57082 Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Notices 

1http://www.pbgc.gov/res/other-guidance/tu/ 

tu10–2.html . 

2The premium penalty relief described in this 

notice does not apply to late payment interest 

charges, to penalties for failure to timely file 

required premium information, or to penalties for 

late payment of termination premiums. 

Board of Directors 

Agenda 

Open Session 

1. Approval of agenda. 

2. Consider and act on the 

recommendation of the Operations & 

Regulations Committee regarding 

specific approach and statutory 

language change(s) to suggest to the 

White House and Congress for 

replacement of decennial census 

poverty data in distributing LSC field 

grants. 

3. Consider and act on the Finance 

Committee’s recommendation to the 

Board a to LSC’s appropriations request 

for FY 2013 (Resolution 2011–012). 

—Presentation by David Richardson, 

LSC’s Treasurer & Comptroller. 

—Comments by John Constance, 

Director of LSC’s Office of 

Government Relations & Public 

Affairs. 

—Comments by Jeffrey Schanz, LSC’s 

Inspector General. 

4. Consider and act on renaming of 

the Board’s Development Committee 

(Resolution 2011–013). 

5. Other Business. 

6. Consider and act on adjournment of 

meeting. 

CONTACT PERSON FOR INFORMATION: 

Katherine Ward, Executive Assistant to 

the Corporate Secretary, at (202) 295– 

1500. Questions may be sent by 

electronic mail to 

FR_NOTICE_QUESTIONS@lsc.gov. 

ACCESSIBILITY: LSC complies with the 

American’s with Disabilities Act and 

Section 504 of the 1973 Rehabilitation 

Act. Upon request, meeting notices and 

materials will be made available in 

alternative formats to accommodate 

individuals with disabilities. 

Individuals that need other 

accommodations due to disability in 

order to attend the meeting in person or 

telephonically should contact Katherine 

Ward at (202) 295–1500 or 

FR_NOTICE_QUESTIONS@lsc.gov, at 

least 2 business days in advance of the 

meeting. If a request is made without 

advance notice, LSC will make every 

effort to accommodate the request but 

cannot guarantee that all requests can be 

fulfilled. 

September 12, 2011. 

Victor M. Fortuno, 

Vice President & General Counsel. 

[FR Doc. 2011–23734 Filed 9–13–11; 11:15 am] 

BILLING CODE 7050–01–P 

NUCLEAR REGULATORY 

COMMISSION 

Advisory Committee on Reactor 

Safeguards; Meeting of the ACRS 

Subcommittee on Materials, Metallurgy 

& Reactor Fuels 

Revision to September 21, 2011, ACRS 

Meeting; Federal Register Notice 

The Federal Register Notice for the 

ACRS Subcommittee Meeting on 

Materials, Metallurgy and Reactor Fuels 

is being revised to correct the meeting 

date to Wednesday, September 21, 2011. 

The notice of this meeting was 

previously published in the Federal 

Register on Wednesday, September 8, 

2011, [76 FR 55718]. All other items 

remain the same as previously 

published. 

If attending this meeting, please 

contact Mr. Theron Brown (Telephone 

240–888–9835) to be escorted to the 

meeting room. 

Dated: September 8, 2011. 

Cayetano Santos, 

Chief, Technical Support Branch Advisory 

Committee on Reactor Safeguards. 

[FR Doc. 2011–23627 Filed 9–14–11; 8:45 am] 

BILLING CODE 7590–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Premium Penalty Relief; Alternative 

Premium Funding Target Election 

Relief 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice. 

SUMMARY: Executive Order 13563 on 

Improving Regulation and Regulatory 

Review directs agencies to review and 

improve their regulatory processes. As a 

result of this regulatory review, and in 

response to comments by premium 

payers and pension professionals, PBGC 

is providing relief from certain premium 

penalties and in certain situations 

involving alternative premium funding 

target elections. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Manager, Regulatory 

and Policy Division, Legislative and 

Regulatory Department, 1200 K Street, 

NW., Washington, DC 20005–4026, 202– 

326–4024 or klion.catherine@pbgc.gov. 

(TTY and TDD users may call the 

Federal relay service toll-free at 1–800– 

877–8339 and ask to be connected to 

202–326–4024). 

SUPPLEMENTARY INFORMATION: 

As a result of PBGC’s regulatory 

review under Executive Order 13563 

and in response to comments by 

premium payers and pension 

professionals, PBGC is granting relief in 

several situations: 

• For 2011 and later plan years, PBGC 

will waive premium penalties assessed 

solely because payments are late by not 

more than seven calendar days. 

• For 2010 and later plan years, PBGC 

is providing relief similar to, but more 

expansive, than the relief provided in 

Technical Update 10–2 (Variable Rate 

Premiums; Alternative Premium 

Funding Target Elections; Box 5 

Relief).1

• For 2008 and 2009 plan years, 

PBGC will waive premium penalties for 

late premiums in connection with 

certain box 5 errors. 

Seven Day Rule 

Under ERISA section 4007 and 

PBGC’s regulation on Payment of 

Premiums (29 CFR part 4007), late 

payment charges—interest and late 

payment penalties—apply to required 

annual premium payments that are not 

timely made. Penalties (but not interest) 

may be waived in accordance with the 

premium payment regulation. PBGC’s 

premium penalty policy is set forth in 

the appendix to the premium payment 

regulation. 

For plan years beginning after 2010, 

PBGC will automatically waive 

premium payment penalties that are 

assessed solely because premium 

payments are late by not more than 

seven calendar days.2 In applying this 

policy, PBGC will assume that each 

premium payment was made seven 

calendar days before it was actually 

made. All other rules will then be 

applied as usual. If the result of this 

procedure is that no penalty would 

arise, then any penalty assessed on the 

basis of the actual payment dates will be 

waived. Filers may seek reconsideration 

of late payment penalties assessed in 

circumstances to which the relief under 

this Notice does not apply. 

Alternative Premium Funding Target 

Elections 

For plan years beginning after 2007, 

PBGC’s premium regulations allow a 

plan to elect to use the alternative 

premium funding target to calculate its 

variable rate premium (VRP). The 

regulations require that such an election 

be filed with PBGC before the VRP due 

date. A plan makes an election by 


wreier-aviles on DSKGBLS3C1PROD with NOTICES
Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Notices 57083 

3Premium information must be submitted 

electronically. PBGC provides on its Web site, 

http://www.pbgc.gov, filing instructions that 

include an illustrative form with a line number for 

each data element. This Notice refers to those line 

numbers. 

4This Notice will refer to use of the alternative 

premium funding target as the ‘‘alternative method’’ 

and to use of the standard premium funding target 

as the ‘‘standard method.’’ 

5PBGC generally notifies plans within 30 days of 

the filing due date. 

checking box 5 in part II (Alternative 

Premium Funding Target Election) of 

the comprehensive premium filing for 

the first plan year to which the election 

applies.3 If an election to use the 

alternative premium funding target is 

not in effect, the plan must calculate its 

VRP using the standard premium 

funding target.4

For 2008 and 2009 plan years, over 

ninety-five percent of the plans that 

used the alternative method filed valid 

elections to do so. However, some plans 

that used the alternative method did not 

make a valid election to do so and later 

requested that PBGC treat them as 

having made a valid election. In 

response, on June 16, 2010, PBGC 

issued Technical Update 10–2, under 

which a plan was deemed to have made 

a valid election if certain conditions 

were met. 

Most plans with box 5 errors for 2008 

or 2009 plan years were eligible for the 

Technical Update 10–2 relief or were 

granted similar relief upon 

reconsideration based on the facts and 

circumstances. PBGC spent considerable 

time reviewing requests for 

reconsideration to ensure that due 

process was followed, that plans with 

similar situations were treated 

consistently, and that discretion was 

exercised fairly and reasonably. To date, 

PBGC has denied fewer than 50 requests 

for reconsideration with respect to box 

5 errors in 2008 or 2009 plan years. 

Premium payers and pension 

professionals requested further relief 

from box 5 errors, including relief for 

plan years starting after 2009 and relief 

for plans that did not qualify for the 

Technical Update 10–2 relief for 2008 

and 2009 plan years. 

Relief for Plan Years Beginning After 

2009 

PBGC has taken steps to reduce box 

5 errors for 2010 and later plan years. 

The agency has modified its online 

Premium Filing application (MyPAA) to 

provide additional ‘‘error check’’ or 

‘‘alert’’ notices. PBGC assists vendors 

with their systems and encourages 

vendors to have similar error check and 

alert notices as MyPAA. PBGC urges all 

filers to check filings to avoid making 

errors, pay close attention to the 

MyPAA warnings, and print and save 

receipts showing that filings are actually 

submitted. 

Despite these efforts, PBGC still 

occasionally finds box 5 errors. PBGC is 

providing relief similar to, but more 

expansive, than the relief provided in 

Technical Update 10–2 for plan years 

beginning after 2009. Specifically, relief 

is available where the plan used the 

alternative method to determine the 

VRP for the applicable plan year 

without filing a valid election to do so 

for the applicable plan year or a prior 

plan year. Similar relief is available 

where the plan used the standard 

method, but inadvertently made an 

election to use the alternative method 

for the applicable plan year (e.g., box 5 

was checked because of an errant mouse 

click). 

In either case, PBGC bases its 

determination of which method was 

used to determine the VRP for the 

applicable plan year solely on the 

information reported in line 7d(1) of 

part III (Premium Information). For 

example, if ‘‘alternative’’ is checked, 

PBGC determines that the alternative 

method was used. 

If an election to use the alternative 

method is invalid solely because the 

filing was submitted after the due date, 

relief is available only if the filing is not 

an amendment of a timely filing in 

which the plan used the standard 

method to determine the VRP and the 

filing is submitted by the earlier of: 

• The 90th day after the filing due 

date. 

• The 30th day after the date of any 

PBGC notification that no filing has 

been received.5

PBGC is contacting plans entitled to 

this relief to explain the options and 

actions required, if any (e.g., whether 

the inconsistent filing must be 

amended). Plans that do not qualify for 

this relief may seek reconsideration 

based on the facts and circumstances. 

Premium Penalty Relief for 2008 and 

2009 Plan Years 

In situations where a plan with a box 

5 error for 2008 or 2009 plan years was 

not eligible for the Technical Update 

10–2 relief and a request for 

reconsideration was denied (or not 

submitted), the plan was required to 

amend the applicable premium filing 

and recalculate the VRP using the 

standard method. In some cases, this 

resulted in additional premium being 

due. Because the additional premium 

was paid after the due date, late 

payment charges (penalties and interest) 

were assessed on the additional 

premium. In many cases, the late 

payment penalties were equal to 100 

percent of the additional premium. In 

response to concerns of premium payers 

and pension professionals, PBGC will 

waive premium penalties in connection 

with these errors for 2008 and 2009 plan 

years. 

PBGC will also waive premium 

penalties for plans that used the 

standard method but inadvertently 

checked box 5 and were required to 

recalculate the VRP using the alternative 

method. 

PBGC will contact plans entitled to 

this penalty relief. If a plan entitled to 

this relief has already paid the late 

payment penalty, the penalty amount 

will be converted into a credit that can 

be used to offset future premiums. If a 

plan entitled to this relief has not 

amended the relevant filing and paid 

the additional premium due, PBGC will 

waive the penalty only if the filing is 

amended and the additional premium 

paid within 30 days of the notification. 

Contact information 

For questions, contact Robert 

Callahan of the Financial Operations 

Department at 202–326–4067, ext. 3258, 

or callahan.robert@pbgc.gov or Bill 

O’Neill, at 202–346–4067, ext. 6758, or 

oneill.bill@pbgc.gov. 

Issued in Washington, DC this 9th day of 

September, 2011. 

Joshua Gotbaum, 

Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2011–23692 Filed 9–14–11; 8:45 am] 

BILLING CODE 7709–01–P 

POSTAL REGULATORY COMMISSION 

[Docket No. A2011–61; Order No. 842] 

Post Office Closing 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: This document informs the 

public that an appeal of the closing of 

the Etna, New York post office has been 

filed. It identifies preliminary steps and 

provides a procedural schedule. 

Publication of this document will allow 

the Postal Service, petitioners, and 

others to take appropriate action. 

DATES: Administrative record due (from 

Postal Service): September 19, 2011; 

deadline for notices to intervene: 

October 3, 2011. See the Procedural 

Schedule in the SUPPLEMENTARY

INFORMATION section for other dates of 

interest. 

ADDRESSES: Submit comments 

electronically by accessing the ‘‘Filing 


wreier-aviles on DSKGBLS3C1PROD with NOTICES