Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age, 83352-83353 [2023-26238]
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Federal Register / Vol. 88, No. 228 / Wednesday, November 29, 2023 / Rules and Regulations
configured prior to takeoff. The unsafe
condition, if not addressed, could result in an
extreme pitch oscillation and subsequent loss
of control of the airplane and serious injury
to passengers.
(f) Compliance
Comply with this AD within the
compliance times specified, unless already
done.
(j) Material Incorporated by Reference
ddrumheller on DSK120RN23PROD with RULES1
(g) Revision of Existing Airplane Flight
Manual (AFM)
Within 60 days after the effective date of
this AD, revise the Emergency Procedures in
Section 03–35, and the Normal Procedures in
Section 04–02, of the existing AFM to
include the information specified in the
service information identified in paragraph
(g)(1) or (2), as applicable.
(1) Bombardier Challenger 300 Temporary
Revision TR–94–1, to Airplane Flight Manual
(AFM) CSP 100–1, dated February 6, 2023; or
Bombardier Challenger 300 Temporary
Revision TR–94–1, to AFM CSP 100–1
(Metric), dated February 6, 2023.
(2) Bombardier Challenger 350 Temporary
Revision TR–25–1, to AFM CH 350, dated
February 6, 2023; or page 03–35–1, in
checklist ‘‘Takeoff Configuration Warnings,’’
of Chapter 3, ‘‘Emergency Procedures,’’ and
page 04–02–10, in checklist ‘‘Before Starting
Engines,’’ of Chapter 4, ‘‘Normal
Procedures,’’ of the Bombardier Challenger
350 AFM, Publication No. CH 350 AFM,
Revision 38, dated May 11, 2023.
Note 1 to paragraph (g)(2): For obtaining
the checklists for Bombardier Challenger 350
AFM, Publication No. CH 350 AFM, use
Document Identification No. CH 350 AFM.
(h) Additional AD Provisions
The following provisions also apply to this
AD:
(1) Alternative Methods of Compliance
(AMOCs): The Manager, International
Validation Branch, FAA, has the authority to
approve AMOCs for this AD, if requested
using the procedures found in 14 CFR 39.19.
In accordance with 14 CFR 39.19, send your
request to your principal inspector or
responsible Flight Standards Office, as
appropriate. If sending information directly
to the manager of the International Validation
Branch, mail it to the address identified in
paragraph (i)(2) of this AD. Information may
be emailed to: 9-AVS-NYACO-COS@faa.gov.
Before using any approved AMOC, notify
your appropriate principal inspector, or
lacking a principal inspector, the manager of
the responsible Flight Standards Office.
(2) Contacting the Manufacturer: For any
requirement in this AD to obtain instructions
from a manufacturer, the instructions must
be accomplished using a method approved
by the Manager, International Validation
Branch, FAA; or Transport Canada; or
Bombardier’s Transport Canada Design
Approval Organization (DAO). If approved by
the DAO, the approval must include the
DAO-authorized signature.
(i) Additional Information
(1) Refer to Transport Canada AD CF–
2023–48R1, dated September 29, 2023, for
related information. This Transport Canada
AD may be found in the AD docket at
VerDate Sep<11>2014
16:24 Nov 28, 2023
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regulations.gov under Docket No. FAA–
2023–2152.
(2) For more information about this AD,
contact Gabriel Kim, Aviation Safety
Engineer, FAA, 1600 Stewart Avenue, Suite
410, Westbury, NY 11590; telephone 516–
228–7300; email 9-avs-nyaco-cos@faa.gov.
(1) The Director of the Federal Register
approved the incorporation by reference
(IBR) of the service information listed in this
paragraph under 5 U.S.C. 552(a) and 1 CFR
part 51.
(2) You must use this service information
as applicable to do the actions required by
this AD, unless this AD specifies otherwise.
(i) Bombardier Challenger 300 Temporary
Revision TR–94–1, to Airplane Flight Manual
(AFM) CSP 100–1, dated February 6, 2023.
(ii) Bombardier Challenger 300 Temporary
Revision TR–94–1, to AFM CSP 100–1
(Metric), dated February 6, 2023.
(iii) Bombardier Challenger 350 Temporary
Revision TR–25–1, to AFM CH 350, dated
February 6, 2023.
(iv) ‘‘Takeoff Configuration Warnings,’’ of
Chapter 3, ‘‘Emergency Procedures,’’ of the
Bombardier Challenger 350 Airplane Flight
Manual (AFM), Publication No. CH 350
AFM, Revision 38, dated May 11, 2023.
Note 2 to paragraph (j)(2)(iv): For
obtaining the checklists specified in
paragraphs (j)(2)(iv) and (v) of this AD for the
Bombardier Challenger 350 AFM, Publication
No. CH 350 AFM, use Document
Identification No. CH 350 AFM.
(v) ‘‘Before Starting Engines,’’ of Chapter 4,
‘‘Normal Procedures,’’ of the Bombardier
Challenger 350 AFM, Publication No. CH
350, Revision 38, dated May 11, 2023.
(3) For service information identified in
this AD, contact Bombardier Business
Aircraft Customer Response Center, 400 CoˆteVertu Road West, Dorval, Que´bec H4S 1Y9,
Canada; telephone 514–855–2999; email
ac.yul@aero.bombardier.com; website
bombardier.com.
(4) You may view this service information
at the FAA, Airworthiness Products Section,
Operational Safety Branch, 2200 South 216th
St., Des Moines, WA. For information on the
availability of this material at the FAA, call
206–231–3195.
(5) You may view this material at the
National Archives and Records
Administration (NARA). For information on
the availability of this material at NARA,
visit www.archives.gov/federal-register/cfr/
ibr-locations or email fr.inspection@nara.gov.
Issued on November 16, 2023.
Ross Landes,
Deputy Director for Regulatory Operations,
Compliance & Airworthiness Division,
Aircraft Certification Service.
[FR Doc. 2023–26257 Filed 11–24–23; 5:00 pm]
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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 the 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 2024. This table is
needed to compute the value of early
retirement benefits and, thus, the total
value of benefits under a plan.
DATES: This rule is effective January 1,
2024.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty
Corporation, 445 12th Street SW,
Washington, DC 20024–2101, 202–229–
3839. If you are deaf or hard of hearing,
or have a speech disability, please dial
7–1–1 to access telecommunications
relay services.
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).
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
SUMMARY:
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Federal Register / Vol. 88, No. 228 / Wednesday, November 29, 2023 / Rules and Regulations
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’’
(URA) (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 the
unreduced retirement age. The table
applies only to plans with valuation
dates in the current year and is updated
annually by PBGC to reflect changes in
the cost of living.
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–23 with table I–24 to
provide an updated correlation,
appropriate for calendar year 2024,
between the amount of a participant’s
benefit and the probability that the
participant will elect early retirement.
Table I–24 will be used to value benefits
in plans with valuation dates during
calendar year 2024.
PBGC has determined that notice of,
and public comment on, this rule are
impracticable, unnecessary, and
contrary to the public interest. PBGC’s
update of appendix D for calendar year
2024 is routine. If a plan has a valuation
date in 2024, the plan administrator
needs the updated table being
promulgated in this rule to value
benefits. Accordingly, PBGC finds that
the public interest is best served by
issuing this table expeditiously, without
an opportunity for notice and comment,
and that good cause exists for making
the table set forth in this amendment
effective less than 30 days after
publication to allow the use of the
proper table to estimate the value of
plan benefits for plans with valuation
dates in early 2024.
83353
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
Employee benefit plans, Pension
insurance.
In consideration of the foregoing, 29
CFR part 4044 is amended as follows:
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER
PLANS
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–23 and
adding in its place table I–24 to read as
follows:
■
Appendix D to Part 4044—Tables Used
To Determine Expected Retirement Age
TABLE I–24—SELECTION OF RETIREMENT RATE CATEGORY
[For valuation dates in 2024 1]
Participant’s retirement rate category is—
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Medium 3 if monthly benefit at
URA is—
Low 2 if monthly
benefit at URA
is less than—
If participant reaches URA in year—
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................
or later ..................................................................................
From—
802
821
839
859
879
899
919
941
962
984
To—
802
821
839
859
879
899
919
941
962
984
3,388
3,466
3,546
3,627
3,711
3,796
3,883
3,973
4,064
4,157
1 Applicable
tables for valuation dates before 2024 are available on PBGC’s website (www.pbgc.gov).
II–A.
II–B.
4 Table II–C.
2 Table
3 Table
ddrumheller on DSK120RN23PROD with RULES1
*
*
*
*
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
*
[FR Doc. 2023–26238 Filed 11–28–23; 8:45 am]
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High 4 if monthly
benefit at URA
is greater than—
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3,388
3,466
3,546
3,627
3,711
3,796
3,883
3,973
4,064
4,157
]]>Agencies
[Federal Register Volume 88, Number 228 (Wednesday, November 29, 2023)]
[Rules and Regulations]
[Pages 83352-83353]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26238]
=======================================================================
-----------------------------------------------------------------------
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 the 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 2024. This table is needed
to compute the value of early retirement benefits and, thus, the total
value of benefits under a plan.
DATES: This rule is effective January 1, 2024.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW,
Washington, DC 20024-2101, 202-229-3839. If you are deaf or hard of
hearing, or have a speech disability, please dial 7-1-1 to access
telecommunications relay services.
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). 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
[[Page 83353]]
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'' (URA) (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 the
unreduced retirement age. The table applies only to plans with
valuation dates in the current year and is updated annually by PBGC to
reflect changes in the cost of living.
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-23 with table I-
24 to provide an updated correlation, appropriate for calendar year
2024, between the amount of a participant's benefit and the probability
that the participant will elect early retirement. Table I-24 will be
used to value benefits in plans with valuation dates during calendar
year 2024.
PBGC has determined that notice of, and public comment on, this
rule are impracticable, unnecessary, and contrary to the public
interest. PBGC's update of appendix D for calendar year 2024 is
routine. If a plan has a valuation date in 2024, the plan administrator
needs the updated table being promulgated in this rule to value
benefits. Accordingly, PBGC finds that the public interest is best
served by issuing this table expeditiously, without an opportunity for
notice and comment, and that good cause exists for making the table set
forth in this amendment effective less than 30 days after publication
to allow the use of the proper table to estimate the value of plan
benefits for plans with valuation dates in early 2024.
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
Employee benefit plans, Pension insurance.
In consideration of the foregoing, 29 CFR part 4044 is amended as
follows:
PART 4044--ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
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-23 and adding
in its place table I-24 to read as follows:
Appendix D to Part 4044--Tables Used To Determine Expected Retirement
Age
Table I-24--Selection of Retirement Rate Category
[For valuation dates in 2024 \1\]
----------------------------------------------------------------------------------------------------------------
Participant's retirement rate category is--
---------------------------------------------------- High \4\ if monthly
Medium \3\ if monthly benefit benefit at URA is
If participant reaches URA in year-- Low \2\ if monthly at URA is-- greater than--
benefit at URA is --------------------------------
less than-- From-- To--
----------------------------------------------------------------------------------------------------------------
2025................................... 802 802 3,388 3,388
2026................................... 821 821 3,466 3,466
2027................................... 839 839 3,546 3,546
2028................................... 859 859 3,627 3,627
2029................................... 879 879 3,711 3,711
2030................................... 899 899 3,796 3,796
2031................................... 919 919 3,883 3,883
2032................................... 941 941 3,973 3,973
2033................................... 962 962 4,064 4,064
2034 or later.......................... 984 984 4,157 4,157
----------------------------------------------------------------------------------------------------------------
\1\ Applicable tables for valuation dates before 2024 are available on PBGC's website (www.pbgc.gov).
\2\ Table II-A.
\3\ Table II-B.
\4\ Table II-C.
* * * * *
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2023-26238 Filed 11-28-23; 8:45 am]
BILLING CODE 7709-02-P
