Disclosure to Participants; Benefits Payable in Terminated Single-Employer Plans, 72074-72075 [05-23517]
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72074
Federal Register / Vol. 70, No. 230 / Thursday, December 1, 2005 / Rules and Regulations
4. The provisions of the
Administrative Procedure Act (5 U.S.C.
553) requiring notice of proposed
rulemaking, the opportunity for public
participation, and a delay in effective
date, are inapplicable because this
regulation involves a military and
foreign affairs function of the United
States (5 U.S.C. 553(a)(1)). Further, no
other law requires that a notice of
proposed rulemaking and an
opportunity for public comment be
given for this final rule. Because a
notice of proposed rulemaking and an
opportunity for public comment are not
required to be given for this rule under
the Administrative Procedure Act or by
any other law, the analytical
requirements of the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.) are
not applicable. Therefore, this
regulation is issued in final form.
Although there is no formal comment
period, public comments on this
regulation are welcome on a continuing
basis. Comments should be submitted to
Timothy Mooney, Office of Exporter
Services, Bureau of Industry and
Security, Department of Commerce, P.O.
Box 273, Washington, DC 20044.
List of Subjects in 15 CFR Part 748
Administrative practice and
procedure, Exports, Reporting and
recordkeeping requirements.
PART 748—[AMENDED]
1. The authority citation for 15 CFR
part 748 continues to read as follows:
I
Authority: 50 U.S.C. app. 2401 et seq.; 50
U.S.C. 1701 et seq.; E.O. 13026, 61 FR 58767,
3 CFR, 1996 Comp., p. 228; E.O. 13222, 66
FR 44025, 3 CFR, 2001 Comp., p. 783; Notice
of August 2, 2005, 70 FR 45273 (August 5,
2005).
2. Section 748.9 is amended by
revising paragraph (a)(2) to read as
follows:
I
§ 748.9 Support Documents for License
Applications.
(a) * * *
(2) The ultimate consignee or
purchaser is a foreign government(s) or
foreign government agency(ies), other
than the government of the People’s
Republic of China. To determine
whether the parties to your transaction
meet the definition of ‘‘government
agency’’ refer to the definition contained
in part 772 of the EAR. Remember, if
either the ultimate consignee or
purchaser is not a foreign government or
foreign government agency, a statement
14:18 Nov 30, 2005
Jkt 208001
Barr Harbor Dr., West Conshohocken,
Philadelphia, PA 19428–2959’’
wherever it appears.
Dated: November 28, 2005.
Matthew S. Borman,
Deputy Assistant Secretary for Export
Administration.
[FR Doc. 05–23533 Filed 11–30–05; 8:45 am]
Dated: November 23, 2005.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 05–23521 Filed 11–30–05; 8:45 am]
BILLING CODE 4160–01–S
BILLING CODE 3510–33–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Parts 4011 and 4022
21 CFR Chapter I
Disclosure to Participants; Benefits
Payable in Terminated SingleEmployer Plans
Change of Address; Technical
Amendment
AGENCY:
AGENCY:
Food and Drug Administration,
HHS.
Final rule; technical
amendment.
ACTION:
SUMMARY: The Food and Drug
Administration (FDA) is amending its
regulations to reflect a change in the
address for the American Society for
Testing Materials (ASTM). This action is
editorial in nature and is intended to
improve the accuracy of the agency’s
regulations.
DATES:
Accordingly, part 748 of the Export
Administration Regulations (15 CFR
parts 730–799) are amended as follows:
I
VerDate Aug<31>2005
is required from the nongovernmental
party.
*
*
*
*
*
This rule is effective December 1,
2005.
FOR FURTHER INFORMATION CONTACT:
Joyce Strong, Office of Policy and
Planning (HF–27), Food and Drug
Administration, 5600 Fishers Lane,
Rockville, MD 20857, 301–827–7010.
SUPPLEMENTARY INFORMATION: This
document amends FDA’s regulations to
reflect the address change of ASTM by
removing the outdated address
wherever it appears and by adding the
new address in its place in 21 CFR parts
172, 175, 176, 177, 178, and 179.
Publication of this document
constitutes final action on these changes
under the Administrative Procedure Act
(5 U.S.C. 553). Notice and public
procedure are unnecessary because FDA
is merely correcting nonsubstantive
errors.
I Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs, 21 CFR chapter I is
amended as follows:
Chapter I [Nomenclature changes]
1. Parts 172, 175, 176, 177, 178, and
179 are amended by removing ‘‘1916
Race St., Philadelphia, PA 19103’’ or
‘‘1916 Race Street, Philadelphia, PA
19103’’ and adding in its place ‘‘100
I
PO 00000
Frm 00010
Fmt 4700
Sfmt 4700
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
SUMMARY: This rule amends Appendix D
to the Pension Benefit Guaranty
Corporation’s regulation on Benefits
Payable in Terminated Single-Employer
Plans by adding the maximum
guaranteeable pension benefit that may
be paid by the PBGC with respect to a
plan participant in a single-employer
pension plan that terminates in 2006.
This rule also amends the PBGC’s
regulation on Disclosure to Participants
by adding information on 2006
maximum guaranteed benefit amounts
to Appendix B. 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 2006.
EFFECTIVE DATE: January 1, 2006.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Attorney, Legislative
and Regulatory Department, Pension
Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005–
4026; 202–326–4024. (TTY/TDD users
may call the Federal relay service tollfree at 1–800–877–8339 and ask to be
connected to 202–326–4024.)
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
E:\FR\FM\01DER1.SGM
01DER1
72075
Federal Register / Vol. 70, No. 230 / Thursday, December 1, 2005 / Rules and Regulations
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). Appendix D
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,
the contribution and benefit base to be
used by the PBGC under these
provisions, and the PBGC publishes an
amendment to Appendix D to part 4022
to add the guarantee limit for the
coming year.
The PBGC has been notified by the
Social Security Administration that,
under section 230 of the Social Security
Act, $69,900 is the contribution and
benefit base that is to be used to
calculate the PBGC maximum
guaranteeable benefit for 2006.
Accordingly, the formula under section
4022(b)(3)(B) of ERISA and 29 CFR
4022.22(b) is: $750 multiplied by
$69,900/$13,200. Thus, the maximum
monthly benefit guaranteeable by the
PBGC in 2006 is $3,971.59 per month in
the form of a life annuity beginning at
age 65. This amendment updates
Appendix D to part 4022 to add this
maximum guaranteeable amount for
plans that terminate in 2006. (If a
benefit is payable in a different form or
begins at a different age, the maximum
guaranteeable amount is the actuarial
equivalent of $3,971.59 per month.)
For certain underfunded plans,
section 4011 of ERISA requires the plan
administrator 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 2006 maximum
guaranteed benefit amounts. Plan
administrators may, subject to the
requirements of that regulation, include
this information in participant notices.
General notice of proposed
rulemaking is unnecessary. 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
2006 maximum guaranteeable benefit
amounts for the information of the
public.
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
Employee benefit plans, Pension
insurance, 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:
I
PART 4011—DISCLOSURE TO
PARTICIPANTS
1. The authority citation for Part 4011
continues to read as follows:
I
Authority: 29 U.S.C. 1302(b)(3), 1311.
2. Appendix B to part 4011 is
amended by adding a new entry to the
end of the table to read as follows.
I
APPENDIX B TO PART 4011.—TABLE OF MAXIMUM GUARANTEED BENEFITS
The maximum guaranteed benefit for an individual starting to receive benefits at the age listed below is the amount
(monthly or annual) listed below:
If a plan terminates in—
Age 65
Monthly
*
2006 ................................
*
*
*
*
Age 62
Annual
*
*
$47,659.08
$3,971.59
3. The authority citation for Part 4022
continues to read as follows:
I
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
4. 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.
Jkt 208001
Monthly
*
$3,137.56
$37,650.72
*
$2,581.53
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:
*
*
*
2006 ..................................
PO 00000
Frm 00011
Fmt 4700
Age 55
Annual
*
$30,978.36
*
Sfmt 4700
Monthly
$1,787.22
Annual
*
$21,446.64
Issued in Washington, DC, this 16th day of
November, 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit
Guaranty Corporation.
[FR Doc. 05–23517 Filed 11–30–05; 8:45 am]
BILLING CODE 7708–01–P
Maximum
guaranteeable
monthly benefit
Year
I
14:18 Nov 30, 2005
Annual
Appendix D to Part 4022—Maximum
Guaranteeable Monthly Benefit
*
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE-EMPLOYER
PLANS
VerDate Aug<31>2005
Monthly
Age 60
*
3,971.59
E:\FR\FM\01DER1.SGM
01DER1
]]>Agencies
[Federal Register Volume 70, Number 230 (Thursday, December 1, 2005)]
[Rules and Regulations]
[Pages 72074-72075]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-23517]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 4011 and 4022
Disclosure to Participants; Benefits Payable in Terminated
Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule amends Appendix D to the Pension Benefit Guaranty
Corporation's regulation on Benefits Payable in Terminated Single-
Employer Plans by adding the maximum guaranteeable pension benefit that
may be paid by the PBGC with respect to a plan participant in a single-
employer pension plan that terminates in 2006. This rule also amends
the PBGC's regulation on Disclosure to Participants by adding
information on 2006 maximum guaranteed benefit amounts to Appendix B.
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 2006.
EFFECTIVE DATE: January 1, 2006.
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney,
Legislative and Regulatory Department, Pension Benefit Guaranty
Corporation, 1200 K Street, NW., Washington, DC 20005-4026; 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: 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
[[Page 72075]]
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 Sec. 4022.22(b) of the
PBGC's regulation on Benefits Payable in Terminated Single-Employer
Plans (29 CFR part 4022). Appendix D 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, the
contribution and benefit base to be used by the PBGC under these
provisions, and the PBGC publishes an amendment to Appendix D to part
4022 to add the guarantee limit for the coming year.
The PBGC has been notified by the Social Security Administration
that, under section 230 of the Social Security Act, $69,900 is the
contribution and benefit base that is to be used to calculate the PBGC
maximum guaranteeable benefit for 2006. Accordingly, the formula under
section 4022(b)(3)(B) of ERISA and 29 CFR 4022.22(b) is: $750
multiplied by $69,900/$13,200. Thus, the maximum monthly benefit
guaranteeable by the PBGC in 2006 is $3,971.59 per month in the form of
a life annuity beginning at age 65. This amendment updates Appendix D
to part 4022 to add this maximum guaranteeable amount for plans that
terminate in 2006. (If a benefit is payable in a different form or
begins at a different age, the maximum guaranteeable amount is the
actuarial equivalent of $3,971.59 per month.)
For certain underfunded plans, section 4011 of ERISA requires the
plan administrator 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 2006 maximum guaranteed benefit amounts. Plan
administrators may, subject to the requirements of that regulation,
include this information in participant notices.
General notice of proposed rulemaking is unnecessary. 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 2006 maximum guaranteeable
benefit amounts for the information of the public.
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
Employee benefit plans, Pension insurance, Reporting and
recordkeeping requirements.
29 CFR Part 4022
Pension insurance, Pensions, Reporting and recordkeeping
requirements.
0
In consideration of the foregoing, 29 CFR parts 4011 and 4022 are
amended as follows:
PART 4011--DISCLOSURE TO PARTICIPANTS
0
1. The authority citation for Part 4011 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1311.
0
2. Appendix B to part 4011 is amended by adding a new entry to the end
of the table to read as follows.
Appendix B to Part 4011.--Table of Maximum Guaranteed Benefits
--------------------------------------------------------------------------------------------------------------------------------------------------------
The maximum guaranteed benefit for an individual starting to receive benefits at the age listed below
is the amount (monthly or annual) listed below:
-------------------------------------------------------------------------------------------------------
If a plan terminates in-- Age 65 Age 62 Age 60 Age 55
-------------------------------------------------------------------------------------------------------
Monthly Annual Monthly Annual Monthly Annual Monthly Annual
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * * * *
2006............................................ $3,971.59 $47,659.08 $3,137.56 $37,650.72 $2,581.53 $30,978.36 $1,787.22 $21,446.64
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * *
PART 4022--BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
0
3. 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.
0
4. 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 Sec. 4022.22(b) to a participant in a plan
that terminated in that year:
------------------------------------------------------------------------
Maximum
Year guaranteeable
monthly benefit
------------------------------------------------------------------------
* * * * *
2006.................................................. 3,971.59
------------------------------------------------------------------------
Issued in Washington, DC, this 16th day of November, 2005.
Vincent K. Snowbarger,
Deputy Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 05-23517 Filed 11-30-05; 8:45 am]
BILLING CODE 7708-01-P
