[Federal Register Volume 60, Number 59 (Tuesday, March 28, 1995)]
[Proposed Rules]
[Pages 16026-16030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-7548]
[[Page 16025]]
_______________________________________________________________________
Part III
Pension Benefit Guaranty Corporation
_______________________________________________________________________
29 CFR Part 2627
Single Employer Plans: Disclosure To Participants; Proposed Rule
Federal Register / Vol. 60, No. 59 / Tuesday, March 28, 1995 /
Proposed Rules
[[Page 16026]]
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 2627
RIN 1212-AA77
Disclosure to Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Proposed rule.
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SUMMARY: The Pension Benefit Guaranty Corporation is proposing
regulations to implement a new notice requirement under section 4011 of
the Employee Retirement Income Security Act of 1974. Section 4011
requires plan administrators of certain underfunded plans to provide
notice to plan participants and beneficiaries of the plan's funding
status and the limits on the PBGC's guarantee.
DATES: Comments must be received on or before April 27, 1995.
ADDRESSES: Comments may be mailed to the Office of the General Counsel,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026, or delivered to Suite 340 at the above address. Comments
will be available for public inspection at the PBGC's Communications
and Public Affairs Department, Suite 240.
FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General
Counsel, or Catherine B. Klion, Attorney, Office of the General
Counsel, PBGC, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024 (202-326-4179 for TTY and TDD).
SUPPLEMENTARY INFORMATION: On December 8, 1994, section 775 of the
Retirement Protection Act of 1994 (subtitle F of title VII of the
Uruguay Round Agreements Act, Pub. L. No. 103-465, 108 Stat. 4809
(1994)) added section 4011 to ERISA. Under section 4011, a plan subject
to the variable rate premium under section 4006(a)(3)(E) must provide a
notice (the ``Participant Notice'') unless the plan meets one of the
exemptions discussed below.
DRC Exception Test
A plan does not have to provide the Participant Notice for a plan
year if it meets the DRC Exception Test in Sec. 2627.3(b) for that plan
year or the prior plan year. In general, a plan passes that test if it
is exempt from making a deficit reduction contribution (``DRC'') by
reason of section 302(d)(9) of ERISA.
Prior Plan Year Option
The Participant Notice for a plan year must be provided during that
plan year. Because in many cases the DRC is not available until after
the end of the plan year, Sec. 2627.3(a) provides that the plan
administrator may determine whether a Participant Notice is required
for a plan year by applying the DRC Exception Test to that plan year or
the prior plan year.
1994 Plan Year
A plan administrator may test whether a Participant Notice is
required for the 1995 plan year by applying the DRC Exception Test to
the 1994 plan year. Because the exemption from the DRC under section
302(d)(9) applies only to post-1994 plan years, Sec. 2627.3(b)(2)
includes a rule for determining whether a plan meets the DRC Exception
Test for the 1994 plan year: the plan must satisfy any requirement in
section 302(d)(9)(D)(i) for any two of the plan years beginning in
1992, 1993, and 1994.
Special Relief Rules for Small Plans
1995 Exemption
A plan that is exempt from the DRC for either the 1994 or 1995 plan
year because it is a ``small plan'' under section 302(d)(6)(A) (100 or
fewer participants) does not have to give the Participant Notice for
the 1995 plan year (Sec. 2627.5(a)).
Small Plan DRC Exception Test
For a post-1995 plan year, a plan is not exempt from the
Participant Notice requirement solely because it is a small plan. Like
all plans, a small plan is exempt for a post-1995 plan year if it meets
the DRC Exception Test for that plan year or the prior plan year.
Because small plans do not ordinarily perform the calculations
necessary to determine whether they are exempt from the DRC
requirement, the proposed regulation provides several optional
simplified rules that small plans may use in applying the DRC Exception
Test.
First, Sec. 2627.5(b)(1) provides that for purposes of applying the
DRC Exception Test, a small plan may determine its funded current
liability percentage (under section 302(d)(9)(C)) by using the
beginning-of-plan-year market value of assets and the beginning-of-
plan-year current liability for total benefits that it reports on
Schedule B to Form 5500 (e.g., on the 1994 form, line 6c and column (3)
of line 6d(iv)).
Second, Sec. 2627.5(b)(2) includes a special rule for determining
whether a small plan satisfies the requirements of section
302(d)(9)(D)(i) for a pre-1995 plan year. (This rule only affects
Participant Notices for 1996, 1997, and 1998 plan years.) Under this
special rule, a small plan satisfies those requirements for a pre-1995
plan year if the ratio of the plan's assets (without subtracting any
credit balance under section 302(b)) to its current liability (using
the highest allowable interest rate under section 302(d)(7)(C)) for
that plan year was at least 90 percent.
Third, Sec. 2627.5(b)(3) provides a special rule that a small plan
may use to adjust its current liability to reflect the difference
between the top interest rate in the permissible interest rate corridor
for the plan year and the interest rate the plan used. A small plan
that chooses not to recalculate its current liability using the higher
interest rate may adjust its current liability by decreasing the
current liability by one percent for each tenth of a percentage point
by which the top interest rate in the permissible corridor exceeds the
interest rate the plan used.
For example, assume that a small plan's current liability as of
January 1, 1996, is $200,000, based on an interest rate of 7.43
percent. Assume further that the top rate in the corridor for the 1996
plan year is 8.17 percent. Because 8.17 exceeds 7.43 by 0.74, the
current liability could be reduced by 7.4 percent to $185,200 (92.6
percent of $200,000).
New Plans
Section 2627.4 exempts new and newly-covered plans from the
Participant Notice requirement for their first plan year of coverage by
the PBGC insurance system.
Mergers, Consolidations, and Spinoffs
The PBGC invites comments on how to address DRC testing and other
related issues where a plan has been involved in a merger,
consolidation, or spinoff since the prior plan year.
Persons Entitled to Receive Notice
Section 2627.6 requires that the Participant Notice be issued to
participants, beneficiaries, alternate payees, and any employee
organization that represents participants for purposes of collective
bargaining. Plan administrators may select, as the date for determining
who is entitled to receive the Participant Notice for a plan year, any
date between the last day of the prior plan year and the day on which
the Participant Notice is due. A plan administrator may select the same
or a different date for each plan year, as long as a change in dates
between plan years does not exclude a substantial number of
participants and beneficiaries.
Time Limit for Issuing Notice
Under Sec. 2627.7, the plan administrator must provide the
[[Page 16027]] Participant Notice for a plan year no later than two
months after the deadline, including extensions, for filing the annual
report (Form 5500 series) for the prior plan year (see 29 CFR
2520.104a-5(a)(2)). This is also the time limit for furnishing the
summary annual report for the prior plan year (see 29 CFR 2520.104b-
10(c)). Section 2627.7 allows the PBGC to extend the time limit for
issuing the Participant Notice when the President of the United States
declares that a major disaster exists.
Manner of Issuing Notice
Section 2627.8 requires plan administrators to issue the
Participant Notice in a manner reasonably calculated to ensure actual
receipt. Methods acceptable for furnishing the summary annual report
are acceptable; plan administrators may not merely post the Participant
Notice at worksite locations.
The plan administrator may issue the Participant Notice for a plan
year together with another document, such as the summary annual report
for the prior plan year, so long as the Participant Notice is in a
separate document.
Content of Notice
Section 2627.9 requires that the Participant Notice include (1)
certain identifying information, (2) information on the plan's funding
status (the ``Notice Funding Percentage,'' a statement that the funding
level may be substantially lower if the plan terminates, identification
of any plan years during the five immediately preceding plan years for
which the IRS granted a minimum funding waiver, and identification of
any plan years for which the plan has not received the minimum
contribution required under section 302 of ERISA), and (3) information
on the PBGC's guarantee (the nature of the guarantee, a summary of the
types of benefits that are not guaranteed, and the limitations on the
guarantee, e.g., the maximum benefit guaranteed). Participants must be
informed that they can obtain additional information on the guarantee
by requesting a PBGC booklet from Box YGP, Pueblo, Colorado 81009, and
advised of the current price of the booklet. (The booklet will be
available for $1.25 beginning January 1, 1996. The PBGC anticipates
that it will provide information on any future price increases.)
Notice Funding Percentage
The Notice Funding Percentage is the plan's ``funded current
liability percentage,'' as that term is defined in section 302(d)(9)(C)
of ERISA (i.e., assets are not reduced by any credit balance and the
highest allowable interest rate is used). This is the same percentage
that is used to determine whether the Participant Notice is required.
The Participant Notice may include the Notice Funding Percentage for
either the plan year for which the Participant Notice is issued or for
the prior plan year. A small plan may determine its funded current
liability percentage for a plan year using the simplified rules in the
Small Plan DRC Exception Test.
A plan's funded current liability percentage will not necessarily
reflect the plan's funding level if the plan were to terminate.
Different actuarial assumptions are used to calculate current liability
and termination liability. In addition, the PBGC's experience is that a
plan's funding level often drops just prior to termination. In the
interest of consistency and administrative simplicity, the PBGC
proposes to base the Notice Funding Percentage on the plan's funded
current liability percentage.
Model Notice
The Appendix includes a Model Participant Notice as an example of a
Participant Notice that meets the requirements of the proposed rule.
Foreign Language Requirements
As in the case of the summary annual report (29 CFR 2520.104b-
10(e)), when specified numbers or percentages of participants are
literate only in the same non-English language, the plan administrator
is required to provide them with a Participant Notice that prominently
displays a legend, in their common foreign language, offering them
assistance in that language.
Relationship to 70 Percent Disclosure Requirement
The plan administrator of a plan that is less than 70 percent
funded must disclose the plan's funding percentage in the annual report
and the summary annual report (sections 103(d)(11) and 104(b)(3) of
ERISA). The Department of Labor has advised the PBGC that if a plan
administrator provides the Participant Notice under section 4011, the
Department of Labor will treat the plan administrator as having
complied with the requirement to disclose the plan's funding percentage
(for the prior plan year) in the summary annual report. (The plan
administrator still will be required to disclose the plan's funding
percentage in the annual report.)
Penalties for Non-Compliance
Failure to issue a Participant Notice in accordance with the
requirements of this part would constitute a violation of title IV of
ERISA. The PBGC may remedy violations of notification requirements by
assessing a penalty under section 4071. Section 4071 authorizes the
agency to assess a penalty, payable to the PBGC, against a plan
administrator who fails, within the specified time limit, to provide
any Participant Notice, or who omits material information from a
Participant Notice. (The penalty may not exceed $1,000 for each day for
which the failure continues.)
If a plan administrator issues a Participant Notice for the 1995
plan year that meets the requirements of this proposed rule, the PBGC
will not assess section 4071 penalties based on a failure to comply
with any different requirements of a final rule implementing section
4011.
Effective Date
The Participant Notice requirement applies for plan years beginning
on or after January 1, 1995.
E.O. 12866 and the Regulatory Flexibility Act
The PBGC has determined that this action is not a ``significant
regulatory action'' under the criteria set forth in Executive Order
12866. The provisions in this proposed rule will implement policy
decisions made by Congress in imposing a participant notice
requirement. They reflect the PBGC's interpretation of the statutory
standards and prescribe the time, form, and manner of issuance of the
required notice.
Under section 605(b) of the Regulatory Flexibility Act, the PBGC
certifies that, if adopted, this proposed rule will not have a
significant economic impact on a substantial number of small entities.
Accordingly, as provided in section 605 of the Regulatory Flexibility
Act (5 U.S.C. 601, et seq.), sections 603 and 604 do not apply.
Small plans are exempt from the Participant Notice requirement for
the 1995 plan year. For subsequent plan years, neither the cost of
determining whether a plan is subject to the Participant Notice
requirement nor the cost of preparing and issuing the Participant
Notice is expected to be significant for a substantial number of small
entities. The proposed regulation contains special rules designed to
simplify the Participant Notice requirement for small plans.
[[Page 16028]]
List of Subjects--29 CFR Part 2627
Employee benefit plans, Pension insurance, Pensions.
For the reasons set forth above, the PBGC proposes to amend
subchapter C, chapter XXVI of 29 CFR by adding a new part 2627 to read
as follows:
PART 2627--DISCLOSURE TO PARTICIPANTS
Sec.
2627.1 Purpose and scope.
2627.2 Definitions.
2627.3 Notice requirement.
2627.4 Exemption for new and newly-covered plans.
2627.5 Small plan rules.
2627.6 Persons entitled to notice.
2627.7 Time of notice.
2627.8 Manner of issuance of notice.
2627.9 Form of notice.
Appendix to part 2627
Authority: 29 U.S.C. 1302(b)(3), 1311.
Sec. 2627.1 Purpose and scope.
(a) Purpose. This part prescribes rules and procedures for
complying with the requirements of section 4011 of the Act.
(b) Scope. This part applies for any plan year beginning on or
after January 1, 1995, with respect to any single-employer plan that is
covered by section 4021 of the Act.
Sec. 2627.2 Definitions.
For purposes of this part:
Act means the Employee Retirement Income Security Act of 1974, as
amended.
Participant has the meaning in Sec. 2617.2 of this chapter.
Participant Notice means the notice required pursuant to section
4011 of the Act and this part.
Plan administrator means the administrator, as defined in section
4001(a)(1) of the Act.
Sec. 2627.3 Notice requirement.
(a) General. Except as provided in Secs. 2627.4 and 2627.5(a), a
plan is subject to the Participant Notice requirement for a plan year
if--
(1) A variable rate premium is payable for the plan under section
4006(a)(3)(E) of the Act and part 2610 of this chapter for that plan
year; and
(2) The plan does not meet the Deficit Reduction Contribution
(``DRC'') Exception Test in paragraph (b) of this section (which may be
applied using the Small Plan DRC Exception Test rules in
Sec. 2627.5(b), where applicable) for that plan year or for the prior
plan year.
(b) DRC Exception Test. (1) Basic rule. A plan meets the DRC
Exception Test for a plan year if it is exempt from the requirements of
section 302(d) of the Act for that plan year by reason of section
302(d)(9), without regard to the small plan exemption in section
302(d)(6)(A).
(2) 1994 plan year. A plan satisfies the DRC Exception Test for the
1994 plan year if, for any two of the plan years beginning in 1992,
1993, and 1994 (whether or not consecutive), the plan satisfies any
requirement of section 302(d)(9)(D)(i) of the Act.
(c) Penalties for non-compliance. If a plan administrator fails to
provide a Participant Notice within the specified time limit or omits
material information from a Participant Notice, the PBGC may assess a
penalty under section 4071 of the Act of up to $1,000 a day for each
day that the failure continues.
Sec. 2627.4 Exemption for new and newly-covered plans.
A plan (other than a plan resulting from a consolidation or
spinoff) is exempt from the requirement to provide a Participant Notice
for the first plan year for which the plan must pay premiums under part
2610 of this chapter.
Sec. 2627.5 Small plan rules.
(a) 1995 plan year exemption. A plan that is exempt from the
requirements of section 302(d) of the Act for the 1994 or 1995 plan
year by reason of section 302(d)(6)(A) is exempt from the Participant
Notice requirement for the 1995 plan year.
(b) Small Plan DRC Exception Test. In determining whether the
Participant Notice requirement applies for a plan year beginning after
1995, the plan administrator of a plan that is exempt from the
requirements of section 302(d) of the Act by reason of section
302(d)(6)(A) for the plan year being tested may use any one or more of
the following rules in determining whether the plan meets the DRC
Exception Test for that plan year:
(1) Use of Schedule B data. For any plan year for which the plan is
exempt from the requirements of section 302(d) of the Act by reason of
section 302(d)(6)(A), provided both of the following adjustments are
made--
(i) The market value of the plan's assets as of the beginning of
the plan year (as required to be reported on Form 5500, Schedule B) may
be substituted for the actuarial value of the plan's assets as of the
valuation date; and
(ii) The plan's current liability for all participants' total
benefits as of the beginning of the plan year (as required to be
reported on Form 5500, Schedule B) may be substituted for the plan's
current liability as of the valuation date.
(2) Pre-1995 plan year 90 percent test. A plan that is exempt from
the requirements of section 302(d) of the Act for a pre-1995 plan year
by reason of section 302(d)(6)(A) satisfies the requirements of section
302(d)(9)(D)(i) for that pre-1995 plan year if the ratio of its assets
to its current liability for that plan year is at least 90 percent. For
this purpose, the plan's assets are valued without subtracting any
credit balance under section 302(b) of the Act, and its current
liability is determined using the highest interest rate allowable for
the plan year under section 302(d)(7)(C).
(3) Interest rate adjustment. If the interest rate used to
calculate current liability for a plan year is less than the highest
rate allowable for the plan year under section 302(d)(7)(C) of the Act,
the current liability may be reduced by one percent for each tenth of a
percentage point by which the highest rate exceeds the rate so used.
Sec. 2627.6 Persons entitled to receive notice.
The plan administrator must provide the Participant Notice to each
person who is a participant, a beneficiary of a deceased participant,
an alternate payee (as defined in section 206(d)(3)(K) of the Act), or
an employee organization that represents any group of participants for
purposes of collective bargaining. To determine who is a person that
must receive the Participant Notice, the plan administrator may select
any date during the period beginning with the last day of the previous
plan year and ending with the day on which the Participant Notice for
the plan year is due, provided that a change in the date from one plan
year to the next does not exclude a substantial number of participants
and beneficiaries.
Sec. 2627.7 Time of notice.
The Participant Notice for a plan year must be issued no later than
two months after the deadline for filing the annual report for the
previous plan year (see Sec. 2520.104a-5(a)(2) of this title). When the
President of the United States declares that, under the Disaster Relief
Act of 1974, as amended (42 U.S.C. 5121, 5122(2), 5141(b)), a major
disaster exists, the PBGC may extend the due date for providing the
Participant Notice by up to 180 days.
Sec. 2627.8 Manner of issuance of notice.
The Participant Notice shall be issued by using measures reasonably
calculated to ensure actual receipt by the persons entitled to receive
it. It may be issued together with another dcoument, such as the
summary annual report required under section 104(b)(3) of the Act for
the prior plan year, but must be in a separate document.
[[Page 16029]]
Sec. 2627.9 Form of notice.
(a) General. The Participant Notice shall be written in a manner
calculated to be understood by the average plan participant and not to
mislead recipients. The Model Participant Notice in the Appendix of
this part (when properly completed) is an example of a Participant
Notice meeting the requirements of this section.
(b) Content. The Participant Notice shall include--
(1) Identifying information (the name of the plan and the
contributing sponsor, the employer identification number of the
contributing sponsor, the plan number, the plan year for which the
notice is given, and the name, address, and telephone number of the
plan administrator and of the individual(s) who can answer questions
about the plan's funding);
(2) The Notice Funding Percentage for the plan year, determined in
accordance with paragraph (c) of this section;
(3) A statement that the funding level of the plan may be
substantially lower if the plan terminates;
(4) If the plan has been granted a minimum funding waiver under
section 303 of the Act for any of the five plan years immediately
preceding the plan year and the amortization base established as a
result thereof has not (as of the end of the prior plan year) been
reduced to zero, a statement identifying each such plan year and an
explanation of a minimum funding waiver;
(5) If the plan has not received the minimum contribution required
under section 302 of the Act for any prior plan year, a statement
identifying each such plan year;
(6) A summary of plan benefits guaranteed by the PBGC, with an
explanation of the limitations on such guarantee; and
(7) A statement that further information about the PBGC's guarantee
may be obtained by requesting the booklet ``Your Guaranteed Pension''
from Box YGP, Pueblo, Colorado 81009, along with the current price of
the booklet.
(c) Notice Funding Percentage.
(1) General Rule. The Notice Funding Percentage that must be
included in the Participant Notice for a plan year is the ``funded
current liability percentage'' (as that term is defined in section
302(d)(9)(C) of the Act) for that plan year or the prior plan year.
(2) Small plans. A plan that is exempt from the requirements of
section 302(d) of the Act for a plan year by reason of section
302(d)(6)(A) may determine its funded current liability percentage for
that plan year using the Small Plan DRC Exception Test rules in
Sec. 2627.5(b).
(d) Additional information. The plan administrator may include in
the Participant Notice a statement that a plan's underfunding will not
necessarily lead to its termination and that the risk of benefit loss
in the event of its termination depends on its funding level and the
financial condition of the companies responsible for its funding. The
plan administrator may include in the Participant Notice any other
information not required by paragraph (b) of this section only if it is
in a separate document.
(e) Foreign languages. In the case of a plan that (as of the date
selected under Sec. 2627.6) covers the numbers or percentages specified
in Sec. 2520.104b-10(e) of this title of participants literate only in
the same non-English language, the plan administrator shall provide
those participants an English-language Participant Notice that
prominently displays a legend, in their common non-English language,
offering them assistance in that language, and clearly setting forth
any procedures participants must follow to obtain such assistance.
Appendix to Part 2627
Paragraph A is an example of a Participant Notice that satisfies
the requirements of Sec. 2627.9 when the required information is filled
in (subject to Secs. 2627.9(d)-(e), where applicable). Paragraph B is a
table of maximum guaranteed benefits (which the PBGC will update
yearly).
A. Model Participant Notice
Notice to Participants of [Plan Name, EIN, PN] Sponsored by
[Contributing Sponsors] [Plan Year 19XX]
We are required by law to provide you with information on the
funding level of your defined benefit pension plan and the benefits
guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a U.S.
government agency.
Your Plan's Funding
Your plan has [INSERT NOTICE FUNDING PERCENTAGE] percent of the
funds needed for benefits promised to employees and retirees.
Experience has shown that the funding level may be substantially
lower if the plan terminates.
A plan's funding and the financial condition of a company must
be considered when determining the potential risk of benefit loss.
(Include the following paragraph only if the plan has been granted a
funding waiver in any of the previous five plan years.)
Your plan received a funding waiver for [List any of the five
previous plan years for which a funding waiver was granted]. If a
company is experiencing temporary financial hardship, the Internal
Revenue Service may grant a funding waiver that permits the company
to delay contributions that fund the pension plan.
(Include the following sentence only if the plan has not received a
minimum contribution required from the employer.)
Your plan has not received the minimum contribution required
from the employer for [LIST APPLICABLE PLAN YEARS].
PBGC Guarantees
The fact that a plan is underfunded does not mean that it will
terminate. If this does occur, the PBGC guarantees all pension
benefits for most people. However, some people may lose some
benefits.
The PBGC pays pension benefits, up to certain maximum limits.
The maximum guaranteed benefit is [INSERT FROM TABLE]
per month or [INSERT FROM TABLE] per year for a 65-year-old person
in a plan that terminates in [INSERT APPLICABLE YEAR].
The maximum benefit may be reduced for an individual
who is younger than age 65. For example, it is [INSERT FROM TABLE]
per month or [INSERT FROM TABLE] per year for an individual who
starts receiving benefits at age 55.
The maximum benefit will also be reduced when a benefit
is provided for a survivor.
The PBGC does not guarantee certain types of benefits.
The PBGC does not guarantee benefits for which you do
not have a vested right when a plan terminates, usually because you
have not worked enough years for the company.
Benefit increases and new benefits that have been in
place for less than a year are not guaranteed. Those that have been
in place for less than 5 years are only partly guaranteed.
Early retirement payments that are greater than
payments at normal retirement age may not be guaranteed. For
example, a supplemental benefit that stops when you become eligible
for Social Security may not be guaranteed.
Benefits other than pension benefits, such as health
insurance, life insurance, death benefits, vacation pay, or
severance pay are not guaranteed.
The PBGC does not pay lump sums exceeding $3,500.
Where To Get More Information
Your plan administrator is [Name], [Title], at [Business Address
and Phone Number]. If you would like more information about the
funding of your plan, contact [Name], [Title], at [Business Address
and Phone Number].
For more information about PBGC and the benefits it guarantees,
you may request a copy of ``Your Guaranteed Pension'' for $1.25 by
writing to Box YGP, Pueblo, Colorado 81009. [``Your Guaranteed
Pension'' will not be available until January 1, 1996.]
B. Table of Maximum Guaranteed Benefits
[[Page 16030]]
------------------------------------------------------------------------
The maximum guaranteed benefit for an individual
starting to receive benefits at the age listed
below is the amount (monthly or annual) listed
If a plan terminates below:
in-- ---------------------------------------------------
Age 65 Age 55
---------------------------------------------------
Monthly Annual Monthly Annual
------------------------------------------------------------------------
1995................ $2,573.86 $30,886.32 $1,158.24 $13,898.88
------------------------------------------------------------------------
Issued in Washington, DC, this 20th day of March 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-7548 Filed 3-27-95; 8:45 am]
BILLING CODE 7708-01-P