74622 Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / Rules and Regulations 

III. Confirmation of June 25, 2010, 

Interpretive Rule 

Again, HUD appreciates the input and 

information provided by the members of 

the public and representatives of 

industry who responded to HUD’s 

solicitation of public comment on the 

June 25, 2010, interpretive rule. After 

consideration of the comments, HUD 

confirms its June 25, 2010, 

interpretation of certain provisions of 

RESPA as applied to the payment of fees 

to real estate brokers and agents by 

home warranty companies. The 

interpretive rule therefore stands 

without change. 

Finally, some commenters asked 

whether the interpretive rule has 

prospective or retroactive effect. An 

interpretive rule does not change 

existing law. As noted in the concluding 

paragraph of the rule, the interpretive 

rule represents HUD’s interpretation of 

its existing regulations. This interpretive 

rule, therefore, does not constitute a 

change in HUD’s interpretation of 

RESPA or the RESPA regulations, but is 

an articulation of HUD’s interpretation 

of RESPA and the implementing 

regulations that specifically applies to 

home warranty company payments to 

real estate brokers and agents. 

Authority: 12 U.S.C. 2601–2617; 42 U.S.C. 

3535(d). 

Dated: November 23, 2010. 

Helen R. Kanovsky, 

General Counsel. 

[FR Doc. 2010–30243 Filed 11–30–10; 8:45 am] 

BILLING CODE 4210–67–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 2011. 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, 2011. 

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: 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–10 with Table I–11 in 

order to provide an updated correlation, 

appropriate for calendar year 2011, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–11 will be used to value benefits 

in plans with valuation dates during 

calendar year 2011. 

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 2011, 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 2011. 

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–10 and 

adding in its place Table I–11 To read 

as follows: 

Appendix D to Part 4044—Tables Used 

To Determine Expected Retirement Age 

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Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / Rules and Regulations 74623 

1The most recent CPI–U figures are published in 

November of each year and use the period 1982– 

1984 to establish a reference base of 100. The index 

for October 2009 was 216.177, while the figure for 

October 2010 was 218.711. 

2See 37 CFR 381.10(b) (adjusted royalty rates 

shall be ‘‘fixed at the nearest dollar’’). 

TABLE I–11—SELECTION OF RETIREMENT RATE CATEGORY

[For plans with valuation dates after December 31, 2010, and before January 1, 2012] 

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 

From— To— greater than— 

2012 ......................................................................................... 568 568 2,400 2,400 

2013 ......................................................................................... 579 579 2,448 2,448 

2014 ......................................................................................... 591 591 2,497 2,497 

2015 ......................................................................................... 602 602 2,547 2,547 

2016 ......................................................................................... 614 614 2,598 2,598 

2017 ......................................................................................... 627 627 2,652 2,652 

2018 ......................................................................................... 640 640 2,708 2,708 

2019 ......................................................................................... 654 654 2,765 2,765 

2020 ......................................................................................... 668 668 2,823 2,823 

2021 or later ............................................................................ 682 682 2,882 2,882 

1Table II–A. 

2Table II–B. 

3Table II–C. 

* * * * * 

Issued in Washington, DC, this 29th day of 

November 2010. 

Vincent K. Snowbarger, 

Deputy Director for Operations, Pension 

Benefit Guaranty Corporation. 

[FR Doc. 2010–30301 Filed 11–30–10; 8:45 am] 

BILLING CODE 7709–01–P 

LIBRARY OF CONGRESS 

Copyright Royalty Board 

37 CFR Part 381 

[Docket No. 2010–9 CRB] 

Cost of Living Adjustment for 

Performance of Musical Compositions 

by Colleges and Universities 

AGENCY: Copyright Royalty Board, 

Library of Congress. 

ACTION: Final rule. 

SUMMARY: The Copyright Royalty Judges 

announce a cost of living adjustment 

(‘‘COLA’’) of 1.2% in the royalty rates 

that colleges, universities, and other 

nonprofit educational institutions that 

are not affiliated with National Public 

Radio pay for the use of published 

nondramatic musical compositions in 

the ASCAP, BMI and SESAC 

repertories. The COLA is based on the 

change in the Consumer Price Index 

from October 2009 to October 2010. 

DATES: Effective Date: January 1, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Richard Strasser, Senior Attorney, or 

Gina Giuffreda, Attorney Advisor. 

Telephone: (202) 707–7658. E-mail: 

crb@loc.gov. 

SUPPLEMENTARY INFORMATION: Section 

118 of the Copyright Act, title 17 of the 

United States Code, creates a 

compulsory license for the use of 

published nondramatic musical works 

and published pictorial, graphic, and 

sculptural works in connection with 

noncommercial broadcasting. Terms 

and rates for this compulsory license, 

applicable to parties who are not subject 

to privately negotiated licenses, are 

published in 37 CFR parts 253 and 381. 

Final regulations governing the terms 

and rates of copyright royalty payments 

with respect to certain uses by public 

broadcasting entities of published 

nondramatic musical works, and 

published pictorial, graphic, and 

sculptural works for the license period 

beginning January 1, 2008, and ending 

December 31, 2012, were published in 

the Federal Register on November 30, 

2007. See 72 FR 67646. Pursuant to 

these regulations, on or before December 

1 of each year the Judges shall publish 

a notice of the change in the cost of 

living as determined by the Consumer 

Price Index (all urban consumers, all 

items (‘‘CPI–U’’)) during the period from 

the most recent index published prior to 

the previous notice, to the most recent 

index published prior to December 1 of 

that year. See 37 CFR 381.10(a). The 

regulations also require that the Judges 

publish a revised schedule of rates for 

the public performance of musical 

compositions in the ASCAP, BMI, and 

SESAC repertories by public 

broadcasting entities licensed to 

colleges and universities, reflecting the 

change in the CPI–U. 37 CFR 

381.10(a)(requiring publication of a 

revised schedule of rates for 37 CFR 

381.5). Accordingly, the Judges are 

hereby announcing the change in the 

CPI–U and applying the annual COLA 

to the rates set out in 37 CFR 381.5(c). 

The change in the cost of living as 

determined by the CPI–U during the 

period from the most recent index 

published before December 1, 2009, to 

the most recent index published before 

December 1, 2010, is 1.2%.1 Rounding 

to the nearest dollar,2 the royalty rates 

for the performance of published 

nondramatic musical compositions in 

the repertories of ASCAP, BMI, and 

SESAC are $301, $301, and $121, 

respectively. 

List of Subjects in 37 CFR Part 381 

Copyright, Music, Radio, Television, 

Rates. 

Final Regulations 

■ For the reasons set forth in the 

preamble, part 381 of title 37 of the 

Code of Federal Regulations is amended 

to read as follows: 

PART 381—USE OF CERTAIN 

COPYRIGHTED WORKS IN 

CONNECTION WITH 

NONCOMMERCIAL EDUCATIONAL 

BROADCASTING 

■ 1. The authority citation for part 381 

continues to read as follows: 

Authority: 17 U.S.C. 118, 801(b)(1), and 

803. 

■ 2. Section 381.5 is amended by 

revising paragraphs (c)(1) through (c)(3) 

to read as follows: 

WReier-Aviles on DSKGBLS3C1PROD with RULES