PBGC Flat Premium Rates, 62842 [E9-28640]

Download as PDF 62842 Federal Register / Vol. 229, No. 74 / Tuesday, December 1, 2009 / Notices recommendations of the PRB and to provide further information to support the petition request (Agencywide Documents Access and Management Systems (ADAMS) Accession Nos. ML092720460 and ML092720824). As provided by Section 2.206, appropriate action will be taken on this petition within a reasonable time. A copy of the petition and addenda can be located at ADAMS Accession Nos. ML092440721 and ML092650381 (respectively), and are available for inspection at the Commission’s Public Document Room, located at One White Flint North, 11555 Rockville Pike (first floor), Rockville, Maryland. Dated at Rockville, MD, this 19th day of November 2009. For the Nuclear Regulatory Commission. Eric J. Leeds, Director, Office of Nuclear Reactor Regulation. [FR Doc. E9–28658 Filed 11–30–09; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION PBGC Flat Premium Rates mstockstill on DSKH9S0YB1PROD with NOTICES AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice regarding flat premium rates. SUMMARY: This notice informs the public of the PBGC flat premium rates for premium payment years beginning in 2010 and announces that PBGC will no longer publish annual flat premium rate notices in the Federal Register. These rates can be derived from information published elsewhere and are published by PBGC on its Web site (https:// www.pbgc.gov). DATES: The flat premium rates announced in this notice apply to premium payment years beginning in 2010. 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: 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 VerDate Nov<24>2008 20:14 Nov 30, 2009 Jkt 220001 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 2010, the 2008 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 2008 index is $41,334.97. The ratio of the 2008 index to the 2004 index is 1.1595134. Multiplying this ratio by $30.00 gives $34.79, which rounds to $35.00. Multiplying the ratio by $8.00 gives $9.28, which rounds to $9.00. Thus, the 2010 flat premium rates for PBGC’s two insurance programs will be $35.00 per participant for singleemployer plans and $9.00 per participant for multiemployer plans. Before DRA 2005, PBGC flat premium rates remained constant for many years at a time. Since DRA 2005, PBGC has published annual notices (like this one) in the Federal Register to inform the public of the rates. PBGC also publishes the flat rates in its annual premium instructions on its Web site (https:// www.pbgc.gov; click on ‘‘Practitioners,’’ then on ‘‘Premium Instructions and Forms’’ under the heading ‘‘Premium Filings’’ in the center column). PBGC has concluded that since the flat rates are easily accessible to the public on its Web site, it is no longer necessary to publish annual flat premium rate notices in the Federal Register. Issued in Washington, DC, on this 13th day of November 2009. Vincent K. Snowbarger, Acting Director, Pension Benefit Guaranty Corporation. [FR Doc. E9–28640 Filed 11–30–09; 8:45 am] BILLING CODE 7709–01–P PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 SMALL BUSINESS ADMINISTRATION Administrator’s Line of Succession Designation, No. 1–A, Revision 31 This document replaces and supersedes ‘‘Line of Succession Designation No. 1–A, Revision 30’’ Line of Succession Designation No. 1– A, Revision 31 Effective immediately, the Administrator’s Line of Succession Designation is as follows: (a) In the event of my inability to perform the functions and duties of my position, or my absence from the office, the Deputy Administrator will assume all functions and duties of the Administrator. In the event the Deputy Administrator and I are both unable to perform the functions and duties of the position or are absent from our offices, I designate the officials in listed order below, if they are eligible to act as Administrator under the provisions of the Federal Vacancies Reform Act of 1998, to serve as Acting Administrator with full authority to perform all acts which the Administrator is authorized to perform: (1) Chief Operating Officer (2) Chief of Staff (3) General Counsel (4) Associate Administrator for Disaster Assistance (5) Regional Administrator for Region 1. (b) Notwithstanding the provisions of SBA Standard Operating Procedure 00 01 2, ‘‘absence from the office,’’ as used in reference to myself in paragraph (a) above, means the following: (1) I am not present in the office and cannot be reasonably contacted by phone or other electronic means, and there is an immediate business necessity for the exercise of my authority; or (2) I am not present in the office and, upon being contacted by phone or other electronic means, I determine that I cannot exercise my authority effectively without being physically present in the office. (c) An individual serving in an acting capacity in any of the positions listed in subparagraphs (a) (1) through (5), unless designated as such by the Administrator, is not also included in this Line of Succession. Instead, the next non-acting incumbent in the Line of Succession shall serve as Acting Administrator. (d) This designation shall remain in full force and effect until revoked or superseded in writing by the Administrator, or by the Deputy Administrator when serving as Acting Administrator. E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 74, Number 229 (Tuesday, December 1, 2009)]
[Notices]
[Page 62842]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28640]


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PENSION BENEFIT GUARANTY CORPORATION


PBGC Flat Premium Rates

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice regarding flat premium rates.

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

SUMMARY: This notice informs the public of the PBGC flat premium rates 
for premium payment years beginning in 2010 and announces that PBGC 
will no longer publish annual flat premium rate notices in the Federal 
Register. These rates can be derived from information published 
elsewhere and are published by PBGC on its Web site (https://www.pbgc.gov).

DATES: The flat premium rates announced in this notice apply to premium 
payment years beginning in 2010.

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: 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 2010, the 2008 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 2008 index is $41,334.97. The ratio of the 2008 index 
to the 2004 index is 1.1595134. Multiplying this ratio by $30.00 gives 
$34.79, which rounds to $35.00. Multiplying the ratio by $8.00 gives 
$9.28, which rounds to $9.00. Thus, the 2010 flat premium rates for 
PBGC's two insurance programs will be $35.00 per participant for 
single-employer plans and $9.00 per participant for multiemployer 
plans.
    Before DRA 2005, PBGC flat premium rates remained constant for many 
years at a time. Since DRA 2005, PBGC has published annual notices 
(like this one) in the Federal Register to inform the public of the 
rates. PBGC also publishes the flat rates in its annual premium 
instructions on its Web site (https://www.pbgc.gov; click on 
``Practitioners,'' then on ``Premium Instructions and Forms'' under the 
heading ``Premium Filings'' in the center column). PBGC has concluded 
that since the flat rates are easily accessible to the public on its 
Web site, it is no longer necessary to publish annual flat premium rate 
notices in the Federal Register.

    Issued in Washington, DC, on this 13th day of November 2009.
Vincent K. Snowbarger,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. E9-28640 Filed 11-30-09; 8:45 am]
BILLING CODE 7709-01-P
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