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 

67034 Federal Register / Vol. 68, No. 230 / Monday, December 1, 2003 / Rules and Regulations 

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–03 with Table I–04 in 

order to provide an updated correlation, 

appropriate for calendar year 2004, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–04 will be used to value benefits 

in plans with valuation dates during 

calendar year 2004. 

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 2004, 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 2004. 

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–03 and adding in its 

place Table I–04 to read as follows:

Appendix D to Part 4044.—Tables Used 

To Determine Expected Retirement Age

TABLE I–04.—SELECTION OF RETIREMENT RATE CATEGORY

[For plans with valuation dates after December 31, 2003, and before January 1, 2005] 

Participant reaches URA in year—

Participant’s Retirement Rate Category is—

Low 1 if 

monthly 

benefit at 

URA is less 

than—

Medium2 if monthly benefit 

at URA is 

High3 if 

monthly 

benefit at 

URA is 

greater 

From To than—

2005 ................................................................................................................................. 473 473 2,000 2,000 

2006 ................................................................................................................................. 483 483 2,042 2,042 

2007 ................................................................................................................................. 494 494 2,087 2,087 

2008 ................................................................................................................................. 505 505 2,133 2,133 

2009 ................................................................................................................................. 516 516 2,182 2,182 

2010 ................................................................................................................................. 528 528 2,233 2,233 

2011 ................................................................................................................................. 540 540 2,284 2,284 

2012 ................................................................................................................................. 553 553 2,336 2,336 

2013 ................................................................................................................................. 566 566 2,390 2,390 

2014 or later .................................................................................................................... 579 579 2,445 2,445 

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

Federal Register / Vol. 68, No. 230 / Monday, December 1, 2003 / Rules and Regulations 67035

* * * * *

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. 03–29641 Filed 11–28–03; 8:45 am] 

BILLING CODE 7708–01–P

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation 

and Enforcement 

30 CFR Part 948 

[WV–091–FOR] 

West Virginia Regulatory Program

AGENCY: Office of Surface Mining 

Reclamation and Enforcement (OSM), 

Interior.

ACTION: Final rule; approval of 

amendment. 

SUMMARY: We are announcing our 

approval of an amendment to the West 

Virginia surface coal mining regulatory 

program (the West Virginia program) 

under the Surface Mining Control and 

Reclamation Act of 1977 (SMCRA or the 

Act). The amendment we are approving 

consists of changes to the West Virginia 

Surface Mining Reclamation Rules as 

contained in House Bill 2663. The 

amendment is intended to improve the 

operational efficiency of the West 

Virginia program.

EFFECTIVE DATE: December 1, 2003.

FOR FURTHER INFORMATION CONTACT: Mr. 

Roger W. Calhoun, Director, Charleston 

Field Office, 1027 Virginia Street East, 

Charleston, West Virginia 25301. 

Telephone: (304) 347–7158. Internet: 

chfo@osmre.gov.

SUPPLEMENTARY INFORMATION:

I. Background on the West Virginia Program 

II. Submission of the Amendment 

III. OSM’s Findings 

IV. Summary and Disposition of Comments 

V. OSM’s Decision 

VI. Procedural Determinations

I. Background on the West Virginia 

Program 

Section 503(a) of SMCRA permits a 

State to assume primacy for the 

regulation of surface mining and 

reclamation operations on non-Federal 

and non-Indian lands within its borders 

by demonstrating that its State program 

includes, among other things, ‘‘a State 

law which provides for the regulation of 

surface coal mining and reclamation 

operations in accordance with the 

requirements of the Act * * *; and 

rules and regulations consistent with 

regulations issued by the Secretary 

pursuant to the Act.’’ See 30 U.S. C. 

1253(a)(1) and (7). On the basis of these 

criteria, the Secretary of the Interior 

conditionally approved the West 

Virginia program on January 21, 1981. 

You can find background information 

on the West Virginia program, including 

the Secretary’s findings, the disposition 

of comments, and conditions of 

approval in the January 21, 1981, 

Federal Register (46 FR 5915). You can 

also find later actions concerning West 

Virginia’s program and program 

amendments at 30 CFR 948.10, 948.12, 

948.13, 948.15, and 948.16. 

II. Submission of the Amendment 

By letter dated May 2, 2001 

(Administrative Record Number WV–

1209), the West Virginia Department of 

Environmental Protection (WVDEP) 

submitted a proposed amendment to the 

West Virginia program. The program 

amendment consists of changes to the 

West Virginia Surface Mining 

Reclamation Rules at Code of State 

Regulations (CSR) 38–2, as amended by 

House Bill 2663. 

We announced receipt of the 

proposed amendment in the May 24, 

2001, Federal Register (66 FR 28682). In 

the same document, we opened the 

public comment period and provided an 

opportunity for a public hearing or 

meeting on the adequacy of the 

proposed amendment (Administrative 

Record Number WV–1213). The public 

comment period closed on June 25, 

2001. At the request of two commenters, 

we extended the comment period 

through July 13, 2003 (Administrative 

Record Numbers WV–1222 and WV–

1223). We received comments from four 

environmental organizations and two 

Federal agencies. 

We did not request comments on the 

proposed changes to CSR 38–2–

3.14.b.12, concerning the partial 

removal of coal processing refuse piles, 

because that activity pertains to the 

removal of coal refuse that does not 

meet the definition of coal. In 1990, we 

stated that ‘‘the removal, transport and 

use (without onsite reprocessing) of coal 

mine refuse which does not meet the 

definition of ‘‘coal’’ set forth in 30 CFR 

700.5; i.e., ASTM Standard D 388–77, is 

not subject to regulation [under 

SMCRA].’’ 55 FR 21314; May 23, 1990. 

Therefore, it is not subject to regulation 

under SMCRA, and will not be 

considered here. We note that the 

removal of abandoned coal refuse piles 

was the subject of a later amendment 

that was addressed in a final rule notice 

published in the May 1, 2002, Federal 

Register (67 FR 21920) (Administrative 

Record Number WV–1300). 

In the proposed rule notice published 

on May 24, 2001, we incorrectly stated 

that the definition of ‘‘cumulative 

impact area’’ at CSR 38–2–2.39 is new 

and subject to public comment. The 

definition of ‘‘cumulative impact area’’

is not new, and is already part of the 

approved West Virginia program. 

On July 1, 2003, WVDEP sent us a 

letter containing clarification 

concerning the proposed deletion of the 

definition of ‘‘cumulative impact,’’ the 

addition of a definition of ‘‘material 

damage to the hydrologic balance 

outside the permit areas,’’ and the 

addition of a provision qualifying 

certain coal removal during reclamation 

as government-financed construction 

that is exempt from a permit 

(Administrative Record Number WV–

1365). The State’s July 1, 2003, letter 

was in response to questions that we 

posed in a list dated February 26, 2003 

(Administrative Record Number WV–

1365). We announced receipt of the 

State’s clarification letter in the Federal 

Register on July 31, 2003 (68 FR 44910). 

In the same document, we reopened the 

comment period to provide the public 

an opportunity to review and comment 

on the State’s letter and whether the 

amendment, as further clarified in the 

State’s letter dated July 1, 2003, satisfies 

the applicable program approval criteria 

of 30 CFR 732.15 (Administrative 

Record Number WV–1369). The public 

comment period closed on August 15, 

2003. At the request of a Federal agency, 

we extended the public comment period 

through August 29, 2003 

(Administrative Record Number WV–

1371). We received comments from 

three environmental organizations and 

two Federal agencies. 

Several of the proposed changes to the 

West Virginia regulations that were 

submitted as part of this amendment 

were intended to address required 

program amendments codified in the 

Federal regulations at 30 CFR 

948.16(xx), (qqq), (zzz), (ffff), (gggg), 

(hhhh), (jjjj), (nnnn) and (pppp). We 

expedited our review of the specific 

amendments relating to those required 

amendments and published our 

decisions on them in the Federal 

Register on May 1, 2002 (67 FR 21904). 

Specifically, our findings on the 

following provisions that were 

submitted with this amendment and 

were addressed in our May 1, 2002, 

decision include: CSR 38–2–14.8.a.6 

(948.16(xx)); CSR 38–2–12.2.e 

(948.16(qqq)); CSR 38–2–3.12.a.1 

(948.16(zzz)); CSR 38–2–16.2.c.4 

(948.16(ffff)); CSR 38–2–16.2.c.4 

(948.16(gggg)); CSR 38–2–16.2.c.4