Correction of Administrative Errors, 74607-74608 [2010-29886]

Download as PDF 74607 Rules and Regulations Federal Register Vol. 75, No. 230 Wednesday, December 1, 2010 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 5 CFR Part 1605 Correction of Administrative Errors Federal Retirement Thrift Investment Board. ACTION: Final rule. AGENCY: The Federal Retirement Thrift Investment Board (Agency) is amending its regulations to provide a constructed share price for retired Lifecycle funds. The Agency will use the constructed share price to make error corrections after December 31st of the target year. DATES: This final rule is effective January 1, 2011. FOR FURTHER INFORMATION CONTACT: Laurissa Stokes at (202) 942–1645. SUPPLEMENTARY INFORMATION: The Agency administers the Thrift Savings Plan (TSP), which was established by the Federal Employees’ Retirement System Act of 1986 (FERSA), Public Law 99–335, 100 Stat. 514. The TSP provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351 and 8401–79. The TSP is a tax-deferred retirement savings plan for Federal civilian employees and members of the uniformed services. The TSP is similar to cash or deferred arrangements established for private-sector employees under section 401(k) of the Internal Revenue Code (26 U.S.C. 401(k)). On October 14, 2010, the Agency published a proposed rule with request for comments in the Federal Register (75 FR 63106). The Agency received no comments on its proposed regulation. Therefore, the Agency is publishing the proposed rule as final without modification. WReier-Aviles on DSKGBLS3C1PROD with RULES SUMMARY: Constructed Share Price The Agency currently offers five Lifecycle funds: L Income, L 2010, L 2020, L 2030, and L 2040. The Agency VerDate Mar<15>2010 14:39 Nov 30, 2010 Jkt 223001 will retire the L 2010 Fund when it reaches its target date of December 31, 2010. Upon retiring the L 2010 Fund, the Agency will transfer all money invested in the L 2010 Fund to the L Income Fund. Participants will no longer be able to make contributions to the L 2010 Fund after December 31, 2010. In effect, the L 2010 Fund will no longer exist. The Agency anticipates receiving late and makeup contributions that would have been invested in the L 2010 Fund had they been made on time. Likewise, the Agency anticipates needing to remove funds erroneously contributed to the L 2010 Fund prior to its retirement date. The Agency uses the current share price of the applicable investment fund when calculating the value of late contributions, makeup contributions, and negative adjustments. Because the L 2010 Fund will no longer exist, the Agency must construct an appropriate ‘‘current’’ share price in order to make error corrections involving the L 2010 Fund after December 31, 2010. The Agency proposes to calculate the constructed share price for the L 2010 Fund as follows: The constructed share price is the L 2010 Fund share price on December 31, 2010, multiplied by the current L Income Fund share price, divided by the L Income Fund share price on December 31, 2010. This calculation reflects the impact of merging assets of the L 2010 Fund into the L Income Fund on December 31, 2010. The Agency will apply this calculation to retired Lifecycle funds in the future by substituting the specific Lifecycle fund and target retirement date as follows: The constructed share price is the retired Lifecycle fund share price on December 31 of the retirement year, multiplied by the current L Income Fund share price, divided by the L Income Fund share price on December 31 of the retirement year. Regulatory Flexibility Act I certify that this regulation will not have a significant economic impact on a substantial number of small entities. This regulation will affect Federal employees and members of the uniformed services who participate in the Thrift Savings Plan, which is a Federal defined contribution retirement savings plan created under the Federal Employees’ Retirement System Act of PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 1986 (FERSA), Public Law 99–335, 100 Stat. 514, and which is administered by the Agency. Paperwork Reduction Act I certify that these regulations do not require additional reporting under the criteria of the Paperwork Reduction Act. Unfunded Mandates Reform Act of 1995 Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602, 632, 653, 1501–1571, the effects of this regulation on state, local, and tribal governments and the private sector have been assessed. This regulation will not compel the expenditure in any one year of $100 million or more by state, local, and tribal governments, in the aggregate, or by the private sector. Therefore, a statement under section 1532 is not required. Submission to Congress and the General Accounting Office Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report containing this rule and other required information to the U.S. Senate, the U.S. House of Representatives, and the Comptroller General of the United States before publication of this rule in the Federal Register. This rule is not a major rule as defined at 5 U.S.C. 804(2). List of Subjects in 5 CFR Part 1605 Claims, Government employees, Pensions, Retirement. Gregory T. Long, Executive Director, Federal Retirement Thrift Investment Board. For the reasons set forth in the preamble, the Agency amends 5 CFR chapter VI as follows: ■ PART 1605—CORRECTION OF ADMINISTRATIVE ERRORS 1. The authority citation for part 1605 continues to read as follows: ■ Authority: 5 U.S.C. 8351, 8432a, and 8474(b)(5) and (c)(1). Subpart B also issued under section 1043(b) of Pub. L. 104–106, 110 Stat. 186 and sec. 7202(m)(2) of Pub. L. 101–508, 104 Stat. 1388. 2. Amend § 1605.2, by revising paragraph (b)(1)(iii) and adding paragraph (b)(1)(iv) to read as follows: ■ § 1605.2 Calculating, posting, and charging breakage. * E:\FR\FM\01DER1.SGM * * 01DER1 * * 74608 Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / Rules and Regulations (b) * * * (1) * * * (iii) Determine the dollar value on the posting date of the number of shares the participant would have received had the contributions or loan payments been made on time. If the contributions or loan payments would have been invested in a Lifecycle fund that is retired on the posting date, the constructed share price shall equal the retired Lifecycle fund share price on December 31 of the retirement year, multiplied by the current L Income Fund share price, divided by the L Income Fund share price on December 31 of the retirement year. The dollar value shall be the number of shares the participant would have received had the contributions or loan payments been made on time multiplied by the constructed share price. (iv) The difference between the dollar value of the contribution or loan payment on the posting date and the dollar value of the contribution or loan payment on the ‘‘as of’’ date is the breakage. * * * * * 3. Amend § 1605.12, by revising paragraph (c)(2)(ii) to read as follows: ■ § 1605.12 Removal of erroneous contributions. * * * * * (c) * * * (2) * * * (ii) Multiply the price per share on the date the adjustment is posted by the number of shares calculated in paragraph (c)(2)(i) of this section. If the contribution was erroneously contributed to a Lifecycle fund that is retired on the date the adjustment is posted, the price per share shall equal the retired Lifecycle fund share price on December 31 of the retirement year, multiplied by current L Income Fund share price, divided by the L Income Fund share price on December 31 of the retirement year. * * * * * [FR Doc. 2010–29886 Filed 11–30–10; 8:45 am] WReier-Aviles on DSKGBLS3C1PROD with RULES BILLING CODE 6760–01–P VerDate Mar<15>2010 14:39 Nov 30, 2010 Jkt 223001 DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2010–0735 Directorate Identifier 2010–CE–030–AD; Amendment 39–16529; AD 2010–24–10] RIN 2120–AA64 Airworthiness Directives; CENTRAIR Models 101, 101A, 101P, and 101AP Gliders Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: We are adopting a new airworthiness directive (AD) for the products listed above. This AD results from mandatory continuing airworthiness information (MCAI) issued by an aviation authority of another country to identify and correct an unsafe condition on an aviation product. The MCAI describes the unsafe condition as: SUMMARY: Damages to the rudder bar locking adjustment tube of a non-reinforced version ´ ´ have been reported to Societe Nouvelle (SN) Centrair. This tube had been reinforced in 1984 with a modification. Gliders produced before the introduction of this modification have not been systematically retrofitted. In case of rudder bar locking adjustment tube breaking in flight when adjusting the rudder pedals position, it might interfere with the rudder pedals which could lead to rudder jam or a restricted rudder movement and consequently, to reduced control of the sailplane. We are issuing this AD to require actions to correct the unsafe condition on these products. DATES: This AD becomes effective January 5, 2011. On January 5, 2011, the Director of the Federal Register approved the incorporation by reference of certain publications listed in this AD. ADDRESSES: You may examine the AD docket on the Internet at http:// www.regulations.gov or in person at Document Management Facility, U.S. Department of Transportation, Docket Operations, M–30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590. For service information identified in ´ ´ this AD, contact Societe Nouvelle CENTRAIR, Aerodome—36300 Le Blanc, France; telephone: +33 (0)254 370796; fax: +33 (0)54. 374864; Internet: http://www.societe.com. You may review copies of the referenced service PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 information at the FAA, Small Airplane Directorate, 901 Locust, Kansas City, Missouri 64106. For information on the availability of this material at the FAA, call 816–329–4148. FOR FURTHER INFORMATION CONTACT: Greg Davison, Aerospace Engineer, FAA, Small Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri 64106; telephone: (816) 329–4130; fax: (816) 329–4090. SUPPLEMENTARY INFORMATION: Discussion We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR part 39 to include an AD that would apply to the specified products. That NPRM was published in the Federal Register on July 23, 2010 (75 FR 43103). That NPRM proposed to correct an unsafe condition for the specified products. The MCAI, issued on May 26, 2010, states: Damages to the rudder bar locking adjustment tube of a non-reinforced version ´ ´ have been reported to Societe Nouvelle (SN) Centrair. This tube had been reinforced in 1984 with a modification. Gliders produced before the introduction of this modification have not been systematically retrofitted. In case of rudder bar locking adjustment tube breaking in flight when adjusting the rudder pedals position, it might interfere with the rudder pedals which could lead to rudder jam or a restricted rudder movement and consequently, to reduced control of the sailplane. For the reason described above, this AD requires inspecting the rudder bar locking adjustment tube and, if necessary, replacing it. You may obtain further information by examining the MCAI in the AD docket. Comments We gave the public the opportunity to participate in developing this AD. We received no comments on the NPRM or on the determination of the cost to the public. Conclusion We reviewed the available data and determined that air safety and the public interest require adopting the AD as proposed. Differences Between This AD and the MCAI or Service Information We have reviewed the MCAI and related service information and, in general, agree with their substance. But we might have found it necessary to use different words from those in the MCAI to ensure the AD is clear for U.S. operators and is enforceable. In making these changes, we do not intend to differ substantively from the information E:\FR\FM\01DER1.SGM 01DER1

Agencies

[Federal Register Volume 75, Number 230 (Wednesday, December 1, 2010)]
[Rules and Regulations]
[Pages 74607-74608]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-29886]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 75, No. 230 / Wednesday, December 1, 2010 / 
Rules and Regulations

[[Page 74607]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1605


Correction of Administrative Errors

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Federal Retirement Thrift Investment Board (Agency) is 
amending its regulations to provide a constructed share price for 
retired Lifecycle funds. The Agency will use the constructed share 
price to make error corrections after December 31st of the target year.

DATES: This final rule is effective January 1, 2011.

FOR FURTHER INFORMATION CONTACT: Laurissa Stokes at (202) 942-1645.

SUPPLEMENTARY INFORMATION: The Agency administers the Thrift Savings 
Plan (TSP), which was established by the Federal Employees' Retirement 
System Act of 1986 (FERSA), Public Law 99-335, 100 Stat. 514. The TSP 
provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351 
and 8401-79. The TSP is a tax-deferred retirement savings plan for 
Federal civilian employees and members of the uniformed services. The 
TSP is similar to cash or deferred arrangements established for 
private-sector employees under section 401(k) of the Internal Revenue 
Code (26 U.S.C. 401(k)).
    On October 14, 2010, the Agency published a proposed rule with 
request for comments in the Federal Register (75 FR 63106). The Agency 
received no comments on its proposed regulation. Therefore, the Agency 
is publishing the proposed rule as final without modification.

Constructed Share Price

    The Agency currently offers five Lifecycle funds: L Income, L 2010, 
L 2020, L 2030, and L 2040. The Agency will retire the L 2010 Fund when 
it reaches its target date of December 31, 2010. Upon retiring the L 
2010 Fund, the Agency will transfer all money invested in the L 2010 
Fund to the L Income Fund. Participants will no longer be able to make 
contributions to the L 2010 Fund after December 31, 2010. In effect, 
the L 2010 Fund will no longer exist.
    The Agency anticipates receiving late and makeup contributions that 
would have been invested in the L 2010 Fund had they been made on time. 
Likewise, the Agency anticipates needing to remove funds erroneously 
contributed to the L 2010 Fund prior to its retirement date. The Agency 
uses the current share price of the applicable investment fund when 
calculating the value of late contributions, makeup contributions, and 
negative adjustments. Because the L 2010 Fund will no longer exist, the 
Agency must construct an appropriate ``current'' share price in order 
to make error corrections involving the L 2010 Fund after December 31, 
2010.
    The Agency proposes to calculate the constructed share price for 
the L 2010 Fund as follows: The constructed share price is the L 2010 
Fund share price on December 31, 2010, multiplied by the current L 
Income Fund share price, divided by the L Income Fund share price on 
December 31, 2010. This calculation reflects the impact of merging 
assets of the L 2010 Fund into the L Income Fund on December 31, 2010. 
The Agency will apply this calculation to retired Lifecycle funds in 
the future by substituting the specific Lifecycle fund and target 
retirement date as follows: The constructed share price is the retired 
Lifecycle fund share price on December 31 of the retirement year, 
multiplied by the current L Income Fund share price, divided by the L 
Income Fund share price on December 31 of the retirement year.

Regulatory Flexibility Act

    I certify that this regulation will not have a significant economic 
impact on a substantial number of small entities. This regulation will 
affect Federal employees and members of the uniformed services who 
participate in the Thrift Savings Plan, which is a Federal defined 
contribution retirement savings plan created under the Federal 
Employees' Retirement System Act of 1986 (FERSA), Public Law 99-335, 
100 Stat. 514, and which is administered by the Agency.

Paperwork Reduction Act

    I certify that these regulations do not require additional 
reporting under the criteria of the Paperwork Reduction Act.

Unfunded Mandates Reform Act of 1995

    Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602, 
632, 653, 1501-1571, the effects of this regulation on state, local, 
and tribal governments and the private sector have been assessed. This 
regulation will not compel the expenditure in any one year of $100 
million or more by state, local, and tribal governments, in the 
aggregate, or by the private sector. Therefore, a statement under 
section 1532 is not required.A01DE0.

Submission to Congress and the General Accounting Office

    Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report 
containing this rule and other required information to the U.S. Senate, 
the U.S. House of Representatives, and the Comptroller General of the 
United States before publication of this rule in the Federal Register. 
This rule is not a major rule as defined at 5 U.S.C. 804(2).

List of Subjects in 5 CFR Part 1605

    Claims, Government employees, Pensions, Retirement.

Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.

0
For the reasons set forth in the preamble, the Agency amends 5 CFR 
chapter VI as follows:

PART 1605--CORRECTION OF ADMINISTRATIVE ERRORS

0
1. The authority citation for part 1605 continues to read as follows:

    Authority:  5 U.S.C. 8351, 8432a, and 8474(b)(5) and (c)(1). 
Subpart B also issued under section 1043(b) of Pub. L. 104-106, 110 
Stat. 186 and sec. 7202(m)(2) of Pub. L. 101-508, 104 Stat. 1388.


0
2. Amend Sec.  1605.2, by revising paragraph (b)(1)(iii) and adding 
paragraph (b)(1)(iv) to read as follows:


Sec.  1605.2  Calculating, posting, and charging breakage.

* * * * *

[[Page 74608]]

    (b) * * *
    (1) * * *
    (iii) Determine the dollar value on the posting date of the number 
of shares the participant would have received had the contributions or 
loan payments been made on time. If the contributions or loan payments 
would have been invested in a Lifecycle fund that is retired on the 
posting date, the constructed share price shall equal the retired 
Lifecycle fund share price on December 31 of the retirement year, 
multiplied by the current L Income Fund share price, divided by the L 
Income Fund share price on December 31 of the retirement year. The 
dollar value shall be the number of shares the participant would have 
received had the contributions or loan payments been made on time 
multiplied by the constructed share price.
    (iv) The difference between the dollar value of the contribution or 
loan payment on the posting date and the dollar value of the 
contribution or loan payment on the ``as of'' date is the breakage.

* * * * *

0
3. Amend Sec.  1605.12, by revising paragraph (c)(2)(ii) to read as 
follows:


Sec.  1605.12  Removal of erroneous contributions.

* * * * *
    (c) * * *
    (2) * * *
    (ii) Multiply the price per share on the date the adjustment is 
posted by the number of shares calculated in paragraph (c)(2)(i) of 
this section. If the contribution was erroneously contributed to a 
Lifecycle fund that is retired on the date the adjustment is posted, 
the price per share shall equal the retired Lifecycle fund share price 
on December 31 of the retirement year, multiplied by current L Income 
Fund share price, divided by the L Income Fund share price on December 
31 of the retirement year.
* * * * *
[FR Doc. 2010-29886 Filed 11-30-10; 8:45 am]
BILLING CODE 6760-01-P