59694 Federal Register / Vol. 66, No. 231 / Friday, November 30, 2001 / Rules and Regulations

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

******

*

2002 .................................................. $3,579.55 $42,954.60 $2,827.84 $33,934.08 $2,326.71 $27,920.52 $1,610.80 $19,329.60

* * * * *

PART 4022—BENEFITS PAYABLE IN

TERMINATED SINGLE-EMPLOYER

PLANS

3. 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.

4. Appendix D to part 4022 is

amended by adding a new entry to the

table to read as follows. The

introductory text is republished 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

*****

2002 .................................... 3,579.55

Issued in Washington, DC, this 26th day of

November 2001.

Hazel Broadnax,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–29763 Filed 11–29–01; 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

2002, 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, 2002.

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

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–01 with Table I–02 in

order to provide an updated correlation,

appropriate for calendar year 2002,

between the amount of a participant’s

benefit and the probability that the

participant will elect early retirement.

Table I–02 will be used to value benefits

in plans with valuation dates during

calendar year 2002.

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 2002, the plan administrator

needs the updated table being

promulgated in this rule. Accordingly,

the public interest is best served by

Federal Register / Vol. 66, No. 231 / Friday, November 30, 2001 / Rules and Regulations 59695

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 2002.

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

Pension insurance, Pensions.

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–01 and

adding in its place Table I–02 to read as

follows:

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

TABLE I–02—SELECTION OF RETIREMENT RATE CATEGORY

[For Plans with valuation dates after December 31, 2001, and before January 1, 2003]

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

From To greater than—

2003 ......................................................................................... 458 458 1,936 1,936

2004 ......................................................................................... 471 471 1,988 1,988

2005 ......................................................................................... 483 483 2,042 2,042

2006 ......................................................................................... 497 497 2,097 2,097

2007 ......................................................................................... 510 510 2,154 2,154

2008 ......................................................................................... 524 524 2,212 2,212

2009 ......................................................................................... 538 538 2,272 2,272

2010 ......................................................................................... 552 552 2,333 2,333

2011 ......................................................................................... 567 567 2,396 2,396

2012 or later ............................................................................ 583 583 2,461 2,461

1Table II–A. 2Table II–B. 3Table II–C.

* * * * *

Issued in Washington, DC, this 26th day of

November, 2001.

Hazel Broadnax,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 01–29764 Filed 11–29–01; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD01–01–204]

Drawbridge Operation Regulations:

Jamaica Bay and Connecting

Waterways, NY

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation

from regulations.

SUMMARY: The Commander, First Coast

Guard District, has issued a temporary

deviation from the drawbridge operation

regulations for the Beach Channel

Railroad Bridge, mile 6.7, across Jamaica

Bay in Queens County, New York. This

temporary deviation will allow the

bridge to remain in the closed position

at various times between December 1,

2001 and December 20, 2001. This

temporary deviation is necessary to

facilitate structural repairs at the bridge.

DATES: This deviation is effective from

December 1, 2001 through December 20,

2001.

FOR FURTHER INFORMATION CONTACT:

Joseph Schmied, Project Officer, First

Coast Guard District, at (212) 668–7195.

SUPPLEMENTARY INFORMATION:

The Beach Channel Railroad Bridge

has a vertical clearance in the closed

position of 26 feet at mean high water

and 31 feet at mean low water. The

existing regulations require the draw to

open on signal at all times; however, a

temporary final rule was published on

May 31, 2001, (66 FR 29483) entitled

Drawbridge Operation Regulations

Jamaica Bay and connecting waterways,

New York. Under this temporary final

rule the bridge owner was allowed to

require a twenty-four hours advance

notice for openings from May 18, 2001

through November 30, 2001, to facilitate

structural maintenance at the bridge.

The bridge owner, New York City

Transit, has requested a temporary

deviation from the drawbridge operating

regulations to facilitate additional

structural maintenance at the bridge.

Additional deteriorated structural

components were discovered during the

approved maintenance repairs

authorized under the existing temporary

final rulemaking in effect until

November 30, 2001. The nature of the

required additional structural repairs

will require the bridge to be closed to

navigation and rail traffic during the

implementation of this work.

This deviation to the operating

regulations will allow the bridge to

remain in the closed position during the

following time periods: 6 a.m. December

03 through 9 p.m. December 06, 2001,

6 a.m. December 10 through 9 p.m.

December 13, 2001, 6 a.m. December 17

through 9 p.m. December 20, 2001.

This deviation from the operating

regulations is authorized under 33 CFR

117.35, and will be performed with all

due speed in order to return the bridge

to normal operation as soon as possible.

Dated: November 2, 2001.

G. N. Naccara,

Rear Admiral, U.S. Coast Guard, Commander,

First Coast Guard District.

[FR Doc. 01–29760 Filed 11–29–01; 8:45 am]

BILLING CODE 4910–15–U