Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Rules and Regulations 75165

this information in participant notices.

Participant notices may also include the

Internet address for obtaining the PBGC

booklet ‘‘Your Guaranteed Pension.’’

This rule updates that address.

General notice of proposed

rulemaking is unnecessary. The

maximum guaranteeable benefit is

determined according to the formula in

section 4022(b)(3)(B) of ERISA, and

these amendments make no change in

its method of calculation but simply list

2001 maximum guaranteeable benefit

amounts for the information of the

public.

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866.

Because no general notice of proposed

rulemaking is required for this

regulation, the Regulatory Flexibility

Act of 1980 does not apply (5 U.S.C.

601(2)).

List of Subjects

29 CFR Part 4011

Employee benefit plans, Pension

insurance, Reporting and recordkeeping

requirements.

29 CFR Part 4022

Employee benefit plans, Pension

insurance, Reporting and recordkeeping

requirements.

In consideration of the foregoing, 29

CFR parts 4011 and 4022 are amended

as follows:

PART 4011—DISCLOSURE TO

PARTICIPANTS

1. The authority citation for part 4011

continues to read as follows:

Authority: 29 U.S.C. 1302(b)(3), 1311.

§ 4011.10 [Amended]

2. Section 4011.10 is amended by

removing the Internet address ‘‘http://

www.pbgc.gov/ygp.htm’’ from the

second sentence of paragraph (b)(9) and

adding in its place the address ‘‘http:/

/www.pbgc.gov’’.

Appendix A to Part 4011 [Amended]

3. Appendix A to part 4011 is

amended by removing the Internet

address ‘‘http://www.pbgc.gov/

ygp.htm’’ under the heading ‘‘WHERE

TO GET MORE INFORMATION’’ and

adding in its place the address ‘‘http:/

/www.pbgc.gov’’.

4. Appendix B to part 4011 is

amended by adding a new entry in

numerical order to the table to read as

follows:

Appendix B to Part 4011—Table of Maximum Guaranteed Benefits

If a plan terminates in—

The maximum guaranteed benefit for an individual starting to receive benefits at the age listed below is

the amount (monthly or annual) listed below:

Age 65 Age 62 Age 60 Age 55

Monthly Annual Monthly Annual Monthly Annual Monthly Annual

*******

*

2001 .................................................. $3,392.05 $40,704.60 $2,679.72 $32,156.64 $2,204.83 $26,457.96 $1,526.42 $18,317.04

* * * * *

PART 4022—BENEFITS PAYABLE IN

TERMINATED SINGLE-EMPLOYER

PLANS

5. The authority citation for part 4022

continues to read as follows:

Authority: 29 U.S.C. 1302, 1322, 1322b,

1341(c)(3)(D), and 1344.

6. Appendix D to part 4022 is

amended by adding a new entry in

numerical order to the table to read as

follows. The introductory text is

reproduced for the convenience of the

reader and remains unchanged.

Appendix D to Part 4022—Maximum

Guaranteeable Monthly Benefit

The following table lists by year the

maximum guaranteeable monthly

benefit payable in the form of a life

annuity commencing at age 65 as

described by § 4022.22(b) to a

participant in a plan that terminated in

that year:

Year

Maximum

guaranteeable

monthly benefit

*****

2001 ....................................... 3,392.05

Issued in Washington, D.C., this 17th day

of November, 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–30323 Filed 11–30–00; 8:45 am]

BILLING CODE 7708–01–P

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Part 4044

Allocation of Assets in SingleEmployer Plans; Valuation of Benefits

and Assets; Expected Retirement Age

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: This rule amends the Pension

Benefit Guaranty Corporation’s

regulation on Allocation of Assets in

Single-Employer Plans by substituting a

new table that applies to any plan being

terminated either in a distress

termination or involuntarily by the

PBGC with a valuation date falling in

2001, and is used to determine expected

retirement ages for plan participants.

This table is needed in order to compute

the value of early retirement benefits

and, thus, the total value of benefits

under the plan.

EFFECTIVE DATE: January 1, 2001.

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

20005–4026; 202–326–4024. (For TTY/

TDD users, call the Federal relay service

toll-free at 1–800–877–8339 and ask to

be connected to 202–326–4024.)

SUPPLEMENTARY INFORMATION: The

PBGC’s regulation on Allocation of

Assets in Single-Employer Plans (29

CFR part 4044) sets forth (in subpart B)

the methods for valuing plan benefits of

terminating single-employer plans

covered under Title IV of the Employee

Retirement Income Security Act of 1974.

Under ERISA section 4041(c),

guaranteed benefits and benefit

75166 Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Rules and Regulations

liabilities under a plan that is

undergoing a distress termination must

be valued in accordance with part 4044,

subpart B. In addition, when the PBGC

terminates an underfunded plan

involuntarily pursuant to ERISA Section

4042(a), it uses the subpart B valuation

rules to determine the amount of the

plan’s underfunding.

Under § 4044.51(b), early retirement

benefits are valued based on the annuity

starting date, if a retirement date has

been selected, or the expected

retirement age, if the annuity starting

date is not known on the valuation date.

Sections 4044.55 through 4044.57 set

forth rules for determining the expected

retirement ages for plan participants

entitled to early retirement benefits.

Appendix D of part 4044 contains tables

to be used in determining the expected

early retirement ages.

Table I in appendix D (Selection of

Retirement Rate Category) is used to

determine whether a participant has a

low, medium, or high probability of

retiring early. The determination is

based on the year a participant would

reach ‘‘unreduced retirement age’’ (i.e.,

the earlier of the normal retirement age

or the age at which an unreduced

benefit is first payable) and the

participant’s monthly benefit at

unreduced retirement age. The table

applies only to plans with valuation

dates in the current year and is updated

annually by the PBGC to reflect changes

in the cost of living, etc.

Tables II–A, II–B, and II–C (Expected

Retirement Ages for Individuals in the

Low, Medium, and High Categories

respectively) are used to determine the

expected retirement age after the

probability of early retirement has been

determined using Table I. These tables

establish, by probability category, the

expected retirement age based on both

the earliest age a participant could retire

under the plan and the unreduced

retirement age. This expected retirement

age is used to compute the value of the

early retirement benefit and, thus, the

total value of benefits under the plan.

This document amends appendix D to

replace Table I–00 with Table I–01 in

order to provide an updated correlation,

appropriate for calendar year 2001,

between the amount of a participant’s

benefit and the probability that the

participant will elect early retirement.

Table I–01 will be used to value benefits

in plans with valuation dates during

calendar year 2001.

The PBGC has determined that notice

of and public comment on this rule are

impracticable and contrary to the public

interest. Plan administrators need to be

able to estimate accurately the value of

plan benefits as early as possible before

initiating the termination process. For

that purpose, if a plan has a valuation

date in 2001, the plan administrator

needs the updated table being

promulgated in this rule. Accordingly,

the public interest is best served by

issuing this table expeditiously, without

an opportunity for notice and comment,

to allow as much time as possible to

estimate the value of plan benefits with

the proper table for plans with valuation

dates in early 2001.

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866.

Because no general notice of proposed

rulemaking is required for this

regulation, the Regulatory Flexibility

Act of 1980 does not apply (5 U.S.C.

601(2)).

List of Subjects in 29 CFR Part 4044

Employee benefit plans, Pension

insurance.

In consideration of the foregoing, 29

CFR part 4044 is amended as follows:

PART 4044—[AMENDED]

1. The authority citation for part 4044

continues to read as follows:

Authority: 29 U.S.C. 1301(a), 1302(b)(3),

1341, 1344, 1362.

2. Appendix D to part 4044 is

amended by removing Table I–00 and

adding in its place Table I–01 to read as

follows:

Appendix D to Part 4044—Tables Used to Determine Expected Retirement Age

TABLE I–01.—SELECTION OF RETIREMENT RATE CATEGORY

[For Plans with valuation dates after December 31, 2000, and before January 1, 2002]

Participant reaches URA in year—

Participant’s retirement rate category is—

Low 1 if

monthly

benefit at

URA is less

than—

Medium 2 if monthly benefit

at URA is

High 3 if

monthly

benefit at

URA is

greater

From To than—

2002 ................................................................................................................................. 442 442 1,867 1,867

2003 ................................................................................................................................. 454 454 1,915 1,915

2004 ................................................................................................................................. 466 466 1,965 1,965

2005 ................................................................................................................................. 478 478 2,016 2,016

2006 ................................................................................................................................. 490 490 2,068 2,068

2007 ................................................................................................................................. 503 503 2,122 2,122

2008 ................................................................................................................................. 516 516 2,177 2,177

2009 ................................................................................................................................. 530 530 2,234 2,234

2010 ................................................................................................................................. 543 543 2,292 2,292

2011 or later .................................................................................................................... 557 557 2,352 2,352

1Table II–A.

2Table II–B.

3Table II–C.

Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Rules and Regulations 75167

* * * * *

Issued in Washington, DC, this 17th day of

November, 2000.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 00–30324 Filed 11–30–00; 8:45 am]

BILLING CODE 7708–01–P

LIBRARY OF CONGRESS

Copyright Office

37 CFR Part 253

[Docket No. 2000–8 CARP]

Cost of Living Adjustment for

Performance of Musical Compositions

by Colleges and Universities

AGENCY: Copyright Office, Library of

Congress.

ACTION: Final rule.

SUMMARY: The Copyright Office of the

Library of Congress announces a cost of

living adjustment of 3.4% in the royalty

rates paid by colleges, universities, or

other nonprofit educational institutions

that are not affiliated with National

Public Radio for the use of copyrighted

published nondramatic musical

compositions. The cost of living

adjustment is based on the change in the

Consumer Price Index from October,

1999, to October, 2000.

EFFECTIVE DATE: January 1, 2001.

FOR FURTHER INFORMATION CONTACT:

David O. Carson, General Counsel, or

Tanya M. Sandros, Attorney Advisor, at

Copyright Arbitration Royalty Panel,

P.O. Box 70977, Southwest Station,

Washington, DC 20024. Telephone:

(202) 707–8380. Telefax: (202) 252–

3423.

SUPPLEMENTARY INFORMATION: Section

118 of the Copyright Act, 17 U.S.C.,

creates a compulsory license for the use

of published nondramatic musical

works and published pictorial, graphic,

and sculptural works in connection

with noncommercial broadcasting.

Terms and rates for this compulsory

license, applicable to parties who are

not subject to privately negotiated

licenses, are published in 37 CFR part

253 and are subject to adjustment at

five-year intervals. 17 U.S.C. 118(c). The

last proceeding to adjust the terms and

rates for the section 118 license began

in 1996. 61 FR 54458 (October 18,

1996).

On January 14, 1998, the Copyright

Office announced final regulations

governing the terms and rates of

copyright royalty payments with respect

to certain uses by public broadcasting

entities of published nondramatic

musical works, and published pictorial,

graphic, and sculptural works,

including the 1998 rates for the public

performance of musical compositions in

the ASCAP, BMI, and SESAC

repertories by public broadcasting

entities licensed to colleges and

universities. 63 FR 2142 (January 14,

1998).

Pursuant to these regulations, on

December 1 of each year ‘‘the Librarian

of Congress shall publish a notice of the

change in the cost of living during the

period from the most recent Index

published prior to the previous notice,

to the most recent Index published prior

to December 1, of that year.’’ 37 CFR

253.10(a). The regulations also require

that the Librarian publish a revised

schedule of rates for the public

performance of musical compositions in

the ASCAP, BMI, and SESAC

repertories by public broadcasting

entities licensed to colleges and

universities, reflecting the change in the

Consumer Price Index. 37 CFR

253.10(b).

Accordingly, the Copyright Office of

the Library of Congress is hereby

announcing the change in the Consumer

Price Index and performing the annual

cost of living adjustment to the rates set

out in § 253.5(c). 63 FR 2142 (January

14, 1998).

The change in the cost of living as

determined by the Consumer Price

Index (all consumers, all items) during

the period from the most recent Index

published before December 1, 1999, to

the most recent Index published before

December 1, 2000, is 3.4% (1999’s figure

was 168.2; the figure for 2000 is 174.0,

based on 1982–1984=100 as a reference

base). Rounding off to the nearest dollar,

the adjustment in the royalty rate for the

use of musical compositions in the

repertory of ASCAP and BMI is $239,

each, and $65 for the use of musical

compositions in the repertory of SESAC.

List of Subjects in 37 CFR Part 253

Copyright, Radio, Television.

Final Regulation

For the reasons set forth in the

preamble, part 253 of title 37 of the

Code of Federal Regulations is amended

as follows:

PART 253—USE OF CERTAIN

COPYRIGHTED WORKS IN

CONNECTION WITH

NONCOMMERCIAL EDUCATIONAL

BROADCASTING

1. The authority citation for part 253

continues to read as follows:

Authority: 17 U.S.C. 118, 801(b)(1) and

803.

2. 37 CFR 253.5 is amended by

revising paragraphs (c)(1) through (c)(3).

§ 253.5 Performance of musical

compositions by public broadcasting

entities licensed to colleges and

universities.

* * * * *

(c) * * *

(1) For all such compositions in the

repertory of ASCAP, $239 annually.

(2) For all such compositions in the

repertory of BMI, $239 annually.

(3) For all such compositions in the

repertory of SESAC, $65 annually.

* * * * *

Dated: November 21, 2000.

Marybeth Peters,

Register of Copyrights.

[FR Doc. 00–30513 Filed 11–30–00; 8:45 am]

BILLING CODE 1410–33–P

POSTAL SERVICE

39 CFR Part 111

Invalid Ancillary Service

Endorsements

AGENCY: Postal Service.

ACTION: Final rule.

SUMMARY: On August 2, 2000 (65 FR

47362), the Postal Service published for

comment a proposed rule amending the

Domestic Mail Manual (DMM) to

eliminate the transitional provisions for

the handling of mail bearing invalid

ancillary service endorsements. This

final rule sets forth changes to the

DMM, allowing the Postal Service to

reject mail bearing invalid

endorsements and treat such items as

unendorsed mail.

EFFECTIVE DATE: January 1, 2001.

FOR FURTHER INFORMATION CONTACT:

Jackie Estes, (202) 268–3543.

SUPPLEMENTARY INFORMATION: In July

1997 the Postal Service simplified the

endorsements used to request ancillary

services by eliminating the existing

endorsements and substituting four

choices, ‘‘Address Service Requested,’’

‘‘Forwarding Service Requested,’’

‘‘Return Service Requested,’’ and

‘‘Change Service Requested.’’ As a

transitional accommodation to mailers

with stationery bearing the former

endorsements, the Postal Service

adopted standards providing for the

handling of mail bearing the former

endorsements. To reduce the risk of

confusion and error created by

conflicting and obsolete endorsements,

the Postal Service proposed to eliminate