67032 Federal Register / Vol. 68, No. 230 / Monday, December 1, 2003 / Rules and Regulations 

Control(s) Country Chart

* * * * * 

■ 3. On page 34533, first column, in 

ECCN 2E002, the ECCN heading and the 

MT controls paragraph in the chart of the 

License Requirements section of the 

ECCN are corrected to read as follows:

2E002 ‘‘Technology’’ according to the 

General Technology Note for the 

‘‘production’’ of equipment 

controlled by 2A (except 2A983, 

2A991, or 2A994) or 2B (except 

2B991, 2B993, 2B996, 2B997, or 

2B998).

License Requirements

* * * * *

Control(s) Country Chart

* * * * * 

MT applies to ‘‘technology’’ for equipment 

controlled by 2B004, 

2B009, 2B018, 2B104, 

2B105, 2B109, 2B116, 

2B117, or 2B119 to 

2B122 for MT reasons.

MT Column 1 

* * * * * 

Dated: September 4, 2003. 

Eileen M. Albanese, 

Director, Office of Exporter Services, Export 

Administration.

[FR Doc. 03–29835 Filed 11–28–03; 8:45 am] 

BILLING CODE 3510–33–P

DEPARTMENT OF STATE

22 CFR Part 126 

[Public Notice 4546] 

Amendment to the International Traffic 

in Arms Regulations; Correction 

November 25, 2003.

ACTION: Correction of final rule.

SUMMARY: This document makes a 

correction to the final rule published on 

November 21, 2003 (68 FR 65633). The 

regulation made changes to the 

prohibited exports and sales to certain 

countries at 22 CFR 126.1.

EFFECTIVE DATE: November 21, 2003.

FOR FURTHER INFORMATION CONTACT:

Mary Sweeney, Office of Defense Trade 

Controls Management, Bureau of 

Political-Military Affairs, Department of 

State (202) 663–2700.

SUPPLEMENTARY INFORMATION: The 

Department of State published a final 

rule (Public Notice 4538) in the Federal 

Register of November 21, 2003, 

amending § 126.1 of the International 

Traffic in Arms Regulations. 

In rule FR Doc. 03–29158 published 

on November 21, 2003 (68 FR 65633), 

make the following corrections. 

1. On page 65633, third column, 

DATES: November 21, 2003. Comments 

will be accepted at any time.’’ should 

read ‘‘EFFECTIVE DATE: November 21, 

2003.’’

2. On page 65633, third column, 

‘‘ADDRESSES: Interested parties are 

invited to submit written comments to 

the Department of State, Directorate of 

Defense Trade Controls, Office of 

Defense Trade Controls Management, 

ATTN: Regulatory Change, Angola and 

Iraq, 12th Floor, SA–1, Washington, DC 

20522–0112.’’ should read ADDRESSES:

Interested parties are invited to submit 

written comments to the Department of 

State, Directorate of Defense Trade 

Controls, Office of Defense Trade 

Controls Management, ATTN: 

Regulatory Change, Angola and Iraq, 

12th Floor, SA–1, Washington, DC 

20522–0112. Comments will be 

accepted at any time.’’

Dated: November 25, 2003. 

Holly West-Owen, 

Federal Register Liaison, Department of State.

[FR Doc. 03–29818 Filed 11–28–03; 8:45 am] 

BILLING CODE 4710–25–P

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4011 and 4022 

Disclosure to Participants; Benefits 

Payable in Terminated Single-employer 

Plans

AGENCY: Pension Benefit Guaranty 

Corporation.

ACTION: Final rule.

SUMMARY: This rule amends appendix D 

to the Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans by adding the maximum 

guaranteeable pension benefit that may 

be paid by the PBGC with respect to a 

plan participant in a single-employer 

pension plan that terminates in 2004. 

This rule also amends the PBGC’s 

regulation on Disclosure to Participants 

by adding information on 2004 

maximum guaranteed benefit amounts 

to Appendix B. The amendment is 

necessary because the maximum 

guarantee amount changes each year, 

based on changes in the contribution 

and benefit base under section 230 of 

the Social Security Act. The effect of the 

amendment is to advise plan 

participants and beneficiaries of the 

increased maximum guarantee amount 

for 2004.

EFFECTIVE DATE: January 1, 2004.

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. (TTY/TDD 

users may call the Federal relay service 

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

be connected to 202–326–4024.)

SUPPLEMENTARY INFORMATION: Section 

4022(b) of the Employee Retirement 

Income Security Act of 1974 provides 

for certain limitations on benefits 

guaranteed by the PBGC in terminating 

single-employer pension plans covered 

under Title IV of ERISA. One of the 

limitations, set forth in section 

4022(b)(3)(B), is a dollar ceiling on the 

amount of the monthly benefit that may 

be paid to a plan participant (in the 

form of a life annuity beginning at age 

65) by the PBGC. The ceiling is equal to 

‘‘$750 multiplied by a fraction, the 

numerator of which is the contribution 

and benefit base (determined under 

section 230 of the Social Security Act) 

in effect at the time the plan terminates 

and the denominator of which is such 

contribution and benefit base in effect in 

calendar year 1974 [$13,200].’’ This 

formula is also set forth in § 4022.22(b) 

of the PBGC’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans (29 CFR part 4022). Appendix D 

to part 4022 lists, for each year 

beginning with 1974, the maximum 

guaranteeable benefit payable by the 

PBGC to participants in single-employer 

plans that have terminated in that year. 

Section 230(d) of the Social Security 

Act (42 U.S.C. 430(d)) provides special 

rules for determining the contribution 

and benefit base for purposes of ERISA 

section 4022(b)(3)(B). Each year the 

Social Security Administration 

determines, and notifies the PBGC of, 

the contribution and benefit base to be 

used by the PBGC under these 

provisions, and the PBGC publishes an 

amendment to appendix D to part 4022 

to add the guarantee limit for the 

coming year. 

The PBGC has been notified by the 

Social Security Administration that, 

under section 230 of the Social Security 

Act, $65,100 is the contribution and 

benefit base that is to be used to 

calculate the PBGC maximum 

guaranteeable benefit for 2004. 

Accordingly, the formula under section 

4022(b)(3)(B) of ERISA and 29 CFR 

4022.22(b) is: $750 multiplied by 

$65,100/$13,200. Thus, the maximum 

monthly benefit guaranteeable by the 

PBGC in 2004 is $3,698.86 per month in 

Federal Register / Vol. 68, No. 230 / Monday, December 1, 2003 / Rules and Regulations 67033

the form of a life annuity beginning at 

age 65. This amendment updates 

Appendix D to Part 4022 to add this 

maximum guaranteeable amount for 

plans that terminate in 2004. (If a 

benefit is payable in a different form or 

begins at a different age, the maximum 

guaranteeable amount is the actuarial 

equivalent of $3,698.86 per month.) 

Section 4011 of ERISA requires plan 

administrators of certain underfunded 

plans to provide notice to plan 

participants and beneficiaries of the 

plan’s funding status and the limits of 

the PBGC’s guarantee. The PBGC’s 

regulation on Disclosure to Participants 

(29 CFR part 4011) implements the 

statutory notice requirement. This rule 

amends Appendix B to the regulation on 

Disclosure to Participants by adding 

information on 2004 maximum 

guaranteed benefit amounts. Plan 

administrators may, subject to the 

requirements of that regulation, include 

this information in participant notices.

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 

2004 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 

Pension insurance, Pensions, 

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.

■ 2. 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 

* * * * * * * 

2004 .................................. $3,698.86 $44,386.32 $2,922.10 $35,065.20 $2,404.26 $28,851.12 $1,664.49 $19,973.88 

* * * * *

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 

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 

* * * * * 

2004 ....................................... 3,698.86 

Issued in Washington, DC, this 21st day of 

November, 2003. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 03–29642 Filed 11–28–03; 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 

2004, 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, 2004.

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. (TTY/TDD 

users may 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