Single-Employer Plan Termination Initiated by PBGC, 18388 [2011-8007]
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Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Rules and Regulations
sroberts on DSK69SOYB1PROD with RULES
property is protected during the 20-day
period against a judgment lien arising, after
the security interest attaches, out of an
unsecured obligation. Upon expiration of the
20-day period, the holder of the security
interest must perfect its security interest
under local law.
(ii) Because the security interest is
perfected during the 20-day period against a
subsequent judgment lien arising out of an
unsecured obligation, and because filing or
the taking of possession before the
conclusion of the period of temporary
perfection is not considered, for purposes of
paragraph (a)(2)(i) of this section, to be a
requisite action which relates back to the
beginning of such period, the requirements of
this paragraph are satisfied. Because filing or
taking possession is a condition precedent to
continued perfection, filing or taking
possession of the collateral is a requisite
action to establish such priority after
expiration of the period of temporary
perfection. If there is a lapse of perfection for
failure to file or take possession, the
determination of when the security interest
exists (for purposes of protection against the
tax lien) is made without regard to the period
of temporary perfection.
(h) Effective/applicability date. This
section applies as of April 4, 2011.
(3) Money or money’s worth. For
purposes of this paragraph, the term
money or money’s worth includes
money, a security (as defined in
paragraph (d) of this section), tangible or
intangible property, services, and other
consideration reducible to a money
value. Money or money’s worth also
includes any consideration which
otherwise would constitute money or
money’s worth under the preceding
sentence which was parted with before
the security interest would otherwise
exist if, under local law, past
consideration is sufficient to support an
agreement giving rise to a security
interest, and provided that the grant of
the security interest is not a fraudulent
transfer under local law or 28 U.S.C.
§ 3304(a)(2). A firm commitment to part
with money, a security, tangible or
intangible property, services, or other
consideration reducible to a money
value does not, in itself, constitute a
consideration in money or money’s
worth. A relinquishing or promised
relinquishment of dower, curtesy, or of
a statutory estate created in lieu of
dower or curtesy, or of other marital
rights is not a consideration in money
or money’s worth. Nor is love and
affection, promise of marriage, or any
other consideration not reducible to a
money value a consideration in money
or money’s worth.
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(a) Request for Administrative
Record—(1) In general. Beginning on
the third business day (as defined in
§ 4000.22 of this chapter) after PBGC has
issued a notice under section 4042 of
ERISA that a plan should be terminated,
an affected party with respect to the
plan may make a request to PBGC for
the administrative record of PBGC’s
determination that the plan should be
terminated.
(2) Requirements. A request under
paragraph (a) of this section must:
(i) Be in writing;
(ii) State the name of the plan and that
the request is for the administrative
record with respect to a notice issued by
PBGC under section 4042 of ERISA that
a plan should be terminated;
(iii) State the name of the person
making the request, the person’s
relationship to the plan (e.g., plan
participant), and that such relationship
meets the definition of affected party
under § 4001.2 of this chapter; and
(iv) Be signed by the person making
the request.
(3) A request under paragraph (a) of
this section must be sent to PBGC’s
Disclosure Officer at the address
provided on PBGC’s Web site. To
expedite processing, the request should
be prominently identified as an
‘‘Administrative Record Request.’’
(b) PBGC Response to Request for
Administrative Record—(1) Notification
of plan administrator and plan sponsor.
Upon receipt of a request under
paragraph (a) of this section, PBGC will
VerDate Mar<15>2010
18:24 Apr 01, 2011
Jkt 223001
Steven T. Miller,
Deputy Commissioner for Services and
Enforcement.
Approved: March 25, 2011.
Michael Mundaca,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2011–7933 Filed 4–1–11; 8:45 am]
BILLING CODE 4830–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4042
Single-Employer Plan Termination
Initiated by PBGC
CFR Correction
In Title 29 of the Code of Federal
Regulations, Part 1927 to End, revised as
of July 1, 2010, on page 973, § 4042.5 is
added to read as follows:
§ 4042.5 Disclosure of administrative
record by PBGC.
PO 00000
Frm 00042
Fmt 4700
Sfmt 9990
promptly notify the plan administrator
and plan sponsor that it has received a
request for the administrative record,
and the date by which PBGC will
provide the information to the affected
party that made the request.
(2) Confidential information. (i) In
responding to a request under paragraph
(a) of this section, PBGC will not
disclose any portions of the
administrative record that are
prohibited from disclosure under the
Privacy Act, 5 U.S.C. 552a.
(ii) A plan administrator or plan
sponsor that has received notification
pursuant to paragraph (b)(1) of this
section may seek a court order under
which those portions of the
administrative record that contain
confidential information described in
section 552(b) of title 5, United States
Code—
(A) Will be disclosed only to
authorized representatives (within the
meaning of section 4041(c)(2)(D)(iv) of
ERISA) that agree to ensure the
confidentiality of such information, and
(B) Will not be disclosed to other
affected parties.
(iii) If, before the 15th business day
(as defined in § 4000.22 of this chapter)
after PBGC has received a request under
paragraph (a), PBGC receives a court
order as described in paragraph (b)(2)(ii)
of this section, PBGC will disclose those
portions of the administrative record
that contain confidential information
described in section 552(b) of title 5,
United States Code, only as provided in
the order.
(3) Timing of response. PBGC will
send the administrative record to the
affected party that made the request not
later than the 15th business day (as
defined in § 4000.22 of this chapter)
after it receives the request.
(4) Form and manner. PBGC will
provide the administrative record using
measures (including electronic
measures) reasonably calculated to
ensure actual receipt of the material by
the intended recipient.
[FR Doc. 2011–8007 Filed 4–1–11; 8:45 am]
BILLING CODE 1505–01–D
E:\FR\FM\04APR1.SGM
04APR1
Agencies
[Federal Register Volume 76, Number 64 (Monday, April 4, 2011)]
[Rules and Regulations]
[Page 18388]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-8007]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4042
Single-Employer Plan Termination Initiated by PBGC
CFR Correction
In Title 29 of the Code of Federal Regulations, Part 1927 to End,
revised as of July 1, 2010, on page 973, Sec. 4042.5 is added to read
as follows:
Sec. 4042.5 Disclosure of administrative record by PBGC.
(a) Request for Administrative Record--(1) In general. Beginning on
the third business day (as defined in Sec. 4000.22 of this chapter)
after PBGC has issued a notice under section 4042 of ERISA that a plan
should be terminated, an affected party with respect to the plan may
make a request to PBGC for the administrative record of PBGC's
determination that the plan should be terminated.
(2) Requirements. A request under paragraph (a) of this section
must:
(i) Be in writing;
(ii) State the name of the plan and that the request is for the
administrative record with respect to a notice issued by PBGC under
section 4042 of ERISA that a plan should be terminated;
(iii) State the name of the person making the request, the person's
relationship to the plan (e.g., plan participant), and that such
relationship meets the definition of affected party under Sec. 4001.2
of this chapter; and
(iv) Be signed by the person making the request.
(3) A request under paragraph (a) of this section must be sent to
PBGC's Disclosure Officer at the address provided on PBGC's Web site.
To expedite processing, the request should be prominently identified as
an ``Administrative Record Request.''
(b) PBGC Response to Request for Administrative Record--(1)
Notification of plan administrator and plan sponsor. Upon receipt of a
request under paragraph (a) of this section, PBGC will promptly notify
the plan administrator and plan sponsor that it has received a request
for the administrative record, and the date by which PBGC will provide
the information to the affected party that made the request.
(2) Confidential information. (i) In responding to a request under
paragraph (a) of this section, PBGC will not disclose any portions of
the administrative record that are prohibited from disclosure under the
Privacy Act, 5 U.S.C. 552a.
(ii) A plan administrator or plan sponsor that has received
notification pursuant to paragraph (b)(1) of this section may seek a
court order under which those portions of the administrative record
that contain confidential information described in section 552(b) of
title 5, United States Code--
(A) Will be disclosed only to authorized representatives (within
the meaning of section 4041(c)(2)(D)(iv) of ERISA) that agree to ensure
the confidentiality of such information, and
(B) Will not be disclosed to other affected parties.
(iii) If, before the 15th business day (as defined in Sec. 4000.22
of this chapter) after PBGC has received a request under paragraph (a),
PBGC receives a court order as described in paragraph (b)(2)(ii) of
this section, PBGC will disclose those portions of the administrative
record that contain confidential information described in section
552(b) of title 5, United States Code, only as provided in the order.
(3) Timing of response. PBGC will send the administrative record to
the affected party that made the request not later than the 15th
business day (as defined in Sec. 4000.22 of this chapter) after it
receives the request.
(4) Form and manner. PBGC will provide the administrative record
using measures (including electronic measures) reasonably calculated to
ensure actual receipt of the material by the intended recipient.
[FR Doc. 2011-8007 Filed 4-1-11; 8:45 am]
BILLING CODE 1505-01-D