147th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting, 44386-44387 [E9-20794]

Download as PDF 44386 Federal Register / Vol. 74, No. 166 / Friday, August 28, 2009 / Notices Administration, Office of Workforce Security, 200 Constitution Avenue, NW., Frances Perkins Bldg., Room S– 4531, Washington, DC 20210, telephone number (202)-693–3215 (this is not a toll-free number) or by e-mail: dean.nancy@dol.gov. SUPPLEMENTARY INFORMATION: I. Background: Section 303(a)(1) of the Social Security Act requires a state’s unemployment insurance (UI) law to include provisions for: ‘‘Such methods of administration * * * as are found by the Secretary of Labor to be reasonably calculated to insure full payment of unemployment compensation when due * * *’’ Section 303(a)(5) of the Social Security Act further requires a state’s UI law to include provisions for: ‘‘Expenditure of all money withdrawn from an unemployment fund of such State, in the payment of unemployment compensation * * *’’ Section 3304(a)(4) of the Internal Revenue Code of 1954 provides that: hsrobinson on DSK69SOYB1PROD with NOTICES ‘‘all money withdrawn from the unemployment fund of the State shall be used solely in the payment of unemployment compensation * * *’’ The Secretary of Labor has interpreted the above sections of Federal law in section 7511, part V, ES Manual to further require a State’s UI law to include provisions for such methods of administration as are, within reason, calculated to: (1) Detect benefits paid through error by the State Workforce Agency (SWA) or through willful misrepresentation or error by the claimant or others; (2) deter claimants from obtaining benefits through willful misrepresentation; and (3) recover benefits overpaid. The ETA 227 is used to determine whether SWAs meet these requirements. The ETA–227 contains data on the number and amounts of fraud and nonfraud overpayments established, the methods by which overpayments were detected, the amounts and methods by which overpayments were collected, the amounts of overpayments waived and written off, the accounts receivable for overpayments outstanding, and data on criminal/civil actions. These data are gathered by 53 SWAs and reported to the Department of Labor following the end of each calendar quarter. The overall effectiveness of SWAs’ UI integrity efforts can be determined by examining and analyzing the data. These data are also used by SWAs as a management tool for effective UI program administration. II. Review Focus: The Department of Labor is particularly interested in comments which: VerDate Nov<24>2008 21:38 Aug 27, 2009 Jkt 217001 • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submissions of responses. III. Current Actions: The UI program paid approximately $42 billion in benefits in 2008. Although the overpayment rate (fraud and non-fraud) derived from the ETA 227 is relatively low (less than 3.25 percent), high amounts of money are involved, and it is in the national interest to maintain the program’s integrity. Therefore, we are proposing to extend the authorization to collect data to measure the effectiveness of the benefit payment control programs in the SWAs. Type of Review: Extension. Agency: Employment and Training Administration. Title: Overpayment Detection and Recovery Activities. OMB Number: 1205–0173. Agency Form Number: ETA 227. Affected Public: State Government. Total Respondents: 53 State agencies. Frequency: Quarterly. Total Responses: 212. Average Time per Response: 14 hours. Estimated Total Burden Hours: 2,968. Total Burden Cost (operating/ maintaining): $0. Comments submitted in response to this comment request will be summarized and/or included in the request for Office of Management and Budget approval of the information collection request; they will also become a matter of public record. Dated: This 20th day of August 2009. Jane Oates. [FR Doc. E9–20779 Filed 8–27–09; 8:45 am] P PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 DEPARTMENT OF LABOR Employee Benefits Security Administration 147th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 147th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans will be held on September 15–17, 2009. The three-day meeting will take place in Room N 3437 A&B, U.S. Department of Labor, 200 Constitution Avenue NW., Washington, DC 20210. The meeting will run from 9 a.m. to approximately 5 p.m. on September 15 and 16, and from 8 a.m. to approximately 4 p.m. on September 17, with a one hour break for lunch each day. The purpose of the open meeting is for Council members to hear testimony from invited witnesses and to receive an update from the Employee Benefits Security Administration (EBSA). The Council will study the following issues: (1) Promoting Retirement Literacy and Security by Streamlining Disclosures to Participants and Beneficiaries, (2) Stable Value Funds and Retirement Security in the Current Economic Conditions, and (3) Approaches for Retirement Security in the United States. The schedule for testimony and discussion of these issues generally will be one issue per day in the order noted above. Descriptions of these topics are available on the Advisory Council page of the EBSA Web site at http://www.dol.gov/ebsa/ aboutebsa/erisa_advisory_council.html. The EBSA update is scheduled for September 16 at 9 a.m., subject to change. Organizations or members of the public wishing to submit a written statement may do so by submitting 30 copies on or before September 8, 2009 to Larry Good, Executive Secretary, ERISA Advisory Council, U.S. Department of Labor, Suite N–5623, 200 Constitution Avenue, NW., Washington, DC 20210. Statements also may be submitted as e-mail attachments in text or pdf format transmitted to good.larry@dol.gov. It is requested that statements not be included in the body of the e-mail. Relevant statements received on or before September 8, 2009 will be included in the record of the meeting. Individuals or representatives of organizations wishing to address the Advisory Council should forward their requests to the Executive Secretary or E:\FR\FM\28AUN1.SGM 28AUN1 Federal Register / Vol. 74, No. 166 / Friday, August 28, 2009 / Notices telephone (202) 693–8668. Oral presentations will be limited to ten minutes, time permitting, but an extended statement may be submitted for the record. Individuals with disabilities who need special accommodations should contact Larry Good by September 8 at the address indicated. Signed at Washington, DC this 24th day of August 2009. Phyllis C. Borzi, Assistant Secretary, Employee Benefits Security Administration. [FR Doc. E9–20794 Filed 8–27–09; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Employee Benefits Security Administration Notice of a Proposed Amendment to Prohibited Transaction Exemption (PTE) 96–22, 61 FR 14828 (April 3, 1996), as Amended by PTE 97–34, 62 FR 39021 (July 21, 1997), PTE 2000–58, 65 FR 67765 (November 13, 2000), PTE 2002–41, 67 FR 54487 (August 22, 2002) and PTE 2007–05, 72 FR 13130 (March 20, 2007) as Corrected at 72 FR 16385 (April 4, 2007) (PTE 2007–05), (PTE 96–22), Involving the Wachovia Corporation and Its Affiliates (Wachovia), the Successor of First Union Corporation and PTE 2002–19, 67 FR 14979 (March 28, 2002), as Amended by PTE 2007–05 (PTE 2002– 19), Involving J.P. Morgan Chase & Company and Its Affiliates (D–11530) hsrobinson on DSK69SOYB1PROD with NOTICES AGENCY: Employee Benefits Security Administration, Department of Labor. ACTION: Notice of a Proposed Amendment to PTE 96–22 and PTE 2002–19. SUMMARY: This document contains a notice of pendency before the Department of Labor (the Department) of a proposed amendment to PTE 96–22 and PTE 2002–19, Underwriter Exemptions.1 The Underwriter Exemptions are individual exemptions that provide relief for the origination and operation of certain asset pool investment trusts and the acquisition, holding and disposition by employee benefit plans (Plans) of certain assetbacked pass-through certificates representing undivided interests in those investment trusts. The proposed 1 The ‘‘Underwriter Exemptions’’ are a group of individual exemptions that provide substantially identical relief for the operation of certain assetbacked or mortgage-backed investment pools and the acquisition and holding by Plans of certain securities representing interests in those investment pools. VerDate Nov<24>2008 21:38 Aug 27, 2009 Jkt 217001 amendment to PTE 96–22 and PTE 2002–19, if granted, would provide a six-month period to resolve certain affiliations, as a result of the Wells Fargo & Company (WFC) acquisition of Wachovia, between Wells Fargo Bank, N.A. (Wells Fargo) the Trustee, and Wachovia as members of the Restricted Group, as those terms are defined in the Underwriter Exemptions (the Proposed Amendment). The Proposed Amendment, if granted, would affect the participants and beneficiaries of the Plans participating in such transactions and the fiduciaries with respect to such Plans. DATE: Written comments and requests for a hearing should be received by the Department by September 28, 2009. ADDRESSES: All written comments and requests for a public hearing (preferably, three copies) should be sent to the Office of Exemption Determinations, Employee Benefits Security Administration, Room N–5700, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210, (Attention: Exemption Application Number D–11530). Interested persons are invited to submit comments and/or hearing requests to the Department by the end of the scheduled comment period either by facsimile to (202) 219– 0204 or by electronic mail to moffitt.betty@dol.gov. The application pertaining to the Proposed Amendment (Application) and the comments received will be available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, U.S. Department of Labor, Room N–1513, 200 Constitution Avenue, NW., Washington, DC 20210. FOR FURTHER INFORMATION CONTACT: Wendy M. McColough of the Department, telephone (202) 693–8540. (This is not a toll-free number.) SUPPLEMENTARY INFORMATION: This document contains a notice of pendency before the Department of a proposed exemption to amend PTE 96–22 and PTE 2002–19, Underwriter Exemptions. The Underwriter Exemptions are a group of individual exemptions granted by the Department that provide substantially identical relief from certain of the restrictions of sections 406 and 407 of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from the taxes imposed by sections 4975(a) and (b) of the Internal Revenue Code of 1986, as amended (Code), by reason of certain provisions of section 4975(c)(1) of the Code for the operation of certain asset pool investment trusts and the acquisition, holding, and disposition by Plans of certain asset-backed pass-through PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 44387 certificates representing undivided interests in those investment trusts. All of the Underwriter Exemptions were amended by PTE 97–34, 62 FR 39021 (July 21, 1997), PTE 2000–58, 65 FR 67765 (November 13, 2000), and PTE 2007–05, 72 FR 13130 (March 20, 2007), as corrected at 72 FR 16385 (April 4, 2007). Certain of the Underwriter Exemptions were amended by PTE 2002–41, 67 FR 54487 (August 22, 2002) or modified by PTE 2002–19. The Department is proposing this amendment to PTE 96–22 and PTE 2002–19 pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR Part 2570, Subpart B (55 FR 32836, 32847, August 10, 1990).2 1. The Underwriter Exemptions permit Plans to invest in pass-through securities representing undivided interests in asset-backed or mortgagebacked investment pools (Securities). The Securities generally take the form of certificates issued by a trust (Trust). The Underwriter Exemptions permit transactions involving a Trust, including the servicing, management and operation of the Trust, and the sale, exchange or transfer of Securities evidencing interests therein, in the initial issuance of the Securities or in the secondary market for such Securities (the Covered Transactions). The most recent amendment to the Underwriter Exemptions is PTE 2007–05, 72 FR 13130 (March 20, 2007), as corrected at 72 FR 16385 (April 4, 2007) (PTE 2007– 05). One of the General Conditions of the Underwriter Exemptions, as amended, requires that the Trustee not be an ‘‘Affiliate’’ of any member of the ‘‘Restricted Group’’ other than an ‘‘Underwriter.’’ PTE 2007–05, subsection II.A.(4). The term ‘‘Restricted Group’’ is defined under section III.M. as: (1) Each Underwriter; (2) Each Insurer; (3) The Sponsor; (4) The Trustee; (5) Each Servicer; (6) Any Obligor with respect to obligations or receivables included in the Issuer constituting more than 5 percent of the aggregate unamortized principal balance of the assets in the Issuer, determined on the date of the initial issuance of Securities by the Issuer; (7) Each counterparty in an Eligible Swap Agreement; or (8) Any Affiliate of a person described in subsections III.M.(1)–(7).’’ The term ‘‘Servicer’’ is defined to include ‘‘the Master Servicer and any Subservicer.’’ PTE 2007–05, 2 Section 102 of Reorganization Plan No. 4 of 1978 (5 U.S.C. App. 1 [1996]) generally transferred the authority of the Secretary of the Treasury to issue exemptions under section 4975(c)(2) of the Code to the Secretary of Labor. E:\FR\FM\28AUN1.SGM 28AUN1

Agencies

[Federal Register Volume 74, Number 166 (Friday, August 28, 2009)]
[Notices]
[Pages 44386-44387]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-20794]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


147th Meeting of the Advisory Council on Employee Welfare and 
Pension Benefit Plans; Notice of Meeting

    Pursuant to the authority contained in Section 512 of the Employee 
Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 
147th open meeting of the Advisory Council on Employee Welfare and 
Pension Benefit Plans will be held on September 15-17, 2009.
    The three-day meeting will take place in Room N 3437 A&B, U.S. 
Department of Labor, 200 Constitution Avenue NW., Washington, DC 20210. 
The meeting will run from 9 a.m. to approximately 5 p.m. on September 
15 and 16, and from 8 a.m. to approximately 4 p.m. on September 17, 
with a one hour break for lunch each day. The purpose of the open 
meeting is for Council members to hear testimony from invited witnesses 
and to receive an update from the Employee Benefits Security 
Administration (EBSA).
    The Council will study the following issues: (1) Promoting 
Retirement Literacy and Security by Streamlining Disclosures to 
Participants and Beneficiaries, (2) Stable Value Funds and Retirement 
Security in the Current Economic Conditions, and (3) Approaches for 
Retirement Security in the United States. The schedule for testimony 
and discussion of these issues generally will be one issue per day in 
the order noted above. Descriptions of these topics are available on 
the Advisory Council page of the EBSA Web site at http://www.dol.gov/ebsa/aboutebsa/erisa_advisory_council.html. The EBSA update is 
scheduled for September 16 at 9 a.m., subject to change.
    Organizations or members of the public wishing to submit a written 
statement may do so by submitting 30 copies on or before September 8, 
2009 to Larry Good, Executive Secretary, ERISA Advisory Council, U.S. 
Department of Labor, Suite N-5623, 200 Constitution Avenue, NW., 
Washington, DC 20210. Statements also may be submitted as e-mail 
attachments in text or pdf format transmitted to good.larry@dol.gov. It 
is requested that statements not be included in the body of the e-mail. 
Relevant statements received on or before September 8, 2009 will be 
included in the record of the meeting. Individuals or representatives 
of organizations wishing to address the Advisory Council should forward 
their requests to the Executive Secretary or

[[Page 44387]]

telephone (202) 693-8668. Oral presentations will be limited to ten 
minutes, time permitting, but an extended statement may be submitted 
for the record. Individuals with disabilities who need special 
accommodations should contact Larry Good by September 8 at the address 
indicated.

    Signed at Washington, DC this 24th day of August 2009.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration.
[FR Doc. E9-20794 Filed 8-27-09; 8:45 am]
BILLING CODE 4510-29-P