Federal Register / Vol. 61, No. 241 / Friday, December 13, 1996 / Rules and Regulations 65473

DEPARTMENT OF THE INTERIOR

Bureau of Indian Affairs

25 CFR Part 10

RIN 1076–AD77

Indian Country Detention Facilities and

Programs; Correction

AGENCY: Bureau of Indian Affairs,

Interior.

ACTION: Correction to final regulations.

SUMMARY: This document contains

corrections to the final regulations

which were published Tuesday, July 2,

1996 (61 FR 34371). The final

regulations establish standards for the

operation, maintenance, design and

construction, or renovation of detention

facilities.

EFFECTIVE DATE: August 1, 1996.

FOR FURTHER INFORMATION CONTACT:

Harry DeLashmutt, Office of Law

Enforcement Services, Bureau of Indian

Affairs (202) 208–5786.

SUPPLEMENTARY INFORMATION

Background

The final regulations that are the

subject of these corrections supersede

the table of contents and §§ 10.1, 10.4,

10.8, 10.9 and 10.11 and affect those

Bureau of Indian Affairs officials and

Tribes that operate, maintain, design

and construct, or renovate detention

facilities.

Need for Correction

As published, the final regulations

contain errors which may prove to be

misleading and are in need of

clarification.

Correction of Publication

Accordingly, the publication on July

2, 1996 of the final regulations, which

were the subject of FR Doc. 96–16042,

is corrected as follows:

PART 10—[CORRECTED]

1. On page 34374, in the first column,

table of contents, in the heading of

§ 10.5, line 5, the words ‘‘Inmate

Handbook’’ are corrected to read

‘‘community residential.’’

2. On page 34374, in the first column,

table of contents, in the heading of

§ 10.8, line 3, the words ‘‘Inmate

Handbook’’ are corrected to read

‘‘community residential.’’

3. On page 34374, in the first column,

table of contents, in the heading of

§ 10.9, lines 2 and 3, the words ‘‘Inmate

Handbook’’ are corrected to read

‘‘community residential.’’

§ 10.1 [Corrected]

4. On page 34374, in the first column,

in the text of § 10.1, line 7, the words

‘‘Inmate Handbook’’ are corrected to

read ‘‘community residential.’’

§ 10.5 [Corrected]

5. On page 34374, in the third

column, in the heading of § 10.5, line 4,

the words ‘‘Inmate Handbook,’’ are

corrected to read ‘‘community

residential.’’

§ 10.8 [Corrected]

6. On page 34374, in the third

column, in the heading of § 10.8, line 3,

the words ‘‘Inmate Handbook,’’ are

corrected to read ‘‘community

residential.’’

§ 10.9 [Corrected]

7. On page 34374, in the third

column, in the heading of § 10.9, line 3,

the words ‘‘Inmate Handbook,’’ are

corrected to read ‘‘community

residential.’’

8. On page 34374, in the third

column, in the text of § 10.9, lines 2 and

3, the words ‘‘Inmate Handbook’’ are

corrected to read ‘‘community

residential.’’

§ 10.11 [Corrected]

9. On page 34375, in the first column,

in the text of § 10.11, line 1, the words

‘‘Inmate Handbook’’ are corrected to

read ‘‘community residential.’’

Dated: November 4, 1996.

Ada E. Deer,

Assistant Secretary—Indian Affairs.

[FR Doc. 96–31586 Filed 12–12–96; 8:45 am]

BILLING CODE 4310–02–P

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Parts 4011 and 4022

Disclosure to Participants; Benefits

Payable in Terminated SingleEmployer Plans

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: This rule amends the

appendix to the Pension Benefit

Guaranty Corporation’s regulation on

Benefits Payable in Terminated SingleEmployer Plans by adding the

maximum guaranteeable pension benefit

that may be paid by the PBGC with

respect to a plan participant in a singleemployer pension plan that terminates

in 1997. This rule also amends

Appendix B to the PBGC’s regulation on

Disclosure to Participants by adding

information on 1997 maximum

guaranteed benefit amounts. 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 1997.

EFFECTIVE DATE: January 1, 1997.

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 (202–326–

4179 for TTY and TDD).

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).

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. The PBGC has been notified

by the Social Security Administration

that, under section 230 of the Social

Security Act, $48,600 is the contribution

and benefit base that is to be used to

calculate the PBGC maximum

guaranteeable benefit for 1997.

Accordingly, the formula under section

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

§ 4022.22(b) is: $750 multiplied by

$48,600/$13,200. Thus, the maximum

monthly benefit guaranteeable by the

PBGC in 1997 is $2,761.36 per month in

the form of a life annuity beginning at

age 65. If a benefit is payable in a
65474 Federal Register / Vol. 61, No. 241 / Friday, December 13, 1996 / Rules and Regulations

different form or begins at a different

age, the maximum guaranteeable

amount will be the actuarial equivalent

of $2,761.36 per month.

The appendix to part 4022 lists the

maximum guaranteeable benefit payable

by the PBGC to participants in singleemployer plans that have terminated in

each year from 1974 through 1996. This

amendment updates the appendix for

plans that terminate in 1997.

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 1997 maximum

guaranteed benefit amounts. Plan

administrators may, subject to the

requirements of that regulation, include

this information in participant notices.

Because 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 1997 maximum

guaranteeable benefit amounts for the

information of the public, general notice

of proposed rulemaking is not required.

Moreover, because the 1997 maximum

guaranteeable benefit is effective, under

the statute, at the time that the Social

Security contribution and benefit base is

effective, i.e., January 1, 1997, and is not

dependent on the issuance of this rule,

the PBGC finds that good cause exists

for making these amendments effective

less than 30 days after publication (5

U.S.C. 553).

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

Pensions, 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 4022—BENEFITS PAYABLE IN

TERMINATED SINGLE-EMPLOYER

PLANS

1. 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.

2. The appendix 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 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

* * * * *

1997 ....................................... 2,761.36

PART 4011—DISCLOSURE TO

PARTICIPANTS

3. The authority citation for Part 4011

continues to read as follows:

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

4. Appendix B to part 4011 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 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

* * * * * * *

1997 .................... $2,761.36 $33,136.32 $2,181.47 $26,177.64 $1,794.88 $21,538.56 $1,242.61 $14,911.32

Issued at Washington, D.C., this 10th day

of December, 1996.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 96–31715 Filed 12–12–96; 8:45 am]

BILLING CODE 7708–01–P

29 CFR Part 4044

Allocation of Assets in SingleEmployer Plans; Interest Assumptions

for Valuing Benefits

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: The Pension Benefit Guaranty

Corporation’s regulation on Allocation

of Assets in Single-Employer Plans

prescribes interest assumptions for

valuing benefits under terminating

single-employer plans. This final rule

amends the regulation to adopt interest

assumptions for plans with valuation

dates in January 1997.

EFFECTIVE DATE: January 1, 1997.

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, 202–326–4024 (202–326–4179

for TTY and TDD).

SUPPLEMENTARY INFORMATION: The

PBGC’s regulation on Allocation of

Assets in Single-Employer Plans (29

CFR part 4044) prescribes actuarial

assumptions for valuing plan benefits of

terminating single-employer plans

covered by title IV of the Employee

Retirement Income Security Act of 1974.

Among the actuarial assumptions

prescribed in part 4044 are interest

assumptions. These interest

assumptions are intended to reflect

current conditions in the financial and

annuity markets.