Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations, 45996-45997 [2018-19657]

Download as PDF 45996 Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES references a construction permit or a 10 CFR part 52 combined license applicant references a license (e.g., an early site permit) and/or NRC regulatory approval (e.g., a design certification rule) for which specified issue finality provisions apply. The NRC staff does not, at this time, intend to impose the positions represented in this draft SRP section in a manner that constitutes backfitting or is inconsistent with any issue finality provision of 10 CFR part 52. If, in the future, the staff seeks to impose a position in this draft SRP section in a manner that would constitute backfitting or be inconsistent with these issue finality provisions, the NRC staff must make the showing as set forth in the Backfit rule or address the regulatory criteria set forth in the applicable issue finality provision, as applicable, that would allow the staff to impose the position. 3. The NRC staff has no intention to impose the SRP positions on existing nuclear power plant licensees either now or in the future (absent a voluntary request for a change from the licensee, holder of a regulatory approval or a design certification applicant). The NRC staff does not intend to impose or apply the positions described in the draft SRP to existing (already issued) licenses (e.g., operating licenses and combined licenses) and regulatory approvals. Hence, the issuance of this SRP guidance—even if considered guidance subject to the Backfit Rule or the issue finality provisions in 10 CFR part 52—would not need to be evaluated as if it were a backfit or as being inconsistent with these issue finality provisions. If, in the future, the NRC staff seeks to impose a position in the SRP on holders of already issued licenses in a manner that would constitute backfitting or does not provide issue finality as described in the applicable issue finality provision, then the staff must make a showing as set forth in the Backfit Rule or address the criteria set forth in the applicable issue finality provision, as applicable, that would allow the staff to impose the position. Dated at Rockville, Maryland, this 6th day of September 2018. For the Nuclear Regulatory Commission. Jennivine K. Rankin, Acting Chief, Licensing Branch 3, Division of Licensing, Siting, and Environmental Analysis, Office of New Reactors. [FR Doc. 2018–19685 Filed 9–10–18; 8:45 am] BILLING CODE 7590–01–P VerDate Sep<11>2014 18:49 Sep 10, 2018 Jkt 244001 PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collections for OMB Review; Comment Request; Multiemployer Plan Regulations Pension Benefit Guaranty Corporation. ACTION: Notice of request for OMB approval. AGENCY: The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of collections of information in PBGC’s regulations on multiemployer plans. This notice informs the public of PBGC’s request and solicits public comment on the collections of information. DATES: Comments must be submitted by October 11, 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 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.) SUMMARY: OMB has approved and issued control numbers for three collections of information in PBGC’s regulations relating to multiemployer plans under the Employee Retirement Income Security Act of 1974 (ERISA). These collections SUPPLEMENTARY INFORMATION: PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 of information are described below. OMB approvals for these collections of information expire November 30, 2018. On July 6, 2018, PBGC published (at 83 FR 31574) a notice of its intent to request that OMB extend approval of these collections of information. No comments were received. PBGC is requesting that OMB extend its approval of these collections of information 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. 1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB Control Number 1212–0020) (Expires November 30, 2018) Section 4041A(f)(2) of ERISA authorizes PBGC to prescribe reporting requirements and other rules and standards for administering terminated multiemployer plans. Section 4041A(c) and (f)(1) of ERISA prohibit the payment by a mass-withdrawal-terminated plan of lump sums greater than $1,750 or of nonvested plan benefits unless authorized by PBGC. The regulation requires the plan sponsor of a terminated plan to submit a notice of termination to PBGC. It also requires the plan sponsor of a masswithdrawal-terminated plan that is closing out to give notices to participants regarding the election of alternative forms of benefit distribution and, if the plan is not closing out, to obtain PBGC approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits. PBGC uses the information in a notice of termination to assess the likelihood that PBGC financial assistance will be needed. Plan participants and beneficiaries use the information on alternative forms of benefit to make personal financial decisions. PBGC uses the information in an application for approval to pay lump sums greater than $1,750 or to pay nonvested plan benefits to determine whether such payments should be permitted. PBGC estimates that each year plan sponsors submit notices of termination for ten plans, distribute election notices to participants in three of those plans, and submit requests to pay benefits or benefit forms not otherwise permitted for one of those plans. The estimated annual burden of the collection of information is 69 hours and $50,000. 2. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212– 0033) (Expires November 30, 2018) Section 4245(e) of ERISA requires two types of notice: A ‘‘notice of E:\FR\FM\11SEN1.SGM 11SEN1 Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices daltland on DSKBBV9HB2PROD with NOTICES insolvency,’’ stating a plan sponsor’s determination that the plan is or may become insolvent, and a ‘‘notice of insolvency benefit level,’’ stating the level of benefits that will be paid during an insolvency year. The recipients of these notices are PBGC, contributing employers, employee organizations representing participants, and participants and beneficiaries. The regulation establishes the procedure for complying with these notice requirements. PBGC uses the information submitted to estimate cash needs for financial assistance to troubled plans. The collective bargaining parties use the information to decide whether additional plan contributions will be made to avoid the insolvency and consequent benefit suspensions. Plan participants and beneficiaries use the information in personal financial decisions. PBGC estimates that at most one plan sponsor of an ongoing plan gives notices each year under this regulation. The estimated annual burden of the collection of information is 20 hours and $12,000. 3. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281) (OMB Control Number 1212–0032) (Expires November 30, 2018) Section 4281 of ERISA provides rules for plans that have terminated by mass withdrawal. Under section 4281, if nonforfeitable benefits exceed plan assets, the plan sponsor must amend the plan to reduce benefits. If the plan nevertheless becomes insolvent, the plan sponsor must suspend certain benefits that cannot be paid. If available resources are inadequate to pay guaranteed benefits, the plan sponsor must request financial assistance from PBGC. The regulation requires a plan sponsor to give notices of benefit reduction, notices of insolvency, and notices of insolvency benefit level to PBGC and to participants and beneficiaries and, if necessary, to apply to PBGC for financial assistance. PBGC uses the information it receives to make determinations required by ERISA, to identify and estimate the cash needed for financial assistance to terminated plans, and to verify the appropriateness of financial assistance payments. Plan participants and beneficiaries use the information to make personal financial decisions. PBGC estimates that plan sponsors of terminated plans each year will give benefit reduction notices for 1 plan, notices of insolvency for 10 plans, and notices of insolvency benefit level for 55 plans. PBGC also estimates that plan VerDate Sep<11>2014 18:49 Sep 10, 2018 Jkt 244001 sponsors each year will file initial requests for financial assistance for 10 plans and will submit 300 non-initial applications for financial assistance. The estimated annual burden of the collection of information is 1,300 hours and $615,400. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2018–19657 Filed 9–10–18; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84035; File No. SR–ISE– 2018–76] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange’s Schedule of Fees To Permit Certain Affiliated Market Participants To Aggregate Volume and Qualify for Various Pricing Incentives September 5, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 24, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange’s Schedule of Fees to permit certain affiliated market participants to aggregate volume and qualify for various pricing incentives. The text of the proposed rule change is available on the Exchange’s website at https://ise.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission’s Public Reference Room. U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Frm 00123 Fmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to permit certain affiliated market participants to aggregate volume and qualify for various pricing incentives. Specifically, the Exchange proposes to permit Affiliated Entities to aggregate their Complex Order volume for purposes of calculating Priority Customer Rebates in Section II of the Schedule of Fees. Preface The Exchange is proposing to add the following new defined terms to the Preface of the Schedule of Fees, ‘‘Affiliated Entity,’’ ‘‘Appointed Market Maker,’’ ‘‘Appointed OFP,’’ and ‘‘Order Flow Provider.’’ The Exchange also proposes to alphabetize the current definitions. Affiliated Entity The term ‘‘Appointed Market Maker’’ is proposed to be defined as a Market Maker who has been appointed by an Order Flow Provider (‘‘OFP’’) for purposes of qualifying as an Affiliated Entity. An OFP is separately proposed to be defined as any Member, other than a Market Maker, that submits orders, as agent or principal, to the Exchange.3 The Exchange proposes to define the term ‘‘Appointed OFP’’ as an OFP who has been appointed by a Market Maker for purposes of qualifying as an Affiliated Entity. The Exchange proposes to define the term ‘‘Affiliated Entity’’ as a relationship between an Appointed Market Maker and an Appointed OFP for purposes of qualifying for certain pricing as specified in the Schedule of Fees. In order to become an Affiliated Entity, 3 Market Makers shall not be considered Appointed OFPs for the purpose of becoming an Affiliated Entity. 1 15 PO 00000 45997 Sfmt 4703 E:\FR\FM\11SEN1.SGM 11SEN1

Agencies

[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Notices]
[Pages 45996-45997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19657]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collections for OMB Review; Comment 
Request; Multiemployer Plan Regulations

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval.

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval, under 
the Paperwork Reduction Act, of collections of information in PBGC's 
regulations on multiemployer plans. This notice informs the public of 
PBGC's request and solicits public comment on the collections of 
information.

DATES: Comments must be submitted by October 11, 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: OMB has approved and issued control numbers 
for three collections of information in PBGC's regulations relating to 
multiemployer plans under the Employee Retirement Income Security Act 
of 1974 (ERISA). These collections of information are described below. 
OMB approvals for these collections of information expire November 30, 
2018. On July 6, 2018, PBGC published (at 83 FR 31574) a notice of its 
intent to request that OMB extend approval of these collections of 
information. No comments were received. PBGC is requesting that OMB 
extend its approval of these collections of information 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.

1. Termination of Multiemployer Plans (29 CFR Part 4041A) (OMB Control 
Number 1212-0020) (Expires November 30, 2018)

    Section 4041A(f)(2) of ERISA authorizes PBGC to prescribe reporting 
requirements and other rules and standards for administering terminated 
multiemployer plans. Section 4041A(c) and (f)(1) of ERISA prohibit the 
payment by a mass-withdrawal-terminated plan of lump sums greater than 
$1,750 or of nonvested plan benefits unless authorized by PBGC.
    The regulation requires the plan sponsor of a terminated plan to 
submit a notice of termination to PBGC. It also requires the plan 
sponsor of a mass-withdrawal-terminated plan that is closing out to 
give notices to participants regarding the election of alternative 
forms of benefit distribution and, if the plan is not closing out, to 
obtain PBGC approval to pay lump sums greater than $1,750 or to pay 
nonvested plan benefits.
    PBGC uses the information in a notice of termination to assess the 
likelihood that PBGC financial assistance will be needed. Plan 
participants and beneficiaries use the information on alternative forms 
of benefit to make personal financial decisions. PBGC uses the 
information in an application for approval to pay lump sums greater 
than $1,750 or to pay nonvested plan benefits to determine whether such 
payments should be permitted.
    PBGC estimates that each year plan sponsors submit notices of 
termination for ten plans, distribute election notices to participants 
in three of those plans, and submit requests to pay benefits or benefit 
forms not otherwise permitted for one of those plans. The estimated 
annual burden of the collection of information is 69 hours and $50,000.

2. Notice of Insolvency (29 CFR Part 4245) (OMB Control Number 1212-
0033) (Expires November 30, 2018)

    Section 4245(e) of ERISA requires two types of notice: A ``notice 
of

[[Page 45997]]

insolvency,'' stating a plan sponsor's determination that the plan is 
or may become insolvent, and a ``notice of insolvency benefit level,'' 
stating the level of benefits that will be paid during an insolvency 
year. The recipients of these notices are PBGC, contributing employers, 
employee organizations representing participants, and participants and 
beneficiaries.
    The regulation establishes the procedure for complying with these 
notice requirements. PBGC uses the information submitted to estimate 
cash needs for financial assistance to troubled plans. The collective 
bargaining parties use the information to decide whether additional 
plan contributions will be made to avoid the insolvency and consequent 
benefit suspensions. Plan participants and beneficiaries use the 
information in personal financial decisions.
    PBGC estimates that at most one plan sponsor of an ongoing plan 
gives notices each year under this regulation. The estimated annual 
burden of the collection of information is 20 hours and $12,000.

3. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281) 
(OMB Control Number 1212-0032) (Expires November 30, 2018)

    Section 4281 of ERISA provides rules for plans that have terminated 
by mass withdrawal. Under section 4281, if nonforfeitable benefits 
exceed plan assets, the plan sponsor must amend the plan to reduce 
benefits. If the plan nevertheless becomes insolvent, the plan sponsor 
must suspend certain benefits that cannot be paid. If available 
resources are inadequate to pay guaranteed benefits, the plan sponsor 
must request financial assistance from PBGC.
    The regulation requires a plan sponsor to give notices of benefit 
reduction, notices of insolvency, and notices of insolvency benefit 
level to PBGC and to participants and beneficiaries and, if necessary, 
to apply to PBGC for financial assistance.
    PBGC uses the information it receives to make determinations 
required by ERISA, to identify and estimate the cash needed for 
financial assistance to terminated plans, and to verify the 
appropriateness of financial assistance payments. Plan participants and 
beneficiaries use the information to make personal financial decisions.
    PBGC estimates that plan sponsors of terminated plans each year 
will give benefit reduction notices for 1 plan, notices of insolvency 
for 10 plans, and notices of insolvency benefit level for 55 plans. 
PBGC also estimates that plan sponsors each year will file initial 
requests for financial assistance for 10 plans and will submit 300 non-
initial applications for financial assistance. The estimated annual 
burden of the collection of information is 1,300 hours and $615,400.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2018-19657 Filed 9-10-18; 8:45 am]
 BILLING CODE 7709-02-P
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