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NOTICE: NOTICES

ACTION: Multiemployer plans:

DOCUMENT ACTION: Notice of interest rates and assumptions.

SUBJECT CATEGORY: Required Interest Rate Assumption for Determining Variable-Rate Premium; Interest Assumptions for Multiemployer Plan Valuations Following Mass Withdrawal

DATES: The required interest rate for determining the variable-rate premium under part 4006 applies to premium payment years beginning in December 2003. The interest assumptions for
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performing multiemployer plan valuations following mass withdrawal under part 4281 apply to valuation dates occurring in January 2004.

DOCUMENT 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 can be derived 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).

SUMMARY: Interest rates and assumptions,

SUPPLEMENTAL INFORMATION

Section 4006(a)(3)(E)(iii)(II) of the Employee Retirement Income Security Act of 1974 (ERISA) and Sec. 4006.4(b)(1) of the PBGC's regulation on Premium Rates (29 CFR part 4006) prescribe use of an assumed interest rate (the ``required interest rate'') in determining a singleemployer plan's variablerate premium. The required interest rate is the ``applicable percentage'' (currently 100 percent) of the annual yield on 30year Treasury securities for the month preceding the beginning of the plan year for which premiums are being paid (the ``premium payment year''). (Although the Treasury Department has ceased issuing 30year securities, the Internal Revenue Service announces a surrogate yield figure each monthbased on the 30year Treasury bond maturing in February 2031which the PBGC uses to determine the required interest rate.)

The required interest rate to be used in determining variablerate premiums for premium payment years beginning in December 2003 is 5.12 percent.

The following table lists the required interest rates to be used in determining variablerate premiums for premium payment years beginning between January 2003 and December 2003.
The required For premium payment years beginning in: interest rate is: January 2003............................................... 4.92 February 2003.............................................. 4.94 March 2003................................................. 4.81 April 2003................................................. 4.80 May 2003................................................... 4.90 June 2003.................................................. 4.53 July 2003.................................................. 4.37 August 2003................................................ 4.93 September 2003............................................. 5.31 October 2003............................................... 5.14 November 2003.............................................. 5.16 December 2003.............................................. 5.12 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 SingleEmployer Plans (29 CFR part 4044). The interest assumptions applicable to valuation dates in January 2004 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 10th day of December, 2003. Joseph H. Grant,
Deputy Executive Director and Chief Operating Officer, Pension Benefit Guaranty Corporation.
[FR Doc. 0330948 Filed 121203; 8:45 am]
BILLING CODE 770801P

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, 2023264024. (TTY/TDD users may call the Federal relay service tollfree at 1800 8778339 and ask to be connected to 2023264024.)