Hearing on Retirement Security Rule: Definition of an Investment Advice Fiduciary and Associated Prohibited Transaction Exemption Amendments, 80648-80649 [2023-25522]

Download as PDF 80648 Federal Register / Vol. 88, No. 222 / Monday, November 20, 2023 / Proposed Rules information. The street address for Docket Operations is listed above. FOR FURTHER INFORMATION CONTACT: Joseph Zuklic, Aviation Safety Engineer, FAA, 2200 South 216th Street, Des Moines, WA 98198; phone: (206) 231– 3858; email: joseph.r.zuklic@faa.gov. SUPPLEMENTARY INFORMATION: ddrumheller on DSK120RN23PROD with PROPOSALS1 Comments Invited The FAA invites you to send any written relevant data, views, or arguments about this proposal. Send your comments to an address listed under ADDRESSES. Include ‘‘Docket No. FAA–2023–1893; Project Identifier AD– 2023–00389–A’’ at the beginning of your comments. The most helpful comments reference a specific portion of the proposal, explain the reason for any recommended change, and include supporting data. The FAA will consider all comments received by the closing date and may amend this proposal because of those comments. Except for Confidential Business Information (CBI) as described in the following paragraph, and other information as described in 14 CFR 11.35, the FAA will post all comments received, without change, to regulations.gov, including any personal information you provide. The agency will also post a report summarizing each substantive verbal contact received about this NPRM. Confidential Business Information CBI is commercial or financial information that is both customarily and actually treated as private by its owner. Under the Freedom of Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public disclosure. If your comments responsive to this NPRM contain commercial or financial information that is customarily treated as private, that you actually treat as private, and that is relevant or responsive to this NPRM, it is important that you clearly designate the submitted comments as CBI. Please mark each page of your submission containing CBI as ‘‘PROPIN.’’ The FAA will treat such marked submissions as confidential under the FOIA, and they will not be placed in the public docket of this NPRM. Submissions containing CBI should be sent to Joseph Zuklic, Aviation Safety Engineer, FAA, 2200 South 216th Street, Des Moines, WA 98198. Any commentary that the FAA receives which is not specifically designated as CBI will be placed in the public docket for this rulemaking. Background The FAA issued an NPRM to amend 14 CFR part 39 by adding an AD that VerDate Sep<11>2014 16:53 Nov 17, 2023 Jkt 262001 would apply to certain FS 2001 Corp, FS 2002 Corporation, FS 2003 Corporation, Piper, and Piper Aircraft, Inc. (Piper) airplanes, as listed in the NPRM. The NPRM published in the Federal Register on October 6, 2023 (88 FR 69556). The NPRM was prompted by reports of two non-fatal accidents involving airplanes designed and built by Piper that were caused by broken rudder posts that structurally failed above the upper hinge in flight. Both accidents occurred in Anchorage, Alaska. The first accident occurred on June 8, 2020, and involved an FS 2003 Model PA–12 airplane and the second accident occurred on July 23, 2021, and involved an FS 2002 Model PA–14 airplane. Both airplanes sustained substantial damage when the rudder structurally failed. After examination, it was determined that the rudder posts fractured above the upper hinge, the top portion of the rudder folded over the upper tail brace wires, and the rudder posts were made from 1025 carbon steel and fractured due to fatigue. This condition, if not addressed, could result in a broken rudder and consequent reduced ability of the flight crew to maintain the safe flight and landing of the airplane. In the NPRM, the FAA proposed to require replacing any rudder equipped with a rudder post made from 1025 carbon steel with a rudder equipped with a rudder post made from 4130N low-alloy steel. Actions Since the NPRM Was Issued Since issuance of the NPRM, the FAA has received a request from the Airplane Owners and Pilots Association (AOPA), the Short Wing Piper Club, and other commenters to extend the comment period. The commenters state that the NPRM is controversial and could drive substantial costs, among other things. To be able to prepare informed and meaningful comments with coordinated consensus among its members, AOPA requested an extension of 90 days to the comment period. The FAA agrees with the request and has determined that it is appropriate to extend the comment period for the NPRM to give all interested persons additional time to examine the proposed requirements and submit comments. The FAA has determined that extending the comment period an additional 90 days will not compromise the safety of the affected airplanes. Extension of Comment Period The FAA has reviewed the requests for extension of the comment period for this notice. The commenters have shown a substantive interest in the PO 00000 Frm 00008 Fmt 4702 Sfmt 4702 proposed policy and good cause for the extension of the comment period. Therefore, in accordance with 14 CFR 11.47(c), the FAA has determined that an extension of the comment period for an additional 90 days to February 20, 2024 is consistent with the public interest, and that good cause exists for taking this action. Accordingly, the comment period for Docket No. FAA–2023–1893 is extended until February 20, 2024. Because no other portion of the proposal or other regulatory information has been changed, the entire proposal is not being republished. Issued under authority provided by 49 U.S.C. 106(g), 40113, and 44701. Issued on November 16, 2023. Caitlin Locke, Director, Compliance & Airworthiness Division, Aircraft Certification Service. [FR Doc. 2023–25700 Filed 11–16–23; 4:15 pm] BILLING CODE 4910–13–P DEPARTMENT OF LABOR Employee Benefits Security Administration 29 CFR Parts 2510 and 2550 RIN 1210–AC02; ZRINs 1210–ZA32, 1210– ZA33, 1210–ZA34 Hearing on Retirement Security Rule: Definition of an Investment Advice Fiduciary and Associated Prohibited Transaction Exemption Amendments Employee Benefits Security Administration. ACTION: Announcement of hearing. AGENCY: The Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a virtual public hearing on December 12 through December 13, 2023, continuing (if necessary) on December 14, 2023, for the public to provide input on the Department’s proposed Retirement Security Rule: Definition of an Investment Advice Fiduciary, proposed amendments to Prohibited Transaction Exemption (PTE) 2020–02, proposed amendments to PTE 84–24, and proposed amendments to several other existing administrative PTEs that are available to investment advice fiduciaries. EBSA welcomes requests from the general public to testify at the hearing. DATES: The public hearing will be held on December 12 through December 13, 2023, and will continue (if necessary) on December 14, 2023, via WebEx, beginning each day at 9 a.m. EST. SUMMARY: E:\FR\FM\20NOP1.SGM 20NOP1 ddrumheller on DSK120RN23PROD with PROPOSALS1 Federal Register / Vol. 88, No. 222 / Monday, November 20, 2023 / Proposed Rules Requests to testify at the hearing must be submitted on or before November 29, 2023. ADDRESSES: Submit all requests to testify through the Federal eRulemaking Portal at https://www.regulations.gov at Docket ID EBSA–2023–0014. Follow the instructions for submitting requests to testify provided below. Warning: Do not include any personally identifiable information or confidential business information that you do not want publicly disclosed. Requests to testify are public records posted on the internet as received and can be retrieved by most internet search engines. FOR FURTHER INFORMATION CONTACT: Scott Ness, Office of Regulations and Interpretations, EBSA, 202–693–8510 (not a toll-free number). SUPPLEMENTARY INFORMATION: approximately 45 days following publication, and that it would publish specific information regarding the date, location, and submission of requests to testify in the Federal Register. The Department is hereby notifying the public that it will hold a virtual public hearing on the proposed rule and associated proposed amendments to the prohibited transaction exemptions on December 12 through December 13, 2023, continuing on December 14, 2023 (if necessary), beginning each day at 9 a.m. EST, via WebEx. Registration information to access and view the hearing on WebEx will be available within a reasonable time before the hearing on EBSA’s website: https:// www.dol.gov/agencies/ebsa. Background On November 3, 2023, the Department published in the Federal Register a proposed rule entitled Retirement Security Rule: Definition of an Investment Advice Fiduciary.1 If adopted as proposed, the rule would amend the Department’s current regulation that defines who is a ‘‘fiduciary’’ of an employee benefit plan for purposes of Title I of the Employee Retirement Income Security Act of 1974 (ERISA) as a result of providing investment advice to a plan or its participants or beneficiaries for a fee or other compensation, direct or indirect. The proposed rule also would amend a parallel regulation defining who is a ‘‘fiduciary’’ of a plan described in Internal Revenue Code section 4975, including an individual retirement account, for purposes of Title II of ERISA. In the same edition of the Federal Register, the Department also published proposed amendments to PTE 2020–02 (entitled ‘‘Improving Investment Advice for Workers & Retirees’’), proposed amendments to PTE 84–24, and proposed amendments to several other existing administrative PTEs that are available to investment advice fiduciaries.2 The full text and other information regarding the rule and PTE amendments is available on EBSA’s website: https://www.dol.gov/agencies/ ebsa/laws-and-regulations/laws/erisa/ retirement-security. In the Federal Register documents, the Department announced that it anticipated holding a public hearing Individuals and organizations interested in testifying at the public hearing must submit a written request to testify by November 29, 2023. Requests to testify must include: (1) the name, title, organization, address, email address, and telephone number of the individual who would testify; (2) if applicable, the name of the organization(s) whose views would be represented; and (3) the date of the requester’s written comment on the proposed rule or exemption proposals (if already submitted). Any requestors with disabilities requiring special accommodations for their testimony should contact Scott Ness at the phone number listed above after submitting their written request, no later than five business days in advance of the hearing. To request ASL Interpreting or captioning services for this event, please contact Interpreting.Services@dol.gov at least five business days in advance of the hearing. The Department will organize the hearing into several moderated panels. Presenters will be given 10 minutes to testify, and they should be prepared to answer questions regarding their testimony. EBSA may limit the number of presenters based on how many testimony requests it receives. In that event, EBSA will ensure that the broadest array of viewpoints on all aspects of the proposals are represented and will include in the public record all testimony requests it receives. EBSA encourages submission of written comments from all interested parties, regardless as to whether any entity provides oral testimony during the hearing. 1 88 FR 75890. proposed amendment to PTE 2020–02 (88 FR 75979), proposed amendment to PTE 84–24 (88 FR 76004), and proposed amendment to PTEs 75– 1, 80–83, 83–1, and 86–128 (88 FR 76032). 2 See VerDate Sep<11>2014 16:53 Nov 17, 2023 Jkt 262001 Instructions for Submitting Requests To Testify PO 00000 Frm 00009 Fmt 4702 Sfmt 4702 80649 EBSA will post a hearing agenda containing the panel compositions and presentation times no later than the close of business on December 7, 2023, on its website: https://www.dol.gov/ agencies/ebsa. Important note: In the event that a lapse in appropriations occurs, EBSA may not be able to post the hearing agenda on its website by close of business on December 7, 2023, as stated above. If the agenda is not posted by the close of business on December 7, 2023, the hearing is postponed. EBSA will publish a subsequent notice in the Federal Register announcing the updated date and time for the hearing within a reasonable time after any lapse in appropriations ends. The hearing will be transcribed, and the Department will notify the public when the hearing transcript is available on EBSA’s website at: https:// www.dol.gov/agencies/ebsa. Signed at Washington, DC, this 14th day of November, 2023. Lisa M. Gomez, Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor. [FR Doc. 2023–25522 Filed 11–17–23; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF VETERANS AFFAIRS 38 CFR Part 38 RIN 2900–AR88 Commemorative Plaques and Urns Department of Veterans Affairs. Proposed rule. AGENCY: ACTION: The Department of Veterans Affairs (VA) proposes to revise its regulations to implement new statutory authority to furnish commemorative plaques and urns for certain veterans whose cremated remains are not interred. This proposed rule is necessary to administer the new benefits, which were authorized by the ‘‘Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Improvement Act of 2020’’ (the Act). DATES: Comments must be received by VA on or before January 19, 2024. ADDRESSES: Comments must be submitted through www.regulations.gov. Except as provided below, comments received before the close of the comment period will be available at www.regulations.gov for public viewing, inspection, or copying, including any personally identifiable or confidential business information that is included in SUMMARY: E:\FR\FM\20NOP1.SGM 20NOP1

Agencies

[Federal Register Volume 88, Number 222 (Monday, November 20, 2023)]
[Proposed Rules]
[Pages 80648-80649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25522]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration

29 CFR Parts 2510 and 2550

RIN 1210-AC02; ZRINs 1210-ZA32, 1210-ZA33, 1210-ZA34


Hearing on Retirement Security Rule: Definition of an Investment 
Advice Fiduciary and Associated Prohibited Transaction Exemption 
Amendments

AGENCY: Employee Benefits Security Administration.

ACTION: Announcement of hearing.

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

SUMMARY: The Department of Labor's Employee Benefits Security 
Administration (EBSA) will hold a virtual public hearing on December 12 
through December 13, 2023, continuing (if necessary) on December 14, 
2023, for the public to provide input on the Department's proposed 
Retirement Security Rule: Definition of an Investment Advice Fiduciary, 
proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, 
proposed amendments to PTE 84-24, and proposed amendments to several 
other existing administrative PTEs that are available to investment 
advice fiduciaries. EBSA welcomes requests from the general public to 
testify at the hearing.

DATES: The public hearing will be held on December 12 through December 
13, 2023, and will continue (if necessary) on December 14, 2023, via 
WebEx, beginning each day at 9 a.m. EST.

[[Page 80649]]

Requests to testify at the hearing must be submitted on or before 
November 29, 2023.

ADDRESSES: Submit all requests to testify through the Federal 
eRulemaking Portal at https://www.regulations.gov at Docket ID EBSA-
2023-0014. Follow the instructions for submitting requests to testify 
provided below. Warning: Do not include any personally identifiable 
information or confidential business information that you do not want 
publicly disclosed. Requests to testify are public records posted on 
the internet as received and can be retrieved by most internet search 
engines.

FOR FURTHER INFORMATION CONTACT: Scott Ness, Office of Regulations and 
Interpretations, EBSA, 202-693-8510 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    On November 3, 2023, the Department published in the Federal 
Register a proposed rule entitled Retirement Security Rule: Definition 
of an Investment Advice Fiduciary.\1\ If adopted as proposed, the rule 
would amend the Department's current regulation that defines who is a 
``fiduciary'' of an employee benefit plan for purposes of Title I of 
the Employee Retirement Income Security Act of 1974 (ERISA) as a result 
of providing investment advice to a plan or its participants or 
beneficiaries for a fee or other compensation, direct or indirect. The 
proposed rule also would amend a parallel regulation defining who is a 
``fiduciary'' of a plan described in Internal Revenue Code section 
4975, including an individual retirement account, for purposes of Title 
II of ERISA.
---------------------------------------------------------------------------

    \1\ 88 FR 75890.
---------------------------------------------------------------------------

    In the same edition of the Federal Register, the Department also 
published proposed amendments to PTE 2020-02 (entitled ``Improving 
Investment Advice for Workers & Retirees''), proposed amendments to PTE 
84-24, and proposed amendments to several other existing administrative 
PTEs that are available to investment advice fiduciaries.\2\ The full 
text and other information regarding the rule and PTE amendments is 
available on EBSA's website: https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/erisa/retirement-security.
---------------------------------------------------------------------------

    \2\ See proposed amendment to PTE 2020-02 (88 FR 75979), 
proposed amendment to PTE 84-24 (88 FR 76004), and proposed 
amendment to PTEs 75-1, 80-83, 83-1, and 86-128 (88 FR 76032).
---------------------------------------------------------------------------

    In the Federal Register documents, the Department announced that it 
anticipated holding a public hearing approximately 45 days following 
publication, and that it would publish specific information regarding 
the date, location, and submission of requests to testify in the 
Federal Register. The Department is hereby notifying the public that it 
will hold a virtual public hearing on the proposed rule and associated 
proposed amendments to the prohibited transaction exemptions on 
December 12 through December 13, 2023, continuing on December 14, 2023 
(if necessary), beginning each day at 9 a.m. EST, via WebEx. 
Registration information to access and view the hearing on WebEx will 
be available within a reasonable time before the hearing on EBSA's 
website: https://www.dol.gov/agencies/ebsa.

Instructions for Submitting Requests To Testify

    Individuals and organizations interested in testifying at the 
public hearing must submit a written request to testify by November 29, 
2023. Requests to testify must include:
    (1) the name, title, organization, address, email address, and 
telephone number of the individual who would testify;
    (2) if applicable, the name of the organization(s) whose views 
would be represented; and
    (3) the date of the requester's written comment on the proposed 
rule or exemption proposals (if already submitted).
    Any requestors with disabilities requiring special accommodations 
for their testimony should contact Scott Ness at the phone number 
listed above after submitting their written request, no later than five 
business days in advance of the hearing. To request ASL Interpreting or 
captioning services for this event, please contact 
[email protected] at least five business days in advance of 
the hearing.
    The Department will organize the hearing into several moderated 
panels. Presenters will be given 10 minutes to testify, and they should 
be prepared to answer questions regarding their testimony. EBSA may 
limit the number of presenters based on how many testimony requests it 
receives. In that event, EBSA will ensure that the broadest array of 
viewpoints on all aspects of the proposals are represented and will 
include in the public record all testimony requests it receives. EBSA 
encourages submission of written comments from all interested parties, 
regardless as to whether any entity provides oral testimony during the 
hearing.
    EBSA will post a hearing agenda containing the panel compositions 
and presentation times no later than the close of business on December 
7, 2023, on its website: https://www.dol.gov/agencies/ebsa.
    Important note: In the event that a lapse in appropriations occurs, 
EBSA may not be able to post the hearing agenda on its website by close 
of business on December 7, 2023, as stated above. If the agenda is not 
posted by the close of business on December 7, 2023, the hearing is 
postponed. EBSA will publish a subsequent notice in the Federal 
Register announcing the updated date and time for the hearing within a 
reasonable time after any lapse in appropriations ends.
    The hearing will be transcribed, and the Department will notify the 
public when the hearing transcript is available on EBSA's website at: 
https://www.dol.gov/agencies/ebsa.

    Signed at Washington, DC, this 14th day of November, 2023.
Lisa M. Gomez,
Assistant Secretary, Employee Benefits Security Administration, U.S. 
Department of Labor.
[FR Doc. 2023-25522 Filed 11-17-23; 8:45 am]
BILLING CODE 4510-29-P
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