the 5.92 percent yield figure

for April 1998).

(Under section 774(c) of the RPA, the

amendment to the applicable percentage

was deferred for certain regulated public

utility (RPU) plans for as long as six

months. The applicable percentage for

RPU plans has therefore remained 80

percent for plan years beginning before

January 1, 1998. 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 1997

premium payment instruction booklet

also describes these rules and provides

a worksheet for computing the assumed

rate.)

The following table lists the assumed

interest rates to be used in determining

variable-rate premiums for premium

payment years beginning between June

1997 and May 1998. The rates for July

through December 1997 in the table

(which reflect an applicable percentage

of 85 percent) apply only to non-RPU

plans. However, the rates for June 1997

and for months after December 1997

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

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

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

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

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

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

November 1997 .............................. 5.38

December 1997 .............................. 5.19

January 1998 .................................. 5.09

February 1998 ................................ 4.94

March 1998 ..................................... 5.01

April 1998 ........................................ 5.06

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

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 June

1998 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 8th day

of May 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–12912 Filed 5–14–98; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: [63 FR 26231, May 12,

1998].

STATUS: Closed Meeting.

PLACE: 450 Fifth Street, NW.,

Washington, D.C.

DATE PREVIOUSLY ANNOUNCED: May 12,

1998.

CHANGE IN THE MEETING: Additional Item.

The following item will be added to

the closed meeting scheduled for

Thursday, May 14, 1998, at 10 a.m.:

Amicus brief.

Commissioner Unger, as duty officer,

determined that Commission business

required the above change and 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 (202) 942–

7070.

Dated: May 13, 1998.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–13109 Filed 5–13–98; 3:05 pm]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3057]

State of California; Amendment #5

In accordance with a notice from the

Federal Emergency Management

Agency, dated April 30, 1998, the

above-numbered Declaration is hereby

amended to establish the incident

period for this disaster as beginning on

February 2, 1998 and continuing

through April 30, 1998.

All other information remains the

same, i.e., the deadline for filing

applications for physical damage is May

8, 1998 and for economic injury the

termination date is November 9, 1998.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: April 30, 1998.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 98–12968 Filed 5–14–98; 8:45 am]

BILLING CODE 8025–01–P