Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information, 43911-43912 [2018-18593]
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Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices
Date of initial notice in Federal
Register: August 29, 2017 (82 FR
41072). The supplemental letters dated
February 6, February 21, April 26, and
August 6, 2018, provided additional
information that clarified the
application, did not expand the scope of
the application as originally noticed,
and did not change the staff’s original
proposed no significant hazards
consideration determination as
published in the Federal Register.
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated August 10,
2018.
No significant hazards consideration
comments received: No.
daltland on DSKBBV9HB2PROD with NOTICES
Tennessee Valley Authority, Docket
Nos. 50–327 and 50–328, Sequoyah
Nuclear Plant (SQN), Units 1 and 2,
Hamilton County, Tennessee
Dated at Rockville, Maryland, this 16th day
of August 2018.
20:00 Aug 27, 2018
Jkt 244001
[FR Doc. 2018–18028 Filed 8–27–18; 8:45 am]
BILLING CODE 7590–01–P
PENSION BENEFIT GUARANTY
CORPORATION
Submission of Information Collection
for OMB Review; Comment Request;
Survey of Multiemployer Pension Plan
Withdrawal Liability Information
Pension Benefit Guaranty
Corporation.
ACTION: Notice of request for OMB
approval.
AGENCY:
The Pension Benefit Guaranty
Corporation (PBGC) is requesting that
OMB approve, under the Paperwork
Reduction Act, a survey of terminated
and insolvent multiemployer pension
plans to obtain withdrawal liability
information. PBGC needs the
withdrawal liability information to
estimate its multiemployer program
liabilities for purposes of its financial
statements. This notice informs the
public of PBGC’s request and solicits
public comment on the collection of
information.
SUMMARY:
Date of amendment request:
September 29, 2017, as supplemented
by letter dated March 14, 2018.
Brief description of amendments: The
amendments revised the SQN
Emergency Plan to change staff
composition and to extend staff
augmentation times for Emergency
Response Organization functions.
Date of issuance: August 6, 2018.
Effective date: As of its date of
issuance and shall be implemented
within 180 days from the date of
issuance.
Amendment Nos.: 342—Unit 1 and
335—Unit 2. A publicly-available
version is in ADAMS under Accession
No. ML18159A461; documents related
to these amendments are listed in the
Safety Evaluation enclosed with the
amendments.
Renewed Facility Operating License
Nos. DPR–77 and DPR–79. Amendments
revised the Renewed Facility Operating
Licenses.
Date of initial notice in Federal
Register: February 27, 2018 (83 FR
8520). The supplemental letter dated
March 14, 2018, provided additional
information that clarified the
application, did not expand the scope of
the application as originally noticed,
and did not change the staff’s original
proposed no significant hazards
consideration determination as
published in the Federal Register.
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated August 6, 2018.
No significant hazards consideration
comments received: No.
VerDate Sep<11>2014
For the Nuclear Regulatory Commission.
Gregory F. Suber,
Deputy Director, Division of Operating
Reactor Licensing, Office of Nuclear Reactor
Regulation.
Comments must be submitted by
September 27, 2018.
ADDRESSES: Comments should be sent to
the Office of Information and Regulatory
Affairs, Office of Management and
Budget, Attention: Desk Officer for
Pension Benefit Guaranty Corporation,
via electronic mail at OIRA_DOCKET@
omb.eop.gov or by fax to (202) 395–
6974.
A copy of the request will be posted
on PBGC’s website at https://
www.pbgc.gov/prac/laws-andregulations/information-collectionsunder-omb-review. It may also be
obtained without charge by writing to
the Disclosure Division of the Office of
the General Counsel, 1200 K Street NW,
Washington, DC 20005–4026, faxing a
request to 202–326–4042, or calling
202–326–4040 during normal business
hours (TTY users may call the Federal
relay service toll-free at 1–800–877–
8339 and ask to be connected to 202–
326–4040). The Disclosure Division will
email, fax, or mail the information to
you, as you request.
FOR FURTHER INFORMATION CONTACT:
Hilary Duke (duke.hilary@pbgc.gov),
Assistant General Counsel for
Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty
DATES:
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
43911
Corporation, 1200 K Street NW,
Washington, DC 20005–4026, 202–326–
4400, extension 3839. (TTY users may
call the Federal relay service toll-free at
1–800–877–8339 and ask to be
connected to 202–326–4400, extension
3839.)
SUPPLEMENTARY INFORMATION: When a
contributing employer withdraws from
an underfunded multiemployer pension
plan, the plan sponsor assesses
withdrawal liability against the
employer. The plan sponsor is required
to determine and collect withdrawal
liability in accordance with section
4219 of the Employee Retirement
Income Security Act of 1974 (ERISA).
The plan sponsor assesses withdrawal
liability by issuing a notice to an
employer, including the amount of the
employer’s liability and a schedule of
payments. PBGC’s regulation on Notice,
Collection, and Redetermination of
Withdrawal Liability (29 CFR part 4219)
requires the plan sponsor to file with
PBGC a certification that notices have
been provided to employers.
PBGC is proposing to collect
information about withdrawal liability
that is owed by withdrawn employers of
terminated 1 and insolvent 2
multiemployer pension plans. PBGC
would distribute a survey that insolvent
plans receiving financial assistance and
terminated plans not yet receiving
financial assistance would be required
to complete and return to PBGC.
Smaller plans with less than 500
participants would not be required to
complete the survey. PBGC needs the
information from the survey about
withdrawal liability payments and
settlements, and whether employers
have withdrawn from the plan but have
not yet been assessed withdrawal
liability, to estimate with more
precision PBGC’s multiemployer
program liabilities for purposes of its
financial statements.3 PBGC would also
use the information for its
Multiemployer Pension Insurance
Modelling System assumptions on
1 Under section 4041A(f)(2) of ERISA, PBGC may
prescribe reporting requirements for terminated
multiemployer pension plans, which PBGC
considers appropriate to protect the interests of
plan participants and beneficiaries or to prevent
unreasonable loss to the corporation.
2 Under section 4261(b)(1) of ERISA, PBGC
provides financial assistance under such conditions
as the corporation determines are equitable and are
appropriate to prevent unreasonable loss to the
corporation with respect to the plan.
3 Section 4008 of ERISA requires the corporation,
as soon as practicable after the close of each fiscal
year, to transmit a report to the President and the
Congress, including financial statements setting
forth the finances of the corporation at the end of
the fiscal year and the result of its operations
(including the source and application of its funds)
for the fiscal year.
E:\FR\FM\28AUN1.SGM
28AUN1
43912
Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices
collection of withdrawal liability.
Information provided to PBGC would be
confidential to the extent provided in
the Freedom of Information Act and the
Privacy Act.
On June 21, 2018, PBGC published (at
83 FR 28871) a notice of its intent to
request OMB approval of the survey of
multiemployer pension plan withdrawal
liability information described above.
No comments were received on the
proposed submission of information
collection.
PBGC is requesting that OMB approve
PBGC’s use of this survey for three
years. 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 OMB
control number.
The survey initially would be sent to
approximately 65 plans.4 PBGC
estimates that each survey would
require approximately 20 hours to
complete by a combination of pension
fund office staff (50%) and outside
professionals (attorneys and actuaries)
(50%). PBGC estimates a total hour
burden of 650 hours (based on pension
fund office time). The estimated dollar
equivalent of this hour burden, based on
an assumed hourly rate of $75 for
administrative, clerical, and supervisory
time is $48,750. PBGC estimates a total
cost burden for the withdrawal liability
survey of $260,000 (based on 650
attorney and actuary hours assuming an
average hourly rate of $400). PBGC
further estimates that the average
burden will be 10 hours of pension fund
office staff time and $4,000 per plan.
After the survey is sent initially, PBGC
expects to send the survey to fewer than
10 newly terminated and insolvent
plans per year.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–18593 Filed 8–27–18; 8:45 am]
daltland on DSKBBV9HB2PROD with NOTICES
BILLING CODE 7709–02–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83912; File No. SR–
NYSEArca–2018–02]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Disapproving a
Proposed Rule Change Relating to
Listing and Trading of the Direxion
Daily Bitcoin Bear 1X Shares, Direxion
Daily Bitcoin 1.25X Bull Shares,
Direxion Daily Bitcoin 1.5X Bull
Shares, Direxion Daily Bitcoin 2X Bull
Shares, and Direxion Daily Bitcoin 2X
Bear Shares Under NYSE Arca Rule
8.200–E
August 22, 2018.
I. Introduction
On January 4, 2018, NYSE Arca, Inc.
(‘‘NYSE Arca’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade the shares
(‘‘Shares’’) of the following exchangetraded products under NYSE Arca Rule
8.200–E, Commentary .02: Direxion
Daily Bitcoin Bear 1X Shares (‘‘1X Bear
Fund’’), Direxion Daily Bitcoin 1.25X
Bull Shares (‘‘1.25X Bull Fund’’),
Direxion Daily Bitcoin 1.5X Bull Shares
(‘‘1.5X Bull Fund’’), Direxion Daily
Bitcoin 2X Bull Shares (‘‘2X Bull
Fund’’), and Direxion Daily Bitcoin 2X
Bear Shares (‘‘2X Bear Fund’’) (each a
‘‘Fund’’ and, collectively, the ‘‘Funds’’).
The proposed rule change was
published for comment in the Federal
Register on January 24, 2018.3 The
comment period for the Notice of
Proposed Rule Change closed on
February 14, 2018.
On March 1, 2018, pursuant to
Section 19(b)(2) of the Exchange Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
approve or disapprove the proposed
rule change.5 On April 23, 2018, the
Commission instituted proceedings
under Section 19(b)(2)(B) of the
Exchange Act 6 to determine whether to
approve or disapprove the proposed
1 15
4 As
of September 30, 2017, there were 68
terminated plans not yet receiving financial
assistance and 72 insolvent plans that received
financial assistance from PBGC. See PBGC FY 2017
Annual Report, page 94 at https://www.pbgc.gov/
sites/default/files/pbgc-annual-report-2017.pdf.
Approximately 65 of the plans have 500 or more
participants.
VerDate Sep<11>2014
20:00 Aug 27, 2018
Jkt 244001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 82532
(Jan 18, 2018), 83 FR 3380 (Jan. 24, 2018)
(‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 82795
(Mar. 1, 2018), 83 FR 9768 (Mar. 7, 2018).
6 15 U.S.C. 78s(b)(2)(B).
2 17
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
rule change.7 The comment period and
rebuttal comment period for the Order
Instituting Proceedings closed on May
18, 2018, and June 1, 2018, respectively.
Finally, on July 18, 2018, the
Commission extended the period for
consideration of the proposed rule
change to September 21, 2018.8 As of
August 21, 2018, the Commission had
received six comments on the proposed
rule change.9
This order disapproves the proposed
rule change. Although the Commission
is disapproving this proposed rule
change, the Commission emphasizes
that its disapproval does not rest on an
evaluation of whether bitcoin, or
blockchain technology more generally,
has utility or value as an innovation or
an investment. Rather, the Commission
is disapproving this proposed rule
change because, as discussed below, the
Exchange has not met its burden under
the Exchange Act and the Commission’s
Rules of Practice to demonstrate that its
proposal is consistent with the
requirements of the Exchange Act
Section 6(b)(5), in particular the
requirement that a national securities
exchange’s rules be designed to prevent
fraudulent and manipulative acts and
practices.10 Among other things, the
Exchange has offered no record
evidence to demonstrate that bitcoin
futures markets are ‘‘markets of
significant size.’’ That failure is critical
because, as explained below, the
Exchange has failed to establish that
other means to prevent fraudulent and
manipulative acts and practices will be
sufficient, and therefore surveillancesharing with a regulated market of
significant size related to bitcoin is
necessary to satisfy the statutory
requirement that the Exchange’s rules be
designed to prevent fraudulent and
manipulative acts and practices.11
II. Description of the Proposal
The Exchange proposes to list and
trade the Shares under NYSE Arca Rule
8.200–E, Commentary .02, which
7 See Securities Exchange Act Release No. 83094
(Apr. 23, 2018), 83 FR 18603 (Apr. 27, 2018)
(‘‘Order Instituting Proceedings’’).
8 See Securities Exchange Act Release No. 83661
(July 18, 2018), 83 FR 35040 (July 24, 2018).
9 See Letters from Steven Williams (May 17, 2018)
(‘‘Williams Letter’’); Sharon Brown-Hruska,
Managing Director, and Trevor Wagener,
Consultant, NERA Economic Consulting (May 18,
2018) (‘‘NERA Letter’’); John Galt (July 24, 2018)
(‘‘Galt Letter’’); David (July 30, 2018) (‘‘David
Letter’’); Sami Santos (Aug. 7, 2018) (‘‘Santos
Letter’’); and Sam M. Ahn (Aug. 21, 2018) (‘‘Ahn
Letter’’). All comments on the proposed rule change
are available on the Commission’s website at:
https://www.sec.gov/comments/sr-nysearca-201802/nysearca201802.htm.
10 See 15 U.S.C. 78f(b)(5).
11 See infra notes 32–34 and accompanying text.
E:\FR\FM\28AUN1.SGM
28AUN1
]]>Agencies
[Federal Register Volume 83, Number 167 (Tuesday, August 28, 2018)]
[Notices]
[Pages 43911-43912]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18593]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Survey of Multiemployer Pension Plan Withdrawal Liability
Information
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that OMB approve, under the Paperwork Reduction Act, a survey of
terminated and insolvent multiemployer pension plans to obtain
withdrawal liability information. PBGC needs the withdrawal liability
information to estimate its multiemployer program liabilities for
purposes of its financial statements. This notice informs the public of
PBGC's request and solicits public comment on the collection of
information.
DATES: Comments must be submitted by September 27, 2018.
ADDRESSES: Comments should be sent to the Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention: Desk
Officer for Pension Benefit Guaranty Corporation, via electronic mail
at [email protected] or by fax to (202) 395-6974.
A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review. It may also be obtained without charge by writing to the
Disclosure Division of the Office of the General Counsel, 1200 K Street
NW, Washington, DC 20005-4026, faxing a request to 202-326-4042, or
calling 202-326-4040 during normal business hours (TTY users may call
the Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-326-4040). The Disclosure Division will email, fax, or
mail the information to you, as you request.
FOR FURTHER INFORMATION CONTACT: Hilary Duke ([email protected]),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW,
Washington, DC 20005-4026, 202-326-4400, extension 3839. (TTY users may
call the Federal relay service toll-free at 1-800-877-8339 and ask to
be connected to 202-326-4400, extension 3839.)
SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from
an underfunded multiemployer pension plan, the plan sponsor assesses
withdrawal liability against the employer. The plan sponsor is required
to determine and collect withdrawal liability in accordance with
section 4219 of the Employee Retirement Income Security Act of 1974
(ERISA). The plan sponsor assesses withdrawal liability by issuing a
notice to an employer, including the amount of the employer's liability
and a schedule of payments. PBGC's regulation on Notice, Collection,
and Redetermination of Withdrawal Liability (29 CFR part 4219) requires
the plan sponsor to file with PBGC a certification that notices have
been provided to employers.
PBGC is proposing to collect information about withdrawal liability
that is owed by withdrawn employers of terminated \1\ and insolvent \2\
multiemployer pension plans. PBGC would distribute a survey that
insolvent plans receiving financial assistance and terminated plans not
yet receiving financial assistance would be required to complete and
return to PBGC. Smaller plans with less than 500 participants would not
be required to complete the survey. PBGC needs the information from the
survey about withdrawal liability payments and settlements, and whether
employers have withdrawn from the plan but have not yet been assessed
withdrawal liability, to estimate with more precision PBGC's
multiemployer program liabilities for purposes of its financial
statements.\3\ PBGC would also use the information for its
Multiemployer Pension Insurance Modelling System assumptions on
[[Page 43912]]
collection of withdrawal liability. Information provided to PBGC would
be confidential to the extent provided in the Freedom of Information
Act and the Privacy Act.
---------------------------------------------------------------------------
\1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe
reporting requirements for terminated multiemployer pension plans,
which PBGC considers appropriate to protect the interests of plan
participants and beneficiaries or to prevent unreasonable loss to
the corporation.
\2\ Under section 4261(b)(1) of ERISA, PBGC provides financial
assistance under such conditions as the corporation determines are
equitable and are appropriate to prevent unreasonable loss to the
corporation with respect to the plan.
\3\ Section 4008 of ERISA requires the corporation, as soon as
practicable after the close of each fiscal year, to transmit a
report to the President and the Congress, including financial
statements setting forth the finances of the corporation at the end
of the fiscal year and the result of its operations (including the
source and application of its funds) for the fiscal year.
---------------------------------------------------------------------------
On June 21, 2018, PBGC published (at 83 FR 28871) a notice of its
intent to request OMB approval of the survey of multiemployer pension
plan withdrawal liability information described above. No comments were
received on the proposed submission of information collection.
PBGC is requesting that OMB approve PBGC's use of this survey for
three years. 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 OMB control number.
The survey initially would be sent to approximately 65 plans.\4\
PBGC estimates that each survey would require approximately 20 hours to
complete by a combination of pension fund office staff (50%) and
outside professionals (attorneys and actuaries) (50%). PBGC estimates a
total hour burden of 650 hours (based on pension fund office time). The
estimated dollar equivalent of this hour burden, based on an assumed
hourly rate of $75 for administrative, clerical, and supervisory time
is $48,750. PBGC estimates a total cost burden for the withdrawal
liability survey of $260,000 (based on 650 attorney and actuary hours
assuming an average hourly rate of $400). PBGC further estimates that
the average burden will be 10 hours of pension fund office staff time
and $4,000 per plan. After the survey is sent initially, PBGC expects
to send the survey to fewer than 10 newly terminated and insolvent
plans per year.
---------------------------------------------------------------------------
\4\ As of September 30, 2017, there were 68 terminated plans not
yet receiving financial assistance and 72 insolvent plans that
received financial assistance from PBGC. See PBGC FY 2017 Annual
Report, page 94 at https://www.pbgc.gov/sites/default/files/pbgc-annual-report-2017.pdf. Approximately 65 of the plans have 500 or
more participants.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2018-18593 Filed 8-27-18; 8:45 am]
BILLING CODE 7709-02-P
