Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 / Notices 32685

Executive Resources Board, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, (301) 415–7530.

Dated at Rockville, Maryland, this 9th day

of June 1998.

For the U.S. Nuclear Regulatory

Commission.

Carolyn J. Swanson,

Secretary, Executive Resources Board.

[FR Doc. 98–15851 Filed 6–12–98; 8:45 am]

BILLING CODE 7590–01–P

PENSION BENEFIT GUARANTY

CORPORATION

Interest Assumption for Determining

Variable-Rate Premium; 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 June 1998. The interest

assumptions for performing

multiemployer plan valuations

following mass withdrawal under part

4281 apply to valuation dates occurring

in July 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 June 1998 is 5.04 percent (i.e., 85

percent of the 5.93 percent yield figure

for May 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 July

1997 and June 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 months

after December 1997 apply to RPU (and

‘‘partial’’ RPU) plans as well as to nonRPU plans.

For premium payment years

beginning in:

The assumed

interest rate is:

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

For premium payment years

beginning in:

The assumed

interest rate is:

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

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

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 July

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 June 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–15823 Filed 6–12–98; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

Extension; Comment Request

Extension: Rule 53, SEC File No. 270–376,

OMB Control No. 3235–0426, Rule 54, SEC

File No. 270–376, OMB Control No. 3235–

0427, Rule 55, SEC File No. 270–376, OMB

Control No. 3235–0430, Rule 57(a) and Form

U–57, SEC File No. 270–376, OMB Control

No. 3235–0428, Rule 57(b) and Form U–33–

S, SEC File No. 270–376, OMB Control No.

3235–0429, Rule 1(c) and Form U5S, SEC

File No. 270–168, OMB Control No. 3235–

0164, Rule 2 and Form U–3A–2, SEC File No.

270–83, OMB Control No. 3235–0161.

Upon Written Request, Copies

Available From: Securities and

Exchange Commission, Office of Filings,

Information, and Consumer Services,

450 Fifth Street, NW., Washington, DC

20549.

Notice is hereby given that, pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501, et seq.), the Securities

and Exchange Commission

(‘‘Commission’’) is soliciting comments

on the collections of information

summarized below. The Commission

plans to submit these existing

collections of information to the Office

of Management and Budget for

extension and approval.

Sections 32 and 33 of the Public

Utility Holding Company Act of 1935,

as amended (‘‘Act’’), and rules 53, 54, 55
32686 Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 / Notices

and 57 thereunder, permit holding

companies registered under the Act to

make direct or indirect investments in

exempt wholesale generators (‘‘EWGs’’)

and foreign utility companies

(‘‘FUCOs’’), as defined in sections 32

and 33 of the Act, respectively, without

the prior approval of the Commission, if

certain conditions are met. Rules 53, 54

and 55 do not create a reporting burden

for respondents. These rules do,

however, contain a recordkeeping and

retention requirement. The purpose of

requiring the availability of books and

records identifying investments in and

earnings from any subsidiary EWG or

FUCO is to allow the Commission to

monitor the extent and the effect of

registered holding companies’

investments in these new entities. This

criterion was specifically cited by

Congress as an appropriate item for

inclusion in the Commission’s

rulemaking. The Commission estimate

that the total annual reporting and

recordkeeping burden of collections

under each of rules 53, 54 and 55 is 110

hours per rule (e.g., 11 responses per

rule × 10 hours per rule = 110 burden

hours per rule).

Rule 57 imposes two reporting

requirements. First, and pursuant to rule

57(a) companies seeking FUCO status

must file a notification on Form U–57

on the occasion of each transaction

involving the acquisition of a FUCO. In

instances where non-utility entities

acquire a FUCO, Form U–57 is the

Commission’s sole source of

information regarding such projects.

Even when public-utility companies

make the acquisition, Form U–57 may

provide the only prospective data

available to the Commission with

respect to such acquisition. The

Commission estimates that the total

reporting and recordkeeping burden of

collections under rule 57(a) is 144 hours

(e.g., 48 responses × 3 hours = 144

burden hours).

The second reporting requirement of

Rule 57 is the filing of Form U–33–S,

which imposes an annual reporting

requirement on any public-utility

company that acquires one or more

FUCOs. The information from Form U–

33–S allows the Commission to monitor

overseas investments by public-utility

companies. The Commission estimates

that the total reporting and

recordkeeping burden of collections

under rule 57(b) is 267 hours (e.g., 89

responses × 3 hours = 267 burden

hours).

Section 3 of the Act and rule 2 under

the Act require the Commission to

monitor exempt holding companies to

make sure that exemptions are not

detrimental to the public interest or the

interest of investors or consumers. Form

U–3A–2 is the single uniform periodic

submission which allows the staff to

effectively accomplish this task. The

Commission estimates that the total

reporting and recordkeeping burden of

collections under rule 2 is 319 hours

(e.g., 91 responses × 3.5 hours=319

burden hours).

Section 5 of the Act imposes similar

duties on the Commission with respect

to registered holding companies. The

Form U5S allows the staff to gather an

annual ‘‘snapshot’’ of each registered

system for review and comparison with

other systems. Relying on the

fragmented information submitted with

applications on Form U–1 for

Commission approval of certain

transactions, or other submissions by

registered holding companies or their

subsidiaries, would not be an

appropriate substitute for the

comprehensive and timely information

provided on Form U5S. The

Commission estimates that the total

reporting and recordkeeping burden of

collections under Form U5S is 4,142

hours (e.g., 19 responses × 218 hours =

4,142 burden hours).

These estimates of average burden

hours are made solely for the purposes

of the Paperwork Reduction Act and are

not derived from a comprehensive or

even a representative survey or study of

the costs of SEC rules and forms.

It should be noted that ‘‘an agency

may not conduct or sponsor, and a

person is not required to respond to, a

collection of information unless it

displays a currently valid control

number.’’

Written comments are invited on (a)

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information will have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information

technology. Consideration will be given

to comments and suggestions submitted

in writing within 60 days of this

publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Securities and

Exchange commission, 450 5th Street,

NW, Washington, DC 20549.

Dated: June 5, 1998.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–15825 Filed 6–12–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–23246; 812–10970]

M Fund, Inc., et al.; Notice of

Application

June 9, 1998.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under section 6(c) of the

Investment Company Act of 1940 (the

‘‘Act’’) from section 15(a) of the Act and

rule 18f–2 under the Act.

SUMMARY OF APPLICATION: Applicants, M

Fund, Inc. (‘‘Company’’) and M

Financial Investment Advisers, Inc.

(‘‘Adviser’’), request an order to permit

them to enter into and materially amend

investment advisory contracts without

shareholder approval.

FILING DATES: The application was filed

on January 16, 1998, and amended on

May 18, 1998, and June 4, 1998.

Applicants have agreed to file an

amendment during the notice period,

the substance of which is reflected in

this notice.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

June 30, 1998, 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 who wish to be notified of a

hearing may request notification by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW, Washington, DC 20549.

Applicants, 205 S.E. Spokane Street,

Portland, Oregon 97202.

FOR FURTHER INFORMATION CONTACT:

Edward P. Macdonald, 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