Aged Beneficiary Designation Forms, 57807-57808 [2013-22894]
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57807
Proposed Rules
Federal Register
Vol. 78, No. 183
Friday, September 20, 2013
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
FEDERAL RETIREMENT THRIFT
INVESTMENT BOARD
5 CFR Part 1651
Aged Beneficiary Designation Forms
Federal Retirement Thrift
Investment Board.
AGENCY:
Proposed rule with request for
comments.
ACTION:
The Federal Retirement Thrift
Investment Board (Agency) proposes to
amend its regulations to provide that a
beneficiary designation form is valid
only if it is received by the TSP recordkeeper not more than one year after date
of the participant’s signature.
SUMMARY:
Comments must be received on
or before October 21, 2013.
DATES:
You may submit comments
using one of the following methods:
• Mail: Office of General Counsel,
James B. Petrick, Federal Retirement
Thrift Investment Board, 77 K Street
NE., Washington, DC 20002.
• Hand Delivery/Courier: The address
for sending comments by hand delivery
or courier is the same as that for
submitting comments by mail.
• Facsimile: Comments may be
submitted by facsimile at (202) 942–
1676.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Laurissa Stokes at 202–942–1645.
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)).
tkelley on DSK3SPTVN1PROD with PROPOSALS
SUPPLEMENTARY INFORMATION:
VerDate Mar<15>2010
17:10 Sep 19, 2013
Jkt 229001
Background
Prior to 1995, active Federal
employees submitted TSP beneficiary
designation forms to the personnel
office at their employing agency. Upon
a participant’s death or separation from
service, the employing agency would
forward the participant’s beneficiary
designation form to the TSP recordkeeper.
Beginning on January 1, 1995, the
Agency required all TSP participants to
mail or fax beneficiary designation
forms directly to the TSP record-keeper.
In addition to requiring all participants
to submit beneficiary designation forms
directly to the TSP record-keeper, the
new policy of direct receipt by the TSP
record-keeper required employing
agencies to search their personnel
records and forward all beneficiary
designation forms then in their
possession to the TSP record-keeper
immediately. The TSP communicated
the new policy in two bulletins sent to
agency representatives and in three
separate mailings sent directly to
participants.
The TSP codified the policy of direct
receipt by the TSP record-keeper in
regulations on June 13, 1997 (62 FR
32426). All beneficiary designation
forms in an employing agency’s
possession should have been forwarded
to the TSP record-keeper before June 13,
1997. Nevertheless, employing agencies
continue to forward to the TSP recordkeeper beneficiary designation forms
that are sometimes decades old.
These aged forms often do not reflect
the participant’s current intent. Under
the current regulations, if otherwise
valid, the Agency must honor these aged
forms, and when the Agency processes
these forms, participants often become
confused and believe their accounts
have been accessed fraudulently.
Further, if a participant passes away
after the Agency has received an aged
beneficiary designation form but prior to
clarifying his/her current intent, the
Agency must honor the old form even
though it does not reflect the
participant’s intent.
The Agency, therefore, proposes to
amend its regulations to provide that a
beneficiary designation form is valid
only if it is received by the TSP recordkeeper not more than 365 calendar days
after the date of the participant’s
signature on the form.
PO 00000
Frm 00001
Fmt 4702
Sfmt 4702
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.
List of Subjects in 5 CFR Part 1651
Claims, Government employees,
Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift
Investment Board.
For the reasons stated in the
preamble, the Agency proposes to
amend 5 CFR chapter VI as follows:
PART 1651—DEATH BENEFITS
1. The authority citation for part 1651
continues to read as follows:
■
Authority: 5 U.S.C. 8424(d), 8432d, 8432(j),
8433(e), 8435(c)(2), 8474(b)(5) and 8474(c)(1).
2. Amend § 1651.3 by amending
paragraph (c)(6) to remove ‘‘and’’, by
amending paragraph (c)(7) to remove the
period and add ‘‘; and’’, by amending
paragraph (c)(8) to remove the period
and add ‘‘; and’’, and by adding
paragraph (c)(9) to read as follows:
■
§ 1651.3
*
Designation of beneficiary.
*
*
(c) * * *
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*
*
57808
Federal Register / Vol. 78, No. 183 / Friday, September 20, 2013 / Proposed Rules
(9) Be received by the TSP recordkeeper not more than 365 calendar days
after the date of the participant’s
signature.
*
*
*
*
*
[FR Doc. 2013–22894 Filed 9–19–13; 8:45 am]
BILLING CODE 6760–01–P
FEDERAL TRADE COMMISSION
16 CFR Part 300
RIN 3084–AB29
Rules and Regulations Under the Wool
Products Labeling Act of 1939
Federal Trade Commission.
Notice of proposed rulemaking.
AGENCY:
ACTION:
Based on comments received
in response to its Advance Notice of
Proposed Rulemaking, the Federal
Trade Commission (the ‘‘Commission’’
or ‘‘FTC’’) proposes amending its rules
and regulations under the Wool
Products Labeling Act of 1939 (‘‘Wool
Rules’’ or ‘‘Rules’’) to: conform to the
requirements of the Wool Suit Fabric
Labeling Fairness and International
Standards Conforming Act, which
revised the labeling requirements for
cashmere and certain other wool
products; and align with the proposed
amended rules and regulations under
the Textile Fiber Products Identification
Act (‘‘Textile Rules’’). The Commission
seeks comment on these proposals and
several other issues.
DATES: Written comments must be
received on or before November 25,
2013.
SUMMARY:
Interested parties may file a
comment online or on paper, by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Write ‘‘Wool Rules, 16 CFR Part
300, Project No. P124201’’ on your
comment, and file your comment online
at https://ftcpublic.commentworks.com/
ftc/woolrulesnprm by following the
instructions on the web-based form. If
you prefer to file your comment on
paper, mail or deliver your comment to
the following address: Federal Trade
Commission, Office of the Secretary,
Room H–113 (Annex Q), 600
Pennsylvania Avenue NW., Washington,
DC 20580.
FOR FURTHER INFORMATION CONTACT:
Robert M. Frisby, Attorney, (202) 326–
2098, Federal Trade Commission,
Division of Enforcement, Bureau of
Consumer Protection, 600 Pennsylvania
Avenue NW., Washington, DC 20580.
SUPPLEMENTARY INFORMATION:
tkelley on DSK3SPTVN1PROD with PROPOSALS
ADDRESSES:
VerDate Mar<15>2010
17:10 Sep 19, 2013
Jkt 229001
I. Introduction
The Wool Products Labeling Act of
1939 (‘‘Wool Act’’) 1 and Rules 2 require
marketers to, among other things, attach
a label to each covered wool product
disclosing: (1) The percentages by
weight of the wool, recycled wool, and
other fibers accounting for 5% or more
of the product, and the aggregate of all
other fibers; (2) the maximum
percentage of the total weight of the
wool product of any non-fibrous matter;
(3) the name under which the
manufacturer or other responsible
company does business or, in lieu
thereof, the registered identification
number (‘‘RN number’’) of such
company; 3 and (4) the name of the
country where the wool product was
processed or manufactured.4 As part of
its ongoing regulatory review program,
the Commission published an Advance
Notice of Proposed Rulemaking and
Request for Public Comment (‘‘ANPR’’)
in January 2012 5 seeking comment on
the economic impact of, and the
continuing need for, the Wool Rules.
The ANPR sought comment generally
on the Rules’ benefits to consumers and
burdens on businesses. It also asked
about specific issues, including how to
modify the Rules to implement the
Wool Suit Fabric Labeling Fairness and
International Standards Conforming Act
(‘‘Conforming Act’’),6 and the costs and
benefits of certain provisions of the
Wool Act.
This Notice of Proposed Rulemaking
(‘‘NPRM’’) summarizes the comments
received and explains the Commission’s
decision to retain the Wool Rules. It also
explains why the Commission proposes
certain amendments and why it declines
to propose others. Additionally, it poses
questions soliciting comment. Finally,
the NPRM sets forth the Commission’s
regulatory analyses under the
1 15
U.S.C. 68–68j.
Rules and Regulations under the
Wool Products Labeling Act, 16 CFR part 300,
which implement the Wool Act.
3 Prior to issuing this NPRM, the Commission’s
staff provided guidance stating that a business
located outside the United States can comply with
the business name label disclosure requirement by
disclosing the business name of the wool product
manufacturer or the RN number or business name
of a company in the United States that is directly
involved with importing, distributing, or selling the
product. For clarity, the Commission notes here that
a business located outside the United States that
engages in commerce subject to the Act (e.g., an
exporter engaged in the sale, offering for sale,
advertising, delivery, or transportation of a covered
wool product in the United States) may also comply
with this requirement by disclosing its own
business name on the label. See 15 U.S.C. 68a and
68b(a)(2)(C) and 16 CFR 300.3.
4 15 U.S.C. 68b(a).
5 77 FR 4498 (January 30, 2012).
6 Public Law 109–428, 120 Stat. 2913.
2 Commission’s
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Regulatory Flexibility and Paperwork
Reduction Acts, as well as the text of the
proposed amendments.
II. Summary of Comments
The Commission received six
comments 7 in response to its ANPR:
three from individuals; 8 one from the
Bureau Veritas CPS; 9 one from the
American Apparel & Footwear
Association (‘‘AAFA’’); 10 and a Joint
Comment from five textile industry
associations (‘‘Joint Comment’’).11 In
addition, the Commission has decided
to consider a comment filed in the
ongoing Textile Rulemaking because it
raises issues relevant to the Wool
Rules.12
A. General Comments
A number of commenters expressed
general support for the Rules, citing
their benefits or identifying deceptive
practices that they address.13 For
example, the Joint Comment noted a
Cashmere and Camel Hair
Manufacturers Institute study finding
that, between 2004 and 2009, false
labeling of cashmere and other
superfine wool had decreased.14
Several commenters, however, urged
modification of the Rules. One
suggested that the Commission remind
firms ‘‘that they are responsible for
carrying out all necessary tests
concerning the raw material and its
processing if they want to be sure of the
quality, correct labeling, and
compliance with the Rules.’’ 15 Another
advocated facilitating greater use of
multi-lingual labeling without
proposing any specific amendments.16
Two commenters favored
harmonizing the regulation of wool and
other textile products. One noted that
having separate Textile and Wool Acts
‘‘leads to confusion and redundancy for
U.S. companies.’’ 17 Another advocated
7 The comments are posted at https://www.ftc.gov/
os/comments/woolanpr/index.shtm. The
Commission has assigned each comment a number
appearing after the name of the commenter and the
date of submission. This notice cites comments
using the last name of the individual submitter or
the name of the organization, followed by the
number assigned by the Commission.
8 Anderson (6), Miller (7), Slavitt (4).
9 Hargrave, Bureau Veritas (2).
10 American Apparel & Footwear Association (5).
11 American Manufacturing Trade Action
Coalition, American Sheep Industry Association,
Cashmere and Camel Hair Manufacturers Institute,
the National Council of Textile Organizations, and
the National Textile Association (3).
12 Varley (3), available at https://www.ftc.gov/os/
comments/textilerulesanpr/index.shtm.
13 AAFA (5), Anderson (6); Joint Comment (3).
14 Joint Comment (3).
15 Id.
16 Miller (7).
17 AAFA (5).
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]]>Agencies
[Federal Register Volume 78, Number 183 (Friday, September 20, 2013)]
[Proposed Rules]
[Pages 57807-57808]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-22894]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 78, No. 183 / Friday, September 20, 2013 /
Proposed Rules
[[Page 57807]]
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1651
Aged Beneficiary Designation Forms
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Proposed rule with request for comments.
-----------------------------------------------------------------------
SUMMARY: The Federal Retirement Thrift Investment Board (Agency)
proposes to amend its regulations to provide that a beneficiary
designation form is valid only if it is received by the TSP record-
keeper not more than one year after date of the participant's
signature.
DATES: Comments must be received on or before October 21, 2013.
ADDRESSES: You may submit comments using one of the following methods:
Mail: Office of General Counsel, James B. Petrick, Federal
Retirement Thrift Investment Board, 77 K Street NE., Washington, DC
20002.
Hand Delivery/Courier: The address for sending comments by
hand delivery or courier is the same as that for submitting comments by
mail.
Facsimile: Comments may be submitted by facsimile at (202)
942-1676.
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)).
Background
Prior to 1995, active Federal employees submitted TSP beneficiary
designation forms to the personnel office at their employing agency.
Upon a participant's death or separation from service, the employing
agency would forward the participant's beneficiary designation form to
the TSP record-keeper.
Beginning on January 1, 1995, the Agency required all TSP
participants to mail or fax beneficiary designation forms directly to
the TSP record-keeper. In addition to requiring all participants to
submit beneficiary designation forms directly to the TSP record-keeper,
the new policy of direct receipt by the TSP record-keeper required
employing agencies to search their personnel records and forward all
beneficiary designation forms then in their possession to the TSP
record-keeper immediately. The TSP communicated the new policy in two
bulletins sent to agency representatives and in three separate mailings
sent directly to participants.
The TSP codified the policy of direct receipt by the TSP record-
keeper in regulations on June 13, 1997 (62 FR 32426). All beneficiary
designation forms in an employing agency's possession should have been
forwarded to the TSP record-keeper before June 13, 1997. Nevertheless,
employing agencies continue to forward to the TSP record-keeper
beneficiary designation forms that are sometimes decades old.
These aged forms often do not reflect the participant's current
intent. Under the current regulations, if otherwise valid, the Agency
must honor these aged forms, and when the Agency processes these forms,
participants often become confused and believe their accounts have been
accessed fraudulently. Further, if a participant passes away after the
Agency has received an aged beneficiary designation form but prior to
clarifying his/her current intent, the Agency must honor the old form
even though it does not reflect the participant's intent.
The Agency, therefore, proposes to amend its regulations to provide
that a beneficiary designation form is valid only if it is received by
the TSP record-keeper not more than 365 calendar days after the date of
the participant's signature on the form.
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.
List of Subjects in 5 CFR Part 1651
Claims, Government employees, Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.
For the reasons stated in the preamble, the Agency proposes to
amend 5 CFR chapter VI as follows:
PART 1651--DEATH BENEFITS
0
1. The authority citation for part 1651 continues to read as follows:
Authority: 5 U.S.C. 8424(d), 8432d, 8432(j), 8433(e),
8435(c)(2), 8474(b)(5) and 8474(c)(1).
0
2. Amend Sec. 1651.3 by amending paragraph (c)(6) to remove ``and'',
by amending paragraph (c)(7) to remove the period and add ``; and'', by
amending paragraph (c)(8) to remove the period and add ``; and'', and
by adding paragraph (c)(9) to read as follows:
Sec. 1651.3 Designation of beneficiary.
* * * * *
(c) * * *
[[Page 57808]]
(9) Be received by the TSP record-keeper not more than 365 calendar
days after the date of the participant's signature.
* * * * *
[FR Doc. 2013-22894 Filed 9-19-13; 8:45 am]
BILLING CODE 6760-01-P
