Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Rules and Regulations 28851 

paragraph (b)(2) of this section will 

replace the level identified in paragraph 

(a)(1) of this section. 

Subpart D—Report, Recordkeeping 

and Audits 

■ 19. Amend § 158.63 by revising 

paragraphs (a) and (c) to read as follows: 

§ 158.63 Reporting requirements: Public 

agency. 

(a) The public agency must provide 

quarterly reports to air carriers 

collecting PFCs for the public agency 

with a copy to the appropriate FAA 

Airports Office. The quarterly report 

must include: 

(1) Actual PFC revenue received from 

collecting air carriers, interest earned, 

and project expenditures for the quarter; 

(2) Cumulative actual PFC revenue 

received, interest earned, project 

expenditures, and the amount 

committed for use on currently 

approved projects, including the 

quarter; 

(3) The PFC level for each project; and 

(4) Each project’s current schedule. 

* * * * * 

(c) For medium and large hub 

airports, the public agency must provide 

to the FAA, by July 1 of each year, an 

estimate of PFC revenue to be collected 

for each airport in the following fiscal 

year. 

■ 20. Revise § 158.65 to read as follows: 

§ 158.65 Reporting requirements: 

Collecting air carriers. 

(a) Each air carrier collecting PFCs for 

a public agency must provide quarterly 

reports to the public agency unless 

otherwise agreed by the collecting air 

carrier and public agency, providing an 

accounting of funds collected and funds 

remitted. 

(1) Unless otherwise agreed by the 

collecting air carrier and public agency, 

reports must state: 

(i) The collecting air carrier and 

airport involved, 

(ii) The total PFC revenue collected, 

(iii) The total PFC revenue refunded 

to passengers, 

(iv) The collected revenue withheld 

for reimbursement of expenses under 

§ 158.53, and 

(v) The dates and amounts of each 

remittance for the quarter. 

(2) The report must be filed by the last 

day of the month following the calendar 

quarter or other period agreed by the 

collecting carrier and public agency for 

which funds were collected. 

(b) A covered air carrier must provide 

the FAA with: 

(1) A copy of its quarterly report by 

the established schedule under 

paragraph (a) of this section; and 

(2) A monthly PFC account statement 

delivered not later than the fifth day of 

the following month. This monthly 

statement must include: 

(i) The balance in the account on the 

first day of the month, 

(ii) The total funds deposited during 

the month, 

(iii) The total funds disbursed during 

the month, and 

(iv) The closing balance in the 

account. 

■ 21. Amend § 158.67 by revising 

paragraph (c)(2) to read as follows: 

§ 158.67 Recordkeeping and auditing: 

Public agency. 

* * * * * 

(c) * * * 

(2) Conducted as part of an audit 

under Office of Management and Budget 

Circular A–133 (the Single Audit Act of 

1984, Pub. L. 98–502, and the Single 

Audit Act Amendments of 1996, Pub. L. 

104–156) provided the auditor 

specifically addresses the PFC. 

* * * * * 

Subpart E—Termination 

■ 22. Revise § 158.81 to read as follows: 

§ 158.81 General. 

This subpart contains the procedures 

for termination of PFCs or loss of 

Federal airport grant funds for 

violations of this part or 49 U.S.C. 

40117. This subpart does not address 

the circumstances under which the 

authority to collect PFCs may be 

terminated for violations of 49 U.S.C. 

47523 through 47528. 

§ 158.97 [Removed] 

■ 23. Remove § 158.97. 

■ 24. Amend appendix A to part 158 by 

revising paragraphs 10 and 12 of section 

B of this appendix to read as follows: 

Appendix A to Part 158—Assurances 

* * * * * 

* * * 

10. Recordkeeping and Audit. It will 

maintain an accounting record for audit 

purposes for 3 years after physical and 

financial completion of the project. All 

records must satisfy the requirements of 14 

CFR part 158 and contain documentary 

evidence for all items of project costs. 

* * * * * 

12. Compliance with 49 U.S.C. 47523 

through 47528. It understands 49 U.S.C. 

47524 and 47526 require that the authority to 

impose a PFC be terminated if the 

Administrator determines the public agency 

has failed to comply with those sections of 

the United States Code or with the 

implementing regulations published under 

the Code. 

Issued in Washington, DC, on May 14, 

2007. 

Marion C. Blakey, 

Administrator. 

[FR Doc. E7–9941 Filed 5–22–07; 8:45 am] 

BILLING CODE 4910–13–P 

FEDERAL TRADE COMMISSION 

16 CFR Part 4 

Access Requests From Foreign Law 

Enforcement Agencies for Consumer 

Protection Materials 

AGENCY: Federal Trade Commission. 

ACTION: Final rule amendment. 

SUMMARY: The Federal Trade 

Commission is amending Rule 4.11 of 

its Rules of Practice, which addresses 

disclosure requests, to add a new 

provision, Rule 4.11(j). The new 

provision conforms the agency’s rules to 

its authority to share confidential 

information in non-antitrust matters 

with foreign law enforcers, with 

appropriate confidentiality assurances 

and subject to certain restrictions, as 

provided for under the recently-enacted 

U.S. SAFE WEB Act of 2006, Pub. L. No. 

109–455, 120 Stat. 3372 (2006). The 

Commission is also amending Rules 

4.10(d) and (e), which describe certain 

materials subject to prohibitions on 

disclosures and exceptions for specified 

circumstances, to cross-reference the 

new Rule 4.11(j). 

DATES: Effective Date: May 23, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Joannie T. Wei, Attorney, Office of the 

General Counsel, Federal Trade 

Commission, 600 Pennsylvania Avenue, 

NW., Washington, DC 20580, (202) 326–

2840, jwei@ftc.gov. 

SUPPLEMENTARY INFORMATION: The 

Undertaking Spam, Spyware and Fraud 

Enforcement With Enforcers beyond 

Borders Act of 2006 (U.S. SAFE WEB 

Act), Pub. L. No. 109–455, 120 Stat. 

3372 (2006), was enacted to enhance the 

Federal Trade Commission’s 

enforcement activities against a range of 

practices that harm U.S. consumers, 

including illegal spam, spyware, crossborder fraud and deception, misleading 

health and safety advertising, privacy 

and security breaches, and other law 

violations. The practices the FTC 

enforces against are increasingly global 

in nature, and the U.S. SAFE WEB Act 

improves the FTC’s ability to cooperate 

with its foreign counterparts to combat 

such practices. 

Authority to share certain materials 

with foreign law enforcement agencies. 

Information sharing is one area in which 

the U.S. SAFE WEB Act strengthens the 


cprice-sewell on PROD1PC71 with RULES
28852 Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Rules and Regulations 

1 ‘‘Foreign law enforcement agency’’ means—(1) 

any agency or judicial authority of a foreign 

government, including a foreign state, a political 

subdivision of a foreign state, or a multinational 

organization constituted by and comprised of 

foreign states, that is vested with law enforcement 

or investigate authority in civil, criminal, or 

administrative matters; and (ii) any multinational 

organization, to the extent that it is acting on behalf 

of an entity described in paragraph (i). 15 U.S.C. 44. 

2Section 6(f) of the FTC Act protects from public 

disclosure ‘‘any trade secret or any commercial or 

financial information which is obtained from any 

person and which is privileged or confidential,’’

except in certain specified circumstances. 15 U.S.C. 

46(f). 

3Section 21(b) of the FTC Act protects from 

public disclosure material received by the 

Commission ‘‘pursuant to compulsory process in an 

investigation, a purpose of which is to determine 

whether any person may have violated any 

provision of the laws administered by the 

Commission,’’ except in certain specified 

circumstances. 15 U.S.C. 57b–2(b). 

4 In addition to the two categories listed above, 

Rule 4.10(d) also protects from mandatory 

disclosure under the Freedom of Information Act, 

5 U.S.C. 552, material submitted to the Commission 

voluntarily in lieu of compulsory process in a law 

enforcement investigation and marked or otherwise 

identified as confidential. 16 CFR 4.10(d). 

Commission’s authority to cooperate 

with its foreign counterparts. Sections 4 

and 6 of the U.S. SAFE WEB Act amend 

sections 6(f) and 21(b)(6) of the Federal 

Trade Commission Act to allow the 

Commission to share certain 

confidential and compelled information 

in its files with foreign law enforcement 

agencies.1 15 U.S.C. 46(f), 57b–2(b)(6). 

These sections of the U.S. SAFE WEB 

Act do not provide authority for the 

disclosure of material obtained in 

connection with the administration of 

the Federal antitrust laws or foreign 

antitrust laws (as defined in paragraphs 

(5) and (7), respectively, of section 12 of 

the International Antitrust Enforcement 

Assistance Act of 1994 (15 U.S.C. 

6211)). 15 U.S.C. 57b–2(b)(6). 

The Commission’s disclosure 

authority under the U.S. SAFE WEB Act 

is subject to appropriate limitations and 

assurances. Under section 6 of the 

statute, the Commission must obtain 

certification from an appropriate official 

of the foreign law enforcement agency, 

either by prior agreement or 

memorandum of understanding or by 

other written certification, that such 

material will be maintained in 

confidence and will only be used for 

official law enforcement purposes. 15 

U.S.C. 57b–2(b)(6). The foreign law 

enforcement agency must have set forth 

a bona fide legal basis for its authority 

to maintain the material in confidence. 

In addition, the foreign law enforcement 

agency must be using the materials for 

purposes of investigating or engaging in 

enforcement proceedings related to 

possible violations of: (1) Foreign laws 

prohibiting fraudulent or deceptive 

practices or other practices substantially 

similar to practices prohibited by any 

law administered by the Commission; 

(2) a law administered by the 

Commission if disclosure would further 

a Commission investigation or 

proceeding; or (3) with the approval of 

the Attorney General, other foreign 

criminal laws that are encompassed in 

an applicable mutual legal assistance 

treaty. 15 U.S.C. 57b–2(b)(6)(A), 57b–

2(b)(6)(B). 

If the materials to be provided to the 

foreign law enforcement agency are 

requested for the purpose of 

investigating or engaging in enforcement 

proceedings based on possible 

violations by a bank, savings and loan 

institution, or Federal credit union, the 

material will not be disclosed unless the 

appropriate Federal banking agency, or 

the National Credit Union 

Administration in the case of a Federal 

credit union, has given its prior 

approval. 15 U.S.C. 57b–2(b)(6)(C). 

Further, section 6 of the U.S. SAFE 

WEB Act does not permit disclosure to 

foreign law enforcement agencies from 

foreign states that the Secretary of State 

has determined, in accordance with 

section 6(j) of the Export Administration 

Act of 1979, 50 U.S.C. App. 2405, have 

repeatedly provided support for acts of 

international terrorism, unless and until 

such determination has been rescinded 

pursuant to section 6(j)(4) of that Act, 50 

U.S.C. App. 2405(j)(4). 

Rule provisions. To implement this 

new authority under the U.S. SAFE 

WEB Act, the Commission’s Rules of 

Practice have been amended to create a 

new provision, Rule 4.11(j), that 

delineates the internal procedure for 

handling requests from foreign law 

enforcement agencies for nonpublic 

material other than material subject to 

disclosure pursuant to other 

delegations. Rule 4.11(j) is not intended 

to supersede existing Commission 

delegations or to preclude additional 

future delegations, subject to any 

statutory constraints. 

The new provision, Rule 4.11(j), 

generally adopts the procedures of the 

current Rule 4.11(c) (sharing 

confidential information with Federal 

and State law enforcement agencies), 

and incorporates the requirements and 

restrictions of the U.S. SAFE WEB Act. 

Under the new provision, requests for 

nonpublic records from foreign law 

enforcement agencies will be addressed 

to the Director of the Office of 

International Affairs or the Director’s 

designee. For any material requested 

that is subject to the disclosure 

restrictions in sections 6(f) 2 or 21(b) 3 of 

the FTC Act or Rule 4.10(d) of the 

Commission’s Rules of Practice,4 the 

Director or the Director’s designee will 

obtain any certification required by the 

U.S. SAFE WEB Act from an 

appropriate official of such foreign law 

enforcement agency. Rule 4.11(j)(3) 

establishes the requirements for access 

to such material in accordance with the 

U.S. SAFE WEB Act. The Director will 

then, with approval of the Bureau of 

Consumer Protection, forward the 

requests to the General Counsel with 

recommendations for disposition. The 

General Counsel or the General 

Counsel’s designee is delegated the 

authority to dispose of the requests in 

accordance with the requirements of the 

U.S. SAFE WEB Act. Under Rule 4.11(j), 

the General Counsel may refer such 

requests to the Commission for 

determination, and must do so when the 

Bureau of Consumer Protection or the 

Office of International Affairs do not 

agree with the General Counsel’s 

proposed disposition. 

The Commission has also amended 

Rules 4.10(d) and (e) of its Rules of 

Practice, which describe materials that 

the Commission generally cannot make 

public at all or can make public only 

after finding the material is not 

confidential and giving ten days’ notice 

to the submitter. These provisions also 

set forth exceptions to these restrictions, 

including, inter alia, certain disclosures 

to Federal and State law enforcement 

agencies. Rules 4.10(d) and (e) have 

been amended to include disclosure to 

foreign law enforcement agencies 

pursuant to the new Rule 4.11(j) as a 

specifically stated exception. 

The amendments to Rules 4.10(d) and 

(e) and Rule 4.11(j)(3) will apply to all 

material that is subject to the disclosure 

restrictions in sections 6(f) and 21(b) of 

the FTC Act or in Rule 4.10(d) of the 

Commission’s Rules of Practice, and 

that was submitted to the Commission 

on or after December 22, 2006, the date 

of enactment of the U.S. SAFE WEB Act. 

Procedural matters. These 

amendments adopted herein will 

reconcile the Commission’s rules with 

existing agency memoranda of 

understanding (MOUs), under which 

the Commission has an obligation to use 

its best efforts to share relevant 

consumer protection law enforcement 

material requested by applicable foreign 

agencies to the extent consistent with 

national laws, international obligations, 

enforcement policies and other 

important interests. Under these MOUs, 

the Commission has the implied 

obligation to implement any internal 

procedures required to allow the 

Commission to take into account all 

applicable laws, including the new U.S. 

SAFE WEB Act authority, in processing 

and considering applicable foreign 


cprice-sewell on PROD1PC71 with RULES
Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Rules and Regulations 28853 

5See Int’l Brotherhood of Teamsters v. Pen ̃ a, 17 

F. 3d 1478 (D.C. Cir. 1994) (applying APA foreign 

affairs exemption and good cause exception of 

agency rule). 

agency requests for information. 

Because failure to make the proposed 

amendments would impair the 

Commission’s ability to meet its foreign 

obligations, the amendments are 

exempt, by virtue of the foreign affairs 

exemption to the Act, 5 U.S.C. 553(a)(1), 

from both the Administrative Procedure 

Act’s notice and comment requirement, 

5 U.S.C. 553(b), and its restriction on 

the rules’ effective date, 5 U.S.C. 553(d). 

These amendments are also exempt 

from the notice and comment 

requirement and effective date 

restriction of the Commission’s Rules of 

Practice by virtue of the good cause 

exceptions in Rules 1.26(b) and 1.26(e). 

16 CFR 1.26(b), (e). In these 

circumstances, providing a period of 

public comment would delay 

implementation of these rules and is 

both unnecessary and contrary to the 

public interest.5

Finally, these amendments are not a 

collection of information for purposes of 

the Paperwork Reduction Act, 44 U.S.C. 

3501 et seq., and are not subject to the 

requirements of the Regulatory 

Flexibility Act, 5 U.S.C. 601(2). 

List of Subjects in 16 CFR Part 4 

Administrative practice and 

procedure, Freedom of Information Act, 

Sunshine Act. 

■ For the reasons set forth in the 

preamble, the Federal Trade 

Commission amends Title 16, chapter I, 

subchapter A, of the Code of Federal 

Regulations as follows: 

Subchapter A—Organization, Procedures, 

And Rules Of Practice 

PART 4—MISCELLANEOUS RULES 

■ 1. The authority citation for part 4 

continues to read as follows: 

Authority: 15 U.S.C. 46, unless otherwise 

noted. 

■ 2. Amend § 4.10 by revising 

paragraphs (d) and (e) to read as follows: 

§ 4.10 Nonpublic material. 

* * * * * 

(d) Except as provided in paragraphs 

(f) or (g) of this section or in § 4.11(b), 

(c), (d), (i), or (j), no material that is 

marked or otherwise identified as 

confidential and that is within the scope 

of § 4.10(a)(8), and no material within 

the scope of § 4.10(a)(9) that is not 

otherwise public, will be made available 

without the consent of the person who 

produced the material, to any individual 

other than a duly authorized officer or 

employee of the Commission or a 

consultant or contractor retained by the 

Commission who has agreed in writing 

not to disclose the information. All 

other Commission records may be made 

available to a requester under the 

procedures set forth in § 4.11 or may be 

disclosed by the Commission except 

where prohibited by law. 

(e) Except as provided in paragraphs 

(f) or (g) of this section or in § 4.11(b), 

(c), (d), (i), or (j), material not within the 

scope of § 4.10(a)(8) or § 4.10(a)(9) that 

is received by the Commission and is 

marked or otherwise identified as 

confidential may be disclosed only if it 

is determined that the material is not 

within the scope of § 4.10(a)(2), and the 

submitter is provided at least ten days 

notice of the intent to disclose the 

material. 

* * * * * 

■ 3. Amend § 4.11 by adding a new 

paragraph (j) to the end that reads as 

follows: 

§ 4.11 Disclosure requests. 

* * * * * 

(j)(1) The procedures specified in this 

section apply to disclosures of certain 

records to foreign law enforcement 

agencies in specified circumstances in 

accordance with the U.S. SAFE WEB 

Act of 2006. Nothing in this section 

authorizes the disclosure of material 

obtained in connection with the 

administration of the Federal antitrust 

laws or foreign antitrust laws, as defined 

in paragraph (j)(5)(i) of this section. 

(2) Requests from foreign law 

enforcement agencies, as defined in 

paragraph (j)(5)(ii) of this section, for 

nonpublic records shall be addressed to 

the Director of the Office of 

International Affairs or the Director’s 

designee, who shall forward them to the 

General Counsel with recommendations 

for disposition after obtaining any 

required certification described in 

paragraph (j)(3) of this section and 

approval of the Bureau of Consumer 

Protection. With respect to requests 

under this paragraph, the General 

Counsel or the General Counsel’s 

designee is delegated the authority to 

dispose of them. Alternatively, the 

General Counsel may refer such requests 

to the Commission for determination, 

except that requests must be referred to 

the Commission for determination 

where the Bureau of Consumer 

Protection or the Office of International 

Affairs disagrees with the General 

Counsel’s proposed disposition. 

(3) Access under this section to any 

material subject to the disclosure 

restrictions in sections 6(f) or 21(b) of 

the FTC Act or § 4.10(d) may not be 

granted unless—

(i) An appropriate official of the 

foreign law enforcement agency has 

certified, either by prior agreement or 

memorandum of understanding or by 

other written certification, that such 

material will be maintained in 

confidence and will be used only for 

official law enforcement purposes; and 

(ii)(A) The foreign law enforcement 

agency has set forth a bona fide legal 

basis for its authority to maintain the 

material in confidence; 

(B) The materials are to be used for 

purposes of investigating, or engaging in 

enforcement proceedings related to, 

possible violations of: 

(1) Foreign laws prohibiting 

fraudulent or deceptive commercial 

practices, or other practices 

substantially similar to practices 

prohibited by any law administered by 

the Commission; 

(2) A law administered by the 

Commission, if disclosure of the 

material would further a Commission 

investigation or enforcement 

proceeding; or 

(3) With the approval of the Attorney 

General, other foreign criminal laws, if 

such foreign criminal laws are offenses 

defined in or covered by a criminal 

mutual legal assistance treaty in force 

between the government of the United 

States and the foreign law enforcement 

agency’s government; 

(C) The appropriate Federal banking 

agency, (as defined in section 3(q) of the 

Federal Deposit Insurance Act (12 

U.S.C. 1813(q)) or, in the case of a 

Federal credit union, the National 

Credit Union Administration has given 

its prior approval if the materials to be 

provided under paragraph (j)(3)(ii)(B) of 

this section are requested by the foreign 

law enforcement agency for the purpose 

of investigating, or engaging in 

enforcement proceedings based on, 

possible violations of law by a bank, a 

savings and loan institution described 

in section 18(f)(3) of the Federal Trade 

Commission Act (15 U.S.C. 57a(f)(3)), or 

a Federal credit union described in 

section 18(f)(4) of the Federal Trade 

Commission Act (15 U.S.C. 57a(f)(4)); 

and 

(D) The foreign law enforcement 

agency is not from a foreign state that 

the Secretary of State has determined, in 

accordance with section 6(j) of the 

Export Administration Act of 1979 (50 

U.S.C. App. 2405(j)), has repeatedly 

provided support for acts of 

international terrorism, unless and until 

such determination is rescinded 

pursuant to section 6(j)(4) of that Act (50 

U.S.C. App. 2405(j)(4)). 

(4) A copy of the certificate described 

in paragraph (j)(3) of this section will be 

forwarded to the submitter of the 


cprice-sewell on PROD1PC71 with RULES
28854 Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Rules and Regulations 

information at the time the request is 

granted unless the foreign law 

enforcement agency requests that the 

submitter not be notified. 

(5) For purposes of this section: 

(i) ‘‘Federal antitrust laws’’ and 

‘‘foreign antitrust laws’’ are to be 

interpreted as defined in paragraphs (5) 

and (7), respectively, of section 12 of the 

International Antitrust Enforcement 

Assistance Act of 1994 (15 U.S.C. 6211); 

and 

(ii) ‘‘Foreign law enforcement agency’’

is defined as: 

(A) Any agency or judicial authority 

of a foreign government, including a 

foreign state, a political subdivision of 

a foreign state, or a multinational 

organization constituted by and 

comprised of foreign states, that is 

vested with law enforcement or 

investigative authority in civil, criminal, 

or administrative matters and 

(B) Any multinational organization, to 

the extent that it is acting on behalf of 

an entity described in paragraph 

(j)(5)(i)(A) of this section. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. E7–9966 Filed 5–22–07; 8:45 am] 

BILLING CODE 6750–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9319] 

RIN 1545–BD52 

Limitations on Benefits and 

Contributions Under Qualified Plans; 

Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendments. 

SUMMARY: This document contains 

corrections to final regulations (TD 

9319) that were published in the 

Federal Register on Thursday, April 5, 

2007 (72 FR 16878) regarding the 

limitations of section 415, including 

updates to the regulations for numerous 

statutory changes since comprehensive 

final regulations were last published 

under section 415. 

DATES: These correcting amendments 

are effective May 23, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Vernon S. Carter at (202) 622–6060 or 

Linda S. F. Marshall at (202) 622–6090 

(not toll-free numbers). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations that are the 

subject of this document are under 

sections 401(a), 401(a)(4), 401(a)(9), 

401(k), 402, 414(s), 415, 416, 457, and 

924 of the Internal Revenue Code. 

Need for Correction 

As published, final regulations (TD 

9319) contain errors that may prove to 

be misleading and are in need of 

clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

■ Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendments: 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 continues to read as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 2. Section 1.415(b)–1 is amended 

by revising paragraph (c)(5)(i)(A), and 

the second sentence of paragraph (c)(6) 

Example 6, paragraph (iv). The revisions 

read as follows: 

§ 1.415(b)–1 Limitations for defined benefit 

plans. 

* * * * * 

(c) * * * 

(5) * * * 

(i) * * * 

(A) The benefit is paid in a form to 

which section 417(e)(3) does not apply. 

* * * * * 

(6) * * * 

Example 6. * * * 

(iv) * * * With respect to the single-sum 

distribution, the annual amount of the 

actuarially equivalent straight life annuity 

commencing at the same age determined 

using the plan’s actuarial factors is equal to 

$45,000. * * * 

* * * * * 

■ Par. 3. Section 1.415(d)–1 is amended 

by revising its heading to read as 

follows: 

§ 1.415(d)–1 Cost-of-living adjustments. 

* * * * * 

■ Par. 4. Section 1.415(f)–1 is amended 

by revising the last sentence of 

paragraph (d)(1) to read as follows: 

§ 1.415(f)–1 Aggregating plans. 

* * * * * 

(d) * * * 

(1) * * * Instead, the transferee plan 

takes into account the transferred 

benefits that are actually provided 

under the transferee plan (see 

§ 1.415(b)–1(b)(3)(i)(C)) and, pursuant to 

paragraph (c)(1) of this section, any 

nontransferred benefits provided under 

plans maintained by the predecessor 

employer with respect to a participant 

whose benefits have been transferred to 

the transferee plan. 

* * * * * 

■ Par. 5. Section 1.457–5(d), Example 2, 

paragraphs (ii) and (iii) are amended by 

revising the third sentence of (ii) and all 

of (iii) to read as follows: 

§ 1.457–5 Individual limitation for 

combined annual deferrals under multiple 

eligible plans. 

* * * * * 

(d) * * * 

Example 2. * * * 

(ii) * * * Alternatively, Participant E 

could instead elect to defer the following 

combination of amounts: An aggregate total 

of $15,000 to Plans X, Y, and Z, if no 

contribution is made to Plan W; an aggregate 

total of $20,000 to any of the four plans, 

assuming at least $5,000 is contributed to 

Plan W; or $22,000 to Plan W and none to 

any of the other three plans. 

(iii) * * * If the underutilized amount 

under Plans W, X, and Y for year 2006 were 

in each case zero (because E had always 

contributed the maximum amount or E was 

a new participant) or an amount not in excess 

of $5,000, the maximum exclusion under this 

section would be $20,000 for Participant E 

for year 2006 ($15,000 plus the $5,000 age 50 

catch-up amount), which Participant E could 

contribute to any of the plans assuming at 

least $5,000 is contributed to Plan W. 

LaNita Van Dyke, 

Chief, Publications and Regulations Branch, 

Legal Processing Division, Associate Chief 

Counsel (Procedure and Administration). 

[FR Doc. E7–9877 Filed 5–22–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9319] 

RIN 1545–BD52 

Limitations on Benefits and 

Contributions Under Qualified Plans; 

Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correction to final regulations. 

SUMMARY: This document contains a 

correction to final regulations (TD 9319) 

that were published in the Federal 

Register on Thursday, April 5, 2007 (72 

FR 16878) regarding the limitations of 

section 415, including updates to the 

regulations for numerous statutory 

changes since comprehensive final 


cprice-sewell on PROD1PC71 with RULES