[Federal Register: January 15, 2008 (Volume 73, Number 10)]
[Notices]
[Page 2559]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15ja08-117]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Interest Rates and Assumptions Under Parts 4006, 4007, 4062,
4219, and 4281 of PBGC Regulations
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice about availability of interest rates and assumptions.
-----------------------------------------------------------------------
SUMMARY: For a number of years, Pension Benefit Guaranty Corporation
has published in the Federal Register a monthly notice informing the
public of the interest rates and assumptions to be used under parts
4006, 4007, 4062, 4219, and 4281 of PBGC regulations. These rates and
assumptions are published elsewhere (or can be derived from rates
published elsewhere) and are also available on PBGC's Web site, http: /
/http://www.pbgc.gov. Now that plans subject to PBGC regulations are required
to make premium filings electronically through PBGC's Web site, PBGC
has concluded that it is no longer necessary to duplicate the posting
of these interest rates and assumptions on its Web site by also
publishing the monthly Federal Register notices. Accordingly, this
notice informs the public that the monthly Federal Register notices of
PBGC interest rates and assumptions will no longer be published and
describes how to access the rates and assumptions on PBGC's Web site.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager,
Regulatory and Policy Division, Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005, 202-326-4024. (TTY/TDD users may call the Federal relay
service toll-free at 1-800-877-8339 and ask to be connected to 202-326-
4024.)
SUPPLEMENTARY INFORMATION: Several regulations of Pension Benefit
Guaranty Corporation (PBGC) require the use of interest rates and
assumptions that change monthly or quarterly. The regulations on
Benefits Payable in Terminated Single-Employer Plans (29 CFR part 4022)
and Allocation of Assets in Single-Employer Plans (29 CFR part 4044)
require the use of interest rates and assumptions that are set by PBGC,
and PBGC must amend those regulations monthly to promulgate new rates
and assumptions. But other PBGC regulations refer to rates and
assumptions that are not set by PBGC, but rather come from other
sources. Thus persons using those regulations can determine the
interest rates and assumptions they need to know without action by
PBGC. For a number of years, PBGC has made the interest rates and
assumptions available in monthly Federal Register notices and on its
Web site. The regulations in this category are those on Premium Rates
(29 CFR part 4006), Payment of Premiums (29 CFR part 4007), Liability
for Termination of Single-Employer Plans (29 CFR part 4062), Notice,
Collection, and Redetermination of Withdrawal Liability (29 CFR part
4219), and Duties of Plan Sponsor Following Mass Withdrawal (29 CFR
part 4281).
On June 1, 2006 (at 71 FR 31077), PBGC published a final rule under
which plans covered by the PBGC pension insurance program must make
annual premium filings electronically. The e-filing requirement was
phased in over two years and became applicable to all plans for plan
years beginning after 2006. See 29 CFR 4007.3. Electronic premium
filing is done through an application called ``My Plan Administration
Account'' (``My PAA'') on PBGC's Web site. Thus, plans or their
representatives are required to have access to PBGC's Web site in order
to fulfill the premium e-filing obligation. Access to the Web site
provides access to the interest rates and assumptions for use under the
five regulations listed above because those rates and assumptions are
posted on the Web site. PBGC has concluded that it is no longer
necessary both to update the interest rates and assumptions on the Web
site and to publish notice of the rates and assumptions in the Federal
Register. Accordingly, PBGC is discontinuing publication of the monthly
Federal Register notices. Monthly publication of final rules amending
the benefit payments and allocation regulations (parts 4022 and 4044)
will continue because of the need to amend those regulations each month
to provide interest rates and assumptions set by PBGC.
To access the interest rates and assumptions on PBGC's Web site
(http: //http://www.pbgc.gov), go to the ``practitioner's page'' (by clicking
on ``Practitioners'' at the top or left side of the home page). The
interest rates and assumptions are listed at the top of the left column
on the ``practitioners page.''
For the interest rates for use in determining variable-
rate premiums under the premium rates regulation (part 4006), click on
the link to ``variable rate premiums.''
For the interest rates applied to late premium payments
under the premium payment regulation (part 4007), click on the link to
``late premium payments.''
For the interest rates applied to under- and overpayments
of employer liability under the termination liability regulation (part
4062), click on the link to ``late premium payments.''
For the interest rates for charging or crediting interest
on under- and overpayments of withdrawal liability under the withdrawal
liability notice and collection regulation (part 4219) unless an
applicable plan provision provides otherwise, click on the link to
``overdue or defaulted withdrawal liability.''
For the interest rates and assumptions used for valuations
under the plan sponsor duties regulation (part 4281), click on the link
to ``immediate and deferred annuities.''
The rates and assumptions also may be obtained by calling PBGC's
interest rate hotline at 202-326-4041 or by contacting Larry Shirley in
PBGC's Policy, Research & Analysis Department at 202-326-4080, ext.
3474, or shirley.larry@pbgc.gov.
Issued in Washington, DC, on this 9th day of January 2008.
Vincent K. Snowbarger,
Deputy Director, Pension Benefit Guaranty Corporation.
[FR Doc. E8-568 Filed 1-14-08; 8:45 am]
BILLING CODE 7709-01-P