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The PBGC has also issued the spot segment rates for determining the variable rate premium amount for premium years commencing in October 2009. The spot first, second, and third segment rates for determining the variable rate premium amount for premium payment years commencing in October 2009 are 2.73%, 5.63% and 6.07%.
The Pension Protection Act of 2006 changed the interest rate methodology to be used to determine the present value of vested benefits for purposes of the variable-rate premium (i.e., the "premium funding target") for plan years beginning on or after January 1, 2008. Under the new rules, present value is determined using three interest rates ("spot segment rates"), each of which applies to cash flows during specified periods. The spot segment rates are based on the yields on high quality corporate bonds as determined by the Internal Revenue Service. The IRS publishes the spot segment rates monthly. For premium purposes, the applicable segment rates are the rates for the month preceding the month in which the plan year begins.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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