80 FR 50339 - Pendency for Request for Approval of Special Withdrawal Liability Rules: The Service Employees International Union Local 1 Cleveland Pension Plan
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 80, Issue 160 (August 19, 2015)
Federal Register Volume 80, Issue 160 (August 19, 2015)
| Page Range | 50339-50341 | |
| FR Document | 2015-20505 |
[Federal Register Volume 80, Number 160 (Wednesday, August 19, 2015)] [Notices] [Pages 50339-50341] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-20505] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION Pendency for Request for Approval of Special Withdrawal Liability Rules: The Service Employees International Union Local 1 Cleveland Pension Plan AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of pendency of request. ----------------------------------------------------------------------- SUMMARY: This notice advises interested persons that the Pension Benefit Guaranty Corporation (``PBGC'') has received a request from the Service Employees International Union Local 1 Cleveland Pension Plan for approval of a plan amendment providing for special withdrawal liability rules. Under section 4203(f) of the Employee Retirement Income Security Act of 1974 and PBGC's regulation on Extension of Special Withdrawal Liability Rules, a multiemployer pension plan may, with PBGC approval, be amended to provide for special withdrawal liability rules similar to those that apply to the construction and entertainment industries. Such approval is granted only if PBGC determines that the rules apply to an industry with characteristics that make use of the special rules appropriate and that the rules will not pose a significant risk to the pension insurance system. Before granting an approval, PBGC's regulations require PBGC to give interested persons an opportunity to comment on the request. The purpose of this notice is to advise interested persons of the request and to solicit their views for it. DATES: Comments must be received on or before October 5, 2015. ADDRESSES: Comments may be submitted by any of the following methods:Federal eRulemaking Portal: http://www.regulations.gov. Follow the Web site instructions for submitting comments. Email: reg.comments@pbgc.gov. Fax: 202-326-4224. Mail or Hand Delivery: Regulatory Affairs Group, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026. Comments received, including personal information provided, will be posted to www.pbgc.gov. Copies of comments may also be obtained by writing to Disclosure Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005- 4026 or calling 202-326-4040 during normal business hours. (TTY and TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040.) FOR FURTHER INFORMATION CONTACT: Bruce Perlin (Perlin.Bruce@PBGC.gov), 202-326-4020, ext. 6818 or Jon Chatalian (Chatalian.Jon@PBGC.gov), ext. 6757, Office of the Chief Counsel, Suite 340, 1200 K Street NW., Washington, DC 20005-4026; (TTY/TDD users may call the Federal relay [[Page 50340]] service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4020.) SUPPLEMENTARY INFORMATION: Background Section 4203(a) of the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (``ERISA''), provides that a complete withdrawal from a multiemployer plan generally occurs when an employer permanently ceases to have an obligation to contribute under the plan or permanently ceases all covered operations under the plan. Under Sec. 4205 of ERISA, a partial withdrawal generally occurs when an employer: (1) Reduces its contribution base units by seventy percent in each of three consecutive years; or (2) permanently ceases to have an obligation under one or more but fewer than all collective bargaining agreements under which the employer has been obligated to contribute under the plan, while continuing to perform work in the jurisdiction of the collective bargaining agreement of the type for which contributions were previously required or transfers such work to another location or to an entity or entities owned or controlled by the employer; or (3) permanently ceases to have an obligation to contribute under the plan for work performed at one or more but fewer than all of its facilities, while continuing to perform work at the facility of the type for which the obligation to contribute ceased. Although the general rules on complete and partial withdrawal identify events that normally result in a diminution of the plan's contribution base, Congress recognized that, in certain industries and under certain circumstances, a complete or partial cessation of the obligation to contribute normally does not weaken the plan's contribution base. For that reason, Congress established special withdrawal rules for the construction and entertainment industries. For construction industry plans and employers, Sec. 4203(b)(2) of ERISA provides that a complete withdrawal occurs only if an employer ceases to have an obligation to contribute under a plan and the employer either continues to perform previously covered work in the jurisdiction of the collective bargaining agreement, or resumes such work within five years without renewing the obligation to contribute at the time of resumption. In the case of a plan terminated by mass withdrawal (within the meaning of ERISA Sec. 4041(A)(2)), Sec. 4203(b)(3) provides that the five year restriction on an employer resuming covered work is reduced to three years. Section 4203(c)(1) of ERISA applies the same special definition of complete withdrawal to the entertainment industry, except that the pertinent jurisdiction is the jurisdiction of the plan rather than the jurisdiction of the collective bargaining agreement. In contrast, the general definition of complete withdrawal in Sec. 4203(a) of ERISA includes the permanent cessation of the obligation to contribute regardless of the continued activities of the withdrawn employer. Congress also established special partial withdrawal liability rules for the construction and entertainment industries. Under Sec. 4208(d)(1) of ERISA, ``[a]n employer to whom Sec. 4203(b) (relating to the building and construction industry) applies is liable for a partial withdrawal only if the employer's obligation to contribute under the plan is continued for no more than an insubstantial portion of its work in the craft and area jurisdiction of the collective bargaining agreement of the type for which contributions are required.'' Under Sec. 4208(d)(2) of ERISA, ``[a]n employer to whom Sec. 4203(c) (relating to the entertainment industry) applies shall have no liability for a partial withdrawal except under the conditions and to the extent prescribed by the [PBGC] by regulation.'' Section 4203(f)(1) of ERISA provides that PBGC may prescribe regulations under which plans in other industries may be amended to provide for special withdrawal liability rules similar to the rules prescribed in Sec. 4203(b) and (c) of ERISA. Section 4203(f)(2) of ERISA provides that such regulations shall permit the use of special withdrawal liability rules only in industries (or portions thereof) in which PBGC determines that the characteristics that would make use of such rules appropriate are clearly shown, and that the use of such rules will not pose a significant risk to the insurance system under Title IV of ERISA. Section 4208(e)(3) of ERISA provides that PBGC shall prescribe by regulation a procedure by which plans may be amended to adopt special partial withdrawal liability rules upon a finding by PBGC that the adoption of such rules is consistent with the purposes of Title IV of ERISA. PBGC's regulations on Extension of Special Withdrawal Liability Rules (29 CFR part 4203) prescribe procedures for a multiemployer plan to ask PBGC to approve a plan amendment that establishes special complete or partial withdrawal liability rules. The regulation may be accessed on PBGC's Web site (http://www.pbgc.gov). Section 4203.5(b) of the regulation requires PBGC to publish a notice of the pendency of a request for approval of special withdrawal liability rules in the Federal Register, and to provide interested parties with an opportunity to comment on the request. The Request PBGC received a request, dated September 16, 2011, from the Service Employees International Union Local 1 Cleveland Pension Plan (the ``Plan''), for approval of a plan amendment providing for special withdrawal liability rules. Subsequently, the Plan requested that PBGC suspend review of the amendment. On January 24, 2014, the Plan requested that PBGC again consider the amendment and provided updated actuarial information. PBGC's summary of the actuarial reports provided by the Plan may be accessed on PBGC's Web site (http://www.pbgc.gov). A copy of the complete filing may be requested from the PBGC Disclosure Officer. The fax number is 202-326-4042. It may also be obtained by writing the Disclosure Officer, PBGC, 1200 K Street NW., Suite 11101, Washington, DC 20005. In summary, the Plan is a multiemployer pension plan currently covering employees who work in the commercial building cleaning and security industries in the greater Cleveland, Ohio area. The Plan represents in its submission that the industry for which the rule is requested--the commercial building cleaning industry--has characteristics similar to those of the construction industry. According to the Plan's submission, the principal similarity is that when a contributing employer's contract to clean a building expires, the cleaning work will generally continue to be performed by employees covered by the Plan, irrespective of the employer retained to perform the cleaning services. Under the proposed amendment, a complete withdrawal of an employer whose employees substantially all work in the commercial building cleaning industry shall occur only when: (a) The employer ceases to have an obligation to contribute under the Plan and (b) the employer continues to perform work in the jurisdiction of the Plan of the type for which contributions were previously required or resumes such work within five (5) years after the date on which the obligation to contribute under the plan ceases and does not renew the obligation at the time of the resumption. In the case of termination by mass withdrawal (within the meaning of ERISA Sec. 4041A(a)(2)), the proposed amendment provides that Sec. 4203(b)(3), [[Page 50341]] the provision that allows a construction employer to resume covered work after three years of withdrawal opposed to the standard five year restriction, is not applicable to withdrawing commercial building cleaning industry employers. Therefore, in the event of a mass withdrawal, there is still a five year restriction on resuming covered work in the jurisdiction of the Plan. The request includes the actuarial data on which the Plan relies to support its contention that the amendment will not pose a significant risk to the insurance system under Title IV of ERISA. Comments All interested persons are invited to submit written comments on the pending exemption request. All comments will be made part of the administrative record. Issued in Washington, DC, on this 12th day of August, 2015. Alice C. Maroni, Acting Director, Pension Benefit Guaranty Corporation. [FR Doc. 2015-20505 Filed 8-18-15; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 80, No. 160 / Wednesday, August 19, 2015 / Notices 50339
Title of Collection: ‘‘National Science project director(s) or the co-principal SUMMARY: This notice advises interested
Foundation Proposal & Award Policies investigator(s)/co-project director(s). persons that the Pension Benefit
& Procedures Guide. ‘‘ Guaranty Corporation (‘‘PBGC’’) has
Burden on the Public
OMB Approval Number: 3145–0058. received a request from the Service
Type of Request: Intent to seek It has been estimated that the public Employees International Union Local 1
approval to extend with revision an expends an average of approximately Cleveland Pension Plan for approval of
information collection for three years. 120 burden hours for each proposal a plan amendment providing for special
Proposed Project: The National submitted. Since the Foundation withdrawal liability rules. Under
Science Foundation Act of 1950 (Public expects to receive approximately 51,700 section 4203(f) of the Employee
Law 81–507) sets forth NSF’s mission proposals in FY 2016, an estimated Retirement Income Security Act of 1974
and purpose: 6,204,000 burden hours will be placed and PBGC’s regulation on Extension of
‘‘To promote the progress of science; on the public. Special Withdrawal Liability Rules, a
to advance the national health, The Foundation has based its multiemployer pension plan may, with
prosperity, and welfare; to secure the reporting burden on the review of PBGC approval, be amended to provide
national defense. . . .’’ approximately 51,700 new proposals for special withdrawal liability rules
The Act authorized and directed NSF expected during FY 2016. It has been similar to those that apply to the
to initiate and support: estimated that anywhere from one hour construction and entertainment
• Basic scientific research and to 20 hours may be required to review industries. Such approval is granted
research fundamental to the engineering a proposal. We have estimated that only if PBGC determines that the rules
process; approximately 5 hours are required to apply to an industry with characteristics
• Programs to strengthen scientific review an average proposal. Each that make use of the special rules
and engineering research potential; proposal receives an average of 3 appropriate and that the rules will not
• Science and engineering education reviews, resulting in approximately pose a significant risk to the pension
programs at all levels and in all the 775,500 burden hours each year. insurance system. Before granting an
various fields of science and The information collected on the approval, PBGC’s regulations require
engineering; reviewer background questionnaire PBGC to give interested persons an
• Programs that provide a source of (NSF 428A) is used by managers to opportunity to comment on the request.
information for policy formulation; and maintain an automated database of
• Other activities to promote these The purpose of this notice is to advise
reviewers for the many disciplines interested persons of the request and to
ends. represented by the proposals submitted
NSF’s core purpose resonates clearly solicit their views for it.
to the Foundation. Information collected
in everything it does: promoting on gender, race, and ethnicity is used in DATES: Comments must be received on
achievement and progress in science meeting NSF needs for data to permit or before October 5, 2015.
and engineering and enhancing the response to Congressional and other ADDRESSES: Comments may be
potential for research and education to queries into equity issues. These data submitted by any of the following
contribute to the Nation. While NSF’s also are used in the design, methods:
vision of the future and the mechanisms implementation, and monitoring of NSF • Federal eRulemaking Portal: http://
it uses to carry out its charges have efforts to increase the participation of www.regulations.gov. Follow the Web
evolved significantly over the last six various groups in science, engineering, site instructions for submitting
decades, its ultimate mission remains and education. The estimated burden comments.
the same. for the Reviewer Background • Email: reg.comments@pbgc.gov.
Use of the Information: The regular Information (NSF 428A) is estimated at • Fax: 202–326–4224.
submission of proposals to the
Foundation is part of the collection of
5 minutes per respondent with up to • Mail or Hand Delivery: Regulatory
10,000 potential new reviewers for a Affairs Group, Office of the General
information and is used to help NSF total of 833 hours.
fulfill this responsibility by initiating Counsel, Pension Benefit Guaranty
The aggregate number of burden Corporation, 1200 K Street NW.,
and supporting merit-selected research hours is estimated to be 6,980,333. The
and education projects in all the Washington, DC 20005–4026.
actual burden on respondents has not Comments received, including
scientific and engineering disciplines. changed.
NSF receives more than 50,000 personal information provided, will be
proposals annually for new projects, Dated: August 13, 2015. posted to www.pbgc.gov. Copies of
and makes approximately 11,000 new Suzanne H. Plimpton, comments may also be obtained by
awards. Reports Clearance Officer, National Science writing to Disclosure Division, Office of
Support is made primarily through Foundation. the General Counsel, Pension Benefit
grants, contracts, and other agreements [FR Doc. 2015–20365 Filed 8–18–15; 8:45 am] Guaranty Corporation, 1200 K Street
awarded to approximately 2,000 BILLING CODE 7555–01–P NW., Washington, DC 20005–4026 or
colleges, universities, academic calling 202–326–4040 during normal
consortia, nonprofit institutions, and business hours. (TTY and TDD users
small businesses. The awards are based PENSION BENEFIT GUARANTY may call the Federal relay service toll-
mainly on merit evaluations of CORPORATION free at 1–800–877–8339 and ask to be
proposals submitted to the Foundation. connected to 202–326–4040.)
The Foundation has a continuing Pendency for Request for Approval of FOR FURTHER INFORMATION CONTACT:
tkelley on DSK3SPTVN1PROD with NOTICES
commitment to monitor the operations Special Withdrawal Liability Rules: The Bruce Perlin (Perlin.Bruce@PBGC.gov),
of its information collection to identify Service Employees International Union 202–326–4020, ext. 6818 or Jon
and address excessive reporting burdens Local 1 Cleveland Pension Plan Chatalian (Chatalian.Jon@PBGC.gov),
as well as to identify any real or AGENCY: Pension Benefit Guaranty ext. 6757, Office of the Chief Counsel,
apparent inequities based on gender, Corporation. Suite 340, 1200 K Street NW.,
race, ethnicity, or disability of the Washington, DC 20005–4026; (TTY/
ACTION: Notice of pendency of request.
proposed principal investigator(s)/ TDD users may call the Federal relay
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![50340 Federal Register / Vol. 80, No. 160 / Wednesday, August 19, 2015 / Notices
service toll-free at 1–800–877–8339 and three years. Section 4203(c)(1) of ERISA PBGC to publish a notice of the
ask to be connected to 202–326–4020.) applies the same special definition of pendency of a request for approval of
SUPPLEMENTARY INFORMATION: complete withdrawal to the special withdrawal liability rules in the
entertainment industry, except that the Federal Register, and to provide
Background pertinent jurisdiction is the jurisdiction interested parties with an opportunity to
Section 4203(a) of the Employee of the plan rather than the jurisdiction comment on the request.
Retirement Income Security Act of 1974, of the collective bargaining agreement.
The Request
as amended by the Multiemployer In contrast, the general definition of
Pension Plan Amendments Act of 1980 complete withdrawal in § 4203(a) of PBGC received a request, dated
(‘‘ERISA’’), provides that a complete ERISA includes the permanent cessation September 16, 2011, from the Service
withdrawal from a multiemployer plan of the obligation to contribute regardless Employees International Union Local 1
generally occurs when an employer of the continued activities of the Cleveland Pension Plan (the ‘‘Plan’’), for
permanently ceases to have an withdrawn employer. approval of a plan amendment
obligation to contribute under the plan Congress also established special providing for special withdrawal
or permanently ceases all covered partial withdrawal liability rules for the liability rules. Subsequently, the Plan
operations under the plan. Under § 4205 construction and entertainment requested that PBGC suspend review of
of ERISA, a partial withdrawal generally industries. Under § 4208(d)(1) of ERISA, the amendment. On January 24, 2014,
occurs when an employer: (1) Reduces ‘‘[a]n employer to whom § 4203(b) the Plan requested that PBGC again
its contribution base units by seventy (relating to the building and consider the amendment and provided
percent in each of three consecutive construction industry) applies is liable updated actuarial information. PBGC’s
years; or (2) permanently ceases to have for a partial withdrawal only if the summary of the actuarial reports
an obligation under one or more but employer’s obligation to contribute provided by the Plan may be accessed
fewer than all collective bargaining under the plan is continued for no more on PBGC’s Web site (http://
agreements under which the employer than an insubstantial portion of its work www.pbgc.gov). A copy of the complete
has been obligated to contribute under in the craft and area jurisdiction of the filing may be requested from the PBGC
the plan, while continuing to perform collective bargaining agreement of the Disclosure Officer. The fax number is
work in the jurisdiction of the collective type for which contributions are 202–326–4042. It may also be obtained
bargaining agreement of the type for required.’’ Under § 4208(d)(2) of ERISA, by writing the Disclosure Officer, PBGC,
which contributions were previously ‘‘[a]n employer to whom § 4203(c) 1200 K Street NW., Suite 11101,
required or transfers such work to (relating to the entertainment industry) Washington, DC 20005.
another location or to an entity or applies shall have no liability for a In summary, the Plan is a
entities owned or controlled by the partial withdrawal except under the multiemployer pension plan currently
employer; or (3) permanently ceases to conditions and to the extent prescribed covering employees who work in the
have an obligation to contribute under by the [PBGC] by regulation.’’ commercial building cleaning and
the plan for work performed at one or Section 4203(f)(1) of ERISA provides security industries in the greater
more but fewer than all of its facilities, that PBGC may prescribe regulations Cleveland, Ohio area. The Plan
while continuing to perform work at the under which plans in other industries represents in its submission that the
facility of the type for which the may be amended to provide for special industry for which the rule is
obligation to contribute ceased. withdrawal liability rules similar to the requested—the commercial building
Although the general rules on rules prescribed in § 4203(b) and (c) of cleaning industry—has characteristics
complete and partial withdrawal ERISA. Section 4203(f)(2) of ERISA similar to those of the construction
identify events that normally result in a provides that such regulations shall industry. According to the Plan’s
diminution of the plan’s contribution permit the use of special withdrawal submission, the principal similarity is
base, Congress recognized that, in liability rules only in industries (or that when a contributing employer’s
certain industries and under certain portions thereof) in which PBGC contract to clean a building expires, the
circumstances, a complete or partial determines that the characteristics that cleaning work will generally continue to
cessation of the obligation to contribute would make use of such rules be performed by employees covered by
normally does not weaken the plan’s appropriate are clearly shown, and that the Plan, irrespective of the employer
contribution base. For that reason, the use of such rules will not pose a retained to perform the cleaning
Congress established special withdrawal significant risk to the insurance system services. Under the proposed
rules for the construction and under Title IV of ERISA. Section amendment, a complete withdrawal of
entertainment industries. 4208(e)(3) of ERISA provides that PBGC an employer whose employees
For construction industry plans and shall prescribe by regulation a substantially all work in the commercial
employers, § 4203(b)(2) of ERISA procedure by which plans may be building cleaning industry shall occur
provides that a complete withdrawal amended to adopt special partial only when: (a) The employer ceases to
occurs only if an employer ceases to withdrawal liability rules upon a have an obligation to contribute under
have an obligation to contribute under finding by PBGC that the adoption of the Plan and (b) the employer continues
a plan and the employer either such rules is consistent with the to perform work in the jurisdiction of
continues to perform previously covered purposes of Title IV of ERISA. the Plan of the type for which
work in the jurisdiction of the collective PBGC’s regulations on Extension of contributions were previously required
bargaining agreement, or resumes such Special Withdrawal Liability Rules (29 or resumes such work within five (5)
work within five years without CFR part 4203) prescribe procedures for years after the date on which the
tkelley on DSK3SPTVN1PROD with NOTICES
renewing the obligation to contribute at a multiemployer plan to ask PBGC to obligation to contribute under the plan
the time of resumption. In the case of a approve a plan amendment that ceases and does not renew the
plan terminated by mass withdrawal establishes special complete or partial obligation at the time of the resumption.
(within the meaning of ERISA withdrawal liability rules. The In the case of termination by mass
§ 4041(A)(2)), § 4203(b)(3) provides that regulation may be accessed on PBGC’s withdrawal (within the meaning of
the five year restriction on an employer Web site (http://www.pbgc.gov). Section ERISA § 4041A(a)(2)), the proposed
resuming covered work is reduced to 4203.5(b) of the regulation requires amendment provides that § 4203(b)(3),
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![Federal Register / Vol. 80, No. 160 / Wednesday, August 19, 2015 / Notices 50341
the provision that allows a construction and (b) permit funds of funds relying on investment objectives and strategies,
employer to resume covered work after rule 12d1–2 under the Act to invest in will hold securities and may hold other
three years of withdrawal opposed to certain financial instruments. instruments as well. A Fund may serve
the standard five year restriction, is not APPLICANTS: Janus Investment Fund, as a funding vehicle for variable annuity
applicable to withdrawing commercial Janus Aspen Series (together with Janus and variable life contracts (‘‘Contracts,’’
building cleaning industry employers. Investment Fund, the ‘‘Trusts’’), Janus and owners of such Contracts, ‘‘Contract
Therefore, in the event of a mass Capital Management LLC (‘‘Initial Owners’’) offered through separate
withdrawal, there is still a five year Adviser’’) and Janus Distributors LLC accounts that are registered under the
restriction on resuming covered work in (‘‘Distributor’’). Act (‘‘Registered Separate Accounts’’) or
the jurisdiction of the Plan. The request FILING DATES: The application was filed exempt from registration under the Act
includes the actuarial data on which the on January 6, 2015 and amended on (‘‘Unregistered Separate Accounts,’’ and
Plan relies to support its contention that April 14, 2015 and on July 31, 2015. together with Registered Separate
the amendment will not pose a Accounts, ‘‘Separate Accounts’’).2
HEARING OR NOTIFICATION OF HEARING: An
significant risk to the insurance system 2. The Initial Adviser is organized as
order granting the requested relief will a Delaware limited liability company
under Title IV of ERISA. be issued unless the Commission orders and is registered as an ‘‘investment
Comments a hearing. Interested persons may adviser’’ under the Investment Advisers
All interested persons are invited to request a hearing by writing to the Act of 1940 (the ‘‘Advisers Act’’). The
submit written comments on the Commission’s Secretary and serving Initial Adviser, or an entity controlling,
pending exemption request. All applicants with a copy of the request, controlled by, or under common control
comments will be made part of the personally or by mail. Hearing requests with the Initial Adviser, serves, or will
administrative record. should be received by the Commission serve, as the investment adviser for each
by 5:30 p.m. on September 8, 2015 and of the Funds.3 The Adviser may enter
Issued in Washington, DC, on this 12th day should be accompanied by proof of
of August, 2015. into sub-advisory agreements with one
service on the applicants, in the form of or more additional investment advisers
Alice C. Maroni, an affidavit, or, for lawyers, a certificate to act as ‘‘Sub-Advisers’’ with respect to
Acting Director, Pension Benefit Guaranty of service. Pursuant to rule 0–5 under
Corporation.
particular Funds (each, a ‘‘Sub-
the Act, hearing requests should state Adviser’’). Any Sub-Adviser to a Fund
[FR Doc. 2015–20505 Filed 8–18–15; 8:45 am] the nature of the writer’s interest, any will be registered with the Commission
BILLING CODE 7709–02–P facts bearing upon the desirability of a as an investment adviser under the
hearing on the matter, the reason for the Advisers Act or not subject to such
request, and the issues contested. registration. The Distributor is a Broker
SECURITIES AND EXCHANGE Persons who wish to be notified of a (as defined below) and serves as the
COMMISSION hearing may request notification by existing Funds’ principal underwriter
[Investment Company Act Release No.
writing to the Commission’s Secretary. and distributor.
31753; File No. 812–14412] ADDRESSES: Secretary, U.S. Securities 3. Applicants request relief to the
and Exchange Commission, 100 F Street extent necessary to permit: (a) Each
Janus Investment Fund, et al.; Notice NE., Washington, DC 20549–1090. Fund (each, a ‘‘Fund of Funds,’’ and
of Application Applicants, 151 Detroit Street, Denver collectively, the ‘‘Funds of Funds’’) to
CO 80206. acquire shares of registered open-end
August 13, 2015.
FOR FURTHER INFORMATION CONTACT: management investment companies
AGENCY: Securities and Exchange
Robert Shapiro, Senior Counsel, at (202) (each an ‘‘Unaffiliated Open-End
Commission (‘‘Commission’’).
551–7758 or Mary Kay Frech, Branch Investment Company’’), registered
ACTION: Notice of an application for an Chief, at (202) 551–6821 (Division of closed-end management investment
order under section 12(d)(1)(J) of the Investment Management, Chief
Investment Company Act of 1940 (the Counsel’s Office). any other existing or future registered open-end
‘‘Act’’) for an exemption from sections management investment companies and any series
SUPPLEMENTARY INFORMATION: The
12(d)(1)(A), 12(d)(1)(B) and 12(d)(1)(C) thereof that are part of the same ‘‘group of
following is a summary of the investment companies,’’ as defined in section
of the Act, under sections 6(c) and 17(b)
application. The complete application 12(d)(1)(G)(ii) of the Act, as a Trust and are, or may
of the Act for an exemption from section in the future be, advised by the Initial Adviser or
may be obtained via the Commission’s
17(a) of the Act, and under section 6(c) any other investment adviser controlling, controlled
Web site by searching for the file
of the Act for an exemption from rule by, or under common control with the Initial
number, or for an applicant using the Adviser (together with the existing series of the
12d1–2(a) under the Act.
Company name box, at http:// Trusts, each series a ‘‘Fund,’’ and collectively, the
www.sec.gov/search/search.htm, or by ‘‘Funds’’). All entities that currently intend to rely
SUMMARY OF THE APPLICATION: The on the requested order are named as applicants.
requested order would (a) permit certain calling (202) 551–8090. Any other entity that relies on the order in the
registered open-end management future will comply with the terms and conditions
Applicants’ Representations of the application and the requested order.
investment companies that operate as
1. Janus Investment Fund is organized 2 Applicants state that series of the Janus Aspen
‘‘funds of funds’’ to acquire shares of Series currently serve as funding vehicles for
as a Massachusetts business trust and
certain registered open-end management Separate Accounts, and that future Funds may also
Janus Aspen Series is registered as a
investment companies, registered serve as funding vehicles for Separate Accounts.
Delaware statutory trust. Each Trust is 3 All references to the ‘‘Initial Adviser’’ include
closed-end management companies,
registered with the Commission as an any successors in interest to Janus Capital
tkelley on DSK3SPTVN1PROD with NOTICES
business development companies as
open-end management investment Management LLC. A ‘‘successor’’ is limited to an
defined by section 2(a)(48) of the Act entity that results from a reorganization into
company under the Act with multiple
(‘‘business development companies’’), another jurisdiction or a change in the type of
series.1 Each Fund will pursue distinct business organization. The term ‘‘Adviser’’ includes
and registered unit investment trusts
(i) the Initial Adviser and (ii) any entity controlling,
(‘‘UITs’’) that are within and outside the 1 Applicants request that the order apply not only controlled by, or under common control with the
same group of investment companies as to any existing series of the Trusts, but that the Initial Adviser that serves as an investment adviser
the acquiring investment companies, order also extend to any future series of a Trust and to the Funds.
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Document Created: 2015-12-15 11:58:50
Document Modified: 2015-12-15 11:58:50
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice of pendency of request. | |
| Dates | Comments must be received on or before October 5, 2015. | |
| Contact | Bruce Perlin ([email protected]), 202-326-4020, ext. 6818 or Jon Chatalian ([email protected]), ext. 6757, Office of the Chief Counsel, Suite 340, 1200 K Street NW., Washington, DC 20005-4026; (TTY/TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4020.) | |
| FR Citation | 80 FR 50339 |
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