Missing Participants in Individual Account Plans, 37598-37599 [2013-14834]

Download as PDF 37598 Federal Register / Vol. 78, No. 120 / Friday, June 21, 2013 / Notices Dated: June 14, 2013. Kathy Weaver, Acting Chief, Technical Support Branch, Advisory Committee on Reactor Safeguards. [FR Doc. 2013–14933 Filed 6–20–13; 8:45 am] BILLING CODE 7590–01–P NUCLEAR REGULATORY COMMISSION Advisory Committee on Reactor Safeguards (ACRS); Meeting of the ACRS Subcommittee on Plant Operations and Fire Protection; Notice of Meeting TKELLEY on DSK3SPTVN1PROD with NOTICES The ACRS Subcommittee on Plant Operations and Fire Protection will hold a meeting on July 24, 2013, at the U.S. NRC Region I Office, 2100 Renaissance Blvd., Suite 100, King of Prussia, PA 19406–2713. The meeting will be open to public attendance. The agenda for the subject meeting shall be as follows: Wednesday, July 24, 2013—8:15 a.m. Until 12:00 p.m. The Subcommittee will meet with Region I staff to discuss items of mutual interest. The Subcommittee will hear presentations by and hold discussions with representatives of the NRC staff and other interested persons regarding this matter. The Subcommittee will gather information, analyze relevant issues and facts, and formulate proposed positions and actions, as appropriate, for deliberation by the Full Committee. Members of the public desiring to provide oral statements and/or written comments should notify the Designated Federal Official (DFO), Quynh Nguyen (Telephone 301–415–5844 or Email: Quynh.Nguyen@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). VerDate Mar<15>2010 18:32 Jun 20, 2013 Jkt 229001 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. Dated: June 12, 2013. Antonio Dias, Technical Advisor, Advisory Committee on Reactor Safeguards. [FR Doc. 2013–14928 Filed 6–20–13; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Missing Participants in Individual Account Plans Pension Benefit Guaranty Corporation. ACTION: Request for information. AGENCY: PBGC is soliciting information from the public to assist it in making decisions about implementing a new program to deal with benefits of missing participants in terminating individual account plans. PBGC is interested in stakeholders’ views on topics such as the extent of the demand for such a program, the demand for a database of missing participants, the availability of private-sector missing participant services, potential program costs and fees, electronic filing, and the contours of diligent search requirements. SUMMARY: Comments must be received on or before August 20, 2013. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: www.regulations.gov. Follow the Web site instructions for submitting comments. • Email: reg.comments@pbgc.gov. • Fax: 202–326–4220. • Mail or Hand Delivery: Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005–4026. DATES: PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 Comments received, including personal information provided, will be posted to www.pbgc.gov. Copies of comments may also be obtained by writing to Disclosure Division, Office of the 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 tollfree at 1–800–877–8339 and ask to be connected to 202–326–4040.) FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Assistant General Counsel, Office of the General Counsel, Pension Benefit Guaranty Corporation, Suite 12300, 1200 K Street NW., Washington, DC 20005–4026, klion.catherine@pbgc.gov or 202–326– 4024. (For TTY–TTD users, call the Federal relay service toll-free at 1–800– 877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: Before the Pension Protection Act of 2006, section 4050 of the Employee Retirement Income Security Act (ERISA) required the Pension Benefit Guaranty Corporation (PBGC) to operate (and pension plans to use) a missing participants program limited to singleemployer plans covered by title IV of ERISA. The Pension Protection Act of 2006 amended section 4050 to provide for a similar mandatory program for covered multiemployer plans and an optional program for non-covered plans, both individual account plans (defined contribution plans) 1 and defined benefit plans not covered by title IV. It also authorized PBGC to require non-covered plans to submit information to PBGC about missing participants’ benefits. Before making decisions about implementing a missing participants program for terminating individual account plans (which represent the vast majority of non-covered plans), PBGC requires an understanding of the demand for such a program and how that demand might be affected by fees, minimum benefit requirements, and information requirements, measured against private providers of similar services. PBGC has made some efforts to conduct research in this area by contacting financial institutions, plan recordkeeping service providers, 1 ERISA section 3(34) defines both ‘‘individual account plan’’ and ‘‘defined contribution plan’’ as ‘‘a pension plan which provides for an individual account for each participant and for benefits based solely upon the amount contributed to the participant’s account, and any income, expenses, gains and losses, and any forfeitures of accounts of other participants which may be allocated to such participant’s account.’’ E:\FR\FM\21JNN1.SGM 21JNN1 Federal Register / Vol. 78, No. 120 / Friday, June 21, 2013 / Notices TKELLEY on DSK3SPTVN1PROD with NOTICES companies that provide benefit processing services, and sponsors of terminated individual account plans, but found it difficult to draw useful conclusions from these contacts. In addition, PBGC wants input reflecting participant interests. Accordingly PBGC is issuing this request for information.2 Request for Information PBGC is soliciting information from the public on issues related to missing participants in terminating individual account plans. PBGC seeks comments on any and all relevant issues, including the following: • For pension consultants: Among individual account plans that you are familiar with, what proportion has participants they cannot find? Among such plans, what is the average number of participants the plan cannot find? In your experience, what is the average account balance, and what is the range of account balances, for participants that cannot be found? • What if any services for missing participants in individual account plans are unavailable in the competitive private marketplace (for example, handling very small benefits or QJSA benefits)? Why are they unavailable (for example, because it is not cost-effective to provide them)? • If PBGC provided services for missing participants’ accounts in terminating individual account plans that were comparable to the services provided by the private sector and charged comparable fees, would you be likely to choose the PBGC program or the private sector program and why? Would it make a difference if PBGC provided a narrower range of services than typical private-sector providers? • How would individual account plans’ choice to use a PBGC missing participants program for such plans— rather than a private-sector service—be affected by (1) The level of fees PBGC might charge, (2) the minimum benefit size PBGC might accept, (3) optional or mandatory electronic filing, and (4) other possible program features? • What impact would a PBGC missing participants program for individual account plans have on private-sector benefit processing firms? • How would you view the value (such as convenience and reliability) of a single database of missing participants’ benefits in terminated 2 PBGC is developing amendments to its current missing participants regulation (29 CFR part 4050) to implement the mandatory multiemployer program and to improve the existing singleemployer program, regardless of what decisions are made about the optional programs for non-covered plans. VerDate Mar<15>2010 18:32 Jun 20, 2013 Jkt 229001 individual account plans, maintained by PBGC, compared to the burden on plans to provide the data and the burden on PBGC to maintain the database? How would the comparison change if plan reporting of data were voluntary rather than mandatory, making the database less comprehensive? What information should be in the database? • ERISA section 4050(b)(2) defines a missing participant as ‘‘a participant or beneficiary under a terminating plan whom the plan administrator cannot locate after a diligent search.’’ What ‘‘diligent search’’ requirements should apply for individual account plans? Should PBGC offer diligent search services for a fee or post on its Web site the names of private sector companies that provide diligent search services? • What special concerns do small plans or their sponsors or participants have regarding the treatment of missing participants in individual account plans? In addressing these issues, to the extent possible, commenters are requested to provide quantitative as well as qualitative support or analysis where applicable. Issued in Washington, DC, this 17th day of June 2013. Joshua Gotbaum, Director, Pension Benefit Guaranty Corporation. [FR Doc. 2013–14834 Filed 6–20–13; 8:45 am] BILLING CODE 7709–01–P RAILROAD RETIREMENT BOARD Sunshine Act; Notice of Public Meeting Notice is hereby given that the Railroad Retirement Board will hold a meeting on June 27, 2013, 10:00 a.m. at the Board’s meeting room on the 8th floor of its headquarters building, 844 North Rush Street, Chicago, Illinois 60611. The agenda for this meeting is as follows: Portion open to the public: (1) Disability Annuities The person to contact for more information is Martha P. Rico, Secretary to the Board, Phone No. 312–751–4920. Dated: June 18, 2013. Martha P. Rico, Secretary to the Board. [FR Doc. 2013–14973 Filed 6–19–13; 11:15 am] BILLING CODE 7905–01–P PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 37599 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 206(4)–7, OMB Control No. 3235– 0585, SEC File No. 270–523. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. The title for the collection of information is ‘‘Investment Advisers Act rule 206(4)–7 (17 CFR 275.206(4)–7), Compliance procedures and practices.’’ Rule 206(4)–7 requires each investment adviser registered with the Commission to (i) Adopt and implement internal compliance policies and procedures, (ii) review those policies and procedures annually, (iii) designate a chief compliance officer, and (iv) maintain certain compliance records. Rule 206(4)–7 is designed to protect investors by fostering better compliance with the securities laws. The collection of information under rule 206(4)–7 is necessary to assure that investment advisers maintain comprehensive internal programs that promote the advisers’ compliance with the Investment Advisers Act of 1940. The information collection in the rule also assists the Commission’s examination staff in assessing the adequacy advisers’ compliance programs. This collection of information is found at 17 CFR 275.206(4)–7 and is mandatory. The information documented pursuant to rule 206(4)–7 is reviewed by the Commission’s examination staff; it will be accorded the same level of confidentiality accorded to other responses provided to the Commission in the context of its examination and oversight program. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. The respondents to this information collection are investment advisers registered with the Commission. Our latest data indicate that there were 10,773 advisers registered with the Commission as of February 1, 2013. The Commission has estimated that E:\FR\FM\21JNN1.SGM 21JNN1

Agencies

[Federal Register Volume 78, Number 120 (Friday, June 21, 2013)]
[Notices]
[Pages 37598-37599]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14834]


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PENSION BENEFIT GUARANTY CORPORATION


Missing Participants in Individual Account Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Request for information.

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

SUMMARY: PBGC is soliciting information from the public to assist it in 
making decisions about implementing a new program to deal with benefits 
of missing participants in terminating individual account plans. PBGC 
is interested in stakeholders' views on topics such as the extent of 
the demand for such a program, the demand for a database of missing 
participants, the availability of private-sector missing participant 
services, potential program costs and fees, electronic filing, and the 
contours of diligent search requirements.

DATES: Comments must be received on or before August 20, 2013.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: www.regulations.gov. Follow 
the Web site instructions for submitting comments.
     Email: reg.comments@pbgc.gov.
     Fax: 202-326-4220.
     Mail or Hand Delivery: Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 
20005-4026.

Comments received, including personal information provided, will be 
posted to www.pbgc.gov. Copies of comments may also be obtained by 
writing to Disclosure Division, Office of the 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: Catherine B. Klion, Assistant General 
Counsel, Office of the General Counsel, Pension Benefit Guaranty 
Corporation, Suite 12300, 1200 K Street NW., Washington, DC 20005-4026, 
klion.catherine@pbgc.gov or 202-326-4024. (For TTY-TTD users, call the 
Federal relay service toll-free at 1-800-877-8339 and ask to be 
connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Before the Pension Protection Act of 2006, 
section 4050 of the Employee Retirement Income Security Act (ERISA) 
required the Pension Benefit Guaranty Corporation (PBGC) to operate 
(and pension plans to use) a missing participants program limited to 
single-employer plans covered by title IV of ERISA. The Pension 
Protection Act of 2006 amended section 4050 to provide for a similar 
mandatory program for covered multiemployer plans and an optional 
program for non-covered plans, both individual account plans (defined 
contribution plans) \1\ and defined benefit plans not covered by title 
IV. It also authorized PBGC to require non-covered plans to submit 
information to PBGC about missing participants' benefits.
---------------------------------------------------------------------------

    \1\ ERISA section 3(34) defines both ``individual account plan'' 
and ``defined contribution plan'' as ``a pension plan which provides 
for an individual account for each participant and for benefits 
based solely upon the amount contributed to the participant's 
account, and any income, expenses, gains and losses, and any 
forfeitures of accounts of other participants which may be allocated 
to such participant's account.''
---------------------------------------------------------------------------

    Before making decisions about implementing a missing participants 
program for terminating individual account plans (which represent the 
vast majority of non-covered plans), PBGC requires an understanding of 
the demand for such a program and how that demand might be affected by 
fees, minimum benefit requirements, and information requirements, 
measured against private providers of similar services.
    PBGC has made some efforts to conduct research in this area by 
contacting financial institutions, plan recordkeeping service 
providers,

[[Page 37599]]

companies that provide benefit processing services, and sponsors of 
terminated individual account plans, but found it difficult to draw 
useful conclusions from these contacts. In addition, PBGC wants input 
reflecting participant interests. Accordingly PBGC is issuing this 
request for information.\2\
---------------------------------------------------------------------------

    \2\ PBGC is developing amendments to its current missing 
participants regulation (29 CFR part 4050) to implement the 
mandatory multiemployer program and to improve the existing single-
employer program, regardless of what decisions are made about the 
optional programs for non-covered plans.
---------------------------------------------------------------------------

Request for Information

    PBGC is soliciting information from the public on issues related to 
missing participants in terminating individual account plans. PBGC 
seeks comments on any and all relevant issues, including the following:
     For pension consultants: Among individual account plans 
that you are familiar with, what proportion has participants they 
cannot find? Among such plans, what is the average number of 
participants the plan cannot find? In your experience, what is the 
average account balance, and what is the range of account balances, for 
participants that cannot be found?
     What if any services for missing participants in 
individual account plans are unavailable in the competitive private 
marketplace (for example, handling very small benefits or QJSA 
benefits)? Why are they unavailable (for example, because it is not 
cost-effective to provide them)?
     If PBGC provided services for missing participants' 
accounts in terminating individual account plans that were comparable 
to the services provided by the private sector and charged comparable 
fees, would you be likely to choose the PBGC program or the private 
sector program and why? Would it make a difference if PBGC provided a 
narrower range of services than typical private-sector providers?
     How would individual account plans' choice to use a PBGC 
missing participants program for such plans--rather than a private-
sector service--be affected by (1) The level of fees PBGC might charge, 
(2) the minimum benefit size PBGC might accept, (3) optional or 
mandatory electronic filing, and (4) other possible program features?
     What impact would a PBGC missing participants program for 
individual account plans have on private-sector benefit processing 
firms?
     How would you view the value (such as convenience and 
reliability) of a single database of missing participants' benefits in 
terminated individual account plans, maintained by PBGC, compared to 
the burden on plans to provide the data and the burden on PBGC to 
maintain the database? How would the comparison change if plan 
reporting of data were voluntary rather than mandatory, making the 
database less comprehensive? What information should be in the 
database?
     ERISA section 4050(b)(2) defines a missing participant as 
``a participant or beneficiary under a terminating plan whom the plan 
administrator cannot locate after a diligent search.'' What ``diligent 
search'' requirements should apply for individual account plans? Should 
PBGC offer diligent search services for a fee or post on its Web site 
the names of private sector companies that provide diligent search 
services?
     What special concerns do small plans or their sponsors or 
participants have regarding the treatment of missing participants in 
individual account plans?

In addressing these issues, to the extent possible, commenters are 
requested to provide quantitative as well as qualitative support or 
analysis where applicable.

    Issued in Washington, DC, this 17th day of June 2013.
Joshua Gotbaum,
Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-14834 Filed 6-20-13; 8:45 am]
BILLING CODE 7709-01-P
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