83 FR 43911 - Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 167 (August 28, 2018)
Federal Register Volume 83, Issue 167 (August 28, 2018)
| Page Range | 43911-43912 | |
| FR Document | 2018-18593 |
[Federal Register Volume 83, Number 167 (Tuesday, August 28, 2018)] [Notices] [Pages 43911-43912] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18593] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of request for OMB approval. ----------------------------------------------------------------------- SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting that OMB approve, under the Paperwork Reduction Act, a survey of terminated and insolvent multiemployer pension plans to obtain withdrawal liability information. PBGC needs the withdrawal liability information to estimate its multiemployer program liabilities for purposes of its financial statements. This notice informs the public of PBGC's request and solicits public comment on the collection of information. DATES: Comments must be submitted by September 27, 2018. ADDRESSES: Comments should be sent to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation, via electronic mail at [email protected] or by fax to (202) 395-6974. A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review. It may also be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel, 1200 K Street NW, Washington, DC 20005-4026, faxing a request to 202-326-4042, or calling 202-326-4040 during normal business hours (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040). The Disclosure Division will email, fax, or mail the information to you, as you request. FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026, 202-326-4400, extension 3839. (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400, extension 3839.) SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from an underfunded multiemployer pension plan, the plan sponsor assesses withdrawal liability against the employer. The plan sponsor is required to determine and collect withdrawal liability in accordance with section 4219 of the Employee Retirement Income Security Act of 1974 (ERISA). The plan sponsor assesses withdrawal liability by issuing a notice to an employer, including the amount of the employer's liability and a schedule of payments. PBGC's regulation on Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219) requires the plan sponsor to file with PBGC a certification that notices have been provided to employers. PBGC is proposing to collect information about withdrawal liability that is owed by withdrawn employers of terminated \1\ and insolvent \2\ multiemployer pension plans. PBGC would distribute a survey that insolvent plans receiving financial assistance and terminated plans not yet receiving financial assistance would be required to complete and return to PBGC. Smaller plans with less than 500 participants would not be required to complete the survey. PBGC needs the information from the survey about withdrawal liability payments and settlements, and whether employers have withdrawn from the plan but have not yet been assessed withdrawal liability, to estimate with more precision PBGC's multiemployer program liabilities for purposes of its financial statements.\3\ PBGC would also use the information for its Multiemployer Pension Insurance Modelling System assumptions on [[Page 43912]] collection of withdrawal liability. Information provided to PBGC would be confidential to the extent provided in the Freedom of Information Act and the Privacy Act. --------------------------------------------------------------------------- \1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe reporting requirements for terminated multiemployer pension plans, which PBGC considers appropriate to protect the interests of plan participants and beneficiaries or to prevent unreasonable loss to the corporation. \2\ Under section 4261(b)(1) of ERISA, PBGC provides financial assistance under such conditions as the corporation determines are equitable and are appropriate to prevent unreasonable loss to the corporation with respect to the plan. \3\ Section 4008 of ERISA requires the corporation, as soon as practicable after the close of each fiscal year, to transmit a report to the President and the Congress, including financial statements setting forth the finances of the corporation at the end of the fiscal year and the result of its operations (including the source and application of its funds) for the fiscal year. --------------------------------------------------------------------------- On June 21, 2018, PBGC published (at 83 FR 28871) a notice of its intent to request OMB approval of the survey of multiemployer pension plan withdrawal liability information described above. No comments were received on the proposed submission of information collection. PBGC is requesting that OMB approve PBGC's use of this survey for three years. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The survey initially would be sent to approximately 65 plans.\4\ PBGC estimates that each survey would require approximately 20 hours to complete by a combination of pension fund office staff (50%) and outside professionals (attorneys and actuaries) (50%). PBGC estimates a total hour burden of 650 hours (based on pension fund office time). The estimated dollar equivalent of this hour burden, based on an assumed hourly rate of $75 for administrative, clerical, and supervisory time is $48,750. PBGC estimates a total cost burden for the withdrawal liability survey of $260,000 (based on 650 attorney and actuary hours assuming an average hourly rate of $400). PBGC further estimates that the average burden will be 10 hours of pension fund office staff time and $4,000 per plan. After the survey is sent initially, PBGC expects to send the survey to fewer than 10 newly terminated and insolvent plans per year. --------------------------------------------------------------------------- \4\ As of September 30, 2017, there were 68 terminated plans not yet receiving financial assistance and 72 insolvent plans that received financial assistance from PBGC. See PBGC FY 2017 Annual Report, page 94 at https://www.pbgc.gov/sites/default/files/pbgc-annual-report-2017.pdf. Approximately 65 of the plans have 500 or more participants. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2018-18593 Filed 8-27-18; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices 43911
Date of initial notice in Federal For the Nuclear Regulatory Commission. Corporation, 1200 K Street NW,
Register: August 29, 2017 (82 FR Gregory F. Suber, Washington, DC 20005–4026, 202–326–
41072). The supplemental letters dated Deputy Director, Division of Operating 4400, extension 3839. (TTY users may
February 6, February 21, April 26, and Reactor Licensing, Office of Nuclear Reactor call the Federal relay service toll-free at
August 6, 2018, provided additional Regulation. 1–800–877–8339 and ask to be
information that clarified the [FR Doc. 2018–18028 Filed 8–27–18; 8:45 am] connected to 202–326–4400, extension
application, did not expand the scope of BILLING CODE 7590–01–P 3839.)
the application as originally noticed, SUPPLEMENTARY INFORMATION: When a
and did not change the staff’s original contributing employer withdraws from
proposed no significant hazards PENSION BENEFIT GUARANTY an underfunded multiemployer pension
consideration determination as CORPORATION plan, the plan sponsor assesses
published in the Federal Register. withdrawal liability against the
The Commission’s related evaluation Submission of Information Collection employer. The plan sponsor is required
of the amendments is contained in a for OMB Review; Comment Request; to determine and collect withdrawal
Safety Evaluation dated August 10, Survey of Multiemployer Pension Plan liability in accordance with section
2018. Withdrawal Liability Information 4219 of the Employee Retirement
No significant hazards consideration AGENCY: Pension Benefit Guaranty Income Security Act of 1974 (ERISA).
comments received: No. Corporation. The plan sponsor assesses withdrawal
liability by issuing a notice to an
Tennessee Valley Authority, Docket ACTION: Notice of request for OMB
employer, including the amount of the
Nos. 50–327 and 50–328, Sequoyah approval. employer’s liability and a schedule of
Nuclear Plant (SQN), Units 1 and 2, payments. PBGC’s regulation on Notice,
Hamilton County, Tennessee SUMMARY: The Pension Benefit Guaranty
Corporation (PBGC) is requesting that Collection, and Redetermination of
Date of amendment request: OMB approve, under the Paperwork Withdrawal Liability (29 CFR part 4219)
September 29, 2017, as supplemented Reduction Act, a survey of terminated requires the plan sponsor to file with
by letter dated March 14, 2018. and insolvent multiemployer pension PBGC a certification that notices have
plans to obtain withdrawal liability been provided to employers.
Brief description of amendments: The PBGC is proposing to collect
amendments revised the SQN information. PBGC needs the
information about withdrawal liability
Emergency Plan to change staff withdrawal liability information to
that is owed by withdrawn employers of
composition and to extend staff estimate its multiemployer program
terminated 1 and insolvent 2
augmentation times for Emergency liabilities for purposes of its financial
multiemployer pension plans. PBGC
Response Organization functions. statements. This notice informs the
would distribute a survey that insolvent
Date of issuance: August 6, 2018. public of PBGC’s request and solicits
plans receiving financial assistance and
public comment on the collection of
Effective date: As of its date of terminated plans not yet receiving
information.
issuance and shall be implemented financial assistance would be required
within 180 days from the date of DATES: Comments must be submitted by to complete and return to PBGC.
issuance. September 27, 2018. Smaller plans with less than 500
Amendment Nos.: 342—Unit 1 and ADDRESSES: Comments should be sent to participants would not be required to
335—Unit 2. A publicly-available the Office of Information and Regulatory complete the survey. PBGC needs the
version is in ADAMS under Accession Affairs, Office of Management and information from the survey about
No. ML18159A461; documents related Budget, Attention: Desk Officer for withdrawal liability payments and
to these amendments are listed in the Pension Benefit Guaranty Corporation, settlements, and whether employers
Safety Evaluation enclosed with the via electronic mail at OIRA_DOCKET@ have withdrawn from the plan but have
amendments. omb.eop.gov or by fax to (202) 395– not yet been assessed withdrawal
6974. liability, to estimate with more
Renewed Facility Operating License precision PBGC’s multiemployer
Nos. DPR–77 and DPR–79. Amendments A copy of the request will be posted
on PBGC’s website at https:// program liabilities for purposes of its
revised the Renewed Facility Operating financial statements.3 PBGC would also
Licenses. www.pbgc.gov/prac/laws-and-
regulations/information-collections- use the information for its
Date of initial notice in Federal under-omb-review. It may also be Multiemployer Pension Insurance
Register: February 27, 2018 (83 FR obtained without charge by writing to Modelling System assumptions on
8520). The supplemental letter dated the Disclosure Division of the Office of
March 14, 2018, provided additional the General Counsel, 1200 K Street NW,
1 Under section 4041A(f)(2) of ERISA, PBGC may
information that clarified the Washington, DC 20005–4026, faxing a
prescribe reporting requirements for terminated
application, did not expand the scope of multiemployer pension plans, which PBGC
request to 202–326–4042, or calling considers appropriate to protect the interests of
the application as originally noticed, 202–326–4040 during normal business plan participants and beneficiaries or to prevent
and did not change the staff’s original hours (TTY users may call the Federal unreasonable loss to the corporation.
proposed no significant hazards relay service toll-free at 1–800–877–
2 Under section 4261(b)(1) of ERISA, PBGC
consideration determination as provides financial assistance under such conditions
8339 and ask to be connected to 202– as the corporation determines are equitable and are
published in the Federal Register. 326–4040). The Disclosure Division will appropriate to prevent unreasonable loss to the
daltland on DSKBBV9HB2PROD with NOTICES
The Commission’s related evaluation email, fax, or mail the information to corporation with respect to the plan.
3 Section 4008 of ERISA requires the corporation,
of the amendments is contained in a you, as you request. as soon as practicable after the close of each fiscal
Safety Evaluation dated August 6, 2018. FOR FURTHER INFORMATION CONTACT: year, to transmit a report to the President and the
No significant hazards consideration Hilary Duke (duke.hilary@pbgc.gov), Congress, including financial statements setting
comments received: No. forth the finances of the corporation at the end of
Assistant General Counsel for the fiscal year and the result of its operations
Dated at Rockville, Maryland, this 16th day Regulatory Affairs, Office of the General (including the source and application of its funds)
of August 2018. Counsel, Pension Benefit Guaranty for the fiscal year.
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![43912 Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices
collection of withdrawal liability. SECURITIES AND EXCHANGE rule change.7 The comment period and
Information provided to PBGC would be COMMISSION rebuttal comment period for the Order
confidential to the extent provided in Instituting Proceedings closed on May
the Freedom of Information Act and the [Release No. 34–83912; File No. SR– 18, 2018, and June 1, 2018, respectively.
Privacy Act. NYSEArca–2018–02] Finally, on July 18, 2018, the
Commission extended the period for
On June 21, 2018, PBGC published (at Self-Regulatory Organizations; NYSE consideration of the proposed rule
83 FR 28871) a notice of its intent to Arca, Inc.; Order Disapproving a change to September 21, 2018.8 As of
request OMB approval of the survey of Proposed Rule Change Relating to August 21, 2018, the Commission had
multiemployer pension plan withdrawal Listing and Trading of the Direxion received six comments on the proposed
liability information described above. Daily Bitcoin Bear 1X Shares, Direxion rule change.9
No comments were received on the Daily Bitcoin 1.25X Bull Shares, This order disapproves the proposed
proposed submission of information Direxion Daily Bitcoin 1.5X Bull rule change. Although the Commission
collection. Shares, Direxion Daily Bitcoin 2X Bull is disapproving this proposed rule
PBGC is requesting that OMB approve Shares, and Direxion Daily Bitcoin 2X change, the Commission emphasizes
PBGC’s use of this survey for three Bear Shares Under NYSE Arca Rule that its disapproval does not rest on an
8.200–E evaluation of whether bitcoin, or
years. An agency may not conduct or
sponsor, and a person is not required to blockchain technology more generally,
August 22, 2018.
has utility or value as an innovation or
respond to, a collection of information
I. Introduction an investment. Rather, the Commission
unless it displays a currently valid OMB is disapproving this proposed rule
control number. On January 4, 2018, NYSE Arca, Inc.
change because, as discussed below, the
The survey initially would be sent to (‘‘NYSE Arca’’) filed with the Securities
Exchange has not met its burden under
and Exchange Commission
approximately 65 plans.4 PBGC the Exchange Act and the Commission’s
(‘‘Commission’’), pursuant to Section
estimates that each survey would Rules of Practice to demonstrate that its
19(b)(1) of the Securities Exchange Act
require approximately 20 hours to proposal is consistent with the
of 1934 (‘‘Exchange Act’’) 1 and Rule
complete by a combination of pension requirements of the Exchange Act
19b–4 thereunder,2 a proposed rule
fund office staff (50%) and outside Section 6(b)(5), in particular the
change to list and trade the shares requirement that a national securities
professionals (attorneys and actuaries) (‘‘Shares’’) of the following exchange-
(50%). PBGC estimates a total hour exchange’s rules be designed to prevent
traded products under NYSE Arca Rule fraudulent and manipulative acts and
burden of 650 hours (based on pension 8.200–E, Commentary .02: Direxion
fund office time). The estimated dollar practices.10 Among other things, the
Daily Bitcoin Bear 1X Shares (‘‘1X Bear
equivalent of this hour burden, based on Exchange has offered no record
Fund’’), Direxion Daily Bitcoin 1.25X
an assumed hourly rate of $75 for evidence to demonstrate that bitcoin
Bull Shares (‘‘1.25X Bull Fund’’),
futures markets are ‘‘markets of
administrative, clerical, and supervisory Direxion Daily Bitcoin 1.5X Bull Shares
significant size.’’ That failure is critical
time is $48,750. PBGC estimates a total (‘‘1.5X Bull Fund’’), Direxion Daily
because, as explained below, the
cost burden for the withdrawal liability Bitcoin 2X Bull Shares (‘‘2X Bull
Exchange has failed to establish that
survey of $260,000 (based on 650 Fund’’), and Direxion Daily Bitcoin 2X
other means to prevent fraudulent and
attorney and actuary hours assuming an Bear Shares (‘‘2X Bear Fund’’) (each a
manipulative acts and practices will be
average hourly rate of $400). PBGC ‘‘Fund’’ and, collectively, the ‘‘Funds’’).
sufficient, and therefore surveillance-
further estimates that the average The proposed rule change was
sharing with a regulated market of
burden will be 10 hours of pension fund published for comment in the Federal
significant size related to bitcoin is
office staff time and $4,000 per plan. Register on January 24, 2018.3 The
necessary to satisfy the statutory
After the survey is sent initially, PBGC comment period for the Notice of requirement that the Exchange’s rules be
expects to send the survey to fewer than Proposed Rule Change closed on designed to prevent fraudulent and
10 newly terminated and insolvent February 14, 2018. manipulative acts and practices.11
plans per year. On March 1, 2018, pursuant to
Section 19(b)(2) of the Exchange Act,4 II. Description of the Proposal
Issued in Washington, DC. the Commission designated a longer The Exchange proposes to list and
Hilary Duke, period within which to approve the trade the Shares under NYSE Arca Rule
Assistant General Counsel for Regulatory proposed rule change, disapprove the 8.200–E, Commentary .02, which
Affairs, Pension Benefit Guaranty proposed rule change, or institute
Corporation. proceedings to determine whether to 7 See Securities Exchange Act Release No. 83094
[FR Doc. 2018–18593 Filed 8–27–18; 8:45 am] approve or disapprove the proposed (Apr. 23, 2018), 83 FR 18603 (Apr. 27, 2018)
rule change.5 On April 23, 2018, the (‘‘Order Instituting Proceedings’’).
BILLING CODE 7709–02–P 8 See Securities Exchange Act Release No. 83661
Commission instituted proceedings
(July 18, 2018), 83 FR 35040 (July 24, 2018).
under Section 19(b)(2)(B) of the 9 See Letters from Steven Williams (May 17, 2018)
Exchange Act 6 to determine whether to (‘‘Williams Letter’’); Sharon Brown-Hruska,
approve or disapprove the proposed Managing Director, and Trevor Wagener,
Consultant, NERA Economic Consulting (May 18,
1 15
2018) (‘‘NERA Letter’’); John Galt (July 24, 2018)
U.S.C. 78s(b)(1).
daltland on DSKBBV9HB2PROD with NOTICES
4 As
(‘‘Galt Letter’’); David (July 30, 2018) (‘‘David
of September 30, 2017, there were 68 2 17 CFR 240.19b–4. Letter’’); Sami Santos (Aug. 7, 2018) (‘‘Santos
terminated plans not yet receiving financial 3 See Securities Exchange Act Release No. 82532
Letter’’); and Sam M. Ahn (Aug. 21, 2018) (‘‘Ahn
assistance and 72 insolvent plans that received (Jan 18, 2018), 83 FR 3380 (Jan. 24, 2018) Letter’’). All comments on the proposed rule change
financial assistance from PBGC. See PBGC FY 2017 (‘‘Notice’’). are available on the Commission’s website at:
Annual Report, page 94 at https://www.pbgc.gov/ 4 15 U.S.C. 78s(b)(2). https://www.sec.gov/comments/sr-nysearca-2018-
sites/default/files/pbgc-annual-report-2017.pdf. 5 See Securities Exchange Act Release No. 82795 02/nysearca201802.htm.
Approximately 65 of the plans have 500 or more (Mar. 1, 2018), 83 FR 9768 (Mar. 7, 2018). 10 See 15 U.S.C. 78f(b)(5).
participants. 6 15 U.S.C. 78s(b)(2)(B). 11 See infra notes 32–34 and accompanying text.
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Document Created: 2018-08-28 00:22:38
Document Modified: 2018-08-28 00:22:38
| 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 request for OMB approval. | |
| Dates | Comments must be submitted by September 27, 2018. | |
| Contact | Hilary Duke ([email protected]), Assistant General Counsel for Regulatory Affairs, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026, 202-326-4400, extension 3839. (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4400, extension 3839.) | |
| FR Citation | 83 FR 43911 |
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