82_FR_42908 82 FR 42733 - Bylaws of the Pension Benefit Guaranty Corporation

82 FR 42733 - Bylaws of the Pension Benefit Guaranty Corporation

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 82, Issue 175 (September 12, 2017)

Page Range42733-42735
FR Document2017-19308

The Pension Benefit Guaranty Corporation is amending its bylaws regulation to conform to changes in the bylaws adopted by the Board of Directors.

Federal Register, Volume 82 Issue 175 (Tuesday, September 12, 2017)
[Federal Register Volume 82, Number 175 (Tuesday, September 12, 2017)]
[Rules and Regulations]
[Pages 42733-42735]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-19308]


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PENSION BENEFIT GUARANTY CORPORATION

29 CFR Part 4002


Bylaws of the Pension Benefit Guaranty Corporation

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation is amending its 
bylaws regulation to conform to changes in the bylaws adopted by the 
Board of Directors.

DATES: Effective September 12, 2017.

FOR FURTHER INFORMATION CONTACT: Judith R. Starr 
([email protected]), General Counsel, Pension Benefit Guaranty 
Corporation, 1200 K Street NW., Washington, DC 20005-4026; 202-326-
4400, ext. 3083; Hilary Duke ([email protected]), Attorney, 
Regulatory Affairs Division, Office of the General Counsel, 202-326-
4400, extension 3839. (TTY and TDD users may call the Federal relay 
service toll-free at 800-877-8339 and ask to be connected to 202-326-
4400, extension 3083 or to 202-326-4400, extension 3839.)

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). Section 4002(b)(3) of ERISA gives PBGC power to adopt, amend, 
and repeal, by the board of directors, bylaws. Section 4002(f) of ERISA 
provides that the board of directors may alter, supplement, or repeal 
any existing bylaw, and may adopt additional bylaws from time to time 
as may be necessary. PBGC's bylaws are set forth in 29 CFR part 4002.
    PBGC's Board of Directors (the Secretaries of Labor, the Treasury, 
and Commerce) voted to amend the bylaws at a meeting of the Board of 
Directors on September 7, 2017. This rule replaces the old bylaws with 
the new bylaws in PBGC's regulations.

Compliance With Rulemaking Guidelines

    This is a rule of ``agency organization, procedure, or practice'' 
and is limited to ``agency organization, management, or personnel 
matters.'' Accordingly, this rule is exempt from notice and public 
comment requirements under 5 U.S.C. 553(b) and the requirements of 
Executive Order 12866 and Executive Order 13771. Because no general 
notice of proposed rulemaking is required, the Regulatory Flexibility 
Act does not apply to this rule. See 5 U.S.C. 601(2), 603, 604.
    PBGC finds good cause exists for making the bylaws set forth in 
this rule effective less than 30 days after publication because the 
amendments were adopted by the Board of Directors on September 7, 2017.

List of Subjects in Part 4002

    Administrative practice and procedure, Organization and functions 
(government agencies).


0
Accordingly, 29 CFR part 4002 is revised to read as follows:

PART 4002--BYLAWS OF THE PENSION BENEFIT GUARANTY CORPORATION

Sec.
4002.1 Board of Directors, Chair, and Representatives of Board 
Members.
4002.2 Quorum.
4002.3 Meetings.
4002.4 Place of meetings; use of conference call communications 
equipment.
4002.5 Voting without a meeting.
4002.6 Conflict of interest.
4002.7 Director of the Corporation and senior officers.
4002.8 Emergency procedures.
4002.9 Seal.
4002.10 Authority and amendments.

    Authority:  29 U.S.C. 1302(b)(3), 1302(f).


Sec.  4002.1   Board of Directors, Chair, and Representatives of Board 
Members.

    (a) Composition and responsibilities of the Board of Directors--(1) 
Board. Section 4002(d)(1) of ERISA establishes the Board membership as 
the Secretaries of Labor (Chair), the Treasury, and Commerce. A person 
who, at the time of a meeting of the Board of Directors, is serving in 
an acting capacity as, or performing the duties of, a Member of the 
Board of Directors will serve as a Member of the Board of Directors 
with the same authority and effect as the designated Secretary.
    (2) Chair of the Board. As Chair of the Board, the Secretary of 
Labor will preside over all Board meetings. As a direct report to the 
Board under section 4002(d)(4) of ERISA, the Inspector General of the 
Corporation reports to the Board through the Chair. The Participant and 
Plan Sponsor Advocate also reports to the Board through the Chair.
    (3) Board responsibilities. Except as provided in paragraph (b) of 
this section, the Board may not delegate any of the following 
responsibilities--
    (i) Voting on an amendment to these bylaws.
    (ii) Approval of the Annual Report, which includes the Annual 
Management Report (AMR) (and its components the financial statements, 
management's discussion and analysis, annual performance report and 
independent auditor's report), the Chair's message, and other 
documentation in conformance with guidance issued by the Office of 
Management and Budget (OMB).
    (iii) Approval of the Corporation's Investment Policy Statement.
    (iv) Approval of all reports or recommendations to the Congress 
required by Title IV of ERISA.
    (v) Approval of any policy matter (other than administrative 
policies) that would have a significant impact on the pension insurance 
program.
    (vi) Review of reports from the Corporation's Inspector General 
that the Inspector General deems appropriate to deliver to the Board.
    (4) Investment Policy Statement review. The Board must review the 
Corporation's Investment Policy Statement at least every two years and 
approve the Investment Policy Statement at least every four years.
    (b) Designation of and responsibilities of Board Representatives 
and Alternate Representatives--(1) Board Representatives. A Board 
Representative, as designated under section 4002(d)(3) of ERISA, may 
act for all purposes under these bylaws, except that an action of a 
Board Representative

[[Page 42734]]

on a Board Member's behalf with respect to the powers described in 
paragraphs (a)(3)(i) through (iii) of this section, will be valid only 
upon ratification in writing by the Board Member. Any Board 
Representative may refer for Board action any matter under 
consideration by the Board Representatives.
    (2) Alternate Representatives. A Board Member may designate in 
writing an official, not below the level of Assistant Secretary, to 
serve as the Board Member's Alternate Representative at a meeting. An 
Alternate Representative may act for all purposes at that meeting, 
except that the Alternate Representative's actions will be valid only 
upon ratification in writing by either the Board Member or the Board 
Representative. Any action of the Alternate Representative involving 
the powers described in paragraphs (a)(3)(i) through (iii) of this 
section or any matter that has been referred to the Board under 
paragraph (b)(1) of this section must be ratified in writing by the 
Board Member.
    (3) Ratification. For purposes of this section, ratification of a 
Board Representative or Alternative Representative action includes 
approval of the minutes of the meeting of the Board of Directors by 
voice vote or otherwise.
    (c) Review and approval of regulations. Regulations may be issued 
by the Director of the Corporation, subject to the following 
conditions--
    (1) Regulations must first be reviewed for comment by each Board 
Representative except for routine updates of PBGC valuation factors and 
actuarial assumptions.
    (2) A Board Representative may, within 21 days of receiving a 
regulation for review, request that it be referred to the Board 
Representatives for approval.
    (3) Nonsignificant regulations and significant proposed regulations 
within the meaning of Executive Order 12866 and subject to review under 
paragraph (c)(1) of this section may be issued by the Director upon 
either the expiration of the time specified in paragraph (c)(2) of this 
section, or, if the approval option is exercised, upon Board 
Representative approval.
    (4) Significant final regulations must be approved by the Board 
Representatives or the Board.
    (5) The Director may submit regulations subject to approval by the 
Board Representatives or the Board to OMB for concurrent review after 
they have been pending without comment before the Board Representatives 
or the Board for more than 60 days.


Sec.  4002.2   Quorum.

    Section 4002(d)(2) of ERISA establishes that a majority of the 
Board Members will constitute a quorum for the transaction of business. 
Any act of a majority of the Members present at any meeting at which 
there is a quorum will be the act of the Board.


Sec.  4002.3   Meetings.

    (a) General. Meetings of the Board of Directors are called by the 
Chair in accordance with section 4002(e)(1) of ERISA and on the request 
of any Board Member. The Chair must provide reasonable notice of any 
meetings to each Board Member.
    (b) Minutes. The General Counsel of the Corporation serves as 
Secretary to the Board of Directors pursuant to section 4002(d)(5) of 
ERISA. The General Counsel must keep Board minutes. As soon as 
practicable after each meeting, the General Counsel must distribute a 
draft of the minutes of such meeting to each Member of the Board for 
approval. The Board of Directors may approve minutes by resolution or 
by voice vote at a subsequent meeting. Subject to appropriate 
redactions authorized by section 4002(e)(2)(C) of ERISA, approved 
minutes will be posted on PBGC's Web site.


Sec.  4002.4   Place of meetings; use of conference call communications 
equipment.

    (a) Place of meetings. Meetings of the Board of Directors will be 
held at the principal office of the Corporation or the Department of 
Labor unless otherwise determined by the Board of Directors or the 
Chair.
    (b) Teleconference. Any Member may participate in a meeting of the 
Board of Directors through the use of conference call telephone or 
similar communications equipment, by means of which all persons 
participating in the meeting can speak to and hear each other. Any 
Board Member so participating in a meeting will be deemed present for 
all purposes. Actions taken by the Board of Directors at meetings 
conducted through the use of such equipment, including the votes of 
each Member, must be recorded in the minutes of the meetings of the 
Board of Directors.


Sec.  4002.5   Voting without a meeting.

    A resolution of the Board of Directors signed by all of the Board 
Members or all of the Board Representatives will have the same effect 
as if agreed to at a meeting and must be kept in the Corporate Minutes 
Book. A resolution for an action taken on any matter for which a Board 
Member has been disqualified under Sec.  4002.6 may be signed by the 
Board Representative of the disqualified Board Member to the extent the 
matter is delegable under these bylaws.


Sec.  4002.6   Conflict of interest.

    (a) Board Members and Director. The Board Members and the Director 
must work with their respective ethics office to identify actual or 
potential conflicts of interest under 18 U.S.C. 208 or section 4002(j) 
of ERISA or the appearance of the loss of impartiality under 5 CFR 
2635.502.
    (b) Disqualification. A Board Member and the Director must notify 
the Board Members of disqualification in any decision or activity based 
on a conflict of interest under paragraph (a) of this section. To the 
extent a matter is delegable under these bylaws, the disqualified Board 
Member's Board Representative, acting independently of that Member, may 
vote on the matter in the Member's place. The disqualified Board Member 
may not ratify any action taken on the matter giving rise to his or her 
disqualification.


Sec.  4002.7  Director of the Corporation and senior officers.

    (a) Director of the Corporation. Section 4002(a) and (c) of ERISA 
establish that the Corporation is administered by a Director. Subject 
to policies established by the Board, the Director is responsible for 
the Corporation's management, including its personnel, organization and 
budget practices, and for carrying out the Corporation's functions 
under Title IV of ERISA. The Director will timely provide the Board any 
information necessary to assist the Board in exercising its statutory 
responsibilities. The Director must submit the Corporation's budget to 
the Chair of the Board for review and approval before formally 
submitting the budget to OMB.
    (b) Senior officers. The senior officers of the Corporation report 
directly to the Director. The Director must consult with the Board 
before eliminating or creating a senior officer position or making an 
appointment to a senior officer position.


Sec.  4002.8   Emergency procedures.

    (a) An emergency exists if a quorum of the Corporation's Board 
cannot readily be assembled or act through written contact because of 
the declaration of a government-wide emergency. These emergency 
procedures must remain in effect during the emergency and upon the 
termination of the emergency will cease to be operative unless and 
until another emergency occurs. The emergency

[[Page 42735]]

procedures operate in conjunction with the PBGC Continuity of 
Operations Plan (``COOP Plan'') of the current year, and any 
government-wide COOP protocols in effect.
    (b) During an emergency, the business of the PBGC must continue to 
be managed in accordance with its COOP Plan. The functions of the Board 
of Directors must be carried out by those Members of the Board of 
Directors in office at the time the emergency arises, or by persons 
designated by the agencies' COOP plans to act in place of the Board 
Members, who are available to act during the emergency. If no such 
persons are available, then the authority of the Board must be 
transferred to the Board Representatives who are available. If no Board 
Representatives are available, then the Director of the Corporation 
must perform essential Board functions.
    (c) During an emergency, meetings of the Board may be called by any 
available Member of the Board. The notice thereof must specify the time 
and place of the meeting. To the extent possible, notice must be given 
in accordance with these bylaws. Notice must be given to those Board 
Members whom it is feasible to reach at the time of the emergency, and 
notice may be given at a time less than 24 hours before the meeting if 
deemed necessary by the person giving notice.


Sec.  4002.9   Seal.

    The seal of the Corporation must be in such form as may be approved 
from time to time by the Board.


Sec.  4002.10   Authority and amendments.

    (a) Section 4002 of ERISA and the bylaws establish the authority 
and responsibilities of the Board, the Board Representatives, and the 
Director.
    (b) These bylaws may be amended or new bylaws adopted by unanimous 
vote of the Board.

    Issued in Washington, DC.
 W. Thomas Reeder,
 Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2017-19308 Filed 9-11-17; 8:45 am]
 BILLING CODE P



                                                               Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Rules and Regulations                                       42733

                                                (i) Be segregated from other FMD-                     termination insurance program under                   § 4002.1 Board of Directors, Chair, and
                                              susceptible livestock at a select lamb                  Title IV of the Employee Retirement                   Representatives of Board Members.
                                              facility operated under the authority of                Income Security Act of 1974 (ERISA).                     (a) Composition and responsibilities
                                              the national veterinary authority of                    Section 4002(b)(3) of ERISA gives PBGC                of the Board of Directors—(1) Board.
                                              Uruguay;                                                power to adopt, amend, and repeal, by                 Section 4002(d)(1) of ERISA establishes
                                                (ii) Be subjected to an FMD testing                   the board of directors, bylaws. Section               the Board membership as the Secretaries
                                              scheme approved by the Administrator;                   4002(f) of ERISA provides that the board              of Labor (Chair), the Treasury, and
                                              and                                                     of directors may alter, supplement, or                Commerce. A person who, at the time of
                                                (iii) Be individually identified with                 repeal any existing bylaw, and may                    a meeting of the Board of Directors, is
                                              official unique identification that is part             adopt additional bylaws from time to                  serving in an acting capacity as, or
                                              of a national traceability system                       time as may be necessary. PBGC’s                      performing the duties of, a Member of
                                              sufficient to ensure that only the                      bylaws are set forth in 29 CFR part 4002.             the Board of Directors will serve as a
                                              products of select lambs meeting all                       PBGC’s Board of Directors (the                     Member of the Board of Directors with
                                              required criteria are exempt from the                   Secretaries of Labor, the Treasury, and               the same authority and effect as the
                                              deboning requirement.                                   Commerce) voted to amend the bylaws                   designated Secretary.
                                                (3) Select lambs and their products                                                                            (2) Chair of the Board. As Chair of the
                                                                                                      at a meeting of the Board of Directors on
                                              must not be commingled with other                                                                             Board, the Secretary of Labor will
                                                                                                      September 7, 2017. This rule replaces
                                              animals and their products within the                                                                         preside over all Board meetings. As a
                                                                                                      the old bylaws with the new bylaws in
                                              slaughter facility.                                                                                           direct report to the Board under section
                                                                                                      PBGC’s regulations.
                                              *      *     *    *     *                                                                                     4002(d)(4) of ERISA, the Inspector
                                              (Approved by the Office of Management and               Compliance With Rulemaking                            General of the Corporation reports to the
                                              Budget under control numbers 0579–0372,                 Guidelines                                            Board through the Chair. The
                                              0579–0414, 0579–0428, and 0579–0449)                                                                          Participant and Plan Sponsor Advocate
                                                                                                         This is a rule of ‘‘agency organization,           also reports to the Board through the
                                                Done in Washington, DC, this 6th day of
                                              September 2017.
                                                                                                      procedure, or practice’’ and is limited to            Chair.
                                                                                                      ‘‘agency organization, management, or                    (3) Board responsibilities. Except as
                                              Michael C. Gregoire,
                                                                                                      personnel matters.’’ Accordingly, this                provided in paragraph (b) of this
                                              Acting Administrator, Animal and Plant                  rule is exempt from notice and public
                                              Health Inspection Service.                                                                                    section, the Board may not delegate any
                                                                                                      comment requirements under 5 U.S.C.                   of the following responsibilities—
                                              [FR Doc. 2017–19225 Filed 9–11–17; 8:45 am]
                                                                                                      553(b) and the requirements of                           (i) Voting on an amendment to these
                                              BILLING CODE 3410–34–P                                  Executive Order 12866 and Executive                   bylaws.
                                                                                                      Order 13771. Because no general notice                   (ii) Approval of the Annual Report,
                                                                                                      of proposed rulemaking is required, the               which includes the Annual
                                              PENSION BENEFIT GUARANTY                                Regulatory Flexibility Act does not                   Management Report (AMR) (and its
                                              CORPORATION                                             apply to this rule. See 5 U.S.C. 601(2),              components the financial statements,
                                                                                                      603, 604.                                             management’s discussion and analysis,
                                              29 CFR Part 4002
                                                                                                         PBGC finds good cause exists for                   annual performance report and
                                              Bylaws of the Pension Benefit                           making the bylaws set forth in this rule              independent auditor’s report), the
                                              Guaranty Corporation                                    effective less than 30 days after                     Chair’s message, and other
                                                                                                      publication because the amendments                    documentation in conformance with
                                              AGENCY:  Pension Benefit Guaranty                       were adopted by the Board of Directors                guidance issued by the Office of
                                              Corporation.                                            on September 7, 2017.                                 Management and Budget (OMB).
                                              ACTION: Final rule.                                                                                              (iii) Approval of the Corporation’s
                                                                                                      List of Subjects in Part 4002                         Investment Policy Statement.
                                              SUMMARY:   The Pension Benefit Guaranty                                                                          (iv) Approval of all reports or
                                              Corporation is amending its bylaws                        Administrative practice and                         recommendations to the Congress
                                              regulation to conform to changes in the                 procedure, Organization and functions                 required by Title IV of ERISA.
                                              bylaws adopted by the Board of                          (government agencies).                                   (v) Approval of any policy matter
                                              Directors.                                                                                                    (other than administrative policies) that
                                                                                                      ■ Accordingly, 29 CFR part 4002 is
                                              DATES:  Effective September 12, 2017.                   revised to read as follows:                           would have a significant impact on the
                                              FOR FURTHER INFORMATION CONTACT:
                                                                                                                                                            pension insurance program.
                                                                                                      PART 4002—BYLAWS OF THE                                  (vi) Review of reports from the
                                              Judith R. Starr (starr.judith@pbgc.gov),
                                                                                                      PENSION BENEFIT GUARANTY                              Corporation’s Inspector General that the
                                              General Counsel, Pension Benefit
                                                                                                      CORPORATION                                           Inspector General deems appropriate to
                                              Guaranty Corporation, 1200 K Street
                                                                                                                                                            deliver to the Board.
                                              NW., Washington, DC 20005–4026; 202–                    Sec.                                                     (4) Investment Policy Statement
                                              326–4400, ext. 3083; Hilary Duke                        4002.1 Board of Directors, Chair, and                 review. The Board must review the
                                              (duke.hilary@pbgc.gov), Attorney,                            Representatives of Board Members.                Corporation’s Investment Policy
                                              Regulatory Affairs Division, Office of                  4002.2 Quorum.                                        Statement at least every two years and
                                              the General Counsel, 202–326–4400,                      4002.3 Meetings.
                                                                                                                                                            approve the Investment Policy
                                              extension 3839. (TTY and TDD users                      4002.4 Place of meetings; use of conference
                                                                                                           call communications equipment.                   Statement at least every four years.
                                              may call the Federal relay service toll-                                                                         (b) Designation of and responsibilities
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                                              free at 800–877–8339 and ask to be                      4002.5 Voting without a meeting.
                                                                                                      4002.6 Conflict of interest.                          of Board Representatives and Alternate
                                              connected to 202–326–4400, extension                                                                          Representatives—(1) Board
                                                                                                      4002.7 Director of the Corporation and
                                              3083 or to 202–326–4400, extension                           senior officers.                                 Representatives. A Board
                                              3839.)                                                  4002.8 Emergency procedures.                          Representative, as designated under
                                              SUPPLEMENTARY INFORMATION:  The                         4002.9 Seal.                                          section 4002(d)(3) of ERISA, may act for
                                              Pension Benefit Guaranty Corporation                    4002.10 Authority and amendments.                     all purposes under these bylaws, except
                                              (PBGC) administers the pension plan                         Authority: 29 U.S.C. 1302(b)(3), 1302(f).         that an action of a Board Representative


                                         VerDate Sep<11>2014   15:01 Sep 11, 2017   Jkt 241001   PO 00000   Frm 00007   Fmt 4700   Sfmt 4700   E:\FR\FM\12SER1.SGM   12SER1


                                              42734            Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Rules and Regulations

                                              on a Board Member’s behalf with                         § 4002.2    Quorum.                                   disqualified under § 4002.6 may be
                                              respect to the powers described in                        Section 4002(d)(2) of ERISA                         signed by the Board Representative of
                                              paragraphs (a)(3)(i) through (iii) of this              establishes that a majority of the Board              the disqualified Board Member to the
                                              section, will be valid only upon                        Members will constitute a quorum for                  extent the matter is delegable under
                                              ratification in writing by the Board                    the transaction of business. Any act of               these bylaws.
                                              Member. Any Board Representative may                    a majority of the Members present at
                                              refer for Board action any matter under                                                                       § 4002.6   Conflict of interest.
                                                                                                      any meeting at which there is a quorum
                                              consideration by the Board                              will be the act of the Board.                           (a) Board Members and Director. The
                                              Representatives.                                                                                              Board Members and the Director must
                                                 (2) Alternate Representatives. A Board               § 4002.3    Meetings.                                 work with their respective ethics office
                                              Member may designate in writing an                        (a) General. Meetings of the Board of               to identify actual or potential conflicts
                                              official, not below the level of Assistant              Directors are called by the Chair in                  of interest under 18 U.S.C. 208 or
                                              Secretary, to serve as the Board                        accordance with section 4002(e)(1) of                 section 4002(j) of ERISA or the
                                              Member’s Alternate Representative at a                  ERISA and on the request of any Board                 appearance of the loss of impartiality
                                              meeting. An Alternate Representative                    Member. The Chair must provide                        under 5 CFR 2635.502.
                                              may act for all purposes at that meeting,               reasonable notice of any meetings to                    (b) Disqualification. A Board Member
                                              except that the Alternate                               each Board Member.                                    and the Director must notify the Board
                                              Representative’s actions will be valid                    (b) Minutes. The General Counsel of                 Members of disqualification in any
                                              only upon ratification in writing by                    the Corporation serves as Secretary to                decision or activity based on a conflict
                                              either the Board Member or the Board                    the Board of Directors pursuant to                    of interest under paragraph (a) of this
                                              Representative. Any action of the                       section 4002(d)(5) of ERISA. The                      section. To the extent a matter is
                                              Alternate Representative involving the                  General Counsel must keep Board                       delegable under these bylaws, the
                                              powers described in paragraphs (a)(3)(i)                minutes. As soon as practicable after                 disqualified Board Member’s Board
                                              through (iii) of this section or any matter             each meeting, the General Counsel must                Representative, acting independently of
                                              that has been referred to the Board                     distribute a draft of the minutes of such             that Member, may vote on the matter in
                                              under paragraph (b)(1) of this section                  meeting to each Member of the Board                   the Member’s place. The disqualified
                                              must be ratified in writing by the Board                for approval. The Board of Directors                  Board Member may not ratify any action
                                              Member.                                                 may approve minutes by resolution or                  taken on the matter giving rise to his or
                                                 (3) Ratification. For purposes of this               by voice vote at a subsequent meeting.                her disqualification.
                                              section, ratification of a Board                        Subject to appropriate redactions
                                                                                                                                                            § 4002.7 Director of the Corporation and
                                              Representative or Alternative                           authorized by section 4002(e)(2)(C) of                senior officers.
                                              Representative action includes approval                 ERISA, approved minutes will be posted
                                                                                                      on PBGC’s Web site.                                      (a) Director of the Corporation.
                                              of the minutes of the meeting of the                                                                          Section 4002(a) and (c) of ERISA
                                              Board of Directors by voice vote or                     § 4002.4 Place of meetings; use of                    establish that the Corporation is
                                              otherwise.                                              conference call communications                        administered by a Director. Subject to
                                                 (c) Review and approval of                           equipment.                                            policies established by the Board, the
                                              regulations. Regulations may be issued                     (a) Place of meetings. Meetings of the             Director is responsible for the
                                              by the Director of the Corporation,                     Board of Directors will be held at the                Corporation’s management, including
                                              subject to the following conditions—                    principal office of the Corporation or the            its personnel, organization and budget
                                                 (1) Regulations must first be reviewed               Department of Labor unless otherwise                  practices, and for carrying out the
                                              for comment by each Board                               determined by the Board of Directors or               Corporation’s functions under Title IV
                                              Representative except for routine                       the Chair.                                            of ERISA. The Director will timely
                                              updates of PBGC valuation factors and                      (b) Teleconference. Any Member may                 provide the Board any information
                                              actuarial assumptions.                                  participate in a meeting of the Board of              necessary to assist the Board in
                                                 (2) A Board Representative may,                      Directors through the use of conference               exercising its statutory responsibilities.
                                              within 21 days of receiving a regulation                call telephone or similar                             The Director must submit the
                                              for review, request that it be referred to              communications equipment, by means                    Corporation’s budget to the Chair of the
                                              the Board Representatives for approval.                 of which all persons participating in the             Board for review and approval before
                                                 (3) Nonsignificant regulations and                   meeting can speak to and hear each                    formally submitting the budget to OMB.
                                              significant proposed regulations within                 other. Any Board Member so                               (b) Senior officers. The senior officers
                                              the meaning of Executive Order 12866                    participating in a meeting will be                    of the Corporation report directly to the
                                              and subject to review under paragraph                   deemed present for all purposes.                      Director. The Director must consult with
                                              (c)(1) of this section may be issued by                 Actions taken by the Board of Directors               the Board before eliminating or creating
                                              the Director upon either the expiration                 at meetings conducted through the use                 a senior officer position or making an
                                              of the time specified in paragraph (c)(2)               of such equipment, including the votes                appointment to a senior officer position.
                                              of this section, or, if the approval option             of each Member, must be recorded in
                                              is exercised, upon Board Representative                 the minutes of the meetings of the Board              § 4002.8   Emergency procedures.
                                              approval.                                               of Directors.                                           (a) An emergency exists if a quorum
                                                 (4) Significant final regulations must                                                                     of the Corporation’s Board cannot
                                              be approved by the Board                                § 4002.5    Voting without a meeting.                 readily be assembled or act through
                                              Representatives or the Board.                              A resolution of the Board of Directors             written contact because of the
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                                                 (5) The Director may submit                          signed by all of the Board Members or                 declaration of a government-wide
                                              regulations subject to approval by the                  all of the Board Representatives will                 emergency. These emergency
                                              Board Representatives or the Board to                   have the same effect as if agreed to at               procedures must remain in effect during
                                              OMB for concurrent review after they                    a meeting and must be kept in the                     the emergency and upon the
                                              have been pending without comment                       Corporate Minutes Book. A resolution                  termination of the emergency will cease
                                              before the Board Representatives or the                 for an action taken on any matter for                 to be operative unless and until another
                                              Board for more than 60 days.                            which a Board Member has been                         emergency occurs. The emergency


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                                                               Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Rules and Regulations                                            42735

                                              procedures operate in conjunction with                  DEPARTMENT OF HOMELAND                                bridge operator from 12 p.m. on August
                                              the PBGC Continuity of Operations Plan                  SECURITY                                              25, 2017 through 10 a.m. on September
                                              (‘‘COOP Plan’’) of the current year, and                                                                      19, 2017. The drawspan will be secured
                                              any government-wide COOP protocols                      Coast Guard                                           in the closed-to-navigation position
                                              in effect.                                                                                                    from 10 a.m. through 5 p.m. on
                                                                                                      33 CFR Part 117                                       September 19, 2017, to allow the bridge
                                                 (b) During an emergency, the business
                                                                                                      [Docket No. USCG–2017–0844]                           owner to replace the defective
                                              of the PBGC must continue to be
                                                                                                                                                            equipment. This temporary deviation
                                              managed in accordance with its COOP                                                                           has been coordinated with the waterway
                                                                                                      Drawbridge Operation Regulation;
                                              Plan. The functions of the Board of                                                                           users. No objections to the proposed
                                                                                                      Carquinez Strait, Martinez, CA
                                              Directors must be carried out by those                                                                        temporary deviation were raised.
                                              Members of the Board of Directors in                    AGENCY: Coast Guard, DHS.                             Vessels able to pass through the bridge
                                              office at the time the emergency arises,                ACTION:Notice of deviation from                       in the closed position may do so at
                                              or by persons designated by the                         drawbridge regulation.                                anytime. From 10 a.m. through 5 p.m.
                                              agencies’ COOP plans to act in place of                                                                       on September 19, 2017, the bridge will
                                              the Board Members, who are available                    SUMMARY:    The Coast Guard has issued a
                                                                                                                                                            not be able to open for emergencies and
                                              to act during the emergency. If no such                 temporary deviation from the operating
                                                                                                                                                            there is no immediate alternate route for
                                              persons are available, then the authority               schedule that governs the Union Pacific
                                                                                                                                                            vessels to pass. The Coast Guard will
                                                                                                      Railroad Drawbridge across the
                                              of the Board must be transferred to the                                                                       also inform the users of the waterway
                                                                                                      Carquinez Strait, mile 7.0, at Martinez,
                                              Board Representatives who are                                                                                 through our Local and Broadcast
                                                                                                      CA. The deviation is necessary to allow
                                              available. If no Board Representatives                                                                        Notices to Mariners of the change in
                                                                                                      advance notification for openings due to
                                              are available, then the Director of the                                                                       operating schedule for the bridge so that
                                                                                                      mechanical issues at the bridge and to
                                              Corporation must perform essential                                                                            vessel operators can arrange their
                                                                                                      conduct repairs to resolve said issues.
                                              Board functions.                                                                                              transits to minimize any impact caused
                                                                                                      This deviation requires the bridge to
                                                                                                                                                            by the temporary deviation.
                                                 (c) During an emergency, meetings of                 open on signal if at least 30 minutes
                                                                                                                                                               In accordance with 33 CFR 117.35(e),
                                              the Board may be called by any                          notice is given to the bridge operator
                                                                                                                                                            the drawbridge must return to its regular
                                              available Member of the Board. The                      from approaching vessels and allows the
                                                                                                                                                            operating schedule immediately at the
                                              notice thereof must specify the time and                bridge to remain in the closed-to-
                                                                                                                                                            end of the effective period of this
                                              place of the meeting. To the extent                     navigation during operating equipment
                                                                                                                                                            temporary deviation. This deviation
                                              possible, notice must be given in                       replacement.
                                                                                                                                                            from the operating regulations is
                                              accordance with these bylaws. Notice                    DATES: This deviation is effective                    authorized under 33 CFR 117.35.
                                              must be given to those Board Members                    without actual notice from September
                                                                                                                                                              Dated: September 6, 2017.
                                              whom it is feasible to reach at the time                12, 2017 through 5 p.m. on September
                                                                                                                                                            Carl T. Hausner,
                                              of the emergency, and notice may be                     19, 2017. For the purposes of
                                              given at a time less than 24 hours before               enforcement, actual notice will be used               District Bridge Chief, Eleventh Coast Guard
                                                                                                                                                            District.
                                              the meeting if deemed necessary by the                  from September 6, 2017 until September
                                                                                                      12, 2017.                                             [FR Doc. 2017–19254 Filed 9–11–17; 8:45 am]
                                              person giving notice.
                                                                                                                                                            BILLING CODE 9110–04–P
                                                                                                      ADDRESSES: The docket for this
                                              § 4002.9    Seal.                                       deviation, USCG–2017–0844 is available
                                                The seal of the Corporation must be                   at http://www.regulations.gov. Type the
                                              in such form as may be approved from                    docket number in the ‘‘SEARCH’’ box                   LIBRARY OF CONGRESS
                                              time to time by the Board.                              and click ‘‘SEARCH.’’ Click on Open
                                                                                                      Docket Folder on the line associated                  U.S. Copyright Office
                                              § 4002.10    Authority and amendments.                  with this deviation.
                                                                                                      FOR FURTHER INFORMATION CONTACT: If                   37 CFR Parts 201 and 202
                                                (a) Section 4002 of ERISA and the
                                              bylaws establish the authority and                      you have questions on this temporary                  [Docket No. 2017–13]
                                              responsibilities of the Board, the Board                deviation, call or email Carl T. Hausner,
                                                                                                      Chief, Bridge Section, Eleventh Coast                 Affixation and Position of Copyright
                                              Representatives, and the Director.
                                                                                                      Guard District; telephone 510–437–                    Notice
                                                (b) These bylaws may be amended or                    3516; email Carl.T.Hausner@uscg.mil.
                                              new bylaws adopted by unanimous vote                    SUPPLEMENTARY INFORMATION: The Coast
                                                                                                                                                            AGENCY:  U.S. Copyright Office, Library
                                              of the Board.                                           Guard has recommended and the Union                   of Congress.
                                                Issued in Washington, DC.                             Pacific Railroad Company has agreed to                ACTION: Final rule.
                                              W. Thomas Reeder,                                       a temporary change in the operation of
                                                                                                      the Union Pacific Railroad Drawbridge,                SUMMARY:   This final rule makes a non-
                                              Director, Pension Benefit Guaranty                                                                            substantive technical change to the U.S.
                                              Corporation.                                            over the Carquinez Strait, mile 7.0, at
                                                                                                      Martinez, CA. The drawbridge                          Copyright Office’s regulations governing
                                              [FR Doc. 2017–19308 Filed 9–11–17; 8:45 am]
                                                                                                      navigation span provides a vertical                   the affixation and position of copyright
                                              BILLING CODE P
                                                                                                      clearance of 70 feet above Mean High                  notice on various types of works.
                                                                                                      Water in the closed-to-navigation                     DATES: Effective October 12, 2017.
pmangrum on DSK3GDR082PROD with RULES1




                                                                                                      position. The draw operates as required               FOR FURTHER INFORMATION CONTACT: Erik
                                                                                                      by 33 CFR 117.5. Navigation on the                    Bertin, Deputy Director of Registration
                                                                                                      waterway is commercial and                            Policy and Practice, by email at ebertin@
                                                                                                      recreational.                                         loc.gov; or Andrew P. Moore, Barbara A.
                                                                                                         Due to bridge operating equipment                  Ringer Honors Fellow, by email at
                                                                                                      issues, the bridge will open on signal if             amoo@loc.gov. Both can be reached by
                                                                                                      at least 30 minutes notice is given to the            telephone by calling 202–707–8040.


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Document Created: 2018-10-24 14:15:28
Document Modified: 2018-10-24 14:15:28
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal rule.
DatesEffective September 12, 2017.
ContactJudith R. Starr ([email protected]), General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026; 202-326- 4400, ext. 3083; Hilary Duke ([email protected]), Attorney, Regulatory Affairs Division, Office of the General Counsel, 202-326- 4400, extension 3839. (TTY and TDD users may call the Federal relay service toll-free at 800-877-8339 and ask to be connected to 202-326- 4400, extension 3083 or to 202-326-4400, extension 3839.)
FR Citation82 FR 42733 

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