Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 74622-74623 [2010-30301]
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Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / Rules and Regulations
III. Confirmation of June 25, 2010,
Interpretive Rule
Again, HUD appreciates the input and
information provided by the members of
the public and representatives of
industry who responded to HUD’s
solicitation of public comment on the
June 25, 2010, interpretive rule. After
consideration of the comments, HUD
confirms its June 25, 2010,
interpretation of certain provisions of
RESPA as applied to the payment of fees
to real estate brokers and agents by
home warranty companies. The
interpretive rule therefore stands
without change.
Finally, some commenters asked
whether the interpretive rule has
prospective or retroactive effect. An
interpretive rule does not change
existing law. As noted in the concluding
paragraph of the rule, the interpretive
rule represents HUD’s interpretation of
its existing regulations. This interpretive
rule, therefore, does not constitute a
change in HUD’s interpretation of
RESPA or the RESPA regulations, but is
an articulation of HUD’s interpretation
of RESPA and the implementing
regulations that specifically applies to
home warranty company payments to
real estate brokers and agents.
Authority: 12 U.S.C. 2601–2617; 42 U.S.C.
3535(d).
Dated: November 23, 2010.
Helen R. Kanovsky,
General Counsel.
[FR Doc. 2010–30243 Filed 11–30–10; 8:45 am]
BILLING CODE 4210–67–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4044
Allocation of Assets in SingleEmployer Plans; Valuation of Benefits
and Assets; Expected Retirement Age
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This rule amends Pension
Benefit Guaranty Corporation’s
regulation on Allocation of Assets in
Single-Employer Plans by substituting a
new table for determining expected
retirement ages for participants in
pension plans undergoing distress or
involuntary termination with valuation
dates falling in 2011. This table is
needed in order to compute the value of
early retirement benefits and, thus, the
total value of benefits under a plan.
WReier-Aviles on DSKGBLS3C1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
14:39 Nov 30, 2010
Jkt 223001
DATES:
Effective Date: January 1, 2011.
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).
PBGC’s regulation on Allocation of
Assets in Single-Employer Plans (29
CFR part 4044) sets forth (in subpart B)
the methods for valuing plan benefits of
terminating single-employer plans
covered under Title IV. Guaranteed
benefits and benefit liabilities under a
plan that is undergoing a distress
termination must be valued in
accordance with subpart B of part 4044.
In addition, when PBGC terminates an
underfunded plan involuntarily
pursuant to ERISA section 4042(a), it
uses the subpart B valuation rules to
determine the amount of the plan’s
underfunding.
Under § 4044.51(b) of the asset
allocation regulation, early retirement
benefits are valued based on the annuity
starting date, if a retirement date has
been selected, or the expected
retirement age, if the annuity starting
date is not known on the valuation date.
Sections 4044.55 through 4044.57 set
forth rules for determining the expected
retirement ages for plan participants
entitled to early retirement benefits.
Appendix D of part 4044 contains tables
to be used in determining the expected
early retirement ages.
Table I in appendix D (Selection of
Retirement Rate Category) is used to
determine whether a participant has a
low, medium, or high probability of
retiring early. The determination is
based on the year a participant would
reach ‘‘unreduced retirement age’’ (i.e.,
the earlier of the normal retirement age
or the age at which an unreduced
benefit is first payable) and the
participant’s monthly benefit at
unreduced retirement age. The table
applies only to plans with valuation
dates in the current year and is updated
annually by the PBGC to reflect changes
in the cost of living, etc.
Tables II–A, II–B, and II–C (Expected
Retirement Ages for Individuals in the
Low, Medium, and High Categories
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Fmt 4700
Sfmt 4700
respectively) are used to determine the
expected retirement age after the
probability of early retirement has been
determined using Table I. These tables
establish, by probability category, the
expected retirement age based on both
the earliest age a participant could retire
under the plan and the unreduced
retirement age. This expected retirement
age is used to compute the value of the
early retirement benefit and, thus, the
total value of benefits under the plan.
This document amends appendix D to
replace Table I–10 with Table I–11 in
order to provide an updated correlation,
appropriate for calendar year 2011,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–11 will be used to value benefits
in plans with valuation dates during
calendar year 2011.
PBGC has determined that notice of
and public comment on this rule are
impracticable and contrary to the public
interest. Plan administrators need to be
able to estimate accurately the value of
plan benefits as early as possible before
initiating the termination process. For
that purpose, if a plan has a valuation
date in 2011, the plan administrator
needs the updated table being
promulgated in this rule. Accordingly,
the public interest is best served by
issuing this table expeditiously, without
an opportunity for notice and comment,
to allow as much time as possible to
estimate the value of plan benefits with
the proper table for plans with valuation
dates in early 2011.
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 in 29 CFR Part 4044
Pension insurance, Pensions.
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
■ 1. The authority citation for part 4044
continues to read as follows:
■
Authority: 29 U.S.C. 1301(a), 1302(b)(3),
1341, 1344, 1362.
2. Appendix D to part 4044 is
amended by removing Table I–10 and
adding in its place Table I–11 To read
as follows:
■
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
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Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / Rules and Regulations
74623
TABLE I–11—SELECTION OF RETIREMENT RATE CATEGORY
[For plans with valuation dates after December 31, 2010, and before January 1, 2012]
Participant’s retirement rate category is—
Low 1 if monthly
benefit at URA is
less than—
If participant reaches URA in year—
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
.........................................................................................
or later ............................................................................
Medium 2 if monthly benefit at URA is—
From—
568
579
591
602
614
627
640
654
668
682
To—
568
579
591
602
614
627
640
654
668
682
High 3 if monthly
benefit at URA is
greater than—
2,400
2,448
2,497
2,547
2,598
2,652
2,708
2,765
2,823
2,882
2,400
2,448
2,497
2,547
2,598
2,652
2,708
2,765
2,823
2,882
1 Table
II–A.
II–B.
3 Table II–C.
2 Table
*
*
*
*
*
Issued in Washington, DC, this 29th day of
November 2010.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension
Benefit Guaranty Corporation.
[FR Doc. 2010–30301 Filed 11–30–10; 8:45 am]
BILLING CODE 7709–01–P
LIBRARY OF CONGRESS
Copyright Royalty Board
37 CFR Part 381
[Docket No. 2010–9 CRB]
Cost of Living Adjustment for
Performance of Musical Compositions
by Colleges and Universities
Copyright Royalty Board,
Library of Congress.
ACTION: Final rule.
AGENCY:
The Copyright Royalty Judges
announce a cost of living adjustment
(‘‘COLA’’) of 1.2% in the royalty rates
that colleges, universities, and other
nonprofit educational institutions that
are not affiliated with National Public
Radio pay for the use of published
nondramatic musical compositions in
the ASCAP, BMI and SESAC
repertories. The COLA is based on the
change in the Consumer Price Index
from October 2009 to October 2010.
DATES: Effective Date: January 1, 2011.
FOR FURTHER INFORMATION CONTACT:
Richard Strasser, Senior Attorney, or
Gina Giuffreda, Attorney Advisor.
Telephone: (202) 707–7658. E-mail:
crb@loc.gov.
WReier-Aviles on DSKGBLS3C1PROD with RULES
SUMMARY:
Section
118 of the Copyright Act, title 17 of the
SUPPLEMENTARY INFORMATION:
VerDate Mar<15>2010
14:39 Nov 30, 2010
Jkt 223001
United States Code, creates a
compulsory license for the use of
published nondramatic musical works
and published pictorial, graphic, and
sculptural works in connection with
noncommercial broadcasting. Terms
and rates for this compulsory license,
applicable to parties who are not subject
to privately negotiated licenses, are
published in 37 CFR parts 253 and 381.
Final regulations governing the terms
and rates of copyright royalty payments
with respect to certain uses by public
broadcasting entities of published
nondramatic musical works, and
published pictorial, graphic, and
sculptural works for the license period
beginning January 1, 2008, and ending
December 31, 2012, were published in
the Federal Register on November 30,
2007. See 72 FR 67646. Pursuant to
these regulations, on or before December
1 of each year the Judges shall publish
a notice of the change in the cost of
living as determined by the Consumer
Price Index (all urban consumers, all
items (‘‘CPI–U’’)) during the period from
the most recent index published prior to
the previous notice, to the most recent
index published prior to December 1 of
that year. See 37 CFR 381.10(a). The
regulations also require that the Judges
publish a revised schedule of rates for
the public performance of musical
compositions in the ASCAP, BMI, and
SESAC repertories by public
broadcasting entities licensed to
colleges and universities, reflecting the
change in the CPI–U. 37 CFR
381.10(a)(requiring publication of a
revised schedule of rates for 37 CFR
381.5). Accordingly, the Judges are
hereby announcing the change in the
CPI–U and applying the annual COLA
to the rates set out in 37 CFR 381.5(c).
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Fmt 4700
Sfmt 4700
The change in the cost of living as
determined by the CPI–U during the
period from the most recent index
published before December 1, 2009, to
the most recent index published before
December 1, 2010, is 1.2%.1 Rounding
to the nearest dollar,2 the royalty rates
for the performance of published
nondramatic musical compositions in
the repertories of ASCAP, BMI, and
SESAC are $301, $301, and $121,
respectively.
List of Subjects in 37 CFR Part 381
Copyright, Music, Radio, Television,
Rates.
Final Regulations
For the reasons set forth in the
preamble, part 381 of title 37 of the
Code of Federal Regulations is amended
to read as follows:
■
PART 381—USE OF CERTAIN
COPYRIGHTED WORKS IN
CONNECTION WITH
NONCOMMERCIAL EDUCATIONAL
BROADCASTING
1. The authority citation for part 381
continues to read as follows:
■
Authority: 17 U.S.C. 118, 801(b)(1), and
803.
2. Section 381.5 is amended by
revising paragraphs (c)(1) through (c)(3)
to read as follows:
■
1 The most recent CPI–U figures are published in
November of each year and use the period 1982–
1984 to establish a reference base of 100. The index
for October 2009 was 216.177, while the figure for
October 2010 was 218.711.
2 See 37 CFR 381.10(b) (adjusted royalty rates
shall be ‘‘fixed at the nearest dollar’’).
E:\FR\FM\01DER1.SGM
01DER1
]]>Agencies
[Federal Register Volume 75, Number 230 (Wednesday, December 1, 2010)]
[Rules and Regulations]
[Pages 74622-74623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30301]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4044
Allocation of Assets in Single-Employer Plans; Valuation of
Benefits and Assets; Expected Retirement Age
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule amends Pension Benefit Guaranty Corporation's
regulation on Allocation of Assets in Single-Employer Plans by
substituting a new table for determining expected retirement ages for
participants in pension plans undergoing distress or involuntary
termination with valuation dates falling in 2011. This table is needed
in order to compute the value of early retirement benefits and, thus,
the total value of benefits under a plan.
DATES: Effective Date: January 1, 2011.
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).
PBGC's regulation on Allocation of Assets in Single-Employer Plans (29
CFR part 4044) sets forth (in subpart B) the methods for valuing plan
benefits of terminating single-employer plans covered under Title IV.
Guaranteed benefits and benefit liabilities under a plan that is
undergoing a distress termination must be valued in accordance with
subpart B of part 4044. In addition, when PBGC terminates an
underfunded plan involuntarily pursuant to ERISA section 4042(a), it
uses the subpart B valuation rules to determine the amount of the
plan's underfunding.
Under Sec. 4044.51(b) of the asset allocation regulation, early
retirement benefits are valued based on the annuity starting date, if a
retirement date has been selected, or the expected retirement age, if
the annuity starting date is not known on the valuation date. Sections
4044.55 through 4044.57 set forth rules for determining the expected
retirement ages for plan participants entitled to early retirement
benefits. Appendix D of part 4044 contains tables to be used in
determining the expected early retirement ages.
Table I in appendix D (Selection of Retirement Rate Category) is
used to determine whether a participant has a low, medium, or high
probability of retiring early. The determination is based on the year a
participant would reach ``unreduced retirement age'' (i.e., the earlier
of the normal retirement age or the age at which an unreduced benefit
is first payable) and the participant's monthly benefit at unreduced
retirement age. The table applies only to plans with valuation dates in
the current year and is updated annually by the PBGC to reflect changes
in the cost of living, etc.
Tables II-A, II-B, and II-C (Expected Retirement Ages for
Individuals in the Low, Medium, and High Categories respectively) are
used to determine the expected retirement age after the probability of
early retirement has been determined using Table I. These tables
establish, by probability category, the expected retirement age based
on both the earliest age a participant could retire under the plan and
the unreduced retirement age. This expected retirement age is used to
compute the value of the early retirement benefit and, thus, the total
value of benefits under the plan.
This document amends appendix D to replace Table I-10 with Table I-
11 in order to provide an updated correlation, appropriate for calendar
year 2011, between the amount of a participant's benefit and the
probability that the participant will elect early retirement. Table I-
11 will be used to value benefits in plans with valuation dates during
calendar year 2011.
PBGC has determined that notice of and public comment on this rule
are impracticable and contrary to the public interest. Plan
administrators need to be able to estimate accurately the value of plan
benefits as early as possible before initiating the termination
process. For that purpose, if a plan has a valuation date in 2011, the
plan administrator needs the updated table being promulgated in this
rule. Accordingly, the public interest is best served by issuing this
table expeditiously, without an opportunity for notice and comment, to
allow as much time as possible to estimate the value of plan benefits
with the proper table for plans with valuation dates in early 2011.
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 in 29 CFR Part 4044
Pension insurance, Pensions.
0
In consideration of the foregoing, 29 CFR part 4044 is amended as
follows:
0
1. The authority citation for part 4044 continues to read as follows:
Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
0
2. Appendix D to part 4044 is amended by removing Table I-10 and adding
in its place Table I-11 To read as follows:
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
[[Page 74623]]
Table I-11--Selection of Retirement Rate Category
[For plans with valuation dates after December 31, 2010, and before January 1, 2012]
----------------------------------------------------------------------------------------------------------------
Participant's retirement rate category is--
---------------------------------------------------------------------------
If participant reaches URA in year-- Low \1\ if Medium \2\ if monthly benefit at URA High \3\ if
monthly benefit is-- monthly benefit
at URA is less -------------------------------------- at URA is greater
than-- From-- To-- than--
----------------------------------------------------------------------------------------------------------------
2012................................ 568 568 2,400 2,400
2013................................ 579 579 2,448 2,448
2014................................ 591 591 2,497 2,497
2015................................ 602 602 2,547 2,547
2016................................ 614 614 2,598 2,598
2017................................ 627 627 2,652 2,652
2018................................ 640 640 2,708 2,708
2019................................ 654 654 2,765 2,765
2020................................ 668 668 2,823 2,823
2021 or later....................... 682 682 2,882 2,882
----------------------------------------------------------------------------------------------------------------
\1\ Table II-A.
\2\ Table II-B.
\3\ Table II-C.
* * * * *
Issued in Washington, DC, this 29th day of November 2010.
Vincent K. Snowbarger,
Deputy Director for Operations, Pension Benefit Guaranty Corporation.
[FR Doc. 2010-30301 Filed 11-30-10; 8:45 am]
BILLING CODE 7709-01-P
