Target Date Disclosure, 30928-30929 [2012-12386]

Download as PDF 30928 Federal Register / Vol. 77, No. 101 / Thursday, May 24, 2012 / Proposed Rules of the blades are removed as specified in Table 2 of this AD. TABLE 2—COMPLIANCE TIMES AND SERVICE BULLETINS BY ENGINE MODEL For engine model Inspect whenever— To inspect, use— PW4074, PW4077, PW4077D, PW4084D, PW4090, and PW4090–3. Any of the HPC 13thor 14thstage blades are removed during a shop visit. Any of the HPC 13th, 14th, or 15th stage blades are removed during a shop visit. Any of the HPC 13th, 14th, or 15th stage blades are removed during a shop visit. Paragraphs 1.A. through 1.B. of the Accomplishment Instructions of PW4G–112–72–264, Revision 2, dated February 23, 2010. Paragraphs 1.A. through 1.C of the Accomplishment Instructions of PW4G–100–72–186, Revision 1, dated September 2, 2004. Paragraphs 1.A. through 1.C. of the Accomplishment Instructions of PW4ENG 72–796, dated June 11, 2009. PW4164, PW4168, and PW4168A .......... PW4052, PW4056, PW4060, PW4062, PW4062A, PW4152, PW4156A, PW4158, PW4460, and PW4462. (2) Remove from service any HPC drum rotor disk assembly rear drum found with a crack in any of the blade loading and locking slots. (g) Replacement of 13th, 14th, and 15th HPC Seals At the next piece-part exposure of the HPC drum rotor disk assembly after the effective date of this AD: (1) Replace the 13th, 14th, and 15th stage HPC seals of engines listed in paragraph (c)(1) of this AD in accordance with the Accomplishment Instructions of Pratt & Whitney Service Bulletin (SB) No. PW4ENG 72–816, dated December 2, 2011. (2) Replace the 13th, 14th, and 15th stage HPC seals of engines listed in paragraph (c)(2) of this AD in accordance with the Accomplishment Instructions of Pratt & Whitney SB No. PW4G–100–72–240, dated November 15, 2011. (h) Optional Terminating Action As optional terminating action to the repetitive inspection requirements of this AD: (1) Replace the HPC drum rotor disk assembly of engines listed in paragraph (c)(1) of this AD with a redesigned HPC drum rotor disk assembly in accordance with the Accomplishment Instructions of Pratt & Whitney SB No. PW4ENG 72–817, dated December 7, 2011. (2) Replace the HPC drum rotor disk assembly of engines listed in paragraph (c)(2) of this AD with a redesigned HPC drum rotor disk assembly in accordance with the Accomplishment Instructions of Pratt & Whitney SB No. PW4G–100–72–241, dated November 15, 2011. For the purpose of this AD, piece-part exposure means that the HPC drum rotor disk assembly is removed from the engine and completely disassembled. srobinson on DSK4SPTVN1PROD with PROPOSALS (k) Related Information (1) For more information about this AD, contact James Gray, Aerospace Engineer, Engine & Propeller Directorate, FAA, 12 New England Executive Park, Burlington, MA 01803; phone: 781–238–7742; fax: 781–238– 7199; email: james.e.gray@faa.gov. (2) For service information identified in this AD, contact Pratt & Whitney, 400 Main St., East Hartford, CT 06108; phone: 860– 565–7700; fax: 860–565–1605. You may review copies of the referenced service information at the FAA, Engine & Propeller Directorate, 12 New England Executive Park, Burlington, MA. For information on the availability of this material at the FAA, call 781–238–7125. Issued in Burlington, Massachusetts, on May 16, 2012. Peter A. White, Manager, Engine & Propeller Directorate, Aircraft Certification Service. [FR Doc. 2012–12414 Filed 5–23–12; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF LABOR Employee Benefits Security Administration 29 CFR Part 2550 RIN 1210–AB38 Target Date Disclosure Employee Benefits Security Administration, Labor. ACTION: Proposed rule; reopening of comment period. AGENCY: (i) Definition The Manager, Engine Certification Office, may approve AMOCs for this AD. Use the procedures found in 14 CFR 39.19 to make your request. AMOCs approved previously in accordance with AD 2010–18–13, Amendment 39–16427 (75 FR 55459, September 13, 2010) are approved as AMOCs 16:29 May 23, 2012 Jkt 226001 The Department of Labor’s Employee Benefits Security Administration is reopening the period for public comment on proposed regulatory amendments relating to enhanced disclosure concerning target date or similar investments, originally proposed in a previously published document in the Federal Register. SUMMARY: (j) Alternative Methods of Compliance (AMOCs) VerDate Mar<15>2010 for the corresponding requirements in paragraph (f) of this AD. PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 Written comments on the proposed regulation should be received by the Department of Labor no later than July 9, 2012. ADDRESSES: Written comments may be submitted to the addresses specified below. All comments will be made available to the public. Warning: Do not include any personally identifiable information (such as name, address, or other contact information) or confidential business information that you do not want publicly disclosed. All comments may be posted on the Internet and can be retrieved by most Internet search engines. Comments may be submitted anonymously. Persons submitting comments electronically are encouraged not to submit paper copies. Comments identified by RIN 1210– AB38 may be submitted by one of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Email: e-ORI@dol.gov. • Mail or Hand Delivery: Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N–5655, U.S. Department of Labor, 200 Constitution Avenue NW., Washington, DC 20210, Attention: RIN 1210–AB38; Target Date Disclosure. Comments received by the Department of Labor may be posted without change to http:// www.regulations.gov and http:// www.dol.gov/ebsa, and will be made available for public inspection at the Public Disclosure Room, N–1513, Employee Benefits Security Administration, 200 Constitution Avenue NW., Washington, DC 20210. FOR FURTHER INFORMATION CONTACT: Kristen Zarenko, Office of Regulations and Interpretations, Employee Benefits Security Administration, (202) 693– 8500. This is not a toll-free number. SUPPLEMENTARY INFORMATION: The Employee Benefits Security Administration of the Department of DATES: E:\FR\FM\24MYP1.SGM 24MYP1 srobinson on DSK4SPTVN1PROD with PROPOSALS Federal Register / Vol. 77, No. 101 / Thursday, May 24, 2012 / Proposed Rules Labor (Department) is reopening the period for public comment on proposed regulatory amendments to improve the information that is disclosed to participants and beneficiaries concerning investments in target date or similar funds (TDFs). In November 2010, the Department published a proposal to amend its qualified default investment alternative regulation (29 CFR 2550.404c–5) and participant-level disclosure regulation (29 CFR 2550.404a–5). The comment period for the proposal originally closed on January 14, 2011.1 The proposal includes more specific disclosure requirements for TDFs, based on evidence that plan participants and beneficiaries would benefit from additional information concerning these investments. Specifically, the proposal would require an explanation of the TDF’s asset allocation, how the asset allocation will change over time, and the point in time when the TDF will reach its most conservative asset allocation; including a chart, table, or other graphical representation that illustrates such change in asset allocation. The proposal also would require, among other things, information about the relevance of the TDF’s ‘‘target date;’’ any assumptions about participants’ and beneficiaries’ contribution and withdrawal intentions following the target date; and a statement that TDFs do not guarantee adequate retirement income and that participants and beneficiaries may lose money by investing in the TDF, including losses near and following retirement. Additional background and other information are contained in the Supplementary Information published with the proposed amendments.2 Throughout this regulatory initiative, the Department has consulted with the Securities and Exchange Commission (Commission). The Department also specifically requested comment in its proposal on whether the final rule should incorporate any of the elements of a rule proposed by the Commission to address concerns regarding the potential for investor misunderstandings about TDFs.3 In response, a large number of commenters strongly encouraged careful coordination with the Commission to avoid the potential cost and confusion (on the part of plan sponsors and participants and beneficiaries) that could result if the two agencies were to establish inconsistent disclosure requirements. Because of the relationship between the Department’s and the Commission’s regulatory proposals, the Department has continued to consult with Commission staff while working to issue a final rule. As part of its regulatory process, the Commission recently engaged a consultant to conduct investor testing of comprehension and communication issues relating to TDFs. A report presenting the findings of this research on individual investors’ understanding of TDFs and related fund advertisements is publicly available on the Commissions’ Web site.4 To provide interested parties an opportunity to comment on the results of this research and on its regulatory proposal, the Commission recently reopened the comment period for its proposal.5 As the results of this research also may be relevant to the Department’s proposal, and in order to provide all persons who are interested in this research an opportunity to comment on the report, the Department is reopening the comment period before action is taken to finalize regulatory amendments. The Department invites additional comments on the TDF proposal in light of this new research. To avoid unnecessary duplication, the Department encourages parties who submitted comments to the Commission in response to their reopened comment period, and who consider their comments to be similarly relevant to the Department’s review of the abovementioned research, to submit (or reference) such comments, in response to this request, for inclusion in the Department’s public record. Parties also may comment on any other matters that may have an effect on the Department’s proposal. Accordingly, the Department is extending the comment period until July 9, 2012. Signed at Washington, DC, this 15th day of May 2012. Phyllis C. Borzi, Assistant Secretary, Employee Benefits Security Administration, Department of Labor. [FR Doc. 2012–12386 Filed 5–23–12; 8:45 am] 1 See 75 FR 73987 (Nov. 30, 2010), proposing to amend the Department’s qualified default investment alternative regulation, 72 FR 60452 (Oct. 24, 2007), and participant-level disclosure regulation, 75 FR 64910 (Oct. 20. 2010). 2 See id. 3 Commission Release Nos. 33–9126, 34–62300, IC–29301 (June 2010). VerDate Mar<15>2010 16:29 May 23, 2012 Jkt 226001 BILLING CODE 4510–29–P 4 http://www.sec.gov/comments/s7-12-10/s7121058.pdf. 5 See 77 FR 20749 (April 6, 2012). PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 30929 DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 100 [Docket Number USCG–2012–0341] RIN 1625–AA08 Special Local Regulations for Marine Events, Temporary Change of Dates for Recurring Marine Events in the Fifth Coast Guard District, Wrightsville Channel; Wrightsville Beach, NC Coast Guard, DHS. Notice of proposed rulemaking. AGENCY: ACTION: The Coast Guard proposes to temporarily change the enforcement period of one special local regulation for a recurring marine event in the Fifth Coast Guard District, specifically the ‘‘Wilmington YMCA Triathlon’’, locally known as the ‘‘Beach 2 Battleship’’, conducted on the waters of Wrightsville Channel near Wrightsville Beach, North Carolina. This Special Local Regulation is necessary to provide for the safety of life on navigable waters during the event, which has been rescheduled from the last Saturday in October or the first or second Saturday in November to the third Saturday in October. This action is intended to restrict vessel traffic on Wrightsville Channel during the swimming portion of this event. DATES: Comments and related material must be received by the Coast Guard on or before June 25, 2012. ADDRESSES: You may submit comments identified by docket number using any one of the following methods: (1) Federal eRulemaking Portal: http://www.regulations.gov. (2) Fax: 202–493–2251. (3) Mail or Delivery: Docket Management Facility (M–30), U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE., Washington, DC 20590–0001. Deliveries accepted between 9 a.m. and 5 p.m., Monday through Friday, except federal holidays. The telephone number is 202– 366–9329. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section below for further instructions on submitting comments. To avoid duplication, please use only one of these three methods. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or email BOSN3 Joseph M. Edge, Coast Guard Sector North Carolina, Coast Guard; telephone 252–247–4525, email SUMMARY: E:\FR\FM\24MYP1.SGM 24MYP1

Agencies

[Federal Register Volume 77, Number 101 (Thursday, May 24, 2012)]
[Proposed Rules]
[Pages 30928-30929]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-12386]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration

29 CFR Part 2550

RIN 1210-AB38


Target Date Disclosure

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Proposed rule; reopening of comment period.

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

SUMMARY: The Department of Labor's Employee Benefits Security 
Administration is reopening the period for public comment on proposed 
regulatory amendments relating to enhanced disclosure concerning target 
date or similar investments, originally proposed in a previously 
published document in the Federal Register.

DATES: Written comments on the proposed regulation should be received 
by the Department of Labor no later than July 9, 2012.

ADDRESSES: Written comments may be submitted to the addresses specified 
below. All comments will be made available to the public. Warning: Do 
not include any personally identifiable information (such as name, 
address, or other contact information) or confidential business 
information that you do not want publicly disclosed. All comments may 
be posted on the Internet and can be retrieved by most Internet search 
engines. Comments may be submitted anonymously. Persons submitting 
comments electronically are encouraged not to submit paper copies.
    Comments identified by RIN 1210-AB38 may be submitted by one of the 
following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: e-ORI@dol.gov.
     Mail or Hand Delivery: Office of Regulations and 
Interpretations, Employee Benefits Security Administration, Room N-
5655, U.S. Department of Labor, 200 Constitution Avenue NW., 
Washington, DC 20210, Attention: RIN 1210-AB38; Target Date Disclosure. 
Comments received by the Department of Labor may be posted without 
change to http://www.regulations.gov and http://www.dol.gov/ebsa, and 
will be made available for public inspection at the Public Disclosure 
Room, N-1513, Employee Benefits Security Administration, 200 
Constitution Avenue NW., Washington, DC 20210.

FOR FURTHER INFORMATION CONTACT: Kristen Zarenko, Office of Regulations 
and Interpretations, Employee Benefits Security Administration, (202) 
693-8500. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: The Employee Benefits Security 
Administration of the Department of

[[Page 30929]]

Labor (Department) is reopening the period for public comment on 
proposed regulatory amendments to improve the information that is 
disclosed to participants and beneficiaries concerning investments in 
target date or similar funds (TDFs). In November 2010, the Department 
published a proposal to amend its qualified default investment 
alternative regulation (29 CFR 2550.404c-5) and participant-level 
disclosure regulation (29 CFR 2550.404a-5). The comment period for the 
proposal originally closed on January 14, 2011.\1\ The proposal 
includes more specific disclosure requirements for TDFs, based on 
evidence that plan participants and beneficiaries would benefit from 
additional information concerning these investments. Specifically, the 
proposal would require an explanation of the TDF's asset allocation, 
how the asset allocation will change over time, and the point in time 
when the TDF will reach its most conservative asset allocation; 
including a chart, table, or other graphical representation that 
illustrates such change in asset allocation. The proposal also would 
require, among other things, information about the relevance of the 
TDF's ``target date;'' any assumptions about participants' and 
beneficiaries' contribution and withdrawal intentions following the 
target date; and a statement that TDFs do not guarantee adequate 
retirement income and that participants and beneficiaries may lose 
money by investing in the TDF, including losses near and following 
retirement. Additional background and other information are contained 
in the Supplementary Information published with the proposed 
amendments.\2\
---------------------------------------------------------------------------

    \1\ See 75 FR 73987 (Nov. 30, 2010), proposing to amend the 
Department's qualified default investment alternative regulation, 72 
FR 60452 (Oct. 24, 2007), and participant-level disclosure 
regulation, 75 FR 64910 (Oct. 20. 2010).
    \2\ See id.
---------------------------------------------------------------------------

    Throughout this regulatory initiative, the Department has consulted 
with the Securities and Exchange Commission (Commission). The 
Department also specifically requested comment in its proposal on 
whether the final rule should incorporate any of the elements of a rule 
proposed by the Commission to address concerns regarding the potential 
for investor misunderstandings about TDFs.\3\ In response, a large 
number of commenters strongly encouraged careful coordination with the 
Commission to avoid the potential cost and confusion (on the part of 
plan sponsors and participants and beneficiaries) that could result if 
the two agencies were to establish inconsistent disclosure 
requirements. Because of the relationship between the Department's and 
the Commission's regulatory proposals, the Department has continued to 
consult with Commission staff while working to issue a final rule.
---------------------------------------------------------------------------

    \3\ Commission Release Nos. 33-9126, 34-62300, IC-29301 (June 
2010).
---------------------------------------------------------------------------

    As part of its regulatory process, the Commission recently engaged 
a consultant to conduct investor testing of comprehension and 
communication issues relating to TDFs. A report presenting the findings 
of this research on individual investors' understanding of TDFs and 
related fund advertisements is publicly available on the Commissions' 
Web site.\4\ To provide interested parties an opportunity to comment on 
the results of this research and on its regulatory proposal, the 
Commission recently reopened the comment period for its proposal.\5\
---------------------------------------------------------------------------

    \4\ http://www.sec.gov/comments/s7-12-10/s71210-58.pdf.
    \5\ See 77 FR 20749 (April 6, 2012).
---------------------------------------------------------------------------

    As the results of this research also may be relevant to the 
Department's proposal, and in order to provide all persons who are 
interested in this research an opportunity to comment on the report, 
the Department is reopening the comment period before action is taken 
to finalize regulatory amendments. The Department invites additional 
comments on the TDF proposal in light of this new research. To avoid 
unnecessary duplication, the Department encourages parties who 
submitted comments to the Commission in response to their reopened 
comment period, and who consider their comments to be similarly 
relevant to the Department's review of the above-mentioned research, to 
submit (or reference) such comments, in response to this request, for 
inclusion in the Department's public record. Parties also may comment 
on any other matters that may have an effect on the Department's 
proposal. Accordingly, the Department is extending the comment period 
until July 9, 2012.

    Signed at Washington, DC, this 15th day of May 2012.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, 
Department of Labor.
[FR Doc. 2012-12386 Filed 5-23-12; 8:45 am]
BILLING CODE 4510-29-P