16026 Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 / Proposed Rules

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Part 2627

RIN 1212–AA77

Disclosure to Participants

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Proposed rule.

SUMMARY: The Pension Benefit Guaranty

Corporation is proposing regulations to

implement a new notice requirement

under section 4011 of the Employee

Retirement Income Security Act of 1974.

Section 4011 requires plan

administrators of certain underfunded

plans to provide notice to plan

participants and beneficiaries of the

plan’s funding status and the limits on

the PBGC’s guarantee.

DATES: Comments must be received on

or before April 27, 1995.

ADDRESSES: Comments may be mailed to

the Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005–4026, or delivered to Suite 340 at

the above address. Comments will be

available for public inspection at the

PBGC’s Communications and Public

Affairs Department, Suite 240.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, or Catherine B. Klion,

Attorney, Office of the General Counsel,

PBGC, 1200 K Street, NW., Washington,

DC 20005–4026, 202–326–4024 (202–

326–4179 for TTY and TDD).

SUPPLEMENTARY INFORMATION: On

December 8, 1994, section 775 of the

Retirement Protection Act of 1994

(subtitle F of title VII of the Uruguay

Round Agreements Act, Pub. L. No.

103–465, 108 Stat. 4809 (1994)) added

section 4011 to ERISA. Under section

4011, a plan subject to the variable rate

premium under section 4006(a)(3)(E)

must provide a notice (the ‘‘Participant

Notice’’) unless the plan meets one of

the exemptions discussed below.

DRC Exception Test

A plan does not have to provide the

Participant Notice for a plan year if it

meets the DRC Exception Test in

§ 2627.3(b) for that plan year or the prior

plan year. In general, a plan passes that

test if it is exempt from making a deficit

reduction contribution (‘‘DRC’’) by

reason of section 302(d)(9) of ERISA.

Prior Plan Year Option

The Participant Notice for a plan year

must be provided during that plan year.

Because in many cases the DRC is not

available until after the end of the plan

year, § 2627.3(a) provides that the plan

administrator may determine whether a

Participant Notice is required for a plan

year by applying the DRC Exception

Test to that plan year or the prior plan

year.

1994 Plan Year

A plan administrator may test

whether a Participant Notice is required

for the 1995 plan year by applying the

DRC Exception Test to the 1994 plan

year. Because the exemption from the

DRC under section 302(d)(9) applies

only to post-1994 plan years,

§ 2627.3(b)(2) includes a rule for

determining whether a plan meets the

DRC Exception Test for the 1994 plan

year: the plan must satisfy any

requirement in section 302(d)(9)(D)(i)

for any two of the plan years beginning

in 1992, 1993, and 1994.

Special Relief Rules for Small Plans

1995 Exemption

A plan that is exempt from the DRC

for either the 1994 or 1995 plan year

because it is a ‘‘small plan’’ under

section 302(d)(6)(A) (100 or fewer

participants) does not have to give the

Participant Notice for the 1995 plan year

(§ 2627.5(a)).

Small Plan DRC Exception Test

For a post-1995 plan year, a plan is

not exempt from the Participant Notice

requirement solely because it is a small

plan. Like all plans, a small plan is

exempt for a post-1995 plan year if it

meets the DRC Exception Test for that

plan year or the prior plan year. Because

small plans do not ordinarily perform

the calculations necessary to determine

whether they are exempt from the DRC

requirement, the proposed regulation

provides several optional simplified

rules that small plans may use in

applying the DRC Exception Test.

First, § 2627.5(b)(1) provides that for

purposes of applying the DRC Exception

Test, a small plan may determine its

funded current liability percentage

(under section 302(d)(9)(C)) by using the

beginning-of-plan-year market value of

assets and the beginning-of-plan-year

current liability for total benefits that it

reports on Schedule B to Form 5500

(e.g., on the 1994 form, line 6c and

column (3) of line 6d(iv)).

Second, § 2627.5(b)(2) includes a

special rule for determining whether a

small plan satisfies the requirements of

section 302(d)(9)(D)(i) for a pre-1995

plan year. (This rule only affects

Participant Notices for 1996, 1997, and

1998 plan years.) Under this special

rule, a small plan satisfies those

requirements for a pre-1995 plan year if

the ratio of the plan’s assets (without

subtracting any credit balance under

section 302(b)) to its current liability

(using the highest allowable interest rate

under section 302(d)(7)(C)) for that plan

year was at least 90 percent.

Third, § 2627.5(b)(3) provides a

special rule that a small plan may use

to adjust its current liability to reflect

the difference between the top interest

rate in the permissible interest rate

corridor for the plan year and the

interest rate the plan used. A small plan

that chooses not to recalculate its

current liability using the higher interest

rate may adjust its current liability by

decreasing the current liability by one

percent for each tenth of a percentage

point by which the top interest rate in

the permissible corridor exceeds the

interest rate the plan used.

For example, assume that a small

plan’s current liability as of January 1,

1996, is $200,000, based on an interest

rate of 7.43 percent. Assume further that

the top rate in the corridor for the 1996

plan year is 8.17 percent. Because 8.17

exceeds 7.43 by 0.74, the current

liability could be reduced by 7.4 percent

to $185,200 (92.6 percent of $200,000).

New Plans

Section 2627.4 exempts new and

newly-covered plans from the

Participant Notice requirement for their

first plan year of coverage by the PBGC

insurance system.

Mergers, Consolidations, and Spinoffs

The PBGC invites comments on how

to address DRC testing and other related

issues where a plan has been involved

in a merger, consolidation, or spinoff

since the prior plan year.

Persons Entitled to Receive Notice

Section 2627.6 requires that the

Participant Notice be issued to

participants, beneficiaries, alternate

payees, and any employee organization

that represents participants for purposes

of collective bargaining. Plan

administrators may select, as the date

for determining who is entitled to

receive the Participant Notice for a plan

year, any date between the last day of

the prior plan year and the day on

which the Participant Notice is due. A

plan administrator may select the same

or a different date for each plan year, as

long as a change in dates between plan

years does not exclude a substantial

number of participants and

beneficiaries.

Time Limit for Issuing Notice

Under § 2627.7, the plan

administrator must provide the
Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 / Proposed Rules 16027

Participant Notice for a plan year no

later than two months after the

deadline, including extensions, for

filing the annual report (Form 5500

series) for the prior plan year (see 29

CFR 2520.104a–5(a)(2)). This is also the

time limit for furnishing the summary

annual report for the prior plan year (see

29 CFR 2520.104b–10(c)). Section

2627.7 allows the PBGC to extend the

time limit for issuing the Participant

Notice when the President of the United

States declares that a major disaster

exists.

Manner of Issuing Notice

Section 2627.8 requires plan

administrators to issue the Participant

Notice in a manner reasonably

calculated to ensure actual receipt.

Methods acceptable for furnishing the

summary annual report are acceptable;

plan administrators may not merely post

the Participant Notice at worksite

locations.

The plan administrator may issue the

Participant Notice for a plan year

together with another document, such

as the summary annual report for the

prior plan year, so long as the

Participant Notice is in a separate

document.

Content of Notice

Section 2627.9 requires that the

Participant Notice include (1) certain

identifying information, (2) information

on the plan’s funding status (the ‘‘Notice

Funding Percentage,’’ a statement that

the funding level may be substantially

lower if the plan terminates,

identification of any plan years during

the five immediately preceding plan

years for which the IRS granted a

minimum funding waiver, and

identification of any plan years for

which the plan has not received the

minimum contribution required under

section 302 of ERISA), and (3)

information on the PBGC’s guarantee

(the nature of the guarantee, a summary

of the types of benefits that are not

guaranteed, and the limitations on the

guarantee, e.g., the maximum benefit

guaranteed). Participants must be

informed that they can obtain additional

information on the guarantee by

requesting a PBGC booklet from Box

YGP, Pueblo, Colorado 81009, and

advised of the current price of the

booklet. (The booklet will be available

for $1.25 beginning January 1, 1996. The

PBGC anticipates that it will provide

information on any future price

increases.)

Notice Funding Percentage

The Notice Funding Percentage is the

plan’s ‘‘funded current liability

percentage,’’ as that term is defined in

section 302(d)(9)(C) of ERISA (i.e.,

assets are not reduced by any credit

balance and the highest allowable

interest rate is used). This is the same

percentage that is used to determine

whether the Participant Notice is

required. The Participant Notice may

include the Notice Funding Percentage

for either the plan year for which the

Participant Notice is issued or for the

prior plan year. A small plan may

determine its funded current liability

percentage for a plan year using the

simplified rules in the Small Plan DRC

Exception Test.

A plan’s funded current liability

percentage will not necessarily reflect

the plan’s funding level if the plan were

to terminate. Different actuarial

assumptions are used to calculate

current liability and termination

liability. In addition, the PBGC’s

experience is that a plan’s funding level

often drops just prior to termination. In

the interest of consistency and

administrative simplicity, the PBGC

proposes to base the Notice Funding

Percentage on the plan’s funded current

liability percentage.

Model Notice

The Appendix includes a Model

Participant Notice as an example of a

Participant Notice that meets the

requirements of the proposed rule.

Foreign Language Requirements

As in the case of the summary annual

report (29 CFR 2520.104b–10(e)), when

specified numbers or percentages of

participants are literate only in the same

non-English language, the plan

administrator is required to provide

them with a Participant Notice that

prominently displays a legend, in their

common foreign language, offering them

assistance in that language.

Relationship to 70 Percent Disclosure

Requirement

The plan administrator of a plan that

is less than 70 percent funded must

disclose the plan’s funding percentage

in the annual report and the summary

annual report (sections 103(d)(11) and

104(b)(3) of ERISA). The Department of

Labor has advised the PBGC that if a

plan administrator provides the

Participant Notice under section 4011,

the Department of Labor will treat the

plan administrator as having complied

with the requirement to disclose the

plan’s funding percentage (for the prior

plan year) in the summary annual

report. (The plan administrator still will

be required to disclose the plan’s

funding percentage in the annual

report.)

Penalties for Non-Compliance

Failure to issue a Participant Notice in

accordance with the requirements of

this part would constitute a violation of

title IV of ERISA. The PBGC may

remedy violations of notification

requirements by assessing a penalty

under section 4071. Section 4071

authorizes the agency to assess a

penalty, payable to the PBGC, against a

plan administrator who fails, within the

specified time limit, to provide any

Participant Notice, or who omits

material information from a Participant

Notice. (The penalty may not exceed

$1,000 for each day for which the failure

continues.)

If a plan administrator issues a

Participant Notice for the 1995 plan year

that meets the requirements of this

proposed rule, the PBGC will not assess

section 4071 penalties based on a failure

to comply with any different

requirements of a final rule

implementing section 4011.

Effective Date

The Participant Notice requirement

applies for plan years beginning on or

after January 1, 1995.

E.O. 12866 and the Regulatory

Flexibility Act

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866. The provisions

in this proposed rule will implement

policy decisions made by Congress in

imposing a participant notice

requirement. They reflect the PBGC’s

interpretation of the statutory standards

and prescribe the time, form, and

manner of issuance of the required

notice.

Under section 605(b) of the

Regulatory Flexibility Act, the PBGC

certifies that, if adopted, this proposed

rule will not have a significant

economic impact on a substantial

number of small entities. Accordingly,

as provided in section 605 of the

Regulatory Flexibility Act (5 U.S.C. 601,

et seq.), sections 603 and 604 do not

apply.

Small plans are exempt from the

Participant Notice requirement for the

1995 plan year. For subsequent plan

years, neither the cost of determining

whether a plan is subject to the

Participant Notice requirement nor the

cost of preparing and issuing the

Participant Notice is expected to be

significant for a substantial number of

small entities. The proposed regulation

contains special rules designed to

simplify the Participant Notice

requirement for small plans.
16028 Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 / Proposed Rules

List of Subjects—29 CFR Part 2627

Employee benefit plans, Pension

insurance, Pensions.

For the reasons set forth above, the

PBGC proposes to amend subchapter C,

chapter XXVI of 29 CFR by adding a

new part 2627 to read as follows:

PART 2627—DISCLOSURE TO

PARTICIPANTS

Sec.

2627.1 Purpose and scope.

2627.2 Definitions.

2627.3 Notice requirement.

2627.4 Exemption for new and newlycovered plans.

2627.5 Small plan rules.

2627.6 Persons entitled to notice.

2627.7 Time of notice.

2627.8 Manner of issuance of notice.

2627.9 Form of notice.

Appendix to part 2627

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

§ 2627.1 Purpose and scope.

(a) Purpose. This part prescribes rules

and procedures for complying with the

requirements of section 4011 of the Act.

(b) Scope. This part applies for any

plan year beginning on or after January

1, 1995, with respect to any singleemployer plan that is covered by section

4021 of the Act.

§ 2627.2 Definitions.

For purposes of this part:

Act means the Employee Retirement

Income Security Act of 1974, as

amended.

Participant has the meaning in

§ 2617.2 of this chapter.

Participant Notice means the notice

required pursuant to section 4011 of the

Act and this part.

Plan administrator means the

administrator, as defined in section

4001(a)(1) of the Act.

§ 2627.3 Notice requirement.

(a) General. Except as provided in

§§ 2627.4 and 2627.5(a), a plan is

subject to the Participant Notice

requirement for a plan year if—

(1) A variable rate premium is payable

for the plan under section 4006(a)(3)(E)

of the Act and part 2610 of this chapter

for that plan year; and

(2) The plan does not meet the Deficit

Reduction Contribution (‘‘DRC’’)

Exception Test in paragraph (b) of this

section (which may be applied using the

Small Plan DRC Exception Test rules in

§ 2627.5(b), where applicable) for that

plan year or for the prior plan year.

(b) DRC Exception Test. (1) Basic rule.

A plan meets the DRC Exception Test

for a plan year if it is exempt from the

requirements of section 302(d) of the

Act for that plan year by reason of

section 302(d)(9), without regard to the

small plan exemption in section

302(d)(6)(A).

(2) 1994 plan year. A plan satisfies the

DRC Exception Test for the 1994 plan

year if, for any two of the plan years

beginning in 1992, 1993, and 1994

(whether or not consecutive), the plan

satisfies any requirement of section

302(d)(9)(D)(i) of the Act.

(c) Penalties for non-compliance. If a

plan administrator fails to provide a

Participant Notice within the specified

time limit or omits material information

from a Participant Notice, the PBGC

may assess a penalty under section 4071

of the Act of up to $1,000 a day for each

day that the failure continues.

§ 2627.4 Exemption for new and newlycovered plans.

A plan (other than a plan resulting

from a consolidation or spinoff) is

exempt from the requirement to provide

a Participant Notice for the first plan

year for which the plan must pay

premiums under part 2610 of this

chapter.

§ 2627.5 Small plan rules.

(a) 1995 plan year exemption. A plan

that is exempt from the requirements of

section 302(d) of the Act for the 1994 or

1995 plan year by reason of section

302(d)(6)(A) is exempt from the

Participant Notice requirement for the

1995 plan year.

(b) Small Plan DRC Exception Test. In

determining whether the Participant

Notice requirement applies for a plan

year beginning after 1995, the plan

administrator of a plan that is exempt

from the requirements of section 302(d)

of the Act by reason of section

302(d)(6)(A) for the plan year being

tested may use any one or more of the

following rules in determining whether

the plan meets the DRC Exception Test

for that plan year:

(1) Use of Schedule B data. For any

plan year for which the plan is exempt

from the requirements of section 302(d)

of the Act by reason of section

302(d)(6)(A), provided both of the

following adjustments are made—

(i) The market value of the plan’s

assets as of the beginning of the plan

year (as required to be reported on Form

5500, Schedule B) may be substituted

for the actuarial value of the plan’s

assets as of the valuation date; and

(ii) The plan’s current liability for all

participants’ total benefits as of the

beginning of the plan year (as required

to be reported on Form 5500, Schedule

B) may be substituted for the plan’s

current liability as of the valuation date.

(2) Pre-1995 plan year 90 percent test.

A plan that is exempt from the

requirements of section 302(d) of the

Act for a pre-1995 plan year by reason

of section 302(d)(6)(A) satisfies the

requirements of section 302(d)(9)(D)(i)

for that pre-1995 plan year if the ratio

of its assets to its current liability for

that plan year is at least 90 percent. For

this purpose, the plan’s assets are

valued without subtracting any credit

balance under section 302(b) of the Act,

and its current liability is determined

using the highest interest rate allowable

for the plan year under section

302(d)(7)(C).

(3) Interest rate adjustment. If the

interest rate used to calculate current

liability for a plan year is less than the

highest rate allowable for the plan year

under section 302(d)(7)(C) of the Act,

the current liability may be reduced by

one percent for each tenth of a

percentage point by which the highest

rate exceeds the rate so used.

§ 2627.6 Persons entitled to receive notice.

The plan administrator must provide

the Participant Notice to each person

who is a participant, a beneficiary of a

deceased participant, an alternate payee

(as defined in section 206(d)(3)(K) of the

Act), or an employee organization that

represents any group of participants for

purposes of collective bargaining. To

determine who is a person that must

receive the Participant Notice, the plan

administrator may select any date

during the period beginning with the

last day of the previous plan year and

ending with the day on which the

Participant Notice for the plan year is

due, provided that a change in the date

from one plan year to the next does not

exclude a substantial number of

participants and beneficiaries.

§ 2627.7 Time of notice.

The Participant Notice for a plan year

must be issued no later than two months

after the deadline for filing the annual

report for the previous plan year (see

§ 2520.104a–5(a)(2) of this title). When

the President of the United States

declares that, under the Disaster Relief

Act of 1974, as amended (42 U.S.C.

5121, 5122(2), 5141(b)), a major disaster

exists, the PBGC may extend the due

date for providing the Participant Notice

by up to 180 days.

§ 2627.8 Manner of issuance of notice.

The Participant Notice shall be issued

by using measures reasonably calculated

to ensure actual receipt by the persons

entitled to receive it. It may be issued

together with another dcoument, such

as the summary annual report required

under section 104(b)(3) of the Act for

the prior plan year, but must be in a

separate document.
Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 / Proposed Rules 16029

§ 2627.9 Form of notice.

(a) General. The Participant Notice

shall be written in a manner calculated

to be understood by the average plan

participant and not to mislead

recipients. The Model Participant

Notice in the Appendix of this part

(when properly completed) is an

example of a Participant Notice meeting

the requirements of this section.

(b) Content. The Participant Notice

shall include—

(1) Identifying information (the name

of the plan and the contributing

sponsor, the employer identification

number of the contributing sponsor, the

plan number, the plan year for which

the notice is given, and the name,

address, and telephone number of the

plan administrator and of the

individual(s) who can answer questions

about the plan’s funding);

(2) The Notice Funding Percentage for

the plan year, determined in accordance

with paragraph (c) of this section;

(3) A statement that the funding level

of the plan may be substantially lower

if the plan terminates;

(4) If the plan has been granted a

minimum funding waiver under section

303 of the Act for any of the five plan

years immediately preceding the plan

year and the amortization base

established as a result thereof has not

(as of the end of the prior plan year)

been reduced to zero, a statement

identifying each such plan year and an

explanation of a minimum funding

waiver;

(5) If the plan has not received the

minimum contribution required under

section 302 of the Act for any prior plan

year, a statement identifying each such

plan year;

(6) A summary of plan benefits

guaranteed by the PBGC, with an

explanation of the limitations on such

guarantee; and

(7) A statement that further

information about the PBGC’s guarantee

may be obtained by requesting the

booklet ‘‘Your Guaranteed Pension’’

from Box YGP, Pueblo, Colorado 81009,

along with the current price of the

booklet.

(c) Notice Funding Percentage.

(1) General Rule. The Notice Funding

Percentage that must be included in the

Participant Notice for a plan year is the

‘‘funded current liability percentage’’ (as

that term is defined in section

302(d)(9)(C) of the Act) for that plan

year or the prior plan year.

(2) Small plans. A plan that is exempt

from the requirements of section 302(d)

of the Act for a plan year by reason of

section 302(d)(6)(A) may determine its

funded current liability percentage for

that plan year using the Small Plan DRC

Exception Test rules in § 2627.5(b).

(d) Additional information. The plan

administrator may include in the

Participant Notice a statement that a

plan’s underfunding will not necessarily

lead to its termination and that the risk

of benefit loss in the event of its

termination depends on its funding

level and the financial condition of the

companies responsible for its funding.

The plan administrator may include in

the Participant Notice any other

information not required by paragraph

(b) of this section only if it is in a

separate document.

(e) Foreign languages. In the case of

a plan that (as of the date selected under

§ 2627.6) covers the numbers or

percentages specified in § 2520.104b–

10(e) of this title of participants literate

only in the same non-English language,

the plan administrator shall provide

those participants an English-language

Participant Notice that prominently

displays a legend, in their common nonEnglish language, offering them

assistance in that language, and clearly

setting forth any procedures participants

must follow to obtain such assistance.

Appendix to Part 2627

Paragraph A is an example of a

Participant Notice that satisfies the

requirements of § 2627.9 when the

required information is filled in (subject

to §§ 2627.9(d)–(e), where applicable).

Paragraph B is a table of maximum

guaranteed benefits (which the PBGC

will update yearly).

A. Model Participant Notice

Notice to Participants of [Plan Name,

EIN, PN] Sponsored by [Contributing

Sponsors] [Plan Year 19XX]

We are required by law to provide you

with information on the funding level of

your defined benefit pension plan and

the benefits guaranteed by the Pension

Benefit Guaranty Corporation (PBGC), a

U.S. government agency.

Your Plan’s Funding

Your plan has [INSERT NOTICE FUNDING

PERCENTAGE] percent of the funds needed

for benefits promised to employees and

retirees. Experience has shown that the

funding level may be substantially lower if

the plan terminates.

A plan’s funding and the financial

condition of a company must be considered

when determining the potential risk of

benefit loss.

(Include the following paragraph only if the

plan has been granted a funding waiver in

any of the previous five plan years.)

Your plan received a funding waiver for

[List any of the five previous plan years for

which a funding waiver was granted]. If a

company is experiencing temporary financial

hardship, the Internal Revenue Service may

grant a funding waiver that permits the

company to delay contributions that fund the

pension plan.

(Include the following sentence only if the

plan has not received a minimum

contribution required from the employer.)

Your plan has not received the minimum

contribution required from the employer for

[LIST APPLICABLE PLAN YEARS].

PBGC Guarantees

The fact that a plan is underfunded does

not mean that it will terminate. If this does

occur, the PBGC guarantees all pension

benefits for most people. However, some

people may lose some benefits.

The PBGC pays pension benefits, up to

certain maximum limits.

• The maximum guaranteed benefit is

[INSERT FROM TABLE] per month or

[INSERT FROM TABLE] per year for a 65-

year-old person in a plan that terminates in

[INSERT APPLICABLE YEAR].

• The maximum benefit may be reduced

for an individual who is younger than age 65.

For example, it is [INSERT FROM TABLE]

per month or [INSERT FROM TABLE] per

year for an individual who starts receiving

benefits at age 55.

• The maximum benefit will also be

reduced when a benefit is provided for a

survivor.

The PBGC does not guarantee certain types

of benefits.

• The PBGC does not guarantee benefits

for which you do not have a vested right

when a plan terminates, usually because you

have not worked enough years for the

company.

• Benefit increases and new benefits that

have been in place for less than a year are

not guaranteed. Those that have been in

place for less than 5 years are only partly

guaranteed.

• Early retirement payments that are

greater than payments at normal retirement

age may not be guaranteed. For example, a

supplemental benefit that stops when you

become eligible for Social Security may not

be guaranteed.

• Benefits other than pension benefits,

such as health insurance, life insurance,

death benefits, vacation pay, or severance

pay are not guaranteed.

• The PBGC does not pay lump sums

exceeding $3,500.

Where To Get More Information

Your plan administrator is [Name], [Title],

at [Business Address and Phone Number]. If

you would like more information about the

funding of your plan, contact [Name], [Title],

at [Business Address and Phone Number].

For more information about PBGC and the

benefits it guarantees, you may request a

copy of ‘‘Your Guaranteed Pension’’ for $1.25

by writing to Box YGP, Pueblo, Colorado

81009. [‘‘Your Guaranteed Pension’’ will not

be available until January 1, 1996.]

B. Table of Maximum Guaranteed

Benefits
16030 Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 / Proposed Rules

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 55

Monthly Annual Monthly Annual

1995 ................................................................................................................................. $2,573.86 $30,886.32 $1,158.24 $13,898.88

Issued in Washington, DC, this 20th day of

March 1995.

Martin Slate,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 95–7548 Filed 3–27–95; 8:45 am]

BILLING CODE 7708–01–P