Federal Register / Vol. 74, No. 229 / Tuesday, December 1, 2009 / Rules and Regulations 62697 

1For example, under section 230 of the Social 

Security Act, $79,200 is the contribution and 

benefit base that is to be used to calculate the PBGC 

maximum guaranteeable benefit for 2010. 

Accordingly, the formula under section 

4022(b)(3)(B) of ERISA and 29 CFR § 4022.22(b) is: 

$750 multiplied by $79,200/$13,200. Thus, the 

maximum monthly benefit guaranteeable by the 

PBGC for plans that terminate in 2010 is $4,500.00 

per month in the form of a life annuity beginning 

at age 65. (If a benefit is payable in a different form 

or begins at a different age, the maximum 

guaranteeable amount is the actuarial equivalent of 

$4,500.00 per month.) 

Issued in Washington, DC, on November 

19, 2009. 

J. Randolph Babbitt, 

Administrator. 

[FR Doc. E9–28431 Filed 11–30–09; 8:45 am] 

BILLING CODE 4910–13–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans; Limitations on 

Guaranteed Benefits; Maximum 

Guaranteeable Benefit 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This rule removes Appendix 

D from Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans. Appendix D is a historical list of 

the maximum guaranteeable monthly 

benefit for each year as determined in 

accordance with section 4022(b)(3)(B) of 

the Employee Retirement Income 

Security Act of 1974. This information 

is available on PBGC’s Web site 

(http://www.pbgc.gov). 

DATES: Effective December 31, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, Legislative and 

Regulatory Department, Pension Benefit 

Guaranty Corporation, 1200 K Street, 

NW., Washington, DC 20005, 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 (ERISA) 

provides for certain limitations on 

benefits guaranteed by Pension Benefit 

Guaranty Corporation (PBGC) in 

terminating single-employer pension 

plans covered under Title IV of ERISA. 

One of the limitations, set forth in 

ERISA 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 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 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).1

PBGC has no discretion in the 

determination of the maximum 

guaranteeable benefit. The maximum 

guaranteeable benefit is determined by 

applying the formula in ERISA section 

4022(b)(3)(B) to the contribution and 

benefit base. Each year Social Security 

Administration determines, and notifies 

PBGC of, the contribution and benefit 

base to be used under ERISA section 

4022(b)(3)(B), and PBGC applies the 

statutory formula to arrive at the 

maximum guaranteeable benefit. PBGC 

has historically published a table 

showing the maximum guaranteeable 

benefit for each year in appendix D to 

the benefit payment regulation and 

updated the list each year by amending 

the table in the appendix. In recent 

years, PBGC has also published this 

information on its Web site (http:// 

www.pbgc.gov; click on ‘‘Workers & 

Retirees,’’ then on ‘‘Maximum monthly 

guarantee tables’’ under the heading 

‘‘Benefits Information’’ in the center 

column). 

PBGC has concluded that since the 

maximum guaranteeeable benefits are 

easily accessible to the public on its 

Web site, it is no longer necessary to 

publish the information in the Federal 

Register (where annual updates to 

appendix D to the benefit payment 

regulation are published) or the Code of 

Federal Regulations (where the 

appendix itself is published). 

Accordingly, PBGC is removing 

appendix D from the benefit payment 

regulation. This action has no 

substantive legal effect. 

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 this 

amendment makes no change in its 

method of calculation but simply 

eliminates one of the methods PBGC 

currently uses to inform the public of 

the maximum guaranteeable benefit. 

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 does not apply (5 U.S.C. 601(2)). 

List of Subjects in 29 CFR Part 4022 

Pension insurance, Pensions, 

Reporting and recordkeeping 

requirements. 

■ In consideration of the foregoing, 29 

CFR part 4022 is 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. Appendix D to part 4022 is 

removed. 

Issued in Washington, DC, this 15th day of 

November, 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–28638 Filed 11–30–09; 8:45 am] 

BILLING CODE 7709–01–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 Pension 

Benefit Guaranty Corporation’s 

regulation on Allocation of Assets in 

Single-Employer Plans by substituting a 

new table for determining expected 

retirement ages for participants in 

pension plans undergoing distress or 

involuntary termination with valuation 

dates falling in 2010. This table is 

needed in order to compute the value of 

early retirement benefits and, thus, the 

total value of benefits under a plan. 

DATES: Effective Date: January 1, 2010. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, Legislative and 

Regulatory Department, Pension Benefit 

Guaranty Corporation, 1200 K Street, 

NW., Washington, DC 20005, 202–326– 

mstockstill on DSKH9S0YB1PROD with RULES

62698 Federal Register / Vol. 74, No. 229 / Tuesday, December 1, 2009 / Rules and Regulations 

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: Pension 

Benefit Guaranty Corporation (PBGC) 

administers the pension plan 

termination insurance program under 

Title IV of the Employee Retirement 

Income Security Act of 1974 (ERISA). 

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. Guaranteed 

benefits and benefit liabilities under a 

plan that is undergoing a distress 

termination must be valued in 

accordance with subpart B of part 4044. 

In addition, when 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) of the asset 

allocation regulation, 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–09 with Table I–10 in 

order to provide an updated correlation, 

appropriate for calendar year 2010, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–10 will be used to value benefits 

in plans with valuation dates during 

calendar year 2010. 

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 2010, 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 2010. 

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: 

■ 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–09 and 

adding in its place Table I–10 to read as 

follows: 

Appendix D to Part 4044—Tables Used 

To Determine Expected Retirement Age 

TABLE I–10—SELECTION OF RETIREMENT RATE CATEGORY

[For Plans with valuation dates after December 31, 2009, and before January 1, 2011] 

If 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 

greater than— From— To— 

2011 ............................................................................................................. 562 562 2,376 2,376 

2012 ............................................................................................................. 573 573 2,419 2,419 

2013 ............................................................................................................. 583 583 2,465 2,465 

2014 ............................................................................................................. 595 595 2,514 2,514 

2015 ............................................................................................................. 608 608 2,567 2,567 

2016 ............................................................................................................. 620 620 2,621 2,621 

2017 ............................................................................................................. 633 633 2,676 2,676 

2018 ............................................................................................................. 647 647 2,732 2,732 

2019 ............................................................................................................. 660 660 2,790 2,790 

2020 or later ................................................................................................ 674 674 2,848 2,848 

1Table II–A. 

2Table II–B. 

3Table II–C. 

mstockstill on DSKH9S0YB1PROD with RULES

Federal Register / Vol. 74, No. 229 / Tuesday, December 1, 2009 / Rules and Regulations 62699 

* * * * * 

Issued in Washington, DC, this 13th day of 

November, 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–28636 Filed 11–30–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

32 CFR Part 323 

[Docket ID: DoD–2009–OS–0006] 

Privacy Act; Implementation 

AGENCY: Defense Logistics Agency, DoD. 

ACTION: Final rule with request for 

comments; withdrawal. 

SUMMARY: The Department of Defense is 

withdrawing the final rule published on 

October 29, 2009 (74 FR 55781–55782), 

which updated the Defense Logistics 

Agency Privacy Act Program Rules, 32 

CFR part 323, by replacing the (k)(2) 

exemption with a (k)(5) exemption for 

their Defense Logistics Agency Criminal 

Incident Reporting System Records. 

DATES: The final rule amending 32 CFR 

part 323 published on October 29, 2009 

(74 FR 55781–55782) is withdrawn as of 

December 1, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Patricia Toppings, 703–696–5284. 

Dated: November 23, 2009. 

Patricia L. Toppings, 

OSD Federal Register Liaison Officer, 

Department of Defense. 

[FR Doc. E9–28527 Filed 11–30–09; 8:45 am] 

BILLING CODE 5001–06–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

32 CFR Part 323 

[Docket ID: DoD–2009–OS–0008] 

Privacy Act; Implementation 

AGENCY: Defense Logistics Agency, DoD. 

ACTION: Final rule with request for 

comments; withdrawal. 

SUMMARY: The Department of Defense is 

withdrawing the final rule published on 

October 29, 2009 (74 FR 55782–55783), 

which claimed existing exemptions for 

the Defense Logistics Agency Freedom 

of Information Act/Privacy Act Requests 

and Administrative Appeal Records 

when an exemption had been 

previously claimed for the records in 

another Privacy Act system of records. 

DATES: The final rule amending 32 CFR 

part 323 published on October 29, 2009 

(74 FR 55782–55783) is withdrawn as of 

December 1, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Patricia Toppings, 703–696–5284. 

Dated: November 23, 2009. 

Patricia L. Toppings, 

OSD Federal Register Liaison Officer, 

Department of Defense. 

[FR Doc. E9–28528 Filed 11–30–09; 8:45 am] 

BILLING CODE 5001–06–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2009–0759] 

Southern California Annual Marine 

Events 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of enforcement of 

regulation. 

SUMMARY: The Coast Guard will enforce 

the special local regulation in 33 CFR 

100.1101 for the San Diego Christmas 

Boat Parade of Lights on the San Diego 

Bay from 5:30 p.m. through 8 p.m. on 

December 13, 2009, and from 5:30 p.m. 

through 8 p.m. on December 20, 2009. 

This action is necessary to provide for 

the safety of the participants, crew, 

spectators, and other vessels and users 

of the waterway. During the 

enforcement period, no spectators shall 

anchor, block, loiter in, or impede the 

through transit of participants or official 

patrol vessels in the regulated area, 

unless cleared for such entry by or 

through an official patrol vessel. 

DATES: The regulation in 33 CFR 

100.1101 will be enforced from 5:30 

p.m. through 8 p.m. on December 13, 

2009, and from 5:30 p.m. through 8 p.m. 

on December 20, 2009. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this notice, call 

or e-mail Petty Officer Kristen Beer, 

USCG, Waterways Management, U.S. 

Coast Guard Sector San Diego; 

telephone 619–278–7262, e-mail 

Kristen.a.beer@uscg.mil. 

SUPPLEMENTARY INFORMATION: The Coast 

Guard will enforce the special local 

regulation for the annual San Diego 

Christmas Boat Parade of Lights in 33 

CFR 100.1101 on December 13, 2009, 

from 5:30 to 8 p.m. and on December 20, 

2009, from 5:30 to 8 p.m. 

Under the provisions of 33 CFR 

100.1101, spectator vessels may safely 

transit outside the regulated area but 

may not anchor, block, loiter in, or 

impede the transit of ship parade 

participants or official patrol vessels, 

unless cleared for such entry by or 

through an official patrol vessel. When 

hailed and/or signaled by an official 

patrol vessel, a spectator shall come to 

an immediate stop. Vessels shall comply 

with all directions given. The Coast 

Guard may be assisted by other Federal, 

State, or local law enforcement agencies 

in enforcing this regulation. 

This notice is issued under authority 

of 33 CFR 100.1101 and 5 U.S.C. 552 (a). 

In addition to this notice in the Federal 

Register, the Coast Guard will provide 

the maritime community with extensive 

advance notification of this enforcement 

period via the Local Notice to Mariners 

and marine information broadcasts. If 

the COTP or his designated 

representative determines that the 

regulated area need not be enforced for 

the full duration stated in this notice, he 

or she may use a Broadcast Notice to 

Mariners to grant general permission to 

enter the regulated area. 

Dated: September 25, 2009. 

T. H. Farris, 

Captain, U.S. Coast Guard, Captain of the 

Port San Diego. 

[FR Doc. E9–28719 Filed 11–30–09; 8:45 am] 

BILLING CODE 9910–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2009–0917] 

Notice of Enforcement for Special 

Local Regulation; Mission Bay Parade 

of Lights; Mission Bay, San Diego, CA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of enforcement of 

regulation. 

SUMMARY: The Coast Guard will enforce 

the Mission Bay Parade of Lights 

Special Local Regulation on Mission 

Bay, CA from 5 p.m. through 10 p.m. on 

12 December 2009. This action is 

necessary to provide for the safety of the 

participants, crew, spectators, sponsor 

vessels of the race, and general users of 

the waterway. During the enforcement 

period, no spectators shall anchor, 

block, loiter in, or impede the through 

transit of participants or official patrol 

vessels in the regulated area during the 

effective dates and times, unless cleared 

mstockstill on DSKH9S0YB1PROD with RULES