Federal Register / Vol. 62, No. 240 / Monday, December 15, 1997 / Rules and Regulations 65607

and after the closing date for comments,

in the Rules Docket for examination by

interested persons. A report that

summarizes each FAA-public contact

concerned with the substance of this

action will be filed in the Rules Docket.

Commenters wishing the FAA to

acknowledge receipt of their comments

submitted in response to this rule must

submit a self-addressed, stamped

postcard on which the following

statement is made: ‘‘Comments to

Docket No. 97–ASW–25.’’ The postcard

will be date stamped and returned to the

commenter.

Agency Findings

The regulations adopted herein will

not have substantial direct effects on the

States, on the relationship between the

national government and the States, or

on the distribution of power and

responsibilities among the various level

of government. Therefore, in accordance

with Executive Order 12612, it is

determined that this final rule does not

have sufficient federalism implications

to warrant the preparation of a

Federalism Assessment.

Further, the FAA has determined that

this regulation is noncontroversial and

unlikely to result in adverse or negative

comments and only involves an

established body of technical

regulations that require frequent and

routine amendments to keep them

operationally current. Therefore, I

certify that this regulation (1) is not a

‘‘significant regulatory action’’ under

Executive Order 12866; (2) is not a

‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 1979); and (3) if

promulgated, will not have a significant

economic impact, positive or negative,

on a substantial number of small entities

under the criteria of the Regulatory

Flexibility Act. Since this rule involves

routine matters that will only affect air

traffic procedures and air navigation, it

does not warrant preparation of a

Regulatory Flexibility Analysis because

the anticipated impact is so minimal.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Adoption of the Amendment

Accordingly, pursuant to the

authority delegated to me, the Federal

Aviation Administration amends 14

CFR part 71 as follows:

PART 71—DESIGNATION OF CLASS A,

CLASS B, CLASS C, CLASS D, AND

CLASS E AIRSPACE AREAS;

AIRWAYS; ROUTES; AND REPORTING

POINTS [AMENDED]

1. The authority citation for 14 CFR

part 71 continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854; 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389; 14 CFR 11.69.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9E, Airspace

Designations and Reporting Points,

dated September 10, 1997, and effective

September 16, 1997, is amended as

follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

ASW NM E5 Gallup, NM [Revised]

Gallup Municipal Airport, NM

(Lat. 35°30′40′′ N., long 108°47′22′′ W.)

Gallup VORTAC

(Lat. 35°28′34′′ N., long. 108°52′21′′ W.)

That airspace extending upward from 700

feet above the surface within a 6.7-mile

radius of Gallup Municipal Airport and

within 3.8 miles each side of the 250° bearing

from the Gallup Municipal Airport extending

from the 6.7-mile radius to 12.6 miles

southwest of the airport and within 2 miles

each side of the 074° bearing from the airport

extending from the 6.7-mile radius to 9.1

miles east of the airport and that airspace

extending upward from 1200 feet above the

surface within an area bounded by a line

beginning at lat. 35°47′30′′ N., long.

108°34′02′′ W.; to lat. 35°26′50′′ N., long.

108°34′02′′ W.; to lat. 35°13′15′′ N., long

109°06′02′′ W.; to lat. 35°20′25′′ N., long.

109°10′42′′ W.; to lat. 35°52′00′′ N., long.

108°47′02′′ W.; to point of beginning

excluding that airspace within the New

Mexico, NM, Class E airspace area.

* * * * *

Albert L. Viselli,

Acting Manager, Air Traffic Division,

Southwest Region.

[FR Doc. 97–32667 Filed 12–12–97; 8:45 am]

BILLING CODE 4910–13–M

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 1998. This rule also amends

Appendix B to the PBGC’s regulation on

Disclosure to Participants by adding

information on 1998 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 1998.

EFFECTIVE DATE: January 1, 1998.

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). The appendix

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,
65608 Federal Register / Vol. 62, No. 240 / Monday, December 15, 1997 / Rules and Regulations

the contribution and benefit base to be

used by the PBGC under these

provisions, and the PBGC publishes an

amendment to the appendix to Part

4022 to add the guarantee limit for the

coming year. (The PBGC’s general

practice has been to issue the

amendments on or about December 15

of each year, at the same time it issues

interest updates for other regulations.

However, the information needed for

the guarantee limit amendments is

typically available earlier than the

information for the interest updates. The

PBGC intends in the future to publish

its annual guarantee limit amendments

earlier than December 15.)

The PBGC has been notified by the

Social Security Administration that,

under section 230 of the Social Security

Act, $50,700 is the contribution and

benefit base that is to be used to

calculate the PBGC maximum

guaranteeable benefit for 1998.

Accordingly, the formula under section

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

§ 4022.22(b) is: $750 multiplied by

$50,700/$13,200. Thus, the maximum

monthly benefit guaranteeable by the

PBGC in 1998 is $2,880.68 per month in

the form of a life annuity beginning at

age 65. This amendment updates the

appendix to Part 4022 to add this

maximum guaranteeable amount for

plans that terminate in 1998. (If a

benefit is payable in a different form or

begins at a different age, the maximum

guaranteeable amount is the actuarial

equivalent of $2,880.68 per month.)

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 1998 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 1998 maximum

guaranteeable benefit amounts for the

information of the public, general notice

of proposed rulemaking is not required.

Moreover, because the 1998 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, 1998, 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 4011—DISCLOSURE TO

PARTICIPANTS

1. The authority citation for Part 4011

continues to read as follows:

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

2. 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

* * * * * * *

1998 .... $2,880.68 $34,568.16 $2,275.74 $27,308.88 $1,872.44 $22,469.28 $1,296.31 $15,555.72

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

* * * * *

1998 ...................... 2,880.68

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

of December, 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–32732 Filed 12–12–97; 8:45 am]

BILLING CODE 7708–01–P