30-Year Treasury Rate definition
30-Year Treasury Rate means for any Plan Year the annual rate of interest on 30-year Treasury securities as described in Section 417(e)(3)(A)(ii)(II) of the Code (prior to its amendment under the Pension Protection Act of 2006) determined for October in the calendar year immediately prior to the Plan Year in which the “30 Year Treasury Rate” is being used under this Part L.
30-Year Treasury Rate means the rate per annum equal to the semi-annual equivalent yield to maturity of the U.S. Treasury security used, in accordance with customary financial practice, as the benchmark pricing bond in pricing new issues of corporate debt securities of 30-year maturities on the Scheduled Remarketing Date.
30-Year Treasury Rate means (i) the yield, under the heading ---------------------- which represents the average for the week immediately prior to the date of calculation, appearing in the most recently published statistical release designated H.15(519) or any successor publication which is published weekly by the Federal Reserve and which establishes yields on actively traded United States Treasury securities for the 30 year treasury bonds (or if 30 year treasury bonds are no longer issued, the longest maturity treasury bond then being issued) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date. The 30-Year Treasury Rate shall be calculated by the Remarketing Agent on the third Business Day preceding the Reset Date.
Examples of 30-Year Treasury Rate in a sentence
Each Account shall be adjusted on a monthly basis pursuant to either the Mirror Rate Method or the 30-Year Treasury Rate Method.
Each Participant with an Account shall be given an opportunity to elect between the Mirror Rate Method and the 30-Year Treasury Rate Method for such purpose.
The Trustees may assess compound interest at the ‘applicable interest rate’ based on the 30-Year Treasury Rate as set by the United States Department of Treasury on the first business day of each Plan Year per annum on such erroneous payments that are made by the Trustees due to a Participant's fraudulent misrepresentation(s).