83 FR 48875 - Approval of Special Withdrawal Liability Rules: Alaska Electrical Pension Plan of the Alaska Electrical Pension Fund
PENSION BENEFIT GUARANTY CORPORATION Federal Register Volume 83, Issue 188 (September 27, 2018)
Federal Register Volume 83, Issue 188 (September 27, 2018)
| Page Range | 48875-48877 | |
| FR Document | 2018-21040 |
[Federal Register Volume 83, Number 188 (Thursday, September 27, 2018)] [Notices] [Pages 48875-48877] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-21040] ======================================================================= ----------------------------------------------------------------------- PENSION BENEFIT GUARANTY CORPORATION Approval of Special Withdrawal Liability Rules: Alaska Electrical Pension Plan of the Alaska Electrical Pension Fund AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of approval. ----------------------------------------------------------------------- SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) received a request from the Alaska Electrical Pension Plan of the Alaska Electrical Pension Fund for approval of a plan amendment providing for special withdrawal liability rules. PBGC published a Notice of Pendency of the Request for Approval of the amendment. PBGC is now advising the public that the agency has approved the requested amendment. FOR FURTHER INFORMATION CONTACT: Jon Chatalian, ext. 6757, Acting Assistant General Counsel (Chatalian.Jon@PBGC.gov), 202-326-4020, ext. 6757, Office of the General Counsel, Suite 340, 1200 K Street NW, Washington, DC 20005-4026; (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4020.) SUPPLEMENTARY INFORMATION: Background Section 4203(a) of the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (ERISA), provides that a complete withdrawal from a multiemployer plan generally occurs when an employer permanently ceases to have an obligation to contribute under the plan or permanently ceases all covered operations under the plan. Under section 4205 of ERISA, a partial withdrawal generally occurs when an employer: (1) Reduces its contribution base units by seventy percent in each of three consecutive years; or (2) permanently ceases to have an obligation under one or more but fewer than all collective bargaining agreements under which the employer has been obligated to contribute under the plan, while continuing to perform work in the jurisdiction of the collective bargaining agreement of the type for which contributions were previously required or transfers such work to another location or to an entity or entities owned or controlled by the employer; or (3) permanently ceases to have an obligation to contribute under the plan for work performed at one or more but fewer than all of its facilities, while continuing to perform work at the facility of the type for which the obligation to contribute ceased. Although the general rules on complete and partial withdrawal identify events that normally result in a diminution of the plan's contribution base, Congress recognized that, in certain industries and under certain circumstances, a complete or partial cessation of the obligation to contribute normally does not weaken the plan's contribution base. For that reason, Congress established special withdrawal rules for the construction and entertainment industries. For construction industry plans and employers, section 4203(b)(2) of ERISA provides that a complete withdrawal occurs only if an employer ceases to have an obligation to contribute under a plan and the employer either continues to perform previously covered work in the jurisdiction of the collective bargaining agreement, or resumes such work within 5 years without renewing the obligation to contribute at the time of resumption. In the case of a plan terminated by mass withdrawal (within the meaning of section 4041(A)(2) of ERISA), section 4203(b)(3) provides that the 5-year restriction on an employer's resuming covered work is reduced to 3 years. Section 4203(c)(1) of ERISA applies the same special definition of complete withdrawal to the entertainment industry, except that the pertinent jurisdiction is the jurisdiction of the plan rather than the jurisdiction of the collective bargaining agreement. In contrast, the general definition of complete withdrawal in section 4203(a) of ERISA includes the permanent cessation of the obligation to contribute regardless of the continued activities of the withdrawn employer. Congress also established special partial withdrawal liability rules for the construction and entertainment industries. Under section 4208(d)(1) of ERISA, ``[a]n employer to whom section 4203(b) (relating to the building and construction industry) applies is liable for a partial withdrawal only if the employer's obligation to contribute under the plan is continued for no more than an insubstantial portion of its work in the craft and area jurisdiction of the collective bargaining agreement of the type for which contributions are required.'' Under section 4208(d)(2) of ERISA, ``[a]n employer to whom section 4203(c) (relating to the entertainment industry) applies shall have no liability for a partial withdrawal except under the conditions and to the extent prescribed by the [PBGC] by regulation.'' Section 4203(f)(1) of ERISA provides that PBGC may prescribe regulations under which plans in other industries may be amended to provide for special withdrawal liability rules similar to the rules prescribed in section 4203(b) and (c) of ERISA. Section 4203(f)(2) of ERISA provides that such regulations shall permit the use of special withdrawal liability rules only in industries (or portions thereof) in which PBGC determines that the characteristics that would make use of such rules appropriate are clearly shown, and that the use of such rules will not pose a significant risk to the insurance system under Title IV of ERISA. Section 4208(e)(3) of ERISA provides that PBGC shall prescribe by regulation a procedure by which plans may be amended to adopt special partial withdrawal liability rules upon a finding by PBGC that the adoption of such rules is consistent with the purposes of Title IV of ERISA. PBGC's regulations on Extension of Special Withdrawal Liability Rules (29 CFR part 4203) prescribe procedures for a multiemployer plan to ask PBGC to approve a plan amendment that establishes special complete or partial withdrawal liability rules. Section 4203.5(b) of the regulation requires PBGC to publish a notice of the pendency of a request for approval of special withdrawal liability rules in the Federal Register, and to provide interested parties with an opportunity to comment on the request. The Request PBGC received a request from the Alaska Electrical Pension Plan of the Alaska Electrical Pension Fund (the ``Plan''), for approval of a plan amendment providing for special withdrawal liability rules. The Plan subsequently provided supplemental information in response to a request from PBGC. PBGC published a Notice of Pendency of the Request for Approval of the amendment on June 5, 2018. PBGC's summary of the actuarial reports provided by the Plan may be accessed on PBGC's website (https://www.pbgc.gov/prac/pg/other/guidance/multiemployer-notices.html). PBGC did not receive any comments from interested parties. In summary, the Plan is a multiemployer pension plan maintained [[Page 48876]] pursuant to a collective bargaining agreement between the Alaska Chapter National Electrical Contractors and the I.B.E.W. 1547 (``Union''), collective bargaining agreements between individual employers and the Union, and ``special agreements'' between various employers and the Board to provide for participation by certain non- bargained employees. The Plan covers unionized employees who predominantly work in the electrical industry in Alaska. Approximately one-third of the participants are employed in the building and construction industry and the remaining two-thirds are employed in the utilities and telecommunications industry. The Plan's proposed amendment would be effective for withdrawals occurring on or after January 1, 2017, and would create special withdrawal liability rules for employers contributing to the Plan whose employees work under a contract or subcontract with federal government agencies governed by the Service Contract Act (``SCA''), 41 U.S.C. 351 et seq.; provided that substantially all of the employees for whom the employer is required to make a contribution work under a service contract (``SCA Employers''). The Plan's submission represents that the industry for which the rule is requested has characteristics similar to those of the construction industry. According to the Plan, the principal similarity is that when a contributing SCA Employer loses a contract, the applicable federal government agency typically contracts with a new SCA Employer to contribute at the same or substantially the same rate, because the SCA provides that employees must not be paid less than the minimum monetary wages and fringe benefits found prevailing in a particular locality in accordance with the applicable collective bargaining agreement. Under the following circumstances relating to SCA Employers, the Plan's proposed amendment defines a complete withdrawal as follows: (1) If an SCA Employer ceases to have an obligation to contribute to the Plan because it loses all its Service Contracts and the successor SCA Employer has an obligation to contribute to the Plan for work performed under the Service Contract at the same or a higher contribution rate and for at least 85% as many contribution base units as such SCA Employer had during the plan year ending before such SCA Employer lost the contract, a complete withdrawal occurs only if the SCA Employer: (A) Continues to perform work in the jurisdiction of the collective bargaining agreement of the type for which contributions were previously required; or (B) Within 5 years after the date on which the SCA Employer loses the Service Contract(s), (i) Such SCA Employer resumes such work and does not renew the obligation at the time of resumption; or (ii) The federal government decides to close the facility, have the work performed by government employees, or transfer the work covered by the Service Contract to another location that is not covered by a collective bargaining unit; or (iii) The successor SCA Employer ceases contributions to the Plan for work performed pursuant to the Service Contract. Under the following circumstances relating to SCA Employers, the Plan's proposed amendment defines a partial withdrawal as follows: (1) If an SCA Employer loses a contract to a successor SCA Employer, and if the successor has an obligation to contribute to the Plan for work performed under the Service Contract at the same or a higher contribution rate and for at least 85% as many contribution base units as such SCA Employer had during the plan year ending before such SCA Employer lost the contract, a partial withdrawal occurs only if the SCA Employer has an obligation to contribute for no more than an insubstantial portion of its work in the jurisdiction of a collective bargaining agreement for which contributions are or were required to the Plan, and either, (A) The SCA Employer continues to perform work in the jurisdiction of a collective bargaining agreement of the type for which contributions were previously required; or (B) Within 5 years after the date on which the SCA Employer loses the Service Contract, (i) The federal government decides to close the facility, have the work performed by government employees, or transfer the work covered by the service contract to another location that is not covered by a collective bargaining unit; or (ii) The successor SCA Employer ceases contributions to the Plan for work performed under the Service Contract. In the case of termination by mass withdrawal (within the meaning of section 4041A(a)(2) of ERISA), the proposed amendment provides that section 4203(b)(3) of ERISA, the provision that allows a construction employer to resume covered work after 3 years of withdrawal, rather than the standard 5-year restriction, is not applicable. Therefore, in the event of a mass withdrawal, there is still a 5-year restriction on resuming covered work in the jurisdiction of the Plan. The Plan's request includes the actuarial data on which the Plan relies to support its contention that the amendment will not pose a significant risk to the insurance system under Title IV of ERISA. Decision on the Proposed Amendment The statute and the implementing regulation state that PBGC must make two factual determinations before it approves a request for an amendment that adopts a special withdrawal liability rule. ERISA section 4203(f); 29 CFR 4203.5(a). First, based on a showing by the plan, PBGC must determine that the amendment will apply to an industry that has characteristics that would make use of the special rules appropriate. Second, PBGC must determine that the plan amendment will not pose a significant risk to the insurance system. PBGC's discussion on each of those issues follows. After review of the record submitted by the Plan, and having received no public comments, PBGC has made the following determinations. 1. What is the nature of the industry? In determining whether an industry has the characteristics that would make an amendment to special rules appropriate, an important inquiry is the extent to which the Plan's contribution base resembles that found in the construction industry. This threshold question requires consideration of the effect of SCA Employer withdrawals on the Plan's contribution base. Similar to construction industry employers, when an SCA Employer loses its contract, the applicable federal government agency contracts with a new SCA Employer to contribute at the same or substantially the same rate. This is because the SCA provides that employees must not be paid less than the wages and fringe benefits set by the collective bargaining agreement. The Plan presented historical data that demonstrates over the past 15 years, cessation of contributions by any individual SCA employer has not had an adverse impact on the Plan's contribution base. Most SCA employers that have ceased to contribute have been replaced by another employer who begins contributing for the same work. Therefore, PBGC has concluded that the amendment will apply to an industry that has characteristics that would make the use of special withdrawal liability rules appropriate. [[Page 48877]] 2. What is the exposure and risk of loss to PBGC? Exposure. The Plan is in a strong funded position. For each Plan year since the adoption of PPA, the Plan's actuary certified that it was not endangered, critical, or critical and declining status, and as of January 1, 2017, the Plan's funded percentage was 94.4%. The Plan is a Green zone plan with steady contributions and a solid base of active participants. Risk of loss. The record shows that the proposed amendment presents a low risk of loss to PBGC's multiemployer insurance program. SCA employers constitute a small part of the total number of employers obligated to contribute to the Plan. Eight of the Plan's approximately 130 contributing employers are SCA employers and 3% of the Plan's active participants are employed by SCA Employers. In addition, the industry covered by the amendment has unique characteristics that suggest the SCA Employers' contribution base is likely to remain stable, and the historical data provided by the Plan demonstrates that if the proposed amendment had always been in effect, the Plan's withdrawal liability payments would have been reduced by only .03% of the Plan's $1.8 billion assets. Accordingly, the data substantiates the Plan's assertions that the SCA Employer contribution base is secure and the amendment will not pose a significant risk to the insurance system. Conclusion Based on the Plan's submissions and the representations and statements made in connection with the request for approval, PBGC has determined that the plan amendment adopting the special withdrawal liability rules (1) will apply only to an industry that has characteristics that would make the use of special withdrawal liability rules appropriate, and (2) will not pose a significant risk to the insurance system. Therefore, PBGC hereby grants the Plan's request for approval of a plan amendment providing special withdrawal liability rules, as set forth herein. Should the Plan wish to amend these rules at any time, PBGC approval of the amendment will be required. Issued in Washington, DC. William Reeder, Director, Pension Benefit Guaranty Corporation. [FR Doc. 2018-21040 Filed 9-26-18; 8:45 am] BILLING CODE 7709-02-P
![Federal Register / Vol. 83, No. 188 / Thursday, September 27, 2018 / Notices 48875
For the Atomic Safety and Licensing bargaining agreement of the type for required.’’ Under section 4208(d)(2) of
Board. which contributions were previously ERISA, ‘‘[a]n employer to whom section
Dated: Rockville, Maryland, September 21, required or transfers such work to 4203(c) (relating to the entertainment
2018. another location or to an entity or industry) applies shall have no liability
George P. Bollwerk III, entities owned or controlled by the for a partial withdrawal except under
Chairman, Administrative Judge. employer; or (3) permanently ceases to the conditions and to the extent
[FR Doc. 2018–21008 Filed 9–26–18; 8:45 am] have an obligation to contribute under prescribed by the [PBGC] by
BILLING CODE 7590–01–P the plan for work performed at one or regulation.’’
more but fewer than all of its facilities, Section 4203(f)(1) of ERISA provides
while continuing to perform work at the that PBGC may prescribe regulations
PENSION BENEFIT GUARANTY facility of the type for which the under which plans in other industries
CORPORATION obligation to contribute ceased. may be amended to provide for special
Although the general rules on withdrawal liability rules similar to the
Approval of Special Withdrawal complete and partial withdrawal rules prescribed in section 4203(b) and
Liability Rules: Alaska Electrical identify events that normally result in a (c) of ERISA. Section 4203(f)(2) of
Pension Plan of the Alaska Electrical diminution of the plan’s contribution ERISA provides that such regulations
Pension Fund base, Congress recognized that, in shall permit the use of special
certain industries and under certain withdrawal liability rules only in
AGENCY: Pension Benefit Guaranty circumstances, a complete or partial industries (or portions thereof) in which
Corporation. cessation of the obligation to contribute PBGC determines that the
ACTION: Notice of approval. normally does not weaken the plan’s characteristics that would make use of
SUMMARY: The Pension Benefit Guaranty contribution base. For that reason, such rules appropriate are clearly
Congress established special withdrawal shown, and that the use of such rules
Corporation (PBGC) received a request
rules for the construction and will not pose a significant risk to the
from the Alaska Electrical Pension Plan
entertainment industries. insurance system under Title IV of
of the Alaska Electrical Pension Fund For construction industry plans and ERISA. Section 4208(e)(3) of ERISA
for approval of a plan amendment employers, section 4203(b)(2) of ERISA provides that PBGC shall prescribe by
providing for special withdrawal provides that a complete withdrawal regulation a procedure by which plans
liability rules. PBGC published a Notice occurs only if an employer ceases to may be amended to adopt special partial
of Pendency of the Request for Approval have an obligation to contribute under withdrawal liability rules upon a
of the amendment. PBGC is now a plan and the employer either finding by PBGC that the adoption of
advising the public that the agency has continues to perform previously covered such rules is consistent with the
approved the requested amendment. work in the jurisdiction of the collective purposes of Title IV of ERISA.
FOR FURTHER INFORMATION CONTACT: Jon bargaining agreement, or resumes such PBGC’s regulations on Extension of
Chatalian, ext. 6757, Acting Assistant work within 5 years without renewing Special Withdrawal Liability Rules (29
General Counsel (Chatalian.Jon@ the obligation to contribute at the time CFR part 4203) prescribe procedures for
PBGC.gov), 202–326–4020, ext. 6757, of resumption. In the case of a plan a multiemployer plan to ask PBGC to
Office of the General Counsel, Suite 340, terminated by mass withdrawal (within approve a plan amendment that
1200 K Street NW, Washington, DC the meaning of section 4041(A)(2) of establishes special complete or partial
20005–4026; (TTY users may call the ERISA), section 4203(b)(3) provides that withdrawal liability rules. Section
Federal relay service toll-free at 1–800– the 5-year restriction on an employer’s 4203.5(b) of the regulation requires
877–8339 and ask to be connected to resuming covered work is reduced to 3 PBGC to publish a notice of the
202–326–4020.) years. Section 4203(c)(1) of ERISA pendency of a request for approval of
SUPPLEMENTARY INFORMATION: applies the same special definition of special withdrawal liability rules in the
complete withdrawal to the Federal Register, and to provide
Background
entertainment industry, except that the interested parties with an opportunity to
Section 4203(a) of the Employee pertinent jurisdiction is the jurisdiction comment on the request.
Retirement Income Security Act of 1974, of the plan rather than the jurisdiction
as amended by the Multiemployer of the collective bargaining agreement. The Request
Pension Plan Amendments Act of 1980 In contrast, the general definition of PBGC received a request from the
(ERISA), provides that a complete complete withdrawal in section 4203(a) Alaska Electrical Pension Plan of the
withdrawal from a multiemployer plan of ERISA includes the permanent Alaska Electrical Pension Fund (the
generally occurs when an employer cessation of the obligation to contribute ‘‘Plan’’), for approval of a plan
permanently ceases to have an regardless of the continued activities of amendment providing for special
obligation to contribute under the plan the withdrawn employer. withdrawal liability rules. The Plan
or permanently ceases all covered Congress also established special subsequently provided supplemental
operations under the plan. Under partial withdrawal liability rules for the information in response to a request
section 4205 of ERISA, a partial construction and entertainment from PBGC. PBGC published a Notice of
withdrawal generally occurs when an industries. Under section 4208(d)(1) of Pendency of the Request for Approval of
employer: (1) Reduces its contribution ERISA, ‘‘[a]n employer to whom section the amendment on June 5, 2018. PBGC’s
base units by seventy percent in each of 4203(b) (relating to the building and summary of the actuarial reports
three consecutive years; or (2) construction industry) applies is liable provided by the Plan may be accessed
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permanently ceases to have an for a partial withdrawal only if the on PBGC’s website (https://
obligation under one or more but fewer employer’s obligation to contribute www.pbgc.gov/prac/pg/other/guidance/
than all collective bargaining under the plan is continued for no more multiemployer-notices.html). PBGC did
agreements under which the employer than an insubstantial portion of its work not receive any comments from
has been obligated to contribute under in the craft and area jurisdiction of the interested parties.
the plan, while continuing to perform collective bargaining agreement of the In summary, the Plan is a
work in the jurisdiction of the collective type for which contributions are multiemployer pension plan maintained
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![Federal Register / Vol. 83, No. 188 / Thursday, September 27, 2018 / Notices 48877
2. What is the exposure and risk of loss SECURITIES AND EXCHANGE Based Trust Shares on the Exchange.7
to PBGC? COMMISSION The Shares will represent units of
fractional undivided beneficial interest
Exposure. The Plan is in a strong [Release No. 34–84257; File No. SR–
NYSEArca–2018–55]
in and ownership of the Trust. The
funded position. For each Plan year investment objective of the Trust will be
since the adoption of PPA, the Plan’s Self-Regulatory Organizations; NYSE for the Shares to reflect the performance
actuary certified that it was not Arca, Inc.; Notice of Filing of of the price of gold, less the expenses
endangered, critical, or critical and Amendment No. 1 and Order and liabilities of the Trust.
declining status, and as of January 1, Approving on an Accelerated Basis a The sponsor of the Trust is
2017, the Plan’s funded percentage was Proposed Rule Change, as Modified by GraniteShares LLC (‘‘Sponsor’’). The
94.4%. The Plan is a Green zone plan Amendment No. 1, To List and Trade ‘‘Trustee’’ is The Bank of New York
with steady contributions and a solid Shares of the GraniteShares Gold Mellon and the ‘‘Custodian’’ is ICBC
base of active participants. MiniBAR Trust Pursuant to NYSE Arca Standard Bank Plc.
Risk of loss. The record shows that the Rule 8.201–E III. Discussion and Commission
proposed amendment presents a low September 21, 2018 Findings
risk of loss to PBGC’s multiemployer
I. Introduction After careful review, the Commission
insurance program. SCA employers
finds that the Exchange’s proposed rule
constitute a small part of the total On July 19, 2018, NYSE Arca, Inc. change, as modified by Amendment No.
number of employers obligated to (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 1, to list and trade the Shares is
contribute to the Plan. Eight of the with the Securities and Exchange consistent with the Act and the rules
Plan’s approximately 130 contributing Commission (‘‘Commission’’), pursuant and regulations thereunder applicable to
employers are SCA employers and 3% to Section 19(b)(1) of the Securities a national securities exchange.8 In
of the Plan’s active participants are Exchange Act of 1934 (‘‘Act’’) 1 and Rule particular, the Commission finds that
employed by SCA Employers. In 19b–4 thereunder,2 a proposed rule the proposal, as modified by
addition, the industry covered by the change to list and trade shares Amendment No. 1, is consistent with
amendment has unique characteristics (‘‘Shares’’) of the GraniteShares Gold Section 11A(a)(1)(C)(iii) of the Act,9
that suggest the SCA Employers’ MiniBAR Trust (‘‘Trust’’) under NYSE which sets forth Congress’ finding that
contribution base is likely to remain Arca Equities Rule 8.201–E. The it is in the public interest and
stable, and the historical data provided proposed rule change was published for appropriate for the protection of
by the Plan demonstrates that if the comment in the Federal Register on investors and the maintenance of fair
proposed amendment had always been August 8, 2018.3 On September 14, and orderly markets to assure the
in effect, the Plan’s withdrawal liability 2018, the Exchange filed Amendment availability to brokers, dealers, and
payments would have been reduced by No. 1 to the proposed rule change.4 The
investors of information with respect to
only .03% of the Plan’s $1.8 billion Commission has not received any
quotations for and transactions in
assets. Accordingly, the data comments on the proposed rule change.
securities. The last-sale price for the
substantiates the Plan’s assertions that The Commission is publishing this
Shares will be disseminated over the
the SCA Employer contribution base is notice to solicit comments on
Consolidated Tape. According to the
secure and the amendment will not pose Amendment No. 1 from interested
Exchange, there is a considerable
a significant risk to the insurance persons, and is approving the proposed
amount of information about gold and
rule change, as modified by Amendment
system. gold markets available on public
No. 1, on an accelerated basis.
websites and through professional and
Conclusion II. The Description of the Proposed subscription services. Investors may
Based on the Plan’s submissions and Rule Change, as Modified by obtain gold pricing information on a 24-
the representations and statements Amendment No. 1 5 hour basis based on the spot price for an
made in connection with the request for The Exchange proposes to list and ounce of gold from various financial
approval, PBGC has determined that the trade the Shares under NYSE Arca information service providers.10
plan amendment adopting the special Equities Rule 8.201–E,6 which governs
7 A ‘‘Commodity-Based Trust Share’’ is a security
withdrawal liability rules (1) will apply the listing and trading of Commodity-
(a) that is issued by a trust that holds a specified
only to an industry that has commodity deposited with the trust; (b) that is
1 15 U.S.C. 78s(b)(1).
characteristics that would make the use issued by such trust in a specified aggregate
2 17 CFR 240.19b–4.
of special withdrawal liability rules minimum number in return for a deposit of a
3 See Securities Exchange Act Release No. 83765 quantity of the underlying commodity; and (c) that,
appropriate, and (2) will not pose a (Aug. 2, 2018), 83 FR 39138 (‘‘Notice’’). when aggregated in the same specified minimum
significant risk to the insurance system. 4 In Amendment No. 1, the Exchange: (1) Asserted number, may be redeemed at a holder’s request by
Therefore, PBGC hereby grants the that gold futures contribute to and provide evidence such trust which will deliver to the redeeming
Plan’s request for approval of a plan of the liquidity of the overall market for gold; and holder the quantity of the underlying commodity.
(2) stated that the Chicago Mercantile Exchange See NYSE Arca Equities Rule 8.201(c)(1).
amendment providing special Group (‘‘CME Group’’) and ICE Futures US (‘‘ICE’’) 8 In approving this proposed rule change, the
withdrawal liability rules, as set forth are members of the Intermarket Surveillance Group Commission has considered the proposed rule’s
herein. Should the Plan wish to amend (‘‘ISG’’). Amendment No. 1 is available at: https:// impact on efficiency, competition, and capital
these rules at any time, PBGC approval www.sec.gov/comments/sr-NYSEArca–2018-55/ formation. See 15 U.S.C. 78c(f).
srnysearca201855-4348511-173281.pdf. 9 15 U.S.C. 78k–1(a)(1)(C)(iii).
of the amendment will be required.
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5 A more detailed description of the Trust and the 10 The Exchange states that Reuters and
Issued in Washington, DC. Shares, the creation and redemption of Shares, the Bloomberg, for example, provide at no charge on
NAV, the availability of information, among other their websites delayed information regarding the
William Reeder, things, is included in the Registration Statement, spot price of Gold and last sale prices of gold
Director, Pension Benefit Guaranty infra note 6, and the Notice, supra note 3. futures, as well as information about news and
6 The Trust has filed a registration statement on developments in the gold market. Reuters and
Corporation.
Form S–1 under the Securities Act of 1933 (15 Bloomberg also offer a professional service to
[FR Doc. 2018–21040 Filed 9–26–18; 8:45 am]
U.S.C. 77a), dated July 2, 2018 (File No. 333– subscribers for a fee that provides information on
BILLING CODE 7709–02–P 226034) (‘‘Registration Statement’’). Continued
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Document Created: 2018-09-27 01:03:40
Document Modified: 2018-09-27 01:03:40
| 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 approval. | |
| Contact | Jon Chatalian, ext. 6757, Acting Assistant General Counsel ([email protected]), 202-326-4020, ext. 6757, Office of the General Counsel, Suite 340, 1200 K Street NW, Washington, DC 20005-4026; (TTY users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326- 4020.) | |
| FR Citation | 83 FR 48875 |
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