71472 Federal Register / Vol. 67, No. 231 / Monday, December 2, 2002 / Rules and Regulations 

* * * * *

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

BENEFITS

[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 

*****

2003 ....................................... 3,664.77 

Issued in Washington, DC, this 25th day of 

November, 2002. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 02–30304 Filed 11–29–02; 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 

2003, 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, 2003.

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 

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–02 with Table I–03 in 

order to provide an updated correlation, 

appropriate for calendar year 2003, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–03 will be used to value benefits 

in plans with valuation dates during 

calendar year 2003. 

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 2003, 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 2003. 

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–02 and 

adding in its place Table I–03 to read as 

follows: 

Appendix D to Part 4044—Tables Used 

To Determine Expected Retirement Age

Federal Register / Vol. 67, No. 231 / Monday, December 2, 2002 / Rules and Regulations 71473

TABLE I–03.—SELECTION OF RETIREMENT RATE CATEGORY

[For plans with valuation dates after December 31, 2002, and before January 1, 2004] 

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—

2004 ................................................................................................................. 465 465 1,965 1,965 

2005 ................................................................................................................. 476 476 2,010 2,010 

2006 ................................................................................................................. 487 487 2,059 2,059 

2007 ................................................................................................................. 499 499 2,108 2,108 

2008 ................................................................................................................. 511 511 2,159 2,159 

2009 ................................................................................................................. 523 523 2,210 2,210 

2010 ................................................................................................................. 535 535 2,261 2,261 

2011 ................................................................................................................. 547 547 2,313 2,313 

2012 ................................................................................................................. 560 560 2,366 2,366 

2013 or later .................................................................................................... 573 573 2,421 2,421 

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

* * * * *

Issued in Washington, DC, this 25th day of 

November, 2002. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 02–30303 Filed 11–29–02; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard 

33 CFR Part 117 

[CGD 08–02–033] 

RIN 2115–AE47 

Drawbridge Operating Regulation; 

Mississippi River, Iowa and Illinois

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, Eighth 

Coast Guard District has issued a 

temporary deviation from the regulation 

governing the Rock Island Railroad & 

Highway Drawbridge, Mile 482.9, Upper 

Mississippi River at Rock Island, 

Illinois. This deviation allows the 

drawbridge to remain closed to 

navigation for 57 days starting at 8 a.m., 

December 28, 2002, and ending at 8 

a.m., February 22, 2003, Central 

Standard Time. This deviation is 

necessary to allow the bridge owner 

time for preventive maintenance that is 

essential to the continued safe operation 

of the drawbridge.

DATES: This temporary deviation is 

effective from 8 a.m., December 28, 2002 

until 8 a.m., February 22, 2003.

ADDRESSES: Materials referred to in this 

notice are available for inspection or 

copying at the office of the Eighth Coast 

Guard District, Bridge Administration 

Branch, Commander (obr), Eighth Coast 

Guard District, 1222 Spruce Street, St. 

Louis, MO 63103–2832, between 8 a.m. 

and 4 p.m., Monday through Friday, 

except on Federal holidays. The Bridge 

Administration Branch maintains the 

public docket for this temporary 

deviation.

FOR FURTHER INFORMATION CONTACT:

Roger K. Wiebusch, Bridge 

Administrator, Commander (obr), Eighth 

Coast Guard District, 1222 Spruce 

Street, St. Louis, MO 63103–2832, (314) 

539–3900, extension 2378.

SUPPLEMENTARY INFORMATION: The 

Department of the Army, Rock Island 

Arsenal requested a temporary deviation 

on October 1, 2002 for the operation of 

the drawbridge to allow the bridge 

owner time for preventive maintenance. 

The drawbridge operation regulations 

found at 33 CFR 117.5, require the 

drawbridge to open on signal. In order 

to perform extensive repairs and 

required annual maintenance, the bridge 

must be kept inoperative and in the 

closed to navigation position. This 

deviation allows the bridge to remain 

closed to navigation for 57 days starting 

at 8 a.m., December 28, 2002 and ending 

at 8 a.m., February 22, 2003. This 

maintenance period was scheduled 

during the winter months to lessen the 

impact on vessel traffic which will 

increase when Lock 17 reopens on 

March 1, 2003. 

The Rock Island Railroad & Highway 

Drawbridge provides a vertical 

clearance of 23.8 feet above normal pool 

in the closed to navigation position. 

Navigation on the waterway consists 

primarily of commercial tows and 

recreational watercraft. The drawbridge 

will not be able to open for emergencies 

during the repair period. This deviation 

has been coordinated with waterway 

users. No objections were received. 

In accordance with 33 CFR 117.35(c), 

this work will be performed with all due 

speed in order to return the bridge to 

normal operation as soon as possible. 

This deviation from the operating 

regulations is authorized under 33 CFR 

117.35.

Dated: November 14, 2002. 

Roger K. Wiebusch, 

Bridge Administrator.

[FR Doc. 02–30323 Filed 11–22–02; 8:45 am] 

BILLING CODE 4910–15–P

DEPARTMENT OF TRANSPORTATION

Coast Guard 

33 CFR Part 117 

[CGD08–02–026] 

RIN 2115–AE47 

Drawbridge Operation Regulation; St. 

Croix River, Prescott, WI

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, Eighth 

Coast Guard District has issued a 

temporary deviation from the regulation 

governing the Burlington Northern 

Railroad Drawbridge, Mile 0.2, St. Croix 

River at Prescott, Wisconsin. This 

deviation allows the drawbridge to 

remain closed to navigation except upon 

24 hours notice to open for 44 days from 

8 a.m., November 8, 2002, until 11:59