Federal Register / Vol. 64, No. 230 / Wednesday, December 1, 1999 / Rules and Regulations 67165

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

*******

2000 .................................. $3,221.59 $38,659.08 $2,545.06 $30,540.72 $2,094.03 $25,128.36 $1,449.72 $17,396.64

Issued in Washington, DC, this 19th day of

November, 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 99–31044 Filed 11–30–99; 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

2000, 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, 2000.

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. (For TTY/

TDD users, 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–99 with Table I–00 in

order to provide an updated correlation,

appropriate for calendar year 2000,

between the amount of a participant’s

benefit and the probability that the

participant will elect early retirement.

Table I–00 will be used to value benefits

in plans with valuation dates during

calendar year 2000.

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 2000, 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 2000.

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–99 and

adding in its place Table I–00 to read as

follows:

Appendix D to Part 4044—Tables Used

to Determine Expected Retirement Age

67166 Federal Register / Vol. 64, No. 230 / Wednesday, December 1, 1999 / Rules and Regulations

TABLE I–00—SELECTION OF RETIREMENT RATE CATEGORY

(For Plans with valuation dates after December 31, 1999, and before January 1, 2001)

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

From To than—

2001 ................................................................................................................................. 430 430 1,814 1,814

2002 ................................................................................................................................. 440 440 1,856 1,856

2003 ................................................................................................................................. 450 450 1,899 1,899

2004 ................................................................................................................................. 461 461 1,942 1,942

2005 ................................................................................................................................. 471 471 1,987 1,987

2006 ................................................................................................................................. 482 482 2,033 2,033

2007 ................................................................................................................................. 493 493 2,080 2,080

2008 ................................................................................................................................. 504 504 2,127 2,127

2009 ................................................................................................................................. 516 516 2,176 2,176

2010 or later .................................................................................................................... 528 528 2,226 2,226

1Table II–A.

2Table II–B.

3Table II–C.

* * * * *

Issued in Washington, DC, this 19th day of

November, 1999.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 99–31043 Filed 11–30–99; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF DEFENSE

Office of the Secretary

32 CFR Part 287

[DISA Instruction 630–225–8]

Defense Information Systems Agency

Freedom of Information Act Program

AGENCY: Defense Information Systems

Agency, DoD.

ACTION: Final rule.

SUMMARY: This part applies to the

Department of Defense, Defense

Information Systems Agency and the

Office of the Manager, National

Communications System (OMNCS). The

regulation provides guidance on the

implementation of the ‘‘Freedom of

Information Act Program’’ within the

Defense Information Systems Agency

and the OMNCS. It was written to

comply with the Freedom of

Information Act, as amended by the

‘‘Electronic Freedom of Information

Act’’ amendments of 1996.

EFFECTIVE DATE: November 30, 1999.

ADDRESSES: Defense Information

Systems Agency, Attn: RGC (FOIA

Officer), 701 South Courthouse Road,

Arlington, VA 22204.

FOR FURTHER INFORMATION CONTACT:

Robin M. Berger, (703) 607–6515.

SUPPLEMENTARY INFORMATION:

Executive Order 12866, ‘‘Regulatory

Planning and Review’’

It has been determined that 32 CFR

part 287 is not a significant regulatory

action. The rule does not:

(1) Have an annual effect of the

economy of $100 million or more or

adversely affect in a material way the

economy; a section of the economy;

productivity; competition; jobs; the

environment; public health or safety; or

State, local, or tribal governments or

communities;

(2) Create a serious inconsistency or

otherwise interfere with an action taken

or planned by another Agency;

(3) Materially alter the budgetary

impact of entitlements, grants, user fees,

or loan programs, or the rights and

obligations of recipients thereof; or

(4) Raise novel legal or policy issues

arising out of legal mandates, the

President’s priorities, or the principles

set forth in this Executive Order.

Public Law 96–354, ‘‘Regulatory

Flexibility Act’’ (5 U.S.C. 601)

It has been certified that this rule is

not subject to the Regulatory Flexibility

Act (5 U.S.C. 601) because it would not,

if promulgated, have a significant

economic impact on a substantial

number of small entities. This part

would provide guidance on the

implementation of the Freedom of

Information Act Program within the

Defense Information Systems Agency

and the Office of the Manager, National

Communications System (OMNCS). It

was written to comply with the

Freedom of Information Act, as

amended by the Electronic Freedom of

Information Act amendments of 1996.

Public Law 104–13, ‘‘Paperwork

Reduction Act’’ (44 U.S.C. Chapter 35)

It has been certified that this part does

not impose any reporting or

recordkeeping requirements under the

Paperwork Reduction Act of 1995.

Public Law 96–354, ‘‘Regulatory

Flexibility Act’’ (5 U.S.C. 601)

It has been certified that this rule is

not subject to the Regulatory Flexibility

Act (5 U.S.C. 601) because it would not,

if promulgated, have a significant

economic impact on a substantial

number of small entities. This part

would provide guidance on the

implementation of the Freedom of

Information Act Program within the

Defense Information Systems Agency

and the Office of the Manager, National

Communications System (OMNCS). It

was written to comply with the

Freedom of Information Act, as

amended by the Electronic Freedom of

Information Act amendments of 1996.

List of Subjects in 32 CFR Part 287

Freedom of information.

Accordingly, 32 CFR part 287 is

revised to read as follows:

PART 287—DEFENSE INFORMATION

SYSTEMS AGENCY FREEDOM OF

INFORMATION ACT PROGRAM

Sec.

287.1 Purpose.

287.2 Applicability.

287.3 Authority.

287.4 Duties of the FOIA Officer.

287.5 Responsibilities.