Proposed Collection; Comment Request, 2601-2602 [E6-385]
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sroberts on PROD1PC69 with NOTICES
Federal Register / Vol. 71, No. 10 / Tuesday, January 17, 2006 / Notices
beginning after the sale and fails to pay
any of its liability to the plan, the seller
shall be secondarily liable for the
liability it (the seller) would have had
but for section 4204.
The bond or escrow described above
would be paid to the plan if the
purchaser withdraws from the plan or
fails to make any required contributions
to the plan within the first five plan
years beginning after the sale.
Additionally, section 4204(b)(1)
provides that if a sale of assets is
covered by section 4204, the purchaser
assumes by operation of law the
contribution record of the seller for the
plan year in which the sale occurred
and the preceding four plan years.
Section 4204(c) of ERISA authorizes
the Pension Benefit Guaranty
Corporation (‘‘PBGC’’) to grant
individual or class variances or
exemptions from the purchaser’s bond/
escrow requirement of section
4204(a)(1)(B) when warranted. The
legislative history of section 4204
indicates a Congressional intent that the
sales rules be administered in a manner
that assures protection of the plan with
the least practicable intrusion into
normal business transactions. Senate
Committee on Labor and Human
Resources, 96th Cong., 2nd Sess., S.
1076, The Multiemployer Pension Plan
Amendments Act of 1980: Summary
and Analysis of Considerations 16
(Comm. Print, April 1980); 128 Cong.
Rec. S10117 (July 29, 1980). The
granting of an exemption or variance
from the bond/escrow requirement does
not constitute a finding by the PBGC
that a particular transaction satisfies the
other requirements of section 4204(a)(1).
Under the PBGC’s regulation on
variances for sales of assets (29 CFR part
4204), a request for a variance or waiver
of the bond/escrow requirement under
any of the tests established in the
regulation (sections 4204.12 & 4204.13)
is to be made to the plan in question.
The PBGC will consider waiver requests
only when the request is not based on
satisfaction of one of the three
regulatory tests or when the parties
assert that the financial information
necessary to show satisfaction of one of
the regulatory tests is privileged or
confidential financial information
within the meaning of 5 U.S.C. 552(b)(4)
of the Freedom of Information Act.
Under section 4204.22 of the
regulation, the PBGC shall approve a
request for a variance or exemption if it
determines that approval of the request
is warranted, in that it:
(1) Would more effectively or
equitably carry out the purposes of Title
IV of the Act; and
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15:57 Jan 13, 2006
Jkt 208001
(2) Would not significantly increase
the risk of financial loss to the plan.
Section 4204(c) of ERISA and section
4204.22(b) of the regulation require the
PBGC to publish a notice of the
pendency of a request for a variance or
exemption in the Federal Register, and
to provide interested parties with an
opportunity to comment on the
proposed variance or exemption. The
PBGC received no comments on the
request for exemption.
Decision
On July 7, 2005, the PBGC published
a notice of the pendency of a request by
the LA Team Co. LLC (the ‘‘Buyer’’) for
an exemption from the bond/escrow
requirement of section 4204(a)(1)(B)
with respect to its purchase of the Los
Angeles Baseball Team from the Los
Angeles Dodgers, Inc. (the ‘‘Seller’’) (70
FR 39349). According to the request, the
Major League Baseball Players Pension
Plan (the ‘‘Fund’’) was established and
is maintained pursuant to a collective
bargaining agreement between the
professional major league baseball teams
(the ‘‘Clubs’’) and the Major League
Baseball Players Association (the
‘‘Players Association’’).
According to the Buyer’s
representations, the Seller was obligated
to contribute to the Fund for certain
employees of the sold operations.
Effective February 13, 2004, the Buyer
and Seller entered into an agreement
under which the Buyer agreed to
purchase substantially all of the assets
and assume substantially all of the
liabilities of the Seller relating to the
business of employing employees under
the Fund. The Buyer agreed to
contribute to the Fund for substantially
the same number of contribution base
units as the Seller. The Seller agreed to
be secondarily liable for any withdrawal
liability it would have had with respect
to the sold operations (if not for section
4204) should the Buyer withdraw from
the Fund within the five plan years
following the sale and fail to pay its
withdrawal liability. The amount of the
bond/escrow required under section
4204(a)(1)(B) of ERISA is $2,466,666.67.
The estimated amount of the unfunded
vested benefits allocable to the Seller
with respect to the operations subject to
the sale could be as high as $32,300,000.
The transaction had to be approved by
Major League Baseball, which required
that the debt-equity ratio of the Buyer be
no more than 60 percent. While the
separate major league clubs are the
nominal contributing employers to the
Fund, the Major League Central Fund,
under the Officer of the Commissioner,
receives the revenues and makes the
payments for certain common expenses
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Fmt 4703
Sfmt 4703
2601
including each club’s contribution to
the Fund. In support of the waiver
request, the requester asserts that ‘‘[t]he
Fund is * * * funded directly from
revenues which are paid from the
Central Fund directly to the Fund
without passing through the hands of
any of the Clubs. The revenues of the
Central Fund are * * * not exclusively
or even largely dependent on the
financial viability of any one Club. [A]
change in ownership of a Club does not
affect the obligation of the Central Fund
to fund the Fund out of the Revenue.
Accordingly, the Fund enjoys a
substantial degree of security with
respect to contributions on behalf of the
Clubs, and as such, approval of this
exemption request would not
significantly increase the risk of
financial loss to the Fund.’’
Based on the facts of this case and the
representations and statements made in
connection with the request for an
exemption, the PBGC has determined
that an exemption from the bond/
escrow requirement is warranted, in that
it would more effectively carry out the
purposes of Title IV of ERISA and
would not significantly increase the risk
of financial loss to the Fund. Therefore,
the PBGC hereby grants the request for
an exemption for the bond/escrow
requirement. The granting of an
exemption or variance from the bond/
escrow requirement of section
4204(a)(1)(B) does not constitute a
finding by the PBGC that the transaction
satisfies the other requirements of
section 4204(a)(1). The determination of
whether the transaction satisfies such
other requirements is a determination to
be made by the Fund sponsor.
Issued at Washington, DC, on this 9th day
of January 2006.
Bradley D. Belt,
Executive Director.
[FR Doc. E6–383 Filed 1–13–06; 8:45 am]
BILLING CODE 7708–01–P
RAILROAD RETIREMENT BOARD
Proposed Collection; Comment
Request
SUMMARY: In accordance with the
requirement of Section 3506(c)(2)(A) of
the Paperwork Reduction Act of 1995
which provides opportunity for public
comment on new or revised data
collections, the Railroad Retirement
Board (RRB) will publish periodic
summaries of proposed data collections.
Comments are invited on: (a) Whether
the proposed information collection is
necessary for the proper performance of
the functions of the agency, including
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17JAN1
2602
Federal Register / Vol. 71, No. 10 / Tuesday, January 17, 2006 / Notices
whether the information has practical
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Title and purpose of information
collection: Application for Survivor
Death Benefits: OMB 3220–0031.
Under Section 6 of the Railroad
Retirement Act (RRA), lump-sum death
benefits are payable to surviving widow
and widowers, children and certain
other dependents. Lump-sum death
benefits are payable after the death of a
railroad employee only if there are no
qualified survivors of the employee
immediately eligible for annuities. With
the exception of the residual death
benefit, eligibility for survivor benefits
depend on whether the employee was
‘‘insured’’ under the RRA at the time of
death. If a deceased employee was not
so insured, jurisdiction of any survivor
benefits payable is transferred to the
Social Security Administration and
survivor benefits are paid by that agency
instead of the RRB. The collection
obtains the information required by the
RRB to determine entitlement to and
amount of the survivor death benefits
applied for.
The RRB currently utilizes Form(s)
AA–11a (Designation for Change of
Beneficiary for Residual Lump-Sum),
AA–21cert, (Application Summary and
Certification), AA–21 (Application for
Lump-Sum Death Payment and
Annuities Unpaid at Death), G–131
(Authorization of Payment and Release
of All Claims to a Death Benefit or
Accrued Annuity Payment), and G–273a
(Funeral Director’s Statement of Burial
Charges), to obtain the necessary
information. One response is requested
of each respondent. Completion is
required to obtain benefits.
The RRB proposes non-burden
impacting, editorial and formatting
changes to Form G–273a and Form G–
131. No other changes are proposed.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
[The estimated annual respondent burden is as follows:]
Annual
responses
Form Nos.
Time
(min.)
Burden
(hrs.)
AA–11a ............................................................................................................................
AA–21cert (with assistance) ............................................................................................
AA–21 manual (without assistance) ................................................................................
G–131 ..............................................................................................................................
G–273a ............................................................................................................................
400
9,700
300
600
9,600
10
20
40
5
10
67
3,233
200
50
1,600
Total ..........................................................................................................................
20,600
............................
5,150
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6–385 Filed 1–13–06; 8:45 am]
sroberts on PROD1PC69 with NOTICES
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Issuer Delisting; Notice of Application
of Aquacell Technologies, Inc. To
Withdraw Its Common Stock, $.001 Par
Value, From Listing and Registration
on the American Stock Exchange LLC
File No. 1–16165
January 9, 2006.
On December 23, 2005, Aquacell
Technologies, Inc., a Delaware
corporation (‘‘Issuer’’), filed an
application with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to section 12(d) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 12d2–2(d)
thereunder,2 to withdraw its common
stock, $.001 par value (‘‘Security’’), from
listing and registration on the American
Stock Exchange LLC (‘‘Amex’’).
On December 14, 2005, the Board of
Directors (‘‘Board’’) of the Issuer
unanimously approved a resolution to
withdraw the Security from listing and
registration on Amex and list the
Security on the OTC Bulletin Board.
The Issuer stated that the Board is
taking such action following discussions
regarding a letter received from Amex
1 15
2 17
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15:57 Jan 13, 2006
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PO 00000
3 15
U.S.C. 78l(d).
CFR 240.12d2–2(d).
Frm 00091
Fmt 4703
regarding the Issuer’s listing status and
the benefits of maintaining the listing
and the costs associated with listing on
Amex.
The Issuer stated in its application
that it has met the requirements of
Amex Rule 18 by complying with all
applicable laws in effect in the State of
Delaware, in which it is incorporated,
and providing written notice of
withdrawal to Amex.
The Issuer’s application relates solely
to withdrawal of the Security from
listing on Amex and from registration
under section 12(b) of the Act,3 and
shall not affect its obligation to be
registered under section 12(g) of the
Act.4
Any interested person may, on or
before February 2, 2006, comment on
the facts bearing upon whether the
application has been made in
accordance with the rules of Amex, and
what terms, if any, should be imposed
by the Commission for the protection of
investors. All comment letters may be
submitted by either of the following
methods:
4 15
Sfmt 4703
E:\FR\FM\17JAN1.SGM
U.S.C. 78l(b).
U.S.C. 78l(g).
17JAN1
]]>Agencies
[Federal Register Volume 71, Number 10 (Tuesday, January 17, 2006)]
[Notices]
[Pages 2601-2602]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-385]
=======================================================================
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RAILROAD RETIREMENT BOARD
Proposed Collection; Comment Request
SUMMARY: In accordance with the requirement of Section 3506(c)(2)(A) of
the Paperwork Reduction Act of 1995 which provides opportunity for
public comment on new or revised data collections, the Railroad
Retirement Board (RRB) will publish periodic summaries of proposed data
collections.
Comments are invited on: (a) Whether the proposed information
collection is necessary for the proper performance of the functions of
the agency, including
[[Page 2602]]
whether the information has practical utility; (b) the accuracy of the
RRB's estimate of the burden of the collection of the information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden related to the
collection of information on respondents, including the use of
automated collection techniques or other forms of information
technology.
Title and purpose of information collection: Application for
Survivor Death Benefits: OMB 3220-0031.
Under Section 6 of the Railroad Retirement Act (RRA), lump-sum
death benefits are payable to surviving widow and widowers, children
and certain other dependents. Lump-sum death benefits are payable after
the death of a railroad employee only if there are no qualified
survivors of the employee immediately eligible for annuities. With the
exception of the residual death benefit, eligibility for survivor
benefits depend on whether the employee was ``insured'' under the RRA
at the time of death. If a deceased employee was not so insured,
jurisdiction of any survivor benefits payable is transferred to the
Social Security Administration and survivor benefits are paid by that
agency instead of the RRB. The collection obtains the information
required by the RRB to determine entitlement to and amount of the
survivor death benefits applied for.
The RRB currently utilizes Form(s) AA-11a (Designation for Change
of Beneficiary for Residual Lump-Sum), AA-21cert, (Application Summary
and Certification), AA-21 (Application for Lump-Sum Death Payment and
Annuities Unpaid at Death), G-131 (Authorization of Payment and Release
of All Claims to a Death Benefit or Accrued Annuity Payment), and G-
273a (Funeral Director's Statement of Burial Charges), to obtain the
necessary information. One response is requested of each respondent.
Completion is required to obtain benefits.
The RRB proposes non-burden impacting, editorial and formatting
changes to Form G-273a and Form G-131. No other changes are proposed.
Estimate of Annual Respondent Burden
[The estimated annual respondent burden is as follows:]
----------------------------------------------------------------------------------------------------------------
Annual
Form Nos. responses Time (min.) Burden (hrs.)
----------------------------------------------------------------------------------------------------------------
AA-11a.................................................... 400 10 67
AA-21cert (with assistance)............................... 9,700 20 3,233
AA-21 manual (without assistance)......................... 300 40 200
G-131..................................................... 600 5 50
G-273a.................................................... 9,600 10 1,600
-------------------
Total................................................. 20,600 ................ 5,150
----------------------------------------------------------------------------------------------------------------
Additional Information or Comments: To request more information or
to obtain a copy of the information collection justification, forms,
and/or supporting material, please call the RRB Clearance Officer at
(312) 751-3363 or send an e-mail request to Charles.Mierzwa@RRB.GOV.
Comments regarding the information collection should be addressed to
Ronald J. Hodapp, Railroad Retirement Board, 844 North Rush Street,
Chicago, Illinois 60611-2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6-385 Filed 1-13-06; 8:45 am]
BILLING CODE 7905-01-P
