67644 Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Rules and Regulations 

Government and the States, or on the 

distribution of power and 

responsibilities among the various 

levels of government. Accordingly, the 

agency has concluded that the rule does 

not contain policies that have 

federalism implications as defined in 

the Executive order and, consequently, 

a federalism summary impact statement 

is not required. 

IX. Paperwork Reduction Act of 1995 

This final rule contains no collections 

of information. Therefore, clearance by 

the Office of Management and Budget 

(OMB) under the Paperwork Reduction 

Act of 1995 (PRA) is not required. FDA 

concludes that the special controls 

guidance document contains 

information collection provisions that 

are subject to review and clearance by 

OMB under the PRA. Elsewhere in this 

issue of the Federal Register, FDA is 

publishing a notice announcing the 

availability of the guidance document 

entitled ‘‘Class II Special Controls 

Guidance Document: Automated Blood 

Cell Separator Device Operating by 

Centrifugal of Filtration Separation 

Principle.’’ The notice contains an 

analysis of the paperwork burden for the 

guidance. 

List of Subjects in 21 CFR Part 864 

Blood, Medical devices, Packaging 

and containers. 

■ Therefore, under the Federal Food, 

Drug, and Cosmetic Act and under 

authority delegated to the Commissioner 

of Food and Drugs, 21 CFR part 864 is 

amended as follows: 

PART 864—HEMATOLOGY AND 

PATHOLOGY DEVICES 

■ 1. The authority citation for 21 CFR 

part 864 continues to read as follows: 

Authority: 21 U.S.C. 351, 360, 360c, 360e, 

360j, 371. 

■ 2. Section 864.9245 is revised to read 

as follows: 

§ 864.9245 Automated blood cell 

separator. 

(a) Identification. An automated blood 

cell separator is a device that uses a 

centrifugal or filtration separation 

principle to automatically withdraw 

whole blood from a donor, separate the 

whole blood into blood components, 

collect one or more of the blood 

components, and return to the donor the 

remainder of the whole blood and blood 

components. The automated blood cell 

separator device is intended for routine 

collection of blood and blood 

components for transfusion or further 

manufacturing use. 

(b) Classification. Class II (special 

controls). The special control for this 

device is a guidance for industry and 

FDA staff entitled ‘‘Class II Special 

Controls Guidance Document: 

Automated Blood Cell Separator Device 

Operating by Centrifugal or Filtration 

Separation Principle.’’

Dated: November 26, 2007. 

Jeffrey Shuren, 

Assistant Commissioner for Policy. 

[FR Doc. E7–23285 Filed 11–29–07; 8:45 am] 

BILLING CODE 4160–01–S 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4022 

Benefits Payable in Terminated SingleEmployer Plans 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This rule amends Appendix D 

to the Pension Benefit Guaranty 

Corporation’s regulation on Benefits 

Payable in Terminated Single-Employer 

Plans by adding the maximum 

guaranteeable pension benefit that may 

be paid by the PBGC with respect to a 

plan participant in a single-employer 

pension plan that terminates in 2008. 

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 administrators, participants and 

beneficiaries of the increased maximum 

guarantee amount for 2008. 

DATES: Effective Date: January 1, 2008. 

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 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). Appendix D 

to part 4022 lists, for each year 

beginning with 1974, the maximum 

guaranteeable benefit payable by the 

PBGC to participants in single-employer 

plans that have terminated in that year. 

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, and the PBGC publishes an 

amendment to Appendix D to part 4022 

to add the guarantee limit for the 

coming year. 

The PBGC has been notified by the 

Social Security Administration that, 

under section 230 of the Social Security 

Act, $75,900 is the contribution and 

benefit base that is to be used to 

calculate the PBGC maximum 

guaranteeable benefit for 2008. 

Accordingly, the formula under section 

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

4022.22(b) is: $750 multiplied by 

$75,900/$13,200. Thus, the maximum 

monthly benefit guaranteeable by the 

PBGC in 2008 is $4,312.50 per month in 

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 2008. (If a 

benefit is payable in a different form or 

begins at a different age, the maximum 

guaranteeable amount is the actuarial 

equivalent of $4,312.50 per month.) 

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 

2008 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 


rwilkins on PROD1PC63 with RULES
Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Rules and Regulations 67645 

regulation, the Regulatory Flexibility 

Act of 1980 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 

amended by adding a new entry to the 

end of 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 

* * * * * 

2008 ...................................... $4,312.50 

Issued in Washington, DC, this 27th day of 

November, 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–23267 Filed 11–29–07; 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 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 

2008, 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. 

DATES: Effective Date: January 1, 2008. 

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: 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) 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–07 with Table I–08 in 

order to provide an updated correlation, 

appropriate for calendar year 2008, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–08 will be used to value benefits 

in plans with valuation dates during 

calendar year 2008. 

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 2008, 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 2008. 

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–07 and 


rwilkins on PROD1PC63 with RULES