PBGC Flat Premium Rates, 72870 [E8-28411]

Download as PDF 72870 Federal Register / Vol. 73, No. 231 / Monday, December 1, 2008 / Notices Dated: November 25, 2008. R. Michelle Schroll, Office of the Secretary. [FR Doc. E8–28557 Filed 11–26–08; 4:15 pm] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION PBGC Flat Premium Rates Pension Benefit Guaranty Corporation. ACTION: Notice of flat premium rates. AGENCY: This notice informs the public of the PBGC flat premium rates for premium payment years beginning in 2009. These rates can be derived from information published elsewhere but are published in this notice for the convenience of the public. DATES: The flat premium rates apply to premium payment years beginning in 2009. SUMMARY: rwilkins on PROD1PC63 with NOTICES FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 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: 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). Pension plans covered by Title IV must pay premiums to PBGC. Section 4006 of ERISA deals with premium rates. The Deficit Reduction Act of 2005 (Pub. L. 109–171) (DRA 2005) amended section 4006 of ERISA. DRA 2005 changed the per-participant flat premium rate for plan years beginning in 2006 from $19 to $30 for singleemployer plans and from $2.60 to $8 for multiemployer plans and provided for inflation adjustments to the flat rates for future years. The adjustments are based on changes in the national average wage index as defined in section 209(k)(1) of the Social Security Act, with a two-year lag—for example, for 2009, the 2006 index is compared to the baseline (the 2004 index). The provisions were written in such a way that the premium rate can never go down; if the change in the national average wage index is negative, the premium rate remains the same as in the preceding year. Also, premium rates are rounded to the nearest whole dollar. VerDate Aug<31>2005 16:47 Nov 28, 2008 Jkt 217001 The baseline national average wage index, the 2004 index, was $35,648.55. The 2007 index was $40,405.48. The ratio of the 2007 index to the 2004 index is 1.133440. Multiplying this ratio by $30.00 gives $34.00. Multiplying the ratio by $8.00 gives $9.07, which rounds to $9.00. Thus, the 2009 flat premium rates for PBGC’s two insurance programs will be $34.00 per participant for single-employer plans and $9.00 per participant for multiemployer plans. The PBGC will publish the flat premium rates annually for the convenience of the public. Issued in Washington, DC, on this 21st day of November 2008. Vincent K. Snowbarger, Deputy Director for Operations, Pension Benefit Guaranty Corporation. [FR Doc. E8–28411 Filed 11–28–08; 8:45 am] BILLING CODE 7709–01–P OFFICE OF PERSONNEL MANAGEMENT [OMB Control No. 3206–0215; RI 25–49] Proposed Information Collection; Request for Comments on an Existing Information Collection SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104–13, May 22, 1995), this notice announces that the Office of Personnel Management (OPM) intends to submit to the Office of Management and Budget (OMB) a request for review of an existing information collection. This information collection, ‘‘Verification of Full-Time School Attendance’’ (OMB Control No. 3206–0215; form RI 25–49), is used to verify that adult student annuitants are entitled to payments. OPM must confirm that a full-time enrollment has been maintained. Comments are particularly invited on whether this collection of information is necessary for the proper performance of functions of the Office of Personnel Management, and whether it will have practical utility; whether our estimate of the public burden of this collection is accurate and based on valid assumptions and methodology; and ways in which we can minimize the burden of the collection of information on those who are to respond through use of the appropriate technological collection techniques or other forms of information technology. Approximately 10,000 RI 25–49 forms are completed annually. This form will Frm 00110 Fmt 4703 Sfmt 4703 Office of Personnel Management. Howard Weizmann, Deputy Director. [FR Doc. E8–28441 Filed 11–28–08; 8:45 am] BILLING CODE 6325–38–P Office of Personnel Management. ACTION: Notice. AGENCY: PO 00000 take approximately 60 minutes to complete. The annual estimated burden is 10,000 hours. For copies of this proposal, contact Cyrus S. Benson by telephone at (202) 606–4808, by FAX (202) 606–0910, or by e-mail at Cyrus.Benson@opm.gov. Please include a mailing address with your request. DATES: Comments on this proposal should be received within 60 calendar days of the date of this publication. ADDRESSES: Send or deliver comments to: Ronald W. Melton, Deputy Assistant Director, Retirement Services Program, Center for Retirement and Insurance Services, U.S. Office of Personnel Management, 1900 E Street, NW., Room 3305, Washington, DC 20415–3500. For information regarding Administrative Coordination contact: Cyrus S. Benson, Team Leader, Publications Team, RIS Support Services/Support Group, U.S. Office of Personnel Management, 1900 E Street, NW., Room 4H28, Washington, DC 20415, (202) 606–0623. OFFICE OF PERSONNEL MANAGEMENT [OMB Control No. 3206–0141; OPM Form 2809] Proposed Information Collection; Request for Comments on an Existing Information Collection Office of Personnel Management. ACTION: Notice. AGENCY: SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104–13, May 22, 1995), this notice announces that the Office of Personnel Management (OPM) intends to submit to the Office of Management and Budget (OMB) a request for review of an existing information collection. This information collection, ‘‘Health Benefits Election Form’’ (OMB Control No. 3206–0141; OPM Form 2809), is used by annuitants and former spouses to elect, cancel, suspend, or change health benefits enrollment during periods other than open season. Comments are particularly invited on: whether this information is necessary for the proper performance of functions of the Office of Personnel Management, and whether it will have practical utility; whether our estimate of the E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 73, Number 231 (Monday, December 1, 2008)]
[Notices]
[Page 72870]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-28411]


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PENSION BENEFIT GUARANTY CORPORATION


PBGC Flat Premium Rates

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of flat premium rates.

-----------------------------------------------------------------------

SUMMARY: This notice informs the public of the PBGC flat premium rates 
for premium payment years beginning in 2009. These rates can be derived 
from information published elsewhere but are published in this notice 
for the convenience of the public.

DATES: The flat premium rates apply to premium payment years beginning 
in 2009.

FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Manager, 
Regulatory and Policy Division, Legislative and Regulatory Department, 
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, 
DC 20005, 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: 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). Pension plans covered by Title IV must pay premiums to PBGC. 
Section 4006 of ERISA deals with premium rates.
    The Deficit Reduction Act of 2005 (Pub. L. 109-171) (DRA 2005) 
amended section 4006 of ERISA. DRA 2005 changed the per-participant 
flat premium rate for plan years beginning in 2006 from $19 to $30 for 
single-employer plans and from $2.60 to $8 for multiemployer plans and 
provided for inflation adjustments to the flat rates for future years. 
The adjustments are based on changes in the national average wage index 
as defined in section 209(k)(1) of the Social Security Act, with a two-
year lag--for example, for 2009, the 2006 index is compared to the 
baseline (the 2004 index). The provisions were written in such a way 
that the premium rate can never go down; if the change in the national 
average wage index is negative, the premium rate remains the same as in 
the preceding year. Also, premium rates are rounded to the nearest 
whole dollar.
    The baseline national average wage index, the 2004 index, was 
$35,648.55. The 2007 index was $40,405.48. The ratio of the 2007 index 
to the 2004 index is 1.133440. Multiplying this ratio by $30.00 gives 
$34.00. Multiplying the ratio by $8.00 gives $9.07, which rounds to 
$9.00. Thus, the 2009 flat premium rates for PBGC's two insurance 
programs will be $34.00 per participant for single-employer plans and 
$9.00 per participant for multiemployer plans.
    The PBGC will publish the flat premium rates annually for the 
convenience of the public.

    Issued in Washington, DC, on this 21st day of November 2008.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension Benefit Guaranty Corporation.
 [FR Doc. E8-28411 Filed 11-28-08; 8:45 am]
BILLING CODE 7709-01-P
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