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
67646 Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Rules and Regulations 

adding in its place Table I–08 to read as 

follows: 

Appendix D to Part 4044—Tables Used 

to Determine Expected Retirement Age 

TABLE I–08.—SELECTION OF RETIREMENT RATE CATEGORY

[(For Plans with valuation dates after December 31, 2007, and before January 1, 2009)] 

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— 

2009 ................................................................................................................. 536 536 2,264 2,264 

2010 ................................................................................................................. 549 549 2,320 2,320 

2011 ................................................................................................................. 563 563 2,376 2,376 

2012 ................................................................................................................. 576 576 2,430 2,430 

2013 ................................................................................................................. 589 589 2,486 2,486 

2014 ................................................................................................................. 602 602 2,544 2,544 

2015 ................................................................................................................. 616 616 2,602 2,602 

2016 ................................................................................................................. 630 630 2,662 2,662 

2017 ................................................................................................................. 645 645 2,723 2,723 

2018 or later .................................................................................................... 660 660 2,786 2,786 

1 Table II–A. 2 Table II–B. 3 Table II–C. 

* * * * * 

Issued in Washington, DC, this 27th day of 

November, 2007. 

Vincent K. Snowbarger, 

Deputy Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E7–23270 Filed 11–29–07; 8:45 am] 

BILLING CODE 7709–01–P 

LIBRARY OF CONGRESS 

Copyright Royalty Board 

37 CFR Part 381 

[Docket No. 2006–2 CRB NCBRA] 

Noncommercial Educational 

Broadcasting Statutory License 

AGENCY: Copyright Royalty Board, 

Library of Congress. 

ACTION: Final rule. 

SUMMARY: The Copyright Royalty Judges 

are publishing final regulations setting 

the royalty rates and terms under the 

Copyright Act for the noncommercial 

educational broadcasting statutory 

license for the license period 2008–

2012. 

DATES: Effective Date: January 1, 2008. 

Applicability Date: The regulations 

apply to the license period January 1, 

2008 through December 31, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Richard Strasser, Senior Attorney, or 

Gina Giuffreda, Attorney-Advisor, by 

telephone at (202) 707–7658 or e-mail at 

crb@loc.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

Section 118 of the Copyright Act, title 

17 of the United States Code, establishes 

a statutory license for the use of certain 

copyrighted works in connection with 

noncommercial television and radio 

broadcasting. The terms and rates for 

this statutory license have been adjusted 

periodically by the Librarian of 

Congress and appear in 37 CFR part 253. 

However, the Copyright Royalty and 

Distribution Reform Act of 2004, Pub. L. 

108–419, transferred jurisdiction over 

these rates and terms to the Copyright 

Royalty Judges (‘‘Judges’’). 17 U.S.C. 

801(b)(1). This is a window year for the 

establishment of new rates and terms for 

the 2008–2012 license period. 

On January 9, 2006, pursuant to 17 

U.S.C. 803(b)(1)(A)(i)(V), the Copyright 

Royalty Judges published a notice in the 

Federal Register announcing the 

commencement of proceedings under 17 

U.S.C. 118 and requesting interested 

parties to submit their petitions to 

participate. 71 FR 1453 (January 9, 

2006). Petitions to participate were 

received from: The American Council 

on Education (‘‘ACE’’); the National 

Music Publishers Association, Inc. 

(‘‘NMPA’’); the Harry Fox Agency 

(‘‘HFA’’); the National Religious 

Broadcasters Noncommercial Music 

License Committee (‘‘NRBNMLC’’); 

Royalty Logic, Inc., the American 

Society of Composers, Authors and 

Publishers (‘‘ASCAP’’); Broadcast 

Music, Inc. (‘‘BMI’’); SESAC, Inc.; 

National Public Radio (‘‘NPR’’); the 

Corporation for Public Broadcasting 

(‘‘CPB’’); the Public Broadcasting 

Service (‘‘PBS’’); and the Church Music 

Publishers Association. The Judges set 

the timetable for the three-month 

negotiation period, see 17 U.S.C. 

803(b)(3), and directed the participants 

to submit their written direct statements 

no later than January 20, 2007. Instead 

of written direct statements, the parties 

submitted notification of settlements 

and proposed rates and terms for the 

Judges to adopt. 

Section 801(b)(7)(A) allows for the 

adoption of rates and terms negotiated 

by ‘‘some or all of the participants in a 

proceeding at any time during the 

proceeding’’ provided they are 

submitted to the Copyright Royalty 

Judges for approval. This section 

provides that in such event: 

(i) The Copyright Royalty Judges shall 

provide to those that would be bound by the 

terms, rates, or other determination set by 

any agreement in a proceeding to determine 

royalty rates an opportunity to comment on 

the agreement and shall provide to 

participants in the proceeding under section 

803(b)(2) that would be bound by the terms, 

rates, or other determination set by the 

agreement to comment on the agreement and 

object to its adoption as a basis for statutory 

terms and rates; and 

(ii) the Copyright Royalty Judges may 

decline to adopt the agreement as a basis for 

statutory terms and rates for participants that 

are not parties to the agreement, if any 

participant described in clause (i) objects to 

the agreement and the Copyright Royalty 

Judges conclude, based on the record before 

them if one exists, that the agreement does 

not provide a reasonable basis for setting 

statutory terms or rates. 

17 U.S.C. 801(b)(7)(A). Accordingly, on 

April 17, 2007, the Judges published a 

Notice of Proposed Rulemaking 

(‘‘NPRM’’) requesting comment on the 


rwilkins on PROD1PC63 with RULES