Security Zone; Severn River and College Creek, Annapolis, MD, 34822 [E6-9411]
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34822
§ 4062.1
Federal Register / Vol. 71, No. 116 / Friday, June 16, 2006 / Rules and Regulations
[Amended]
2. Amend § 4062.1 by adding the
following sentence after the first
sentence of the paragraph:
I
§ 4062.1
Purpose and Scope
* * * This part also sets forth rules
for determining the amount of liability
incurred under section 4063 of ERISA
pursuant to the occurrence of a
cessation of operations as described by
section 4062(e) of ERISA. * * *
§ 4062.3
[Amended]
3. In paragraph (b) of § 4062.3, remove
the references to ‘‘§ 4062.8(c)’’ and
‘‘4062.8(b)’’ and add the references to
‘‘§ 4062.9(c)’’ and ‘‘§ 4062.9(b)’’ in their
places, respectively.
I
§ 4062.7
[Amended]
4. In paragraph (a) of § 4062.7, remove
the reference to ‘‘§ 4062.8’’ and add in
its place the reference to ‘‘§ 4062.9’’.
I
§ 4062.8 through § 4062.10
[Redesignated]
5. Redesignate §§ 4062.8, 4062.9, and
4062.10 as §§ 4062.9, 4062.10, and
4062.11, respectively.
I 6. Add new § 4062.8 to read as
follows:
from employment of 5,000 employees,
all of whom are participants in the
pension plan. A section 4062(e) event
has occurred, and the PBGC will
determine the amount of employer
liability under section 4063(b) of ERISA.
The numerator described in paragraph
(a)(1) of this section is 5,000 and the
denominator described in paragraph
(a)(2) of this section is 20,000.
Therefore, the amount of liability under
section 4063(b) of ERISA pursuant to
section 4062(e) is $20 million (5,000/
20,000 × $80 million).
PART 4063—LIABILITY OF
SUBSTANTIAL EMPLOYER FOR
WITHDRAWAL FROM SINGLEEMPLOYER PLANS UNDER MULTIPLE
CONTROLLED GROUPS AND OF
EMPLOYER EXPERIENCING A
CESSATION OF OPERATION
7. The authority citation for part 4063
continues to read as follows:
I
I
jlentini on PROD1PC65 with RULES
§ 4062.8
4062(e).
(a) Liability amount. If, pursuant to
section 4062(e) of ERISA, an employer
ceases operations at a facility in any
location and, as a result of such
cessation of operations, more than 20%
of the total number of the employer’s
employees who are participants under a
plan established and maintained by the
employer are separated from
employment, the PBGC will determine
the amount of liability under section
4063(b) of ERISA to be the amount
described in section 4062 of ERISA for
the entire plan, as if the plan had been
terminated by the PBGC immediately
after the date of the cessation of
operations, multiplied by a fraction—
(1) The numerator of which is the
number of the employer’s employees
who are participants under the plan and
are separated from employment as a
result of the cessation of operations; and
(2) The denominator of which is the
total number of the employer’s current
employees, as determined immediately
before the cessation of operations, who
are participants under the plan.
(b) Example. Company X sponsors a
pension plan with 50,000 participants of
which 20,000 are current employees and
30,000 are retirees or deferred vested
participants. On a PBGC termination
basis, the plan is underfunded by $80
million. Company X ceases operations
at a facility resulting in the separation
16:11 Jun 15, 2006
Jkt 208001
8. Revise paragraph (a) of § 4063.1 to
read as follows:
I
§ 4063.1
Liability pursuant to section
VerDate Aug<31>2005
Authority: 29 U.S.C. 1302(b)(3).
Cross-references
(a) Part 4062 of this chapter sets forth
rules for determination and payment of
the liability incurred, under section
4062(b) of ERISA, upon termination of
any single-employer plan and, to the
extent appropriate, determination of the
liability incurred with respect to
multiple employer plans under sections
4063 and 4064 of ERISA. Part 4062 also
sets forth rules for determining the
amount of liability incurred under
section 4063 of ERISA pursuant to the
occurrence of a cessation of operations
as described by section 4062(e) of
ERISA.
*
*
*
*
*
Issued in Washington, DC, this 13th day of
June, 2006.
Elaine L. Chao,
Chairman, Board of Directors, Pension Benefit
Guaranty Corporation.
Issued on the date set forth above pursuant
to a resolution of the Board of Directors
authorizing its Chairman to issue this final
rule.
Judith R. Starr,
Secretary, Board of Directors, Pension Benefit
Guaranty Corporation.
[FR Doc. E6–9503 Filed 6–15–06; 8:45 am]
BILLING CODE 7708–01–P
PO 00000
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[CGD05–06–052]
RIN 1625–AA87
Security Zone; Severn River and
College Creek, Annapolis, MD
Coast Guard, DHS.
Temporary final rule;
correction.
AGENCY:
ACTION:
SUMMARY: The Coast Guard published a
document in the Federal Register on
June 1, 2006 (71 FR 31088), correcting
the coordinates described in the security
zone. However, that correction
contained an incorrect section number.
This document corrects that section
number.
The correction to this rule is
effective May 25, 2006. The rule itself is
effective May 26, 2006.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket CGD05–06–
052 and are available for inspection or
copying at Commander, Coast Guard
Sector Baltimore, 2401 Hawkins Point
Road, Baltimore, Maryland 21226–1791,
between 9 a.m. and 4 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
Ronald L. Houck, Waterways
Management Division, U.S. Coast Guard
Sector Baltimore, telephone 410–576–
2674, Fax 410–576–2553.
SUPPLEMENTARY INFORMATION: In FR Doc.
E6–8428 appearing on page 31088 in the
Federal Register of June 1, 2006, the
following correction to the section
number is made:
DATES:
§ 165.35–T05–052
[Corrected]
1. On page 31088, in the third column,
correct the bold heading four lines
below the SUPPLEMENTARY INFORMATION
heading to read ‘‘§ 165.T05–052
[Corrected]’’.
I 2. On page 31088, in the third column,
in the second and third lines of
instruction 1., correct the section
number and heading to read
‘‘§ 165.T05–052 Severn River and
College Creek, Annapolis, MD’’.
I
Dated: June 9, 2006.
Stefan G. Venckus,
Chief, Office of Regulations and
Administrative Law, United States Coast
Guard.
[FR Doc. E6–9411 Filed 6–15–06; 8:45 am]
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[Federal Register Volume 71, Number 116 (Friday, June 16, 2006)]
[Rules and Regulations]
[Page 34822]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-9411]
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DEPARTMENT OF HOMELAND SECURITY
Coast Guard
33 CFR Part 165
[CGD05-06-052]
RIN 1625-AA87
Security Zone; Severn River and College Creek, Annapolis, MD
AGENCY: Coast Guard, DHS.
ACTION: Temporary final rule; correction.
-----------------------------------------------------------------------
SUMMARY: The Coast Guard published a document in the Federal Register
on June 1, 2006 (71 FR 31088), correcting the coordinates described in
the security zone. However, that correction contained an incorrect
section number. This document corrects that section number.
DATES: The correction to this rule is effective May 25, 2006. The rule
itself is effective May 26, 2006.
ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket CGD05-06-052 and are available for
inspection or copying at Commander, Coast Guard Sector Baltimore, 2401
Hawkins Point Road, Baltimore, Maryland 21226-1791, between 9 a.m. and
4 p.m., Monday through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT: Ronald L. Houck, Waterways Management
Division, U.S. Coast Guard Sector Baltimore, telephone 410-576-2674,
Fax 410-576-2553.
SUPPLEMENTARY INFORMATION: In FR Doc. E6-8428 appearing on page 31088
in the Federal Register of June 1, 2006, the following correction to
the section number is made:
Sec. 165.35-T05-052 [Corrected]
0
1. On page 31088, in the third column, correct the bold heading four
lines below the SUPPLEMENTARY INFORMATION heading to read ``Sec.
165.T05-052 [Corrected]''.
0
2. On page 31088, in the third column, in the second and third lines of
instruction 1., correct the section number and heading to read ``Sec.
165.T05-052 Severn River and College Creek, Annapolis, MD''.
Dated: June 9, 2006.
Stefan G. Venckus,
Chief, Office of Regulations and Administrative Law, United States
Coast Guard.
[FR Doc. E6-9411 Filed 6-15-06; 8:45 am]
BILLING CODE 4910-15-P
