83352 Federal Register / Vol. 88, No. 228 / Wednesday, November 29, 2023 / Rules and Regulations 

configured prior to takeoff. The unsafe 

condition, if not addressed, could result in an 

extreme pitch oscillation and subsequent loss 

of control of the airplane and serious injury 

to passengers. 

(f) Compliance 

Comply with this AD within the 

compliance times specified, unless already 

done. 

(g) Revision of Existing Airplane Flight 

Manual (AFM) 

Within 60 days after the effective date of 

this AD, revise the Emergency Procedures in 

Section 03–35, and the Normal Procedures in 

Section 04–02, of the existing AFM to 

include the information specified in the 

service information identified in paragraph 

(g)(1) or (2), as applicable. 

(1) Bombardier Challenger 300 Temporary 

Revision TR–94–1, to Airplane Flight Manual 

(AFM) CSP 100–1, dated February 6, 2023; or 

Bombardier Challenger 300 Temporary 

Revision TR–94–1, to AFM CSP 100–1 

(Metric), dated February 6, 2023. 

(2) Bombardier Challenger 350 Temporary 

Revision TR–25–1, to AFM CH 350, dated 

February 6, 2023; or page 03–35–1, in 

checklist ‘‘Takeoff Configuration Warnings,’’ 

of Chapter 3, ‘‘Emergency Procedures,’’ and 

page 04–02–10, in checklist ‘‘Before Starting 

Engines,’’ of Chapter 4, ‘‘Normal 

Procedures,’’ of the Bombardier Challenger 

350 AFM, Publication No. CH 350 AFM, 

Revision 38, dated May 11, 2023. 

Note 1 to paragraph (g)(2): For obtaining 

the checklists for Bombardier Challenger 350 

AFM, Publication No. CH 350 AFM, use 

Document Identification No. CH 350 AFM. 

(h) Additional AD Provisions 

The following provisions also apply to this 

AD: 

(1) Alternative Methods of Compliance 

(AMOCs): The Manager, International 

Validation Branch, FAA, has the authority to 

approve AMOCs for this AD, if requested 

using the procedures found in 14 CFR 39.19. 

In accordance with 14 CFR 39.19, send your 

request to your principal inspector or 

responsible Flight Standards Office, as 

appropriate. If sending information directly 

to the manager of the International Validation 

Branch, mail it to the address identified in 

paragraph (i)(2) of this AD. Information may 

be emailed to: 9-AVS-NYACO-COS@faa.gov. 

Before using any approved AMOC, notify 

your appropriate principal inspector, or 

lacking a principal inspector, the manager of 

the responsible Flight Standards Office. 

(2) Contacting the Manufacturer: For any 

requirement in this AD to obtain instructions 

from a manufacturer, the instructions must 

be accomplished using a method approved 

by the Manager, International Validation 

Branch, FAA; or Transport Canada; or 

Bombardier’s Transport Canada Design 

Approval Organization (DAO). If approved by 

the DAO, the approval must include the 

DAO-authorized signature. 

(i) Additional Information 

(1) Refer to Transport Canada AD CF– 

2023–48R1, dated September 29, 2023, for 

related information. This Transport Canada 

AD may be found in the AD docket at 

regulations.gov under Docket No. FAA– 

2023–2152. 

(2) For more information about this AD, 

contact Gabriel Kim, Aviation Safety 

Engineer, FAA, 1600 Stewart Avenue, Suite 

410, Westbury, NY 11590; telephone 516– 

228–7300; email 9-avs-nyaco-cos@faa.gov. 

(j) Material Incorporated by Reference 

(1) The Director of the Federal Register 

approved the incorporation by reference 

(IBR) of the service information listed in this 

paragraph under 5 U.S.C. 552(a) and 1 CFR 

part 51. 

(2) You must use this service information 

as applicable to do the actions required by 

this AD, unless this AD specifies otherwise. 

(i) Bombardier Challenger 300 Temporary 

Revision TR–94–1, to Airplane Flight Manual 

(AFM) CSP 100–1, dated February 6, 2023. 

(ii) Bombardier Challenger 300 Temporary 

Revision TR–94–1, to AFM CSP 100–1 

(Metric), dated February 6, 2023. 

(iii) Bombardier Challenger 350 Temporary 

Revision TR–25–1, to AFM CH 350, dated 

February 6, 2023. 

(iv) ‘‘Takeoff Configuration Warnings,’’ of 

Chapter 3, ‘‘Emergency Procedures,’’ of the 

Bombardier Challenger 350 Airplane Flight 

Manual (AFM), Publication No. CH 350 

AFM, Revision 38, dated May 11, 2023. 

Note 2 to paragraph (j)(2)(iv): For 

obtaining the checklists specified in 

paragraphs (j)(2)(iv) and (v) of this AD for the 

Bombardier Challenger 350 AFM, Publication 

No. CH 350 AFM, use Document 

Identification No. CH 350 AFM. 

(v) ‘‘Before Starting Engines,’’ of Chapter 4, 

‘‘Normal Procedures,’’ of the Bombardier 

Challenger 350 AFM, Publication No. CH 

350, Revision 38, dated May 11, 2023. 

(3) For service information identified in 

this AD, contact Bombardier Business 

Aircraft Customer Response Center, 400 CoˆteVertu Road West, Dorval, Que ́bec H4S 1Y9, 

Canada; telephone 514–855–2999; email 

ac.yul@aero.bombardier.com; website 

bombardier.com. 

(4) You may view this service information 

at the FAA, Airworthiness Products Section, 

Operational Safety Branch, 2200 South 216th 

St., Des Moines, WA. For information on the 

availability of this material at the FAA, call 

206–231–3195. 

(5) You may view this material at the 

National Archives and Records 

Administration (NARA). For information on 

the availability of this material at NARA, 

visit www.archives.gov/federal-register/cfr/ 

ibr-locations or email fr.inspection@nara.gov. 

Issued on November 16, 2023. 

Ross Landes, 

Deputy Director for Regulatory Operations, 

Compliance & Airworthiness Division, 

Aircraft Certification Service. 

[FR Doc. 2023–26257 Filed 11–24–23; 5:00 pm] 

BILLING CODE 4910–13–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 for determining expected 

retirement ages for participants in 

pension plans undergoing distress or 

involuntary termination with valuation 

dates falling in 2024. This table is 

needed to compute the value of early 

retirement benefits and, thus, the total 

value of benefits under a plan. 

DATES: This rule is effective January 1, 

2024. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@pbgc.gov), 

Assistant General Counsel for 

Regulatory Affairs, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 445 12th Street SW, 

Washington, DC 20024–2101, 202–229– 

3839. If you are deaf or hard of hearing, 

or have a speech disability, please dial 

7–1–1 to access telecommunications 

relay services. 

SUPPLEMENTARY INFORMATION: The 

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 


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Federal Register / Vol. 88, No. 228 / Wednesday, November 29, 2023 / Rules and Regulations 83353 

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’’ 

(URA) (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 the 

unreduced retirement age. The table 

applies only to plans with valuation 

dates in the current year and is updated 

annually by PBGC to reflect changes in 

the cost of living. 

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–23 with table I–24 to 

provide an updated correlation, 

appropriate for calendar year 2024, 

between the amount of a participant’s 

benefit and the probability that the 

participant will elect early retirement. 

Table I–24 will be used to value benefits 

in plans with valuation dates during 

calendar year 2024. 

PBGC has determined that notice of, 

and public comment on, this rule are 

impracticable, unnecessary, and 

contrary to the public interest. PBGC’s 

update of appendix D for calendar year 

2024 is routine. If a plan has a valuation 

date in 2024, the plan administrator 

needs the updated table being 

promulgated in this rule to value 

benefits. Accordingly, PBGC finds that 

the public interest is best served by 

issuing this table expeditiously, without 

an opportunity for notice and comment, 

and that good cause exists for making 

the table set forth in this amendment 

effective less than 30 days after 

publication to allow the use of the 

proper table to estimate the value of 

plan benefits for plans with valuation 

dates in early 2024. 

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 

Employee benefit plans, Pension 

insurance. 

In consideration of the foregoing, 29 

CFR part 4044 is amended as follows: 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 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–23 and 

adding in its place table I–24 to read as 

follows: 

Appendix D to Part 4044—Tables Used 

To Determine Expected Retirement Age 

TABLE I–24—SELECTION OF RETIREMENT RATE CATEGORY

[For valuation dates in 2024 1] 

If participant reaches URA in year— 

Participant’s retirement rate category is— 

High 4 if monthly 

benefit at URA 

is greater than— 

Low 2 if monthly 

benefit at URA 

is less than— 

Medium 3 if monthly benefit at 

URA is— 

From— To— 

2025 ............................................................................................... 802 802 3,388 3,388 

2026 ............................................................................................... 821 821 3,466 3,466 

2027 ............................................................................................... 839 839 3,546 3,546 

2028 ............................................................................................... 859 859 3,627 3,627 

2029 ............................................................................................... 879 879 3,711 3,711 

2030 ............................................................................................... 899 899 3,796 3,796 

2031 ............................................................................................... 919 919 3,883 3,883 

2032 ............................................................................................... 941 941 3,973 3,973 

2033 ............................................................................................... 962 962 4,064 4,064 

2034 or later .................................................................................. 984 984 4,157 4,157 

1Applicable tables for valuation dates before 2024 are available on PBGC’s website (www.pbgc.gov). 2Table II–A. 

3Table II–B. 

4Table II–C. 

* * * * * Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2023–26238 Filed 11–28–23; 8:45 am] 

BILLING CODE 7709–02–P 


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