Department of Labor October 7, 2008 – Federal Register Recent Federal Regulation Documents
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Notice of Availability of Funds and Solicitation for Grant Applications (SGA) for YouthBuild Grants
The U.S. Department of Labor (DOL or Department), Employment and Training Administration (ETA) announces the availability of approximately $47 million in grant funds for YouthBuild Grants. YouthBuild Grants will be awarded through a competitive process. Grant funds will be used to provide disadvantaged youth with: The education and employment skills necessary to achieve economic self- sufficiency in occupations in high demand and postsecondary education and training opportunities; opportunities for meaningful work and service to their communities; and opportunities to develop employment and leadership skills and a commitment to community development among youth in low-income communities. As part of their programming, YouthBuild grantees will tap the energies and talents of disadvantaged youth to increase the supply of permanent affordable housing for homeless individuals and low-income families and to help youth develop the leadership, learning, and high-demand occupational skills needed to succeed in today's global economy. DOL hopes to serve approximately 2,900 youth participants during the first year of the grant, with projects operating in approximately 90-100 communities across the country. Under this announcement, DOL will be awarding grants to organizations to oversee the provision of education and employment services to disadvantaged youth in their communities. Each applicant should indicate the proposed number of participants to be served based on an average annual cost of between $15,000$18,000. This solicitation provides background information and describes the application submission requirements, outlines the process that eligible entities must use to apply for funds covered by this solicitation, and outlines the evaluation criteria used as a basis for selecting grantees.
Proposed Extension of the Approval of Information Collection Requirements
The Department of Labor, as part of its continuing effort to reduce paperwork and respondent burden, conducts a preclearance consultation program to provide the general public and Federal agencies with an opportunity to comment on proposed and/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA95) [44 U.S.C. 3506(c)(2)(A)]. This program helps to ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirements on respondents can be properly assessed. Currently, the Employment Standards Administration is soliciting comments concerning the proposal to extend OMB approval of the information collection: Employment of Apprentices, Messengers and Learners (Including Student-Learners and Student-Workers), Forms WH-205 and WH-209. A copy of the proposed information collection request can be obtained by contacting the office listed below in the ADDRESSES section of this Notice.
Notice of a Change in Status of an Extended Benefit (EB) Period for Alaska
This notice announces a change in benefit period eligibility under the EB Program for Alaska. The following change has occurred since the publication of the last notice regarding the State's EB status: Based on data reported by the Bureau of Labor Statistics on September 19, 2008, Alaska triggered ``off'' EB. Alaska's 3-month total unemployment rate for June, July and August fell to 109% of the prior year and 106% of the second prior year for the same period. This causes Alaska to be triggered ``off'' an EB period. After the week ending October 11, 2008, workers who exhaust their regular UI benefits will no longer be eligible to collect up to an additional 13 weeks of UI benefits under this program.
Notice of a Change in Status of an Extended Benefit (EB) Period for North Carolina
This notice announces a change in benefit period eligibility under the EB Program for North Carolina. The following change has occurred since the publication of the last notice regarding the State's EB status: Based on data reported by the Bureau of Labor Statistics on September 19, 2008, North Carolina's 3-month seasonally adjusted total unemployment rate rose to the 6.5 percent threshold and exceeded 110 percent of the corresponding rate in the prior year. This causes North Carolina to be triggered ``on'' to an EB period beginning October 5, 2008.
Labor Surplus Area Classification Under Executive Orders 12073 and 10582
The purpose of this notice is to announce the annual list of labor surplus areas for Fiscal Year (FY) 2009.
Statutory Exemption for Cross-Trading of Securities
This document contains a final rule that implements the content requirements for the written cross-trading policies and procedures required under section 408(b)(19)(H) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act). Section 611(g) of the Pension Protection Act of 2006, Public Law No. 109-280, 120 Stat. 780, 972, amended section 408(b) of ERISA by adding a new subsection (19) that exempts the purchase and sale of a security between a plan and any other account managed by the same investment manager if certain conditions are satisfied. Among other requirements, section 408(b)(19)(H) stipulates that the investment manager must adopt, and effect cross-trades in accordance with, written cross- trading policies and procedures that are fair and equitable to all accounts participating in the cross-trading program. This final rule affects employee benefit plans, investment managers, plan fiduciaries and plan participants and beneficiaries.
Amendment to Interpretive Bulletin 95-1
This document contains a final rule that amends Interpretive Bulletin 95-1 to limit the application of the Bulletin to the selection of annuity providers for defined benefit plans. Also appearing in today's Federal Register is a final regulation, entitled ``Selection of Annuity ProvidersSafe Harbor for Individual Account Plans'', which establishes a safe harbor for the selection of annuity providers for the purpose of benefit distributions from individual account plans covered by title I of the Employee Retirement Income Security Act (ERISA). The amendment to Interpretive Bulletin 95-1, as well as the safe harbor for annuity selections, will affect plan sponsors and fiduciaries of individual account plans, and the participants and beneficiaries covered by such plans.
Adoption of Amendment to Prohibited Transaction Exemption 2006-06; (PTE 2006-06) For Services Provided in Connection With the Termination of Abandoned Individual Account Plans
This document amends PTE 2006-06 (71 FR 20856, Apr. 21, 2006), a prohibited transaction class exemption issued under the Employee Retirement Income Security Act of 1974 (ERISA). Among other things, PTE 2006-06 permits a ``qualified termination administrator'' (QTA) of an individual account plan that has been abandoned by its sponsoring employer to select itself to provide services to the plan in connection with the plan's termination, and to pay itself fees for those services. In response to changes to the Internal Revenue Code of 1986 (the Code) enacted as part of the Pension Protection Act (PPA) of 2006, PTE 2006- 06 is amended to require, as a condition of relief under the exemption, that benefits for a missing, designated nonspouse beneficiary be directly rolled over into an inherited individual retirement plan that fully complies with Code requirements. This amendment also conforms to the Department's final rule amending regulations concerning the Termination of Abandoned Individual Account Plans at 29 CFR 2578.1 (the QTA Regulation), and the Safe Harbor for Distributions from Terminated Individual Account Plans at 29 CFR 2550.404a-3 (the Safe Harbor Regulation), which appears elsewhere in this issue of the Federal Register. The amendment to the class exemption affects plans, participants and beneficiaries of such plans and certain persons engaging in such transactions.
Selection of Annuity Providers-Safe Harbor for Individual Account Plans
This document contains a final regulation that establishes a safe harbor for the selection of annuity providers for the purpose of benefit distributions from individual account plans covered by title I of the Employee Retirement Income Security Act (ERISA). This regulation will affect plan sponsors and fiduciaries of individual account plans and the participants and beneficiaries covered by such plans. Also appearing in today's Federal Register is a final rule amending Interpretive Bulletin 95-1 to limit the application of the Bulletin to the selection of annuity providers for defined benefit plans.
Amendments to Safe Harbor for Distributions From Terminated Individual Account Plans and Termination of Abandoned Individual Account Plans To Require Inherited Individual Retirement Plans for Missing Nonspouse Beneficiaries
This document contains a final rule amending regulations under the Employee Retirement Income Security Act of 1974 that provide guidance and a fiduciary safe harbor for the distribution of benefits on behalf of participants or beneficiaries in terminated and abandoned individual account plans. The Department is amending these regulations to reflect changes enacted as part of the Pension Protection Act of 2006 to the Internal Revenue Code of 1986 (the Code), under which a distribution of a deceased plan participant's benefit from an eligible retirement plan may be directly transferred to an individual retirement plan established on behalf of the designated nonspouse beneficiary of such participant. Specifically, the amended regulations require as a condition of relief under the fiduciary safe harbor that benefits for a missing, designated nonspouse beneficiary be directly rolled over to an individual retirement plan that fully complies with Code requirements. This final rule will affect fiduciaries, plan service providers, and participants and beneficiaries of individual account pension plans.
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