83 FR 45996 - Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 176 (September 11, 2018)
Federal Register Volume 83, Issue 176 (September 11, 2018)
| Page Range | 45996-45997 | |
| FR Document | 2018-19657 |
[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)] [Notices] [Pages 45996-45997] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-19657] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of request for OMB approval. ----------------------------------------------------------------------- SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of collections of information in PBGC's regulations on multiemployer plans. This notice informs the public of PBGC's request and solicits public comment on the collections of information. DATES: Comments must be submitted by October 11, 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: OMB has approved and issued control numbers for three collections of information in PBGC's regulations relating to multiemployer plans under the Employee Retirement Income Security Act of 1974 (ERISA). These collections of information are described below. OMB approvals for these collections of information expire November 30, 2018. On July 6, 2018, PBGC published (at 83 FR 31574) a notice of its intent to request that OMB extend approval of these collections of information. No comments were received. PBGC is requesting that OMB extend its approval of these collections of information 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. 1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB Control Number 1212-0020) (Expires November 30, 2018) Section 4041A(f)(2) of ERISA authorizes PBGC to prescribe reporting requirements and other rules and standards for administering terminated multiemployer plans. Section 4041A(c) and (f)(1) of ERISA prohibit the payment by a mass-withdrawal-terminated plan of lump sums greater than $1,750 or of nonvested plan benefits unless authorized by PBGC. The regulation requires the plan sponsor of a terminated plan to submit a notice of termination to PBGC. It also requires the plan sponsor of a mass-withdrawal-terminated plan that is closing out to give notices to participants regarding the election of alternative forms of benefit distribution and, if the plan is not closing out, to obtain PBGC approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits. PBGC uses the information in a notice of termination to assess the likelihood that PBGC financial assistance will be needed. Plan participants and beneficiaries use the information on alternative forms of benefit to make personal financial decisions. PBGC uses the information in an application for approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits to determine whether such payments should be permitted. PBGC estimates that each year plan sponsors submit notices of termination for ten plans, distribute election notices to participants in three of those plans, and submit requests to pay benefits or benefit forms not otherwise permitted for one of those plans. The estimated annual burden of the collection of information is 69 hours and $50,000. 2. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212- 0033) (Expires November 30, 2018) Section 4245(e) of ERISA requires two types of notice: A ``notice of [[Page 45997]] insolvency,'' stating a plan sponsor's determination that the plan is or may become insolvent, and a ``notice of insolvency benefit level,'' stating the level of benefits that will be paid during an insolvency year. The recipients of these notices are PBGC, contributing employers, employee organizations representing participants, and participants and beneficiaries. The regulation establishes the procedure for complying with these notice requirements. PBGC uses the information submitted to estimate cash needs for financial assistance to troubled plans. The collective bargaining parties use the information to decide whether additional plan contributions will be made to avoid the insolvency and consequent benefit suspensions. Plan participants and beneficiaries use the information in personal financial decisions. PBGC estimates that at most one plan sponsor of an ongoing plan gives notices each year under this regulation. The estimated annual burden of the collection of information is 20 hours and $12,000. 3. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281) (OMB Control Number 1212-0032) (Expires November 30, 2018) Section 4281 of ERISA provides rules for plans that have terminated by mass withdrawal. Under section 4281, if nonforfeitable benefits exceed plan assets, the plan sponsor must amend the plan to reduce benefits. If the plan nevertheless becomes insolvent, the plan sponsor must suspend certain benefits that cannot be paid. If available resources are inadequate to pay guaranteed benefits, the plan sponsor must request financial assistance from PBGC. The regulation requires a plan sponsor to give notices of benefit reduction, notices of insolvency, and notices of insolvency benefit level to PBGC and to participants and beneficiaries and, if necessary, to apply to PBGC for financial assistance. PBGC uses the information it receives to make determinations required by ERISA, to identify and estimate the cash needed for financial assistance to terminated plans, and to verify the appropriateness of financial assistance payments. Plan participants and beneficiaries use the information to make personal financial decisions. PBGC estimates that plan sponsors of terminated plans each year will give benefit reduction notices for 1 plan, notices of insolvency for 10 plans, and notices of insolvency benefit level for 55 plans. PBGC also estimates that plan sponsors each year will file initial requests for financial assistance for 10 plans and will submit 300 non- initial applications for financial assistance. The estimated annual burden of the collection of information is 1,300 hours and $615,400. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2018-19657 Filed 9-10-18; 8:45 am] BILLING CODE 7709-02-P
![45996 Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices
references a construction permit or a 10 PENSION BENEFIT GUARANTY of information are described below.
CFR part 52 combined license applicant CORPORATION OMB approvals for these collections of
references a license (e.g., an early site information expire November 30, 2018.
permit) and/or NRC regulatory approval Submission of Information Collections On July 6, 2018, PBGC published (at 83
(e.g., a design certification rule) for for OMB Review; Comment Request; FR 31574) a notice of its intent to
which specified issue finality provisions Multiemployer Plan Regulations request that OMB extend approval of
apply. these collections of information. No
AGENCY: Pension Benefit Guaranty
comments were received. PBGC is
The NRC staff does not, at this time, Corporation. requesting that OMB extend its approval
intend to impose the positions ACTION: Notice of request for OMB of these collections of information for
represented in this draft SRP section in approval. three years. An agency may not conduct
a manner that constitutes backfitting or or sponsor, and a person is not required
is inconsistent with any issue finality SUMMARY: The Pension Benefit Guaranty
to respond to, a collection of
provision of 10 CFR part 52. If, in the Corporation (PBGC) is requesting that
information unless it displays a
future, the staff seeks to impose a the Office of Management and Budget
currently valid OMB control number.
position in this draft SRP section in a (OMB) extend approval, under the
manner that would constitute Paperwork Reduction Act, of collections 1. Termination of Multiemployer Plans
backfitting or be inconsistent with these of information in PBGC’s regulations on (29 CFR Part 4041A) (OMB Control
multiemployer plans. This notice Number 1212–0020) (Expires November
issue finality provisions, the NRC staff
informs the public of PBGC’s request 30, 2018)
must make the showing as set forth in
and solicits public comment on the Section 4041A(f)(2) of ERISA
the Backfit rule or address the
collections of information. authorizes PBGC to prescribe reporting
regulatory criteria set forth in the
DATES: Comments must be submitted by requirements and other rules and
applicable issue finality provision, as
applicable, that would allow the staff to October 11, 2018. standards for administering terminated
impose the position. ADDRESSES: Comments should be sent to multiemployer plans. Section 4041A(c)
the Office of Information and Regulatory and (f)(1) of ERISA prohibit the payment
3. The NRC staff has no intention to Affairs, Office of Management and by a mass-withdrawal-terminated plan
impose the SRP positions on existing Budget, Attention: Desk Officer for of lump sums greater than $1,750 or of
nuclear power plant licensees either Pension Benefit Guaranty Corporation, nonvested plan benefits unless
now or in the future (absent a voluntary via electronic mail at OIRA_DOCKET@ authorized by PBGC.
request for a change from the licensee, omb.eop.gov or by fax to (202) 395– The regulation requires the plan
holder of a regulatory approval or a 6974. sponsor of a terminated plan to submit
design certification applicant). A copy of the request will be posted a notice of termination to PBGC. It also
The NRC staff does not intend to on PBGC’s website at https:// requires the plan sponsor of a mass-
impose or apply the positions described www.pbgc.gov/prac/laws-and- withdrawal-terminated plan that is
in the draft SRP to existing (already regulations/information-collections- closing out to give notices to
issued) licenses (e.g., operating licenses under-omb-review. It may also be participants regarding the election of
and combined licenses) and regulatory obtained without charge by writing to alternative forms of benefit distribution
approvals. Hence, the issuance of this the Disclosure Division of the Office of and, if the plan is not closing out, to
SRP guidance—even if considered the General Counsel, 1200 K Street NW, obtain PBGC approval to pay lump sums
guidance subject to the Backfit Rule or Washington, DC 20005–4026, faxing a greater than $1,750 or to pay nonvested
the issue finality provisions in 10 CFR request to 202–326–4042, or calling plan benefits.
part 52—would not need to be evaluated 202–326–4040 during normal business PBGC uses the information in a notice
as if it were a backfit or as being hours (TTY users may call the Federal of termination to assess the likelihood
inconsistent with these issue finality relay service toll-free at 1–800–877– that PBGC financial assistance will be
8339 and ask to be connected to 202– needed. Plan participants and
provisions. If, in the future, the NRC
326–4040). The Disclosure Division will beneficiaries use the information on
staff seeks to impose a position in the
email, fax, or mail the information to alternative forms of benefit to make
SRP on holders of already issued
you, as you request. personal financial decisions. PBGC uses
licenses in a manner that would
FOR FURTHER INFORMATION CONTACT: the information in an application for
constitute backfitting or does not
Hilary Duke (duke.hilary@pbgc.gov), approval to pay lump sums greater than
provide issue finality as described in the $1,750 or to pay nonvested plan benefits
applicable issue finality provision, then Assistant General Counsel for
Regulatory Affairs, Office of the General to determine whether such payments
the staff must make a showing as set should be permitted.
forth in the Backfit Rule or address the Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street NW, PBGC estimates that each year plan
criteria set forth in the applicable issue sponsors submit notices of termination
finality provision, as applicable, that Washington, DC 20005–4026, 202–326–
4400, extension 3839. (TTY users may for ten plans, distribute election notices
would allow the staff to impose the to participants in three of those plans,
position. call the Federal relay service toll-free at
1–800–877–8339 and ask to be and submit requests to pay benefits or
Dated at Rockville, Maryland, this 6th day connected to 202–326–4400, extension benefit forms not otherwise permitted
of September 2018. 3839.) for one of those plans. The estimated
annual burden of the collection of
daltland on DSKBBV9HB2PROD with NOTICES
For the Nuclear Regulatory Commission.
SUPPLEMENTARY INFORMATION: OMB has information is 69 hours and $50,000.
Jennivine K. Rankin, approved and issued control numbers
Acting Chief, Licensing Branch 3, Division for three collections of information in 2. Notice of Insolvency (29 CFR Part
of Licensing, Siting, and Environmental PBGC’s regulations relating to 4245) (OMB Control Number 1212–
Analysis, Office of New Reactors. multiemployer plans under the 0033) (Expires November 30, 2018)
[FR Doc. 2018–19685 Filed 9–10–18; 8:45 am] Employee Retirement Income Security Section 4245(e) of ERISA requires two
BILLING CODE 7590–01–P Act of 1974 (ERISA). These collections types of notice: A ‘‘notice of
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![Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices 45997
insolvency,’’ stating a plan sponsor’s sponsors each year will file initial II. Self-Regulatory Organization’s
determination that the plan is or may requests for financial assistance for 10 Statement of the Purpose of, and
become insolvent, and a ‘‘notice of plans and will submit 300 non-initial Statutory Basis for, the Proposed Rule
insolvency benefit level,’’ stating the applications for financial assistance. Change
level of benefits that will be paid during The estimated annual burden of the In its filing with the Commission, the
an insolvency year. The recipients of collection of information is 1,300 hours Exchange included statements
these notices are PBGC, contributing and $615,400. concerning the purpose of and basis for
employers, employee organizations the proposed rule change and discussed
representing participants, and Issued in Washington, DC.
any comments it received on the
participants and beneficiaries. Hilary Duke,
proposed rule change. The text of these
The regulation establishes the Assistant General Counsel for Regulatory statements may be examined at the
procedure for complying with these Affairs, Pension Benefit Guaranty places specified in Item IV below. The
notice requirements. PBGC uses the Corporation. Exchange has prepared summaries, set
information submitted to estimate cash [FR Doc. 2018–19657 Filed 9–10–18; 8:45 am] forth in sections A, B, and C below, of
needs for financial assistance to BILLING CODE 7709–02–P the most significant aspects of such
troubled plans. The collective statements.
bargaining parties use the information to
decide whether additional plan A. Self-Regulatory Organization’s
contributions will be made to avoid the Statement of the Purpose of, and
SECURITIES AND EXCHANGE
insolvency and consequent benefit Statutory Basis for, the Proposed Rule
COMMISSION
suspensions. Plan participants and Change
beneficiaries use the information in 1. Purpose
personal financial decisions. [Release No. 34–84035; File No. SR–ISE–
PBGC estimates that at most one plan 2018–76] The purpose of the proposed rule
sponsor of an ongoing plan gives notices change is to permit certain affiliated
each year under this regulation. The Self-Regulatory Organizations; Nasdaq market participants to aggregate volume
estimated annual burden of the ISE, LLC; Notice of Filing and and qualify for various pricing
collection of information is 20 hours Immediate Effectiveness of Proposed incentives. Specifically, the Exchange
and $12,000. Rule Change To Amend the proposes to permit Affiliated Entities to
Exchange’s Schedule of Fees To aggregate their Complex Order volume
3. Duties of Plan Sponsor Following Permit Certain Affiliated Market for purposes of calculating Priority
Mass Withdrawal (29 CFR Part 4281) Participants To Aggregate Volume and Customer Rebates in Section II of the
(OMB Control Number 1212–0032) Qualify for Various Pricing Incentives Schedule of Fees.
(Expires November 30, 2018)
September 5, 2018. Preface
Section 4281 of ERISA provides rules
for plans that have terminated by mass The Exchange is proposing to add the
Pursuant to Section 19(b)(1) of the
withdrawal. Under section 4281, if following new defined terms to the
Securities Exchange Act of 1934
nonforfeitable benefits exceed plan Preface of the Schedule of Fees,
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 ‘‘Affiliated Entity,’’ ‘‘Appointed Market
assets, the plan sponsor must amend the notice is hereby given that on August
plan to reduce benefits. If the plan Maker,’’ ‘‘Appointed OFP,’’ and ‘‘Order
24, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or Flow Provider.’’ The Exchange also
nevertheless becomes insolvent, the ‘‘Exchange’’) filed with the Securities
plan sponsor must suspend certain proposes to alphabetize the current
and Exchange Commission definitions.
benefits that cannot be paid. If available
(‘‘Commission’’) the proposed rule
resources are inadequate to pay Affiliated Entity
change as described in Items I, II, and
guaranteed benefits, the plan sponsor The term ‘‘Appointed Market Maker’’
must request financial assistance from III, below, which Items have been
prepared by the Exchange. The is proposed to be defined as a Market
PBGC. Maker who has been appointed by an
The regulation requires a plan Commission is publishing this notice to
solicit comments on the proposed rule Order Flow Provider (‘‘OFP’’) for
sponsor to give notices of benefit
change from interested persons. purposes of qualifying as an Affiliated
reduction, notices of insolvency, and
Entity. An OFP is separately proposed
notices of insolvency benefit level to I. Self-Regulatory Organization’s to be defined as any Member, other than
PBGC and to participants and Statement of the Terms of Substance of a Market Maker, that submits orders, as
beneficiaries and, if necessary, to apply agent or principal, to the Exchange.3
the Proposed Rule Change
to PBGC for financial assistance. The Exchange proposes to define the
PBGC uses the information it receives The Exchange proposes to amend the term ‘‘Appointed OFP’’ as an OFP who
to make determinations required by Exchange’s Schedule of Fees to permit has been appointed by a Market Maker
ERISA, to identify and estimate the cash certain affiliated market participants to for purposes of qualifying as an
needed for financial assistance to aggregate volume and qualify for various Affiliated Entity. The Exchange
terminated plans, and to verify the pricing incentives. proposes to define the term ‘‘Affiliated
appropriateness of financial assistance Entity’’ as a relationship between an
payments. Plan participants and The text of the proposed rule change
is available on the Exchange’s website at Appointed Market Maker and an
beneficiaries use the information to
daltland on DSKBBV9HB2PROD with NOTICES
http://ise.cchwallstreet.com/, at the Appointed OFP for purposes of
make personal financial decisions. qualifying for certain pricing as
PBGC estimates that plan sponsors of principal office of the Exchange, and at
specified in the Schedule of Fees. In
terminated plans each year will give the Commission’s Public Reference
order to become an Affiliated Entity,
benefit reduction notices for 1 plan, Room.
notices of insolvency for 10 plans, and 3 Market Makers shall not be considered
notices of insolvency benefit level for 55 1 15 U.S.C. 78s(b)(1). Appointed OFPs for the purpose of becoming an
plans. PBGC also estimates that plan 2 17 CFR 240.19b–4. Affiliated Entity.
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Document Created: 2018-09-11 01:03:05
Document Modified: 2018-09-11 01:03:05
| 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 October 11, 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 45996 |
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