18388 Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Rules and Regulations 

property is protected during the 20-day 

period against a judgment lien arising, after 

the security interest attaches, out of an 

unsecured obligation. Upon expiration of the 

20-day period, the holder of the security 

interest must perfect its security interest 

under local law. 

(ii) Because the security interest is 

perfected during the 20-day period against a 

subsequent judgment lien arising out of an 

unsecured obligation, and because filing or 

the taking of possession before the 

conclusion of the period of temporary 

perfection is not considered, for purposes of 

paragraph (a)(2)(i) of this section, to be a 

requisite action which relates back to the 

beginning of such period, the requirements of 

this paragraph are satisfied. Because filing or 

taking possession is a condition precedent to 

continued perfection, filing or taking 

possession of the collateral is a requisite 

action to establish such priority after 

expiration of the period of temporary 

perfection. If there is a lapse of perfection for 

failure to file or take possession, the 

determination of when the security interest 

exists (for purposes of protection against the 

tax lien) is made without regard to the period 

of temporary perfection. 

(3) Money or money’s worth. For 

purposes of this paragraph, the term 

money or money’s worth includes 

money, a security (as defined in 

paragraph (d) of this section), tangible or 

intangible property, services, and other 

consideration reducible to a money 

value. Money or money’s worth also 

includes any consideration which 

otherwise would constitute money or 

money’s worth under the preceding 

sentence which was parted with before 

the security interest would otherwise 

exist if, under local law, past 

consideration is sufficient to support an 

agreement giving rise to a security 

interest, and provided that the grant of 

the security interest is not a fraudulent 

transfer under local law or 28 U.S.C. 

§ 3304(a)(2). A firm commitment to part 

with money, a security, tangible or 

intangible property, services, or other 

consideration reducible to a money 

value does not, in itself, constitute a 

consideration in money or money’s 

worth. A relinquishing or promised 

relinquishment of dower, curtesy, or of 

a statutory estate created in lieu of 

dower or curtesy, or of other marital 

rights is not a consideration in money 

or money’s worth. Nor is love and 

affection, promise of marriage, or any 

other consideration not reducible to a 

money value a consideration in money 

or money’s worth. 

* * * * * 

(h) Effective/applicability date. This 

section applies as of April 4, 2011. 

Steven T. Miller, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: March 25, 2011. 

Michael Mundaca, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. 2011–7933 Filed 4–1–11; 8:45 am] 

BILLING CODE 4830–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Part 4042 

Single-Employer Plan Termination 

Initiated by PBGC 

CFR Correction 

In Title 29 of the Code of Federal 

Regulations, Part 1927 to End, revised as 

of July 1, 2010, on page 973, § 4042.5 is 

added to read as follows: 

§ 4042.5 Disclosure of administrative 

record by PBGC. 

(a) Request for Administrative 

Record—(1) In general. Beginning on 

the third business day (as defined in 

§ 4000.22 of this chapter) after PBGC has 

issued a notice under section 4042 of 

ERISA that a plan should be terminated, 

an affected party with respect to the 

plan may make a request to PBGC for 

the administrative record of PBGC’s 

determination that the plan should be 

terminated. 

(2) Requirements. A request under 

paragraph (a) of this section must: 

(i) Be in writing; 

(ii) State the name of the plan and that 

the request is for the administrative 

record with respect to a notice issued by 

PBGC under section 4042 of ERISA that 

a plan should be terminated; 

(iii) State the name of the person 

making the request, the person’s 

relationship to the plan (e.g., plan 

participant), and that such relationship 

meets the definition of affected party 

under § 4001.2 of this chapter; and 

(iv) Be signed by the person making 

the request. 

(3) A request under paragraph (a) of 

this section must be sent to PBGC’s 

Disclosure Officer at the address 

provided on PBGC’s Web site. To 

expedite processing, the request should 

be prominently identified as an 

‘‘Administrative Record Request.’’ 

(b) PBGC Response to Request for 

Administrative Record—(1) Notification 

of plan administrator and plan sponsor. 

Upon receipt of a request under 

paragraph (a) of this section, PBGC will 

promptly notify the plan administrator 

and plan sponsor that it has received a 

request for the administrative record, 

and the date by which PBGC will 

provide the information to the affected 

party that made the request. 

(2) Confidential information. (i) In 

responding to a request under paragraph 

(a) of this section, PBGC will not 

disclose any portions of the 

administrative record that are 

prohibited from disclosure under the 

Privacy Act, 5 U.S.C. 552a. 

(ii) A plan administrator or plan 

sponsor that has received notification 

pursuant to paragraph (b)(1) of this 

section may seek a court order under 

which those portions of the 

administrative record that contain 

confidential information described in 

section 552(b) of title 5, United States 

Code— 

(A) Will be disclosed only to 

authorized representatives (within the 

meaning of section 4041(c)(2)(D)(iv) of 

ERISA) that agree to ensure the 

confidentiality of such information, and 

(B) Will not be disclosed to other 

affected parties. 

(iii) If, before the 15th business day 

(as defined in § 4000.22 of this chapter) 

after PBGC has received a request under 

paragraph (a), PBGC receives a court 

order as described in paragraph (b)(2)(ii) 

of this section, PBGC will disclose those 

portions of the administrative record 

that contain confidential information 

described in section 552(b) of title 5, 

United States Code, only as provided in 

the order. 

(3) Timing of response. PBGC will 

send the administrative record to the 

affected party that made the request not 

later than the 15th business day (as 

defined in § 4000.22 of this chapter) 

after it receives the request. 

(4) Form and manner. PBGC will 

provide the administrative record using 

measures (including electronic 

measures) reasonably calculated to 

ensure actual receipt of the material by 

the intended recipient. 

[FR Doc. 2011–8007 Filed 4–1–11; 8:45 am] 

BILLING CODE 1505–01–D 


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