83 FR 54383 - Submission of Information Collection for OMB Review; Comment Request; Partitions of Eligible Multiemployer Plans

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 83, Issue 209 (October 29, 2018)

Page Range		54383-54384
FR Document		2018-23498

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of a collection of information contained in its regulation on Partitions of Eligible Multiemployer Plans. This notice informs the public of PBGC's request and solicits public comment on the collection.

Federal Register, Volume 83 Issue 209 (Monday, October 29, 2018)

[Federal Register Volume 83, Number 209 (Monday, October 29, 2018)]
[Notices]
[Pages 54383-54384]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23498]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Partitions of Eligible Multiemployer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of 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 a collection of information contained 
in its regulation on Partitions of Eligible Multiemployer Plans. This 
notice informs the public of PBGC's request and solicits public comment 
on the collection.

DATES: Comments must be submitted by November 28, 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: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, DC 20005-4026; 202-326-4400, extension 
6563. TTY users may call the Federal Relay Service toll-free at 800-
877-8339 and ask to be connected to 202-326-4400, extension 6563.

SUPPLEMENTARY INFORMATION: Sections 4233(a) and (b) of the Employee 
Retirement Income Security Act of 1974 (ERISA) allow a plan sponsor of 
a multiemployer plan to apply to PBGC for a partition of the plan and 
state the criteria that PBGC uses to determine a plan's eligibility for 
a partition.
    PBGC's regulation on Partitions of Eligible Multiemployer Plans (29 
CFR part 4233) sets forth the procedures for applying for a partition, 
the information required to be included in a partition application, and 
notices to interested parties of the application.
    PBGC needs the information to determine whether a plan is eligible 
for partition and whether a proposed partition would comply with the 
statutory conditions required before PGBC may order a partition.
    The existing collection of information was approved under OMB 
control number 1212-0068 (expires December 31, 2018). On August 17, 
2018, PBGC published in the Federal Register (at 83 FR 41113) a notice 
informing the public of its intent to request an extension of this 
collection of information. PBGC did not receive any comments about this 
collection of information. PBGC is requesting that OMB extend approval 
of the collection 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.
    PBGC estimates that there will be six applications for partition 
each year for which plan sponsors submit applications under this 
regulation. The total estimated annual burden of the

[[Page 54384]]

collection of information is 78 hours and $239,400.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2018-23498 Filed 10-26-18; 8:45 am]
 BILLING CODE 7709-02-P

Federal Register / Vol. 83, No. 209 / Monday, October 29, 2018 / Notices 54383

of Shipments of Category 1 Quantities of adversely affect public health and safety under-omb-review. It may also be
Radioactive Material’’. or the common defense and security. obtained without charge by writing to
5. How often the collection is required the Disclosure Division of the Office of
or requested: One time for initial III. Specific Requests for Comments
the General Counsel, 1200 K Street NW,
compliance notifications and The NRC is seeking comments that Washington, DC 20005–4026; faxing a
fingerprints for the reviewing officials; address the following questions: request to 202–326–4042; or, calling
and as needed for implementation 1. Is the proposed collection of 202–326–4040 during normal business
notifications, event notifications, information necessary for the NRC to hours (TTY users may call the Federal
notifications of shipments of radioactive properly perform its functions? Does the Relay Service toll-free at 1–800–877–
material, and fingerprinting of new information have practical utility? 8339 and ask to be connected to 202–
employees. 2. Is the estimate of the burden of the 326–4040). The Disclosure Division will
6. Who will be required or asked to information collection accurate? email, fax, or mail the information to
respond: Licensees that are authorized 3. Is there a way to enhance the you, as you request.
to possess and use category 1 or quality, utility, and clarity of the
FOR FURTHER INFORMATION CONTACT:
category 2 quantities of radioactive information to be collected?
material. Melissa Rifkin (rifkin.melissa@
4. How can the burden of the
7. The estimated number of annual pbgc.gov), Attorney, Regulatory Affairs
information collection on respondents
responses: 101,479 (4,704 reporting Division, Office of the General Counsel,
be minimized, including the use of
responses + 95,375 third party Pension Benefit Guaranty Corporation,
automated collection techniques or
disclosure responses + 1,400 1200 K Street NW, Washington, DC
other forms of information technology?
recordkeepers). 20005–4026; 202–326–4400, extension
8. The estimated number of annual Dated at Rockville, Maryland, this 23rd day 6563. TTY users may call the Federal
of October, 2018. For the Nuclear Regulatory Relay Service toll-free at 800–877–8339
respondents: 5,600. Commission.
9. The estimated number of hours and ask to be connected to 202–326–
needed annually to comply with the David Cullison, 4400, extension 6563.
information collection requirement or NRC Clearance Officer, Office of the Chief
Information Officer. SUPPLEMENTARY INFORMATION: Sections
request: 74,043 hours (1,557 reporting + 4233(a) and (b) of the Employee
23,989 recordkeeping + 48,497 third [FR Doc. 2018–23493 Filed 10–26–18; 8:45 am]
Retirement Income Security Act of 1974
party disclosure). BILLING CODE 7590–01–P
(ERISA) allow a plan sponsor of a
10. Abstract: Part 37 of title 10 of the multiemployer plan to apply to PBGC
Code of Federal Regulations (10 CFR), for a partition of the plan and state the
contains security requirements for the PENSION BENEFIT GUARANTY criteria that PBGC uses to determine a
use of category 1 and category 2 CORPORATION plan’s eligibility for a partition.
quantities of radioactive material.
Licensees are required to: (1) Develop Submission of Information Collection PBGC’s regulation on Partitions of
procedures for implementation of the for OMB Review; Comment Request; Eligible Multiemployer Plans (29 CFR
security provisions; (2) develop a Partitions of Eligible Multiemployer part 4233) sets forth the procedures for
security plan that describes how Plans applying for a partition, the information
security is being implemented; (3) required to be included in a partition
AGENCY: Pension Benefit Guaranty application, and notices to interested
conduct training on the procedures and
Corporation. parties of the application.
security plan; (4) conduct background
investigations for those individuals ACTION: Notice of request for extension PBGC needs the information to
permitted access to category 1 or of OMB approval. determine whether a plan is eligible for
category 2 quantities of radioactive partition and whether a proposed
SUMMARY: The Pension Benefit Guaranty partition would comply with the
material; (5) coordinate with LLEAs so Corporation (PBGC) is requesting that
the LLEAs would be better prepared to statutory conditions required before
the Office of Management and Budget PGBC may order a partition.
respond in an emergency; (6) conduct (OMB) extend approval, under the
preplanning and coordination activities The existing collection of information
Paperwork Reduction Act, of a was approved under OMB control
before shipping radioactive material; collection of information contained in
and (7) implement security measures for number 1212–0068 (expires December
its regulation on Partitions of Eligible 31, 2018). On August 17, 2018, PBGC
the protection of the radioactive Multiemployer Plans. This notice
material. Licensees are required to published in the Federal Register (at 83
informs the public of PBGC’s request FR 41113) a notice informing the public
promptly report any attempted or actual and solicits public comment on the
theft or diversion of the radioactive of its intent to request an extension of
collection. this collection of information. PBGC did
material. Licensees are required to keep
copies of the security plan, procedures, DATES: Comments must be submitted by not receive any comments about this
background investigation records, November 28, 2018. collection of information. PBGC is
training records, and documentation ADDRESSES: Comments should be sent to requesting that OMB extend approval of
that certain activities have occurred. the Office of Information and Regulatory the collection for three years. An agency
NRC Form 755, ‘‘Notification to the NRC Affairs, Office of Management and may not conduct or sponsor, and a
of Shipments of Category 1 Quantities of Budget, Attention: Desk Officer for person is not required to respond to, a
Radioactive Material’’ is used by Pension Benefit Guaranty Corporation, collection of information unless it
amozie on DSK3GDR082PROD with NOTICES1

licensees to provide advance via electronic mail at OIRA_ displays a currently valid OMB control
notification of shipments of category 1 submission@omb.eop.gov or by fax to number.
quantities of radioactive material. The (202) 395–6974. PBGC estimates that there will be six
NRC uses the information required by A copy of the request will be posted applications for partition each year for
10 CFR part 37 to fulfill its on PBGC’s website at: https:// which plan sponsors submit
responsibilities to respond to, www.pbgc.gov/prac/laws-and- applications under this regulation. The
investigate, and correct situations that regulations/information-collections- total estimated annual burden of the

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54384 Federal Register / Vol. 83, No. 209 / Monday, October 29, 2018 / Notices

collection of information is 78 hours security’s true and current value. The that NBBO.11 The Exchange also would
and $239,400. proposed rule change was published for exclude a crossed NBBO from the
Issued in Washington, DC. comment in the Federal Register on calculation.12
September 17, 2018.6 The Commission The Exchange notes that its proposed
Hilary Duke,
received no comment letters on the change to the Official Closing Price
Assistant General Counsel for Regulatory
proposed rule change. This order calculation in this scenario is similar to
Affairs, Pension Benefit Guaranty
Corporation. approves the proposed rule change. how it considers an ‘‘Auction NBBO,’’
which is used as a basis for determining
[FR Doc. 2018–23498 Filed 10–26–18; 8:45 am] II. Description of the Proposed Rule the Auction Reference Price for the Core
BILLING CODE 7709–02–P Change Open Auction.13 To qualify as an
On March 20, 2018, the Commission Auction NBBO for the Core Open
approved the Exchange’s proposal Auction, there must be both a bid and
SECURITIES AND EXCHANGE (‘‘OCP Filing’’) to amend NYSE Arca an offer that is not zero, the NBBO
COMMISSION Rule 1.1(ll) to provide for how the cannot be crossed, and the midpoint of
[Release No. 34–84471; File No. SR– Official Closing Price is determined for the NBBO when multiplied by a
NYSEArca–2018–63] an Exchange-listed security that is a designated percentage cannot be greater
Derivative Securities Product if the than or equal to the spread of the
Self-Regulatory Organizations; NYSE Exchange does not conduct a Closing NBBO.14
Arca, Inc.; Order Approving a Auction or if a Closing Auction trade is The Exchange also proposes a non-
Proposed Rule Change To Amend less than a round lot.7 As described in substantive clarifying change to NYSE
NYSE Arca Rule 1.1(ll) To Modify the the Notice, the Exchange had sought a Arca Rule 1.1(ll) to specify that the
Formula for Establishing the Official method for deriving the Official Closing process under NYSE Arca Rule
Closing Price for a Derivative Price that would be more indicative of 1.1(ll)(1)(D) would be utilized if the
Securities Product When There Is No the actual value of the securities, in Official Closing Price cannot be
Closing Auction or if the Closing particular for listed securities that are determined under NYSE Arca
Auction Is Less Than One Round Lot, thinly traded or generally illiquid.8 Rule1.1(ll)(1)(A), (B), or (C).15
by Excluding the NBBO Midpoint if the Prior to approval of the OCP Filing, the The Exchange anticipates the
Midpoint Multiplied by 10% Is Less Official Closing Price for such securities implementation date for the proposed
Than the NBBO Spread or if the NBBO would have been based on a last-sale rule change will be in the first quarter
Is Crossed trade that may have been hours, days, or of 2019, and the Exchange will
even months old and therefore not announce such implementation date by
October 23, 2018. Trader Update.16
necessarily indicative of their true and
I. Introduction current value. With approval of the OCP III. Discussion and Commission’s
On August 29, 2018, NYSE Arca, Inc. Filing, the Exchange adopted a revised Findings
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed calculation to derive the value for
securities that have a potentially stale After careful review, the Commission
with the Securities and Exchange finds that the proposed rule change is
Commission (‘‘Commission’’) pursuant last-price, depending on when the last
consolidated last-sale eligible trade consistent with the requirements of the
to Section 19(b)(1) of the Securities Act and the rules and regulations
Exchange Act of 1934 (‘‘Act’’ 1 and Rule occurred. Specifically, for such
securities, the Official Closing Price thereunder applicable to a national
19b–4 thereunder,2 a proposed rule securities exchange.17 In particular, the
change to amend NYSE Arca Rule 1.1(ll) would be derived by adding a
percentage of the TWAP of the NBBO Commission finds that the proposed
to exclude from the time-weighted rule change is consistent with Section
average price (‘‘TWAP’’) calculation, for midpoint measured over the last five
minutes before the end of Core Trading 6(b)(5) of the Act,18 which requires,
purpose of determining the Official among other things, that the rules of a
Closing Price 3 for an Exchange-listed Hours and a percentage of the last
consolidated last-sale eligible trade national securities exchange be
security that is a Derivative Securities
Product 4 if the Exchange does not before the end of Core Trading Hours on 11 See proposed NYSE Arca Rule 1.1(ll)(1)(B).
conduct a Closing Auction 5 or if a that trading day.9 12 See id. For an example of this proposed new
Closing Auction trade is less than a The Exchange now proposes to process, see Notice, supra, note 6, at 46981–82.
round lot, a midpoint that is based on further amend NYSE Arca Rule 13 The term ‘‘Auction NBBO’’ means an NBBO

1.1(ll)(1)(B) to exclude from the TWAP that is used for purposes of pricing an auction. See
a National Best Bid and Offer (‘‘NBBO’’) NYSE Arca Rule 7.35–E(a)(5). The Exchange also
that may not be reflective of the calculation a midpoint that is based on uses the Auction NBBO for determining the
an NBBO that the Exchange believes is Indicative Match Price in specified situations for
1 15 U.S.C. 78s(b)(1). too wide and therefore not reflective of the Closing Auction. See NYSE Arca Rule 7.35–
2 17 CFR 240.19b–4. the security’s true and current value.10 E(a)(8)(C).
14 See NYSE Arca Rule 7.35–E(a)(5). The
3 See NYSE Arca Rule 1.1(ll) for a definition of
Specifically, the Exchange proposes to
Official Closing Price. Exchange notes that, unlike its current proposal to
4 With respect to equities traded on the Exchange,
exclude an NBBO midpoint from the codify a designated percentage of ten percent (10%)
the term ‘‘Derivative Securities Product’’ means a
calculation of the Official Closing Price to be used in the TWAP calculation for the Official
security that meets the definition of ‘‘derivative if that midpoint, when multiplied by ten Closing Price, the designated percentage used for
securities product’’ in Rule 19b–4(e) under the Act. percent (10%), is less than the spread of determining the Auction NBBO for the Core Open
See NYSE Arca Rule 1.1(k). For purposes of Rule Auction is determined by the Exchange upon prior
notice to ETP Holders. See Notice, supra, note 6,
amozie on DSK3GDR082PROD with NOTICES1

19b–4(e), a ‘‘derivative securities product’’ means 6 See Securities Exchange Act Release No. 84079
any type of option, warrant, hybrid securities at 46982.
product or any other security, other than a single (September 11, 2018), 83 FR 46981 (‘‘Notice’’). 15 See proposed NYSE Arca Rule 1.1(ll)(1)(D).
7 See Securities Exchange Act Release No. 82907 16 See Notice, supra, note 6, at 46982.
equity option or a security futures product, whose
value is based, in whole or in part, upon the (March 20, 2018), 83 FR 12980 (March 26, 2018) 17 In approving this proposed rule change, the

performance of, or interest, in, an underlying (order approving SR–NYSEArca–2018–08). Commission has considered the proposed rule’s
8 See Notice, supra, note 6, at 46981.
instrument. 17 CFR 240.19b–4(e). impact on efficiency, competition, and capital
5 See NYSE Arca Rule 7.35–E(d) regarding the 9 See NYSE Arca Rule 1.1(ll)(1)(B)(i)–(vi). formation. See 15 U.S.C. 78c(f).
operation of Closing Auctions on the Exchange. 10 See Notice, supra, note 6, at 46981. 18 15 U.S.C. 78f(b)(5).

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Document Created: 2018-10-27 01:08:25
Document Modified: 2018-10-27 01:08:25

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 extension of OMB approval.
Dates		Comments must be submitted by November 28, 2018.
Contact		Melissa Rifkin ([email protected]), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026; 202-326-4400, extension 6563. TTY users may call the Federal Relay Service toll-free at 800- 877-8339 and ask to be connected to 202-326-4400, extension 6563.
FR Citation		83 FR 54383