80 FR 26822 - Disclosure to Shareholders; Pension Benefit Disclosures

FARM CREDIT ADMINISTRATION

Federal Register Volume 80, Issue 90 (May 11, 2015)

The Farm Credit Administration (FCA or we) adopted a final rule related to Farm Credit System (System) bank and association disclosures to shareholders and investors of senior officer compensation in the Summary Compensation Table (Table). Under the final rule, System banks and associations are not required to report in the Table the compensation of employees who are not senior officers and who would not otherwise be considered ``highly compensated employees'' but for the payments related to, or change(s) in value of, the employees' qualified pension plans, provided that the plans were available to all employees on the same basis at the time the employees joined the plans. In accordance with the law, the effective date of the rule is 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.

[Federal Register Volume 80, Number 90 (Monday, May 11, 2015)]
[Rules and Regulations]
[Page 26822]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-11286]


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FARM CREDIT ADMINISTRATION

12 CFR Part 620

RIN 3052-AD02


Disclosure to Shareholders; Pension Benefit Disclosures

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

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SUMMARY: The Farm Credit Administration (FCA or we) adopted a final 
rule related to Farm Credit System (System) bank and association 
disclosures to shareholders and investors of senior officer 
compensation in the Summary Compensation Table (Table). Under the final 
rule, System banks and associations are not required to report in the 
Table the compensation of employees who are not senior officers and who 
would not otherwise be considered ``highly compensated employees'' but 
for the payments related to, or change(s) in value of, the employees' 
qualified pension plans, provided that the plans were available to all 
employees on the same basis at the time the employees joined the plans. 
In accordance with the law, the effective date of the rule is 30 days 
from the date of publication in the Federal Register during which 
either or both Houses of Congress are in session.

DATES: Effective Date: Under the authority of 12 U.S.C. 2252, the 
regulation amending 12 CFR part 620 published on February 26, 2015 (80 
FR 10325) is effective April 29, 2015.
    Compliance Date: System banks and associations must comply with the 
final rule for compensation reported in the Table for the fiscal year 
ending 2015, and may implement the final rule retroactively for the 
fiscal years ended 2014, 2013, and 2012. However, retroactive 
application is not required, and we would expect footnote disclosure of 
the change in calculation for the fiscal years to which the final rule 
was applied.

FOR FURTHER INFORMATION CONTACT: Michael T. Wilson, Policy Analyst, 
Office of Regulatory Policy, Farm Credit Administration, McLean, VA 
22102-5090, (703) 883-4124, TTY (703) 883-4056, or Jeff Pienta, Senior 
Attorney, Office of General Counsel, Farm Credit Administration, 
McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-4056.

SUPPLEMENTARY INFORMATION: The Farm Credit Administration adopted a 
final rule related to System bank and association disclosures to 
shareholders and investors of senior officer compensation in the 
Summary Compensation Table. Under the final rule, System banks and 
associations are not required to report in the Table the compensation 
of employees who are not senior officers and who would not otherwise be 
considered ``highly compensated employees'' but for the payments 
related to, or change(s) in value of, the employees' qualified pension 
plans, provided that the plans were available to all employees on the 
same basis at the time the employees joined the plans. In accordance 
with 12 U.S.C. 2252, the effective date of the final rule is 30 days 
from the date of publication in the Federal Register during which 
either or both Houses of Congress are in session. Based on the records 
of the sessions of Congress, the effective date of the regulations is 
April 29, 2015.

(12 U.S.C. 2252(a)(9) and (10))

    Dated: May 5, 2015.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2015-11286 Filed 5-8-15; 8:45 am]
BILLING CODE 6705-01-P