81 FR 8832 - Regulations Governing Organization of the Joint Board for the Enrollment of Actuaries

JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES

Federal Register Volume 81, Issue 35 (February 23, 2016)

This document contains final regulations relating to the organization of the Joint Board for the Enrollment of Actuaries. The regulations are being amended in order to conform one provision of the regulations to the Bylaws of the Joint Board. These regulations solely address the internal management of the Joint Board and do not affect pension plans, plan participants, actuaries, or the general public.

[Federal Register Volume 81, Number 35 (Tuesday, February 23, 2016)]
[Rules and Regulations]
[Pages 8832-8833]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03655]


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JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES

20 CFR Part 900

[TD 9749]
RIN 1545-BM81


Regulations Governing Organization of the Joint Board for the 
Enrollment of Actuaries

AGENCY: Joint Board for the Enrollment of Actuaries.

ACTION: Final rule.

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SUMMARY: This document contains final regulations relating to the 
organization of the Joint Board for the Enrollment of Actuaries. The 
regulations are being amended in order to conform one provision of the 
regulations to the Bylaws of the Joint Board. These regulations solely 
address the internal management of the Joint Board and do not affect 
pension plans, plan participants, actuaries, or the general public.

DATES: Effective date: These regulations are effective April 25, 2016.

FOR FURTHER INFORMATION CONTACT: Patrick McDonough, Executive Director, 
Joint Board for the Enrollment of Actuaries, at (703) 414-2173 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background and Explanation

    The Joint Board for the Enrollment of Actuaries was established on 
October 31, 1974 pursuant to section 3041 of the Employee Retirement 
Income Security Act of 1974 (88 Stat. 829), Public Law 93-406 (ERISA). 
Section 3041 of ERISA provides that the Secretary of Labor and the 
Secretary of the Treasury shall, not later than the last day of the 
first calendar month beginning after the date of enactment of ERISA, 
establish a Joint Board for the Enrollment of Actuaries (Joint Board).
    Regulations under ERISA section 3041 were published in the Federal 
Register on April 30, 1975 (40 FR 18776) and are currently located in 
the Code of Federal Regulations at 20 CFR part 900 (the 1975 Joint 
Board regulations). These regulations provide that, pursuant to the 
Bylaws, three members are appointed by the Secretary of the Treasury, 
two members are appointed by the Secretary of Labor, the Chairman of 
the Joint Board is to be elected from among the Treasury Department 
representatives, and the Secretary is to be elected from among the 
Labor Department representatives.
    On April 27, 1981, the Secretaries of Treasury and Labor approved 
restated Bylaws of the Joint Board (the 1981 Bylaws). Sections 3(b) and 
3(c) of the 1981 Bylaws provide that the Chairman and Secretary, 
respectively, will be elected for a one-year term by the Joint Board 
from among its members, eliminating the requirement that the Chairman 
be a Treasury Department representative and the Secretary be a Labor 
Department representative.
    These final regulations amend Sec.  900.3 of the 1975 Joint Board 
regulations in order to conform the regulations to the 1981 Bylaws.

Special Analyses

    These regulations are being published as a final rule because the 
amendments apply solely to the Joint Board's organization and 
management. Moreover, the Joint Board finds good cause that these 
changes do not impose any requirements on any member of the public. 
These amendments are the most efficient means for the Joint Board to 
harmonize the regulations and Bylaws involving the Board's internal 
election procedure.
    Accordingly, pursuant to 5 U.S.C. 553(a)(2), 553(b)(3)(A), and 
553(b)(3)(B), the Joint Board finds good cause that prior notice and 
other public procedures with respect to this rule are unnecessary. 
Because a notice of proposed rulemaking is not required, the provisions 
of the Regulatory Flexibility Act, 5 U.S.C. 601-612, do not apply.
    This rule is not a significant regulatory action pursuant to 
Executive Order 12866, as supplemented and reaffirmed by Executive 
Order 13563. Therefore, a regulatory impact assessment is not required.

[[Page 8833]]

List of Subjects in 20 CFR Part 900

    Organization and functions (Government agencies).

Adoption of Amendments to the Regulations

    Accordingly, 20 CFR part 900 is amended as follows:

PART 900--STATEMENT OF ORGANIZATION

0
Paragraph 1. The authority citation for part 900 continues to read as 
follows:

    Authority: Sec. 3041-2, Pub. L. 93-406, 88 Stat. 829, 1002 (29 
U.S.C. 1241-2).


0
Par. 2. Section 900.3 is revised to read as follows:


Sec.  900.3  Composition.

    Pursuant to the Bylaws, the Joint Board consists of three members 
appointed by the Secretary of the Treasury and two members appointed by 
the Secretary of Labor. The Board elects a Chairman and a Secretary 
from among the Department of the Treasury and the Department of Labor 
members. The Pension Benefit Guaranty Corporation may designate a non-
voting representative to sit with, and participate in, the discussions 
of the Board. All decisions of the Board are made by simple majority 
vote.

    Approved: February 12, 2016.
Carolyn E. Zimmerman,
Chairman, Joint Board for the Enrollment of Actuaries.
[FR Doc. 2016-03655 Filed 2-22-16; 8:45 am]
 BILLING CODE 4830-01-P