Pendency of Request for Approval of Special Withdrawal Liability Rules; the I.A.M. National Pension Fund National Pension Plan, 76090-76091 [2012-30934]

Download as PDF 76090 Federal Register / Vol. 77, No. 247 / Wednesday, December 26, 2012 / Notices Members of the public desiring to provide oral statements and/or written comments should notify the Designated Federal Official (DFO), Maitri Banerjee (Telephone 301–415–6973 or Email: Maitri.Banerjee@nrc.gov) five days prior to the meeting, if possible, so that appropriate arrangements can be made. Thirty-five hard copies of each presentation or handout should be provided to the DFO thirty minutes before the meeting. In addition, one electronic copy of each presentation should be emailed to the DFO one day before the meeting. If an electronic copy cannot be provided within this timeframe, presenters should provide the DFO with a CD containing each presentation at least thirty minutes before the meeting. Electronic recordings will be permitted only during those portions of the meeting that are open to the public. Detailed procedures for the conduct of and participation in ACRS meetings were published in the Federal Register on October 18, 2012, (77 FR 64146–64147). Detailed meeting agendas and meeting transcripts are available on the NRC Web site at https://www.nrc.gov/readingrm/doc-collections/acrs. Information regarding topics to be discussed, changes to the agenda, whether the meeting has been canceled or rescheduled, and the time allotted to present oral statements can be obtained from the Web site cited above or by contacting the identified DFO. Moreover, in view of the possibility that the schedule for ACRS meetings may be adjusted by the Chairman as necessary to facilitate the conduct of the meeting, persons planning to attend should check with these references if such rescheduling would result in a major inconvenience. If attending this meeting, please enter through the One White Flint North building, 11555 Rockville Pike, Rockville, MD. After registering with security, please contact Mr. Theron Brown (Telephone 240–888–9835) to be escorted to the meeting room. Dated: December 12, 2012. Antonio Dias, Technical Advisor, Advisory Committee on Reactor Safeguards. [FR Doc. 2012–31041 Filed 12–21–12; 4:15 pm] tkelley on DSK3SPTVN1PROD with BILLING CODE 7590–01–P VerDate Mar<15>2010 06:31 Dec 22, 2012 Jkt 229001 PENSION BENEFIT GUARANTY CORPORATION Pendency of Request for Approval of Special Withdrawal Liability Rules; the I.A.M. National Pension Fund National Pension Plan Pension Benefit Guaranty Corporation ACTION: Notice of pendency of request. AGENCY: This notice advises interested persons that the Pension Benefit Guaranty Corporation (‘‘PBGC’’) has received a request from The I.A.M. National Pension Fund National Pension Plan for approval of a plan amendment providing for special withdrawal liability rules. Under § 4203(f) of the Employee Retirement Income Security Act of 1974 and PBGC’s regulation on Extension of Special Withdrawal Liability Rules, a multiemployer pension plan may, with PBGC approval, be amended to provide for special withdrawal liability rules similar to those that apply to the construction and entertainment industries. Such approval is granted only if PBGC determines that the rules apply to an industry with characteristics that make use of the special rules appropriate and that the rules will not pose a significant risk to PBGC. Before granting an approval, PBGC’s regulations require PBGC to give interested persons an opportunity to comment on the request. The purpose of this notice is to advise interested persons of the request and to solicit their views on it. DATES: Comments must be submitted on or before February 7, 2013. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the Web site instructions for submitting comments. • Email: reg.comments@pbgc.gov. • Fax: 202–326–4224. • Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005– 4026. Comments received, including personal information provided, will be posted to https://www.pbgc.gov. Copies of comments may also be obtained by writing to Disclosure Division, Office of General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005–4026, or calling 202–326–4040 during normal business hours. (TTY and TDD users may call the Federal relay service tollSUMMARY: PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 free at 1–800–877–8339 and ask to be connected to 202–326–4040.) FOR FURTHER INFORMATION CONTACT: Beth A. Bangert, Attorney, Office of the Chief Counsel, Suite 340, 1200 K Street NW., Washington, DC 20005–4026, 202–326– 4020. (For TTY/TTD users, call the Federal relay service toll free at 1–800– 877–8339 and ask to be connected to 202–326–4020.) SUPPLEMENTARY INFORMATION: Background Section 4203(a) of the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (‘‘ERISA’’), provides that a complete withdrawal from a multiemployer plan generally occurs when an employer permanently ceases to have an obligation to contribute under the plan or permanently ceases all covered operations under the plan. Under § 4205 of ERISA, a partial withdrawal generally occurs when an employer: (1) Reduces its contribution base units by seventy percent in each of three consecutive years; or (2) permanently ceases to have an obligation under one or more but fewer than all collective bargaining agreements under which the employer has been obligated to contribute under the plan, while continuing to perform work in the jurisdiction of the collective bargaining agreement of the type for which contributions were previously required or transfers such work to another location or to an entity or entities owned or controlled by the employer; or (3) permanently ceases to have an obligation to contribute under the plan for work performed at one or more but fewer than all of its facilities, while continuing to perform work at the facility of the type for which the obligation to contribute ceased. Although the general rules on complete and partial withdrawal identify events that normally result in a diminution of the plan’s contribution base, Congress recognized that, in certain industries and under certain circumstances, a complete or partial cessation of the obligation to contribute normally does not weaken the plan’s contribution base. For that reason, Congress established special withdrawal rules for the construction and entertainment industries. For construction industry plans and employers, § 4203(b)(2) of ERISA provides that a complete withdrawal occurs only if an employer ceases to have an obligation to contribute under a plan and the employer either continues to perform previously covered work in the jurisdiction of the collective E:\FR\FM\26DEN1.SGM 26DEN1 tkelley on DSK3SPTVN1PROD with Federal Register / Vol. 77, No. 247 / Wednesday, December 26, 2012 / Notices bargaining agreement, or resumes such work within five years without renewing the obligation to contribute at the time of resumption. Section 4203(c)(1) of ERISA applies the same special definition of complete withdrawal to the entertainment industry, except that the pertinent jurisdiction is the jurisdiction of the plan rather than the jurisdiction of the collective bargaining agreement. In contrast, the general definition of complete withdrawal in § 4203(a) of ERISA defines a withdrawal to include permanent cessation of the obligation to contribute regardless of the continued activities of the withdrawn employer. Congress also established special partial withdrawal liability rules for the construction and entertainment industries. Under § 4208(d)(1) of ERISA, ‘‘[a]n employer to whom § 4203(b)(relating to the building and construction industry) applies is liable for a partial withdrawal only if the employer’s obligation to contribute under the plan is continued for no more than an insubstantial portion of its work in the craft and area jurisdiction of the collective bargaining agreement of the type for which contributions are required.’’ Under § 4208(d)(2) of ERISA, ‘‘[a]n employer to whom § 4203(c) (relating to the entertainment industry) applies shall have no liability for a partial withdrawal except under the conditions and to the extent prescribed by the [PBGC] by regulation.’’ Section 4203(f)(1) of ERISA provides that PBGC may prescribe regulations under which plans in other industries may be amended to provide for special withdrawal liability rules similar to the rules prescribed in § 4203(b) and (c) of ERISA. Section 4203(f)(2) of ERISA provides that such regulations shall permit the use of special withdrawal liability rules only in industries (or portions thereof) in which PBGC determines that the characteristics that would make use of such rules appropriate are clearly shown, and that the use of such rules will not pose a significant risk to the insurance system under Title IV of ERISA. Section 4208(e)(3) of ERISA provides that PBGC shall prescribe by regulation a procedure by which plans may be amended to adopt special partial withdrawal liability rules upon a finding by PBGC that the adoption of such rules is consistent with the purposes of Title IV of ERISA. PBGC’s regulations on Extension of Special Withdrawal Liability Rules (29 CFR Part 4203) prescribes procedures for a multiemployer plan to ask PBGC to approve a plan amendment that establishes special complete or partial VerDate Mar<15>2010 06:31 Dec 22, 2012 Jkt 229001 withdrawal liability rules. The regulation may be accessed on PBGC’s Web site (https://www.pbgc.gov). Section 4203.5(b) of the regulation requires PBGC to publish a notice of the pendency of a request for approval of special withdrawal liability rules in the Federal Register, and to provide interested parties with an opportunity to comment on the request. 76091 insurance system under Title IV of ERISA. Issued at Washington, DC, December 17, 2012. Joshua Gotbaum, Director. [FR Doc. 2012–30934 Filed 12–21–12; 8:45 am] BILLING CODE 7709–01–P The Request PBGC received a request, dated July 9, 2010, from The I.A.M. National Pension Fund National Pension Plan (‘‘I.A.M. Fund’’), which the I.A.M. Fund subsequently amended, for approval of a plan amendment providing for special withdrawal liability rules. PBGC’s summary of the actuarial reports provided by the I.A.M. Fund may be accessed on PBGC’s Web site (https:// www.pbgc.gov). A copy of the complete filing may be requested from the PBGC Disclosure Officer. The fax number is 202–326–4042. It may also be obtained by writing the Disclosure Officer, PBGC, 1200 K Street NW., Suite 11101, Washington, DC 20005. In brief, the I.A.M. Fund is a multiemployer plan covering workers with various skill-sets including those providing services to federal and District of Columbia government agencies. The I.A.M. Fund’s submission represents that the industry for which the rule is requested has characteristics similar to those of the construction industry. The I.A.M. Fund submitted an amendment prescribing special withdrawal liability rules, which, if approved by PBGC, would be retroactively effective as of January 1, 2009, to the extent permitted by ERISA § 4214(a). Under the proposed amendment, complete withdrawal of an employer would occur only: (a) Under conditions similar to those described in ERISA § 4203(b)(2) for the building and construction industry; (b) upon the employer’s sale or transfer of a substantial portion of its business or assets to another entity who performs such work in the jurisdiction of the collective bargaining agreement but has no obligation to contribute to the I.A.M. Fund; or (c) when the employer ceases to have an obligation to contribute in connection with the withdrawal of every or substantially all employer(s) from the I.A.M. Fund. Partial withdrawal of an employer would occur only under conditions similar to those described in ERISA § 4208(d)(1). The request includes the actuarial data on which the I.A.M. Fund relies to support its contention that the amendment will not pose a significant risk to the PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 POSTAL REGULATORY COMMISSION [Docket No. CP2013–28; Order No. 1587] International Mail Contract Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing a recently-filed Postal Service request concerning a contingent pricing arrangement related to an international mail contract. This document invites public comments on the request and addresses several related procedural steps. SUMMARY: Comments are due: December 27, 2012. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. DATES: FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Notice of Filing III. Commission Action IV. Ordering Paragraphs I. Introduction On December 14, 2012, the Postal Service filed notice of a contingency price arrangement (Pricing Arrangement) pursuant to a provision in an expired International Business Reply Service (IBRS) competitive contract.1 The Postal Service intends for the new prices, which apply to certain postageprepaid items returned from overseas locations to a U.S.-based entity, to begin 1 Notice of United States Postal Service of Prices Under Functionally Equivalent International Business Reply Service Competitive Contract 1 Negotiated Service Agreement, December 14, 2012 (Notice). The Notice was filed pursuant to 39 CFR 3015.5. Notice at 1. E:\FR\FM\26DEN1.SGM 26DEN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 77, Number 247 (Wednesday, December 26, 2012)]
[Notices]
[Pages 76090-76091]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30934]


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PENSION BENEFIT GUARANTY CORPORATION


Pendency of Request for Approval of Special Withdrawal Liability 
Rules; the I.A.M. National Pension Fund National Pension Plan

AGENCY: Pension Benefit Guaranty Corporation

ACTION: Notice of pendency of request.

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

SUMMARY: This notice advises interested persons that the Pension 
Benefit Guaranty Corporation (``PBGC'') has received a request from The 
I.A.M. National Pension Fund National Pension Plan for approval of a 
plan amendment providing for special withdrawal liability rules. Under 
Sec.  4203(f) of the Employee Retirement Income Security Act of 1974 
and PBGC's regulation on Extension of Special Withdrawal Liability 
Rules, a multiemployer pension plan may, with PBGC approval, be amended 
to provide for special withdrawal liability rules similar to those that 
apply to the construction and entertainment industries. Such approval 
is granted only if PBGC determines that the rules apply to an industry 
with characteristics that make use of the special rules appropriate and 
that the rules will not pose a significant risk to PBGC. Before 
granting an approval, PBGC's regulations require PBGC to give 
interested persons an opportunity to comment on the request. The 
purpose of this notice is to advise interested persons of the request 
and to solicit their views on it.

DATES: Comments must be submitted on or before February 7, 2013.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the Web site instructions for submitting comments.
     Email: reg.comments@pbgc.gov.
     Fax: 202-326-4224.
     Mail or Hand Delivery: Legislative and Regulatory 
Department, Pension Benefit Guaranty Corporation, 1200 K Street NW., 
Washington, DC 20005-4026.
    Comments received, including personal information provided, will be 
posted to https://www.pbgc.gov. Copies of comments may also be obtained 
by writing to Disclosure Division, Office of General Counsel, Pension 
Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-
4026, or calling 202-326-4040 during normal business hours. (TTY and 
TDD users may call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to 202-326-4040.)

FOR FURTHER INFORMATION CONTACT: Beth A. Bangert, Attorney, Office of 
the Chief Counsel, Suite 340, 1200 K Street NW., Washington, DC 20005-
4026, 202-326-4020. (For TTY/TTD users, call the Federal relay service 
toll free at 1-800-877-8339 and ask to be connected to 202-326-4020.)

SUPPLEMENTARY INFORMATION:

Background

    Section 4203(a) of the Employee Retirement Income Security Act of 
1974, as amended by the Multiemployer Pension Plan Amendments Act of 
1980 (``ERISA''), provides that a complete withdrawal from a 
multiemployer plan generally occurs when an employer permanently ceases 
to have an obligation to contribute under the plan or permanently 
ceases all covered operations under the plan. Under Sec.  4205 of 
ERISA, a partial withdrawal generally occurs when an employer: (1) 
Reduces its contribution base units by seventy percent in each of three 
consecutive years; or (2) permanently ceases to have an obligation 
under one or more but fewer than all collective bargaining agreements 
under which the employer has been obligated to contribute under the 
plan, while continuing to perform work in the jurisdiction of the 
collective bargaining agreement of the type for which contributions 
were previously required or transfers such work to another location or 
to an entity or entities owned or controlled by the employer; or (3) 
permanently ceases to have an obligation to contribute under the plan 
for work performed at one or more but fewer than all of its facilities, 
while continuing to perform work at the facility of the type for which 
the obligation to contribute ceased.
    Although the general rules on complete and partial withdrawal 
identify events that normally result in a diminution of the plan's 
contribution base, Congress recognized that, in certain industries and 
under certain circumstances, a complete or partial cessation of the 
obligation to contribute normally does not weaken the plan's 
contribution base. For that reason, Congress established special 
withdrawal rules for the construction and entertainment industries.
    For construction industry plans and employers, Sec.  4203(b)(2) of 
ERISA provides that a complete withdrawal occurs only if an employer 
ceases to have an obligation to contribute under a plan and the 
employer either continues to perform previously covered work in the 
jurisdiction of the collective

[[Page 76091]]

bargaining agreement, or resumes such work within five years without 
renewing the obligation to contribute at the time of resumption. 
Section 4203(c)(1) of ERISA applies the same special definition of 
complete withdrawal to the entertainment industry, except that the 
pertinent jurisdiction is the jurisdiction of the plan rather than the 
jurisdiction of the collective bargaining agreement. In contrast, the 
general definition of complete withdrawal in Sec.  4203(a) of ERISA 
defines a withdrawal to include permanent cessation of the obligation 
to contribute regardless of the continued activities of the withdrawn 
employer.
    Congress also established special partial withdrawal liability 
rules for the construction and entertainment industries. Under Sec.  
4208(d)(1) of ERISA, ``[a]n employer to whom Sec.  4203(b)(relating to 
the building and construction industry) applies is liable for a partial 
withdrawal only if the employer's obligation to contribute under the 
plan is continued for no more than an insubstantial portion of its work 
in the craft and area jurisdiction of the collective bargaining 
agreement of the type for which contributions are required.'' Under 
Sec.  4208(d)(2) of ERISA, ``[a]n employer to whom Sec.  4203(c) 
(relating to the entertainment industry) applies shall have no 
liability for a partial withdrawal except under the conditions and to 
the extent prescribed by the [PBGC] by regulation.''
    Section 4203(f)(1) of ERISA provides that PBGC may prescribe 
regulations under which plans in other industries may be amended to 
provide for special withdrawal liability rules similar to the rules 
prescribed in Sec.  4203(b) and (c) of ERISA. Section 4203(f)(2) of 
ERISA provides that such regulations shall permit the use of special 
withdrawal liability rules only in industries (or portions thereof) in 
which PBGC determines that the characteristics that would make use of 
such rules appropriate are clearly shown, and that the use of such 
rules will not pose a significant risk to the insurance system under 
Title IV of ERISA. Section 4208(e)(3) of ERISA provides that PBGC shall 
prescribe by regulation a procedure by which plans may be amended to 
adopt special partial withdrawal liability rules upon a finding by PBGC 
that the adoption of such rules is consistent with the purposes of 
Title IV of ERISA.
    PBGC's regulations on Extension of Special Withdrawal Liability 
Rules (29 CFR Part 4203) prescribes procedures for a multiemployer plan 
to ask PBGC to approve a plan amendment that establishes special 
complete or partial withdrawal liability rules. The regulation may be 
accessed on PBGC's Web site (https://www.pbgc.gov).
    Section 4203.5(b) of the regulation requires PBGC to publish a 
notice of the pendency of a request for approval of special withdrawal 
liability rules in the Federal Register, and to provide interested 
parties with an opportunity to comment on the request.

The Request

    PBGC received a request, dated July 9, 2010, from The I.A.M. 
National Pension Fund National Pension Plan (``I.A.M. Fund''), which 
the I.A.M. Fund subsequently amended, for approval of a plan amendment 
providing for special withdrawal liability rules. PBGC's summary of the 
actuarial reports provided by the I.A.M. Fund may be accessed on PBGC's 
Web site (https://www.pbgc.gov). A copy of the complete filing may be 
requested from the PBGC Disclosure Officer. The fax number is 202-326-
4042. It may also be obtained by writing the Disclosure Officer, PBGC, 
1200 K Street NW., Suite 11101, Washington, DC 20005.
    In brief, the I.A.M. Fund is a multiemployer plan covering workers 
with various skill-sets including those providing services to federal 
and District of Columbia government agencies. The I.A.M. Fund's 
submission represents that the industry for which the rule is requested 
has characteristics similar to those of the construction industry. The 
I.A.M. Fund submitted an amendment prescribing special withdrawal 
liability rules, which, if approved by PBGC, would be retroactively 
effective as of January 1, 2009, to the extent permitted by ERISA Sec.  
4214(a). Under the proposed amendment, complete withdrawal of an 
employer would occur only: (a) Under conditions similar to those 
described in ERISA Sec.  4203(b)(2) for the building and construction 
industry; (b) upon the employer's sale or transfer of a substantial 
portion of its business or assets to another entity who performs such 
work in the jurisdiction of the collective bargaining agreement but has 
no obligation to contribute to the I.A.M. Fund; or (c) when the 
employer ceases to have an obligation to contribute in connection with 
the withdrawal of every or substantially all employer(s) from the 
I.A.M. Fund. Partial withdrawal of an employer would occur only under 
conditions similar to those described in ERISA Sec.  4208(d)(1). The 
request includes the actuarial data on which the I.A.M. Fund relies to 
support its contention that the amendment will not pose a significant 
risk to the insurance system under Title IV of ERISA.

    Issued at Washington, DC, December 17, 2012.
Joshua Gotbaum,
Director.
[FR Doc. 2012-30934 Filed 12-21-12; 8:45 am]
BILLING CODE 7709-01-P

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