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Federal Register / Vol. 70, No.

157 / Tuesday, August 16, 2005 / Notices 48211

SUMMARY: The President adjusted the executives in the Senior Executive locality pay area definitions, Internal
rates of basic pay and locality payments Service (SES), as established pursuant to Revenue Service withholding tables,
for certain categories of Federal 5 U.S.C. 5382. The minimum rate of and other related information. The rates
employees effective in January 2005. basic pay for the SES may not be less of pay shown in this publication are the
This notice documents those pay than the minimum rate payable under 5 official rates of pay for affected
adjustments for the public record. U.S.C. 5376 for senior-level positions employees and are hereby incorporated
FOR FURTHER INFORMATION CONTACT: ($107,550 in 2005), and the maximum as part of this notice. You may purchase
Carey Johnston, Center for Pay and rate of basic pay may not exceed the rate copies of ‘‘Salary Tables for 2005’’ from
Performance Policy, Division for for level III of the Executive Schedule the Government Printing Office (GPO)
Strategic Human Resources Policy, ($149,200 in 2005). The maximum rate by calling (202) 512–1800 (outside the
Office of Personnel Management; (202) of the SES rate range will increase to DC area: 1–866–512–1800) or FAX (202)
606–2858; FAX (202) 606–0824; or e- level II of the Executive Schedule 512–2250. You may order copies
mail to pay-performance- ($162,100 in 2005) for SES members directly from GPO on the Internet at
policy@opm.gov. covered by performance appraisal http://bookstore.gpo.gov. In addition,
systems that are certified under 5 U.S.C. you can find pay tables on OPM’s
SUPPLEMENTARY INFORMATION: On 5307(d) as making meaningful Internet Web site at http://
December 30, 2004, the President signed distinctions based on relative www.opm.gov/oca/payrates/index.asp.
Executive Order 13368 (70 FR 1147, performance. By law, SES members are
January 5, 2005), which implemented Office of Personnel Management.
not authorized to receive locality
the January 2005 pay adjustment. The Linda M. Springer,
payments. Agencies with certified
President made these adjustments performance appraisal systems in 2005 Director.
consistent with Public Law 108–447, for senior executives and/or senior-level [FR Doc. 05–16225 Filed 8–15–05; 8:45 am]
December 8, 2004, which authorized an (SL) and scientific or professional (ST) BILLING CODE 6325–39–P
overall average pay increase of 3.5 positions must also apply a higher
percent for General Schedule (GS) aggregate limitation on pay—up to the
employees. Vice President’s salary ($208,100 in SECURITIES AND EXCHANGE
Schedule 1 of Executive Order 13368 2005). COMMISSION
provides the rates for the 2005 General The Executive order adjusted the rates
Schedule and reflects a 2.5 percent of basic pay for administrative law Issuer Delisting; Notice of Application
across-the-board increase. Executive judges (ALJs) by 2.5 percent (rounded to of MS Structured Asset Corp. To
Order 13368 also includes the the nearest $100). The maximum rate of Withdraw Its SATURNS Sears Roebuck
percentage amounts of the 2005 locality basic pay for ALJs is set by law at the Acceptance Corp. Debenture-Backed
payments. (See Section 5 and Schedule rate for level IV of the Executive Series 2003–1 Callable Units From
9 of Executive Order 13368). Schedule, which is now $140,300. (See Listing and Registration on the New
The publication of this notice satisfies 5 U.S.C. 5372). York Stock Exchange, Inc. File No. 1–
the requirement in section 5(b) of The rates of basic pay for members of 16443
Executive Order 13368 that the Office of Contract Appeals Boards are calculated
Personnel Management (OPM) publish as a percentage of the rate for level IV August 10, 2005.
appropriate notice of the 2005 locality of the Executive Schedule. (See 5 U.S.C. On July 7, 2005, MS Structured Asset
payments in the Federal Register. 5372a.) Therefore, these rates of basic Corp., a Delaware corporation
GS employees receive locality pay were increased by approximately (‘‘Issuer’’), filed an application with the
payments under 5 U.S.C. 5304. Locality 2.5 percent. Also, the maximum rate of Securities and Exchange Commission
payments apply in the 48 contiguous basic pay for SL/ST positions was (‘‘Commission’’), pursuant to Section
States and the District of Columbia. In increased by approximately 2.5 percent 12(d) of the Securities Exchange Act of
2005, locality payments ranging from (to $140,300) because it is tied to the 1934 (‘‘Act’’) 1 and Rule 12d2–2(d)
11.72 percent to 26.39 percent apply to rate for level IV of the Executive thereunder,2 to withdraw its SATURNS
GS employees in 32 locality pay areas. Schedule. The minimum rate of basic Sears Roebuck Acceptance Corp.
These 2005 locality pay percentages, pay for SL/ST positions is equal to 120 Debenture-Backed Series 2003–1
which replaced the locality pay percent of the minimum rate of basic Callable Units (‘‘Security’’), from listing
percentages that were applicable in pay for GS–15 and thus was increased and registration on the New York Stock
2004, became effective on the first day by 2.5 percent (to $107,550). (See 5 Exchange, Inc. (‘‘NYSE’’).
of the first pay period beginning on or U.S.C. 5376). The Board of Directors (‘‘Board’’) of
after January 1, 2005. An employee’s On December 13, 2004, the the Issuer approved resolutions on July
locality-adjusted annual rate of pay is President’s Pay Agent extended the 1, 2005, to withdraw the Security from
computed by increasing his or her 2005 locality-based comparability listing and registration on NYSE. The
scheduled annual rate of basic pay (as payments to certain categories of non- Issuer stated that the following reasons
defined in 5 U.S.C. 5302(8) and 5 CFR GS employees. The Governmentwide factored into the Board’s decision to
531.602) by the applicable locality pay categories include employees in SL/ST withdraw the Security from NYSE. First,
percentage. (See 5 CFR 531.604 and positions, ALJs, and Contract Appeals 100% of the assets of the trust in which
531.605.) Board members. The maximum locality the Security evidences an undivided
Executive Order 13368 establishes the rate of pay for these employees is the beneficial interest are debentures issued
new Executive Schedule, which rate for level III of the Executive by Sears Roebuck Acceptance Corp.
incorporates the 2.5 percent increase Schedule ($149,200 in 2005). (‘‘SRAC’’). Second, on June 2, 2005, the
required under 5 U.S.C. 5318 (rounded OPM published ‘‘Salary Tables for Commission issued an order approving
to the nearest $100). By law, Executive 2005’’ (OPM Doc. 124–48–6) in June the application of SRCA to voluntarily
Schedule officials are not authorized to 2005. This publication provides delist its debt securities listed on NYSE.
receive locality payments. complete salary tables incorporating the
Executive Order 13368 establishes the 2005 pay adjustments, information on 1 15 U.S.C. 78l(d).
range of rates of basic pay for senior general pay administration matters, 2 17 CFR 240.12d2–2(d).

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48212 Federal Register / Vol. 70, No. 157 / Tuesday, August 16, 2005 / Notices

After this order was issued, NYSE Delaware, and by providing NYSE with For the Commission, by the Division of
struck SRAC’s securities from listing the required documents governing the Market Regulation, pursuant to delegated
and registration on NYSE. Third, on removal of securities from listing and authority.5
June 3, 2005, SRAC voluntarily filed a registration on NYSE. Jonathan G. Katz,
Form 15 pursuant to the Act with the Secretary.
The Issuer’s application relates solely
Commission to terminate registration of [FR Doc. E5–4421 Filed 8–15–05; 8:45 am]
to the withdrawal of the Security from
its securities with the Commission. As BILLING CODE 8010–01–P
a result, SRAC’s reporting obligations listing on the NYSE and from
and the related reporting obligations registration under Section 12(b) of the
with respect to Sears, Roebuck and Co. Act,3 and shall not affect its obligation SECURITIES AND EXCHANGE
as guarantor to SRAC’s debt have been to be registered under Section 12(g) of COMMISSION
terminated under the Act. Fourth, as a the Act.4
result of SRAC’s termination of its Any interested person may, on or Sunshine Act Meeting
reporting obligations under the Act, it is before September 2, 2005, comment on Notice is hereby given, pursuant to
necessary to terminate the Issuer’s own the facts bearing upon whether the the provisions of the Government in the
obligations under the Act with respect application has been made in Sunshine Act, Pub. L. 94–409, that the
to the Security in light of the delisting accordance with the rules of NYSE, and Securities and Exchange Commission
and deregistration of SRAC’s securities. what terms, if any, should be imposed
The Issuer stated that the Security will hold the following meeting during
by the Commission for the protection of the week of August 15, 2005:
was issued in a particular type of asset-
backed securities (‘‘ABS’’) transaction investors. All comment letters may be A Closed Meeting will be held on
known as a ‘‘repackaging’’, in which the submitted by either of the following Wednesday, August 17, 2005 at 10 a.m.
ABS constitute pass through interests in methods: Commissioners, Counsel to the
debt of an unrelated third party Commissioners, the Secretary to the
Electronic Comments Commission, and recording secretaries
(‘‘SRAC’’). The SATURNS Trust 2003–1
(‘‘Trust’’) has no assets other than SRAC • Use the Commission’s Internet will attend the Closed Meeting. Certain
debentures that were purchased in the comment form (http://www.sec.gov/ staff members who have an interest in
secondary market. The Issuer has no rules/delist.shtml); or the matters may also be present.
relationship to the issuer of the The General Counsel of the
• Send an e-mail to rule- Commission, or his designee, has
underlying debentures (SRAC) and has
comments@sec.gov. Please include the certified that, in his opinion, one or
no ability to make substantive
File Number 1–16443; or more of the exemptions set forth in 5
disclosure about SRAC for purposes of
the Trust reporting obligation in relation Paper Comments U.S.C. 552b(c)(3), (5), (6), (7), (9)(B), and
to the Security. Instead, the Issuer’s (10) and 17 CFR 200.402(a) (3), (5), (6),
Security reporting obligation in relation • Send paper comments in triplicate (7), 9(ii) and (10) permit consideration
to the Security have referred holders of to Jonathan G. Katz, Secretary, of the scheduled matters at the Closed
the Security to publicly available Securities and Exchange Commission, Meeting.
reports and financial statements in Station Place, 100 F Street, NE., Commissioner Glassman, as duty
relation to SRAC that were filed by Washington, DC 20549–9303. officer, voted to consider the items
SRAC. Because SRAC has ceased its listed for the closed meeting in closed
All submissions should refer to File
reporting, there are no longer any session and that no earlier notice thereof
Number 1–16443. This file number was possible.
publicly available reports about SRAC
should be included on the subject line The subject matters of the Closed
to which holders of the Security can be
if e-mail is used. To help us process and Meeting scheduled for Wednesday,
referred. Since it is essentially
impossible for the Issuer to provide review your comments more efficiently, August 17, 2005, will be:
such materials because the Issuer has no please use only one method. The Formal orders of investigations;
right to receive such materials from Commission will post all comments on Institution and settlement of
SRAC, the documents governing the the Commission’s Internet Web site injunctive actions;
Security provide that the Trust should (http://www.sec.gov/rules/delist.shtml). Institution and settlement of
terminate following a termination of Comments are also available for public administrative proceedings of an
public reporting by the SRAC. The inspection and copying in the enforcement nature; and an
Issuer and the Trustee for the Trust have Commission’s Public Reference Room. Adjudicatory matter.
entered into an agreement which All comments received will be posted At times, changes in Commission
amended the documents governing the without change; we do not edit personal priorities require alterations in the
Security to allow, as an alternative, that identifying information from scheduling of meeting items.
the NYSE listing of the Security can be submissions. You should submit only For further information and to
withdrawn and the Issuer can terminate information that you wish to make ascertain what, if any, matters have been
its reporting obligations in relation to available publicly. added, deleted or postponed, please
the Security. Holders of the Security contact:
who would prefer to have the previous The Commission, based on the
The Office of the Secretary at (202)
termination terms of the Trust apply in information submitted to it, will issue 551–5400.
relation to their Security are being given an order granting the application after
the date mentioned above, unless the Dated: August 11, 2005.
a right to opt out of the amendment.
Commission determines to order a Jonathan G. Katz,
The Issuer stated in its application
that it has complied with NYSE’s rules hearing on the matter. Secretary.
governing an issuer’s voluntary [FR Doc. 05–16248 Filed 8–11–05; 4:23 pm]
withdrawal of a security from listing BILLING CODE 8010–01–P
and registration by complying with all 3 15 U.S.C. 78l(b).
applicable laws in effect in the State of 4 15 U.S.C. 78l(g). 5 17 CFR 200.30–3(a)(1).

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