Proposed Submission of Information Collection for OMB Review; Comment Request; Notices Under Section 4062(e) of ERISA, 21840-21841 [2019-09989]

Download as PDF jbell on DSK3GLQ082PROD with NOTICES 21840 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Notices Collection of Qualitative Feedback on Agency Service Delivery. 2. OMB approval number: 3150–0217. 3. Type of submission: Extension. 4. The form number, if applicable: Not applicable. 5. How often the collection is required or requested: On occasion and annually. 6. Who will be required or asked to respond: Individuals and households; businesses and organizations; State, Local, or Tribal governments. 7. The estimated number of annual responses: 4,200. 8. The estimated number of annual respondents: 4,200. 9. The estimated number of hours needed annually to comply with the information collection requirement or request: 1,087.5. 10. Abstract: The information collection activity will garner qualitative customer and stakeholder feedback in an efficient, timely manner, for the purpose of improving service delivery. By qualitative feedback we mean information that provides useful insights on perceptions and opinions, but are not statistical surveys that yield quantitative results that can be generalized to the population of study. This feedback will provide insights into customer or stakeholder perceptions, experiences and expectations, provide an early warning of issues with service, or focus attention on areas where communication, training or changes in operations might improve delivery of products or services. These collections will allow for ongoing, collaborative and actionable communications between the Agency and its customers and stakeholders. It will also allow feedback to contribute directly to the improvement of program management. Feedback collected under this generic clearance will provide useful information, but it will not yield data that can be generalized to the overall population. This type of generic clearance for qualitative information will not be used for quantitative information collections that are designed to yield reliably actionable results, such as monitoring trends over time or documenting program performance. Such data uses require more rigorous designs that address: The target population to which generalizations will be made, the sampling frame, the sample design (including stratification and clustering), the precision requirements or power calculations that justify the proposed sample size, the expected response rate, methods for assessing potential nonresponse bias, the protocols for data collection, and any testing procedures that were or will be undertaken prior to VerDate Sep<11>2014 22:43 May 14, 2019 Jkt 247001 fielding the study. Depending on the degree of influence the results are likely to have, such collections may still be eligible for submission for other generic mechanisms that are designed to yield quantitative results. III. Specific Requests for Comments The NRC is seeking comments that address the following questions: 1. Is the proposed collection of information necessary for the NRC to properly perform its functions? Does the information have practical utility? 2. Is the estimate of the burden of the information collection accurate? 3. Is there a way to enhance the quality, utility, and clarity of the information to be collected? 4. How can the burden of the information collection on respondents be minimized, including the use of automated collection techniques or other forms of information technology? Dated at Rockville, Maryland, this 9th day of May 2019. For the Nuclear Regulatory Commission. David C. Cullison, NRC Clearance Officer, Office of the Chief Information Officer. [FR Doc. 2019–09968 Filed 5–14–19; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Notices Under Section 4062(e) of ERISA Pension Benefit Guaranty Corporation. ACTION: Notice of intent to request OMB approval of information collection. AGENCY: The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) approve under the Paperwork Reduction Act a collection of information that is necessary to fulfill various reporting obligations following a cessation of operations at a facility. This notice informs the public of PBGC’s intent and solicits public comment on the collection of information. DATES: Comments must be received on or before July 15, 2019 to be assured of consideration. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. • Email: paperwork.comments@ pbgc.gov. SUMMARY: PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 • Mail or Hand Delivery: Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026. All submissions received must include the agency’s name (Pension Benefit Guaranty Corporation, or PBGC) and refer to the Notices Under Section 4062(e) of ERISA. All comments received will be posted without change to PBGC’s website, https:// www.pbgc.gov, including any personal information provided. Copies of the collection of information may 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 users may call the Federal Relay Service toll-free at 800– 877–8339 and ask to be connected to 202–326–4040. FOR FURTHER INFORMATION CONTACT: Melissa Rifkin (rifkin.melissa@ pbgc.gov), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026; 202–326–4400, extension 6563; or Erika E. Barnes (barnes.erika@ pbgc.gov), Assistant General Counsel, Bankruptcy, Transactions, and Terminations Department, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 20005–4026; 202– 326–4400, extension 3460. (TTY users may call the Federal Relay Service tollfree at 800–877–8339 and ask to be connected to 202–326–4400, extension 6563 or extension 3460.) SUPPLEMENTARY INFORMATION: Section 4062(e) of the Employee Retirement Income Security Act of 1974 (ERISA) imposes reporting obligations in the event of a ‘‘substantial cessation of operations.’’ A substantial cessation of operations occurs when a permanent cessation at a facility causes a separation from employment of more than 15 percent of all ‘‘eligible employees.’’ ‘‘Eligible employees’’ are employees eligible to participate in any of the facility’s employer’s employee pension benefit plans. Following a substantial cessation of operations, the facility’s employer is treated, with respect to its single employer pension plans covered by title IV of ERISA that are covering participants at the facility, as if the employer were a withdrawing substantial employer under a multipleemployer plan. Under section 4063(a) of ERISA, the Pension Benefit Guaranty Corporation (PBGC) must receive notice E:\FR\FM\15MYN1.SGM 15MYN1 jbell on DSK3GLQ082PROD with NOTICES Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Notices of the substantial cessation of operations and a request to determine the employer’s resulting liability. To fulfill such resulting liability, the employer may elect, under section 4062(e)(4)(A), to make additional contributions annually for seven years to plans covering participants at the facility where the substantial cessation of operations took place. Under sections 4062(e)(4)(E)(i)(I) (II), (III), (IV), and (V) respectively, an employer that is making the election for annual additional contributions must give notice to PBGC of: (1) Its decision to make the election, (2) its payment of an annual contribution, (3) its failure to pay an annual contribution, (4) its receipt of a funding waiver from the Internal Revenue Service, and (5) the ending of its obligation to make additional annual contributions. PBGC is proposing a new form series, consisting of Form 4062(e)–01, Form 4062(e)–02, Form 4062(e)–03, and Form 4062(e)–04, that would be used to fulfill these reporting obligations. An employer or a plan administrator would file Form 4062(e)–01 to notify PBGC of the occurrence of a substantial cessation of operations and request a determination of the employer’s liability. An employer would file Form 4062(e)–02 to notify PBGC that it made the elections to pay annual additional contributions to a plan. An employer would file Form 4062(e)–03 to notify PBGC that it paid an annual additional contribution, received a funding waiver from the Internal Revenue Service, or is no longer obligated to pay additional annual contributions. Finally, an employer would file Form 4062(e)–04 to notify PBGC that it failed to pay an additional annual contribution to the plan. PBGC needs the requested information in the forms and notification (1) to determine an employer’s liability to a plan following a substantial cessation of operations and (2) to ensure that an employer that made the election of additional annual contributions is fulfilling its payment obligations. PBGC estimates that 70 forms/ notifications (10 Forms 4062(e)–01, 10 Forms 4062(e)–02, 49 Forms 4062(e)–03, and one Form 4062(e)–04) would be submitted each year. PBGC estimates that these forms would be completed by a combination of plan office staff and outside professionals (attorneys and actuaries). PBGC estimates a total annual hour burden of 315 hours (based on plan office time). The estimated dollar equivalent of this hour burden, based on an assumed hourly rate of $75 for administrative, clerical, and VerDate Sep<11>2014 22:43 May 14, 2019 Jkt 247001 supervisory time is $23,625. PBGC estimates a total annual cost burden of $92,750 (based on 265 professional hours assuming an average hourly rate of $350). PBGC intends to request that OMB approve PBGC’s use of this form 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. PBGC is soliciting public comments to— • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodologies and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g. permitting electronic submission of responses. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2019–09989 Filed 5–14–19; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85828; File No. 10–234] In the Matter of the Application of Long Term Stock Exchange, Inc.; for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission May 10, 2019. I. Introduction and Procedural History On November 9, 2018, Long-Term Stock Exchange, Inc. (‘‘LTSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a Form 1 application under the Securities Exchange Act of 1934 (‘‘Act’’), seeking registration as a national securities exchange under PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 21841 Section 6 of the Act.1 In a letter dated December 4, 2018, LTSE consented to an extension of time for up to an additional 90 days from the date of publication of notice of LTSE’s Form 1 application.2 Notice of the application was published for comment in the Federal Register on December 6, 2018.3 The Commission has received one comment letter on the application.4 On February 26, 2019, LTSE submitted Amendment No. 1 to the application.5 On April 3, 2019, LTSE submitted Amendment No. 2 to the application.6 The Commission has reviewed the Exchange’s registration application, as amended, together with the comment letter received, in order to make a determination whether to grant such registration. For the reasons set forth below, and based on the representations set forth in LTSE’s Form 1, as amended, this order approves LTSE’s Form 1 application, as amended, for registration as a national securities exchange. II. Statutory Standards Pursuant to Sections 6(b) and 19(a) of the Act,7 the Commission shall by order grant an application for registration as a national securities exchange if the Commission finds, among other things, that the proposed exchange is so organized and has the capacity to carry out the purposes of the Act and can comply, and can enforce compliance by its members and persons associated with its members, with the provisions of the Act, the rules and regulations thereunder, and the rules of the exchange. As discussed in greater detail below, the Commission finds that LTSE’s application, as amended, for exchange registration meets the requirements of the Act and the rules and regulations thereunder. Further, the Commission 1 15 U.S.C. 78f. Letter to Brett Redfearn, Director, Division of Trading and Markets, Commission, from Eric Ries, dated December 4, 2018. 3 See Securities Exchange Act Release No. 84709 (November 30, 2018), 83 FR 62941 (‘‘Notice’’). 4 See Letter to Brent J. Fields, Secretary, Commission, from Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors, dated January 22, 2019, available at: https://www.sec.gov/ comments/10-234/10234-4844313-177202.pdf (‘‘CII Letter’’). 5 See Letter to Brett Redfearn, Director, Division of Trading and Markets, Commission, from Annette L. Nazareth, dated February 26, 2019. In Amendment No. 1, LTSE submitted updated portions of its Form 1, including revised Exhibits A, B, C, D, E, I, J and K. 6 See Letter to Brett Redfearn, Director, Division of Trading and Markets, Commission, from Annette L. Nazareth, dated April 3, 2019. In Amendment No. 2, LTSE updated portions of its Form 1, including revised Exhibits A, B, C, D, H, and J. 7 15 U.S.C. 78f(b) and 15 U.S.C. 78s(a), respectively. 2 See E:\FR\FM\15MYN1.SGM 15MYN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Notices]
[Pages 21840-21841]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09989]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Notices Under Section 4062(e) of ERISA

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request OMB approval of information 
collection.

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

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) approve under 
the Paperwork Reduction Act a collection of information that is 
necessary to fulfill various reporting obligations following a 
cessation of operations at a facility. This notice informs the public 
of PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments must be received on or before July 15, 2019 to be 
assured of consideration.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected].
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW, Washington, DC 20005-4026.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to the Notices Under 
Section 4062(e) of ERISA. All comments received will be posted without 
change to PBGC's website, https://www.pbgc.gov, including any personal 
information provided.
    Copies of the collection of information may 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 users may call 
the Federal Relay Service toll-free at 800-877-8339 and ask to be 
connected to 202-326-4040.

FOR FURTHER INFORMATION CONTACT: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, DC 20005-4026; 202-326-4400, extension 
6563; or Erika E. Barnes ([email protected]), Assistant General 
Counsel, Bankruptcy, Transactions, and Terminations Department, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW, Washington, DC 20005-4026; 202-326-4400, extension 3460. 
(TTY users may call the Federal Relay Service toll-free at 800-877-8339 
and ask to be connected to 202-326-4400, extension 6563 or extension 
3460.)

SUPPLEMENTARY INFORMATION: Section 4062(e) of the Employee Retirement 
Income Security Act of 1974 (ERISA) imposes reporting obligations in 
the event of a ``substantial cessation of operations.'' A substantial 
cessation of operations occurs when a permanent cessation at a facility 
causes a separation from employment of more than 15 percent of all 
``eligible employees.'' ``Eligible employees'' are employees eligible 
to participate in any of the facility's employer's employee pension 
benefit plans. Following a substantial cessation of operations, the 
facility's employer is treated, with respect to its single employer 
pension plans covered by title IV of ERISA that are covering 
participants at the facility, as if the employer were a withdrawing 
substantial employer under a multiple-employer plan. Under section 
4063(a) of ERISA, the Pension Benefit Guaranty Corporation (PBGC) must 
receive notice

[[Page 21841]]

of the substantial cessation of operations and a request to determine 
the employer's resulting liability.
    To fulfill such resulting liability, the employer may elect, under 
section 4062(e)(4)(A), to make additional contributions annually for 
seven years to plans covering participants at the facility where the 
substantial cessation of operations took place. Under sections 
4062(e)(4)(E)(i)(I) (II), (III), (IV), and (V) respectively, an 
employer that is making the election for annual additional 
contributions must give notice to PBGC of: (1) Its decision to make the 
election, (2) its payment of an annual contribution, (3) its failure to 
pay an annual contribution, (4) its receipt of a funding waiver from 
the Internal Revenue Service, and (5) the ending of its obligation to 
make additional annual contributions.
    PBGC is proposing a new form series, consisting of Form 4062(e)-01, 
Form 4062(e)-02, Form 4062(e)-03, and Form 4062(e)-04, that would be 
used to fulfill these reporting obligations. An employer or a plan 
administrator would file Form 4062(e)-01 to notify PBGC of the 
occurrence of a substantial cessation of operations and request a 
determination of the employer's liability. An employer would file Form 
4062(e)-02 to notify PBGC that it made the elections to pay annual 
additional contributions to a plan. An employer would file Form 
4062(e)-03 to notify PBGC that it paid an annual additional 
contribution, received a funding waiver from the Internal Revenue 
Service, or is no longer obligated to pay additional annual 
contributions. Finally, an employer would file Form 4062(e)-04 to 
notify PBGC that it failed to pay an additional annual contribution to 
the plan.
    PBGC needs the requested information in the forms and notification 
(1) to determine an employer's liability to a plan following a 
substantial cessation of operations and (2) to ensure that an employer 
that made the election of additional annual contributions is fulfilling 
its payment obligations.
    PBGC estimates that 70 forms/notifications (10 Forms 4062(e)-01, 10 
Forms 4062(e)-02, 49 Forms 4062(e)-03, and one Form 4062(e)-04) would 
be submitted each year. PBGC estimates that these forms would be 
completed by a combination of plan office staff and outside 
professionals (attorneys and actuaries). PBGC estimates a total annual 
hour burden of 315 hours (based on plan 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 $23,625. 
PBGC estimates a total annual cost burden of $92,750 (based on 265 
professional hours assuming an average hourly rate of $350).
    PBGC intends to request that OMB approve PBGC's use of this form 
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.
    PBGC is soliciting public comments to--
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodologies and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g. permitting 
electronic submission of responses.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2019-09989 Filed 5-14-19; 8:45 am]
 BILLING CODE 7709-02-P

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