36980 Federal Register / Vol. 76, No. 122 / Friday, June 24, 2011 / Rules and Regulations 

Plans qualifying as eligible deferred 

compensation plans under § 457(b) of 

the IRC exhibit characteristics that are 

similar to the more common § 401(k) 

deferred compensation plans that many 

employers make available to their 

employees. For example, the amount of 

income that may be deferred under such 

a plan is equivalent to that which may 

be deferred under § 401, which for 2011 

is $16,500. As with § 401 plans, 

moreover, manipulation of the timing 

and amount of the payout are also 

closely circumscribed by law. For 

example, these plans may not typically 

provide for an in-service distribution 

prior to retirement. Accordingly, the 

Board intended for § 457(b) plans to be 

treated like § 401 plans and excluded 

from the definition of golden parachute 

payment. 

Although the preamble to the final 

rule makes reference to plans under 

subsections (b) and (f) of § 457, it does 

not provide any substantive discussion 

concerning the differences between 

them. In fact, however, plans that are 

permissible under the latter subsection 

are significantly broader and are 

accorded much greater flexibility in 

terms of structure, vesting, etc. The 

intent of the rule has always been that 

§ 457(f) plans must also meet the ‘‘bona 

fide’’ criteria outlined in § 750.1(c) to 

qualify as exceptions to the otherwise 

applicable golden parachute 

restrictions. Because of the limits 

inherent in § 457(b) and the constraints 

governing plans offered under that 

subsection, the Board intended to 

specify that only § 457(b) plans are 

excluded by definition from the term 

golden parachute payment. 

This interim final rule amends 

§ 750.1(e) to clarify that plans offered by 

FICUs under § 457(b) of the IRC are 

excluded from the definition of golden 

parachute payment. Plans offered under 

§ 457(f), however, must meet the ‘‘bona 

fide’’ criteria outlined in § 750.1(c) to 

qualify as exceptions to the golden 

parachute payment definition. 

C. Interim Final Rule 

NCUA is issuing this rulemaking as 

an interim final rule effective as of June 

27, 2011, which is the date the new part 

750 will take effect. 76 FR 30510 (May 

26, 2011). The Administrative 

Procedure Act (APA), 5 U.S.C. 553, 

generally requires that before a 

rulemaking can be finalized it must first 

be published as a notice of proposed 

rulemaking with the opportunity for 

public comment, unless the agency for 

good cause finds that notice and public 

comment are impracticable, 

unnecessary, or contrary to the public 

interest. In this regard, NCUA believes 

good cause exists for issuing this 

clarifying amendment as an interim 

final rule, in order to coordinate with 

the effective date of the new part 750 as 

well as eliminate as soon as possible 

any confusion resulting from preamble 

language that is inconsistent with, or 

makes ambiguous, the associated 

regulatory text. To that extent, NCUA 

believes issuing this rulemaking as an 

interim final rule is in the public 

interest. NCUA does not anticipate 

comments on this change and so is 

allowing only a 30-day comment period. 

D. Regulatory Procedures 

Regulatory Flexibility Act 

The Regulatory Flexibility Act 

requires NCUA to prepare an analysis to 

describe any significant economic 

impact any proposed regulation may 

have on a substantial number of small 

entities (those under $10 million in 

assets). This interim final rule provides 

clarification regarding the applicability 

of one of the exceptions to otherwise 

applicable regulatory restrictions. 

Accordingly, it will not have a 

significant economic impact on a 

substantial number of small credit 

unions, and therefore, no regulatory 

flexibility analysis is required. 

The Treasury and General Government 

Appropriations Act, 1999—Assessment 

of Federal Regulations and Policies on 

Families 

NCUA has determined that this rule 

will not affect family well-being within 

the meaning of section 654 of the 

Treasury and General Government 

Appropriations Act, 1999, Public Law 

105–277, 112 Stat. 2681 (1998). 

Small Business Regulatory Enforcement 

Fairness Act 

The Small Business Regulatory 

Enforcement Fairness Act of 1996 (Pub. 

L. 104–121) (SBREFA) provides 

generally for congressional review of 

agency rules. A reporting requirement is 

triggered in instances where NCUA 

issues a final rule as defined by Section 

551 of the APA. 5 U.S.C. 551. NCUA 

does not believe this final rule is a 

‘‘major rule’’ within the meaning of the 

relevant sections of SBREFA. NCUA has 

submitted the rule to the Office of 

Management and Budget for its 

determination in that regard. 

Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(PRA) applies to rulemakings in which 

an agency by rule creates a new 

paperwork burden on regulated entities 

or modifies an existing burden. 44 

U.S.C. 3507(d); 5 CFR part 1320. For 

purposes of the PRA, a paperwork 

burden may take the form of either a 

reporting or a recordkeeping 

requirement, both referred to as 

information collections. These technical 

corrections do not impose any new 

paperwork burden. 

List of Subjects in 12 CFR Part 750 

Credit unions, Golden parachute 

payments, Indemnity payments. 

By the National Credit Union 

Administration Board, this 17th day of June 

2011. 

Mary F. Rupp, 

Secretary of the Board. 

For the reasons stated in the 

preamble, the National Credit Union 

Administration amends 12 CFR part 750 

as set forth below: 

PART 750—GOLDEN PARACHUTE 

AND INDEMNIFICATION PAYMENTS 

■ 1. The authority citation for part 750 

continues to read as follows: 

Authority: 12 U.S.C. 1786(t). 

■ 2. Revise the definition of ‘‘Golden 

Parachute Payment’’ in § 750.1(e) to 

read as follows: 

§ 750.1 Definitions. 

* * * * * 

(e) Golden parachute payment 

* * * 

(2) Exceptions. The term golden 

parachute payment does not include: 

(i) Any payment made pursuant to a 

deferred compensation plan under 

section 457(b) of the Internal Revenue 

Code of 1986, 26 U.S.C. 457(b), or a 

pension or retirement plan that is 

qualified or is intended within a 

reasonable period of time to be qualified 

under section 401 of the Internal 

Revenue Code of 1986, 26 U.S.C. 401; or 

(ii) * * * 

[FR Doc. 2011–15729 Filed 6–23–11; 8:45 am] 

BILLING CODE 7535–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2011–0468; Directorate 

Identifier 2011–CE–013–AD; Amendment 

39–16697; AD 2011–09–51] 

RIN 2120–AA64 

Airworthiness Directives; PIAGGIO 

AERO INDUSTRIES S.p.A Model 

PIAGGIO P–180 Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; correction. 


jlentini on DSK4TPTVN1PROD with RULES
Federal Register / Vol. 76, No. 122 / Friday, June 24, 2011 / Rules and Regulations 36981 

SUMMARY: The FAA is correcting an 

airworthiness directive (AD) that 

published in the Federal Register. That 

AD applies to the products listed above. 

The AD number in the preamble on the 

first page of the AD is incorrect. This 

document corrects that error. In all other 

respects, the original document remains 

the same. 

DATES: This final rule is effective June 

24, 2011. The effective date for AD 

2011–09–51 remains May 31, 2011. 

ADDRESSES: You may examine the AD 

docket on the Internet at http:// 

www.regulations.gov; or in person at the 

Docket Management Facility between 

9 a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The AD 

docket contains this AD, the regulatory 

evaluation, any comments received, and 

other information. The address for the 

Docket Office (phone: 800–647–5527) is 

Document Management Facility, U.S. 

Department of Transportation, Docket 

Operations, M–30, West Building 

Ground Floor, Room W12–140, 1200 

New Jersey Avenue, SE., Washington, 

DC 20590. 

FOR FURTHER INFORMATION CONTACT: 

Mike Kiesov, Aerospace Engineer, Small 

Airplane Directorate, FAA, 901 Locust, 

Kansas City, MO 64106; phone: (816) 

329–4144; fax: (816) 329–4090; e-mail: 

mike.kiesov@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Airworthiness Directive 2011–09–51, 

Amendment 39–16697 (76 FR 27872, 

May 13, 2011), currently requires an 

inspection and functional test of the 

valves and drain holes in the fuselage 

and requires sending a report of the 

results to Piaggio. If the valves and drain 

holes are found to not drain properly 

and where no additional drain holes 

have been drilled, then there is a 

requirement to drill additional drain 

holes. 

As published, the AD number 

specified in the preamble section of the 

first page is incorrect. 

No other part of the preamble or 

regulatory information has been 

changed; therefore, only the changed 

portion of the final rule is being 

published in the Federal Register. 

The effective date of AD 2011–09–51 

remains May 31, 2011. 

Correction of Non-Regulatory Text 

In the Federal Register of May 13, 

2011, AD 2011–09–51, Amendment 39– 

16697, on page 27872, in the 3rd 

column, on line 3 of the agency 

identification number section of the 

preamble of AD 2011–09–51, the AD 

number is incorrectly referenced as AD 

2011–10–16. This correction changes 

that AD number to AD 2011–09–51. 

Issued in Kansas City, Missouri, on June 

20, 2011. 

Earl Lawrence, 

Manager, Small Airplane Directorate, Aircraft 

Certification Service. 

[FR Doc. 2011–15810 Filed 6–23–11; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2011–0445; Directorate 

Identifier 2011–NE–14–AD; Amendment 39– 

16727; AD 2011–13–04] 

RIN 2120–AA64 

Airworthiness Directives; Rolls-Royce 

plc RB211—Trent 500 Series Turbofan 

Engines 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; request for 

comments. 

SUMMARY: We are adopting a new 

airworthiness directive (AD) for the 

products listed above. This AD results 

from mandatory continuing 

airworthiness information (MCAI) 

issued by an aviation authority of 

another country to identify and correct 

an unsafe condition on an aviation 

product. The MCAI describes the unsafe 

condition as: 

A Trent 500 engine has been found with 

thermal distress of the Intermediate Pressure 

(IP) Turbine Nozzle Guide Vanes. The 

resultant investigation found the root cause 

to be carbon blockage of the fuel spray 

nozzles. The source of the carbon has been 

identified to be the RH fuel manifold 

assembly. Analysis has verified that low fuel 

velocity and thermal input may cause 

formation of carbon in a specific region of the 

RH fuel manifold. As advanced thermal 

distress of IP Turbine components may 

potentially result in uncontained, high 

energy debris release, the formation of carbon 

in the RH fuel manifold constitutes a 

potentially unsafe condition. To address and 

correct this unsafe condition, Rolls Royce 

have developed a cleaning or replacement 

programme of the RH fuel manifold and an 

optional part replacement. 

We are issuing this AD to prevent the 

release of uncontained high-energy 

debris in the event of IP turbine 

component failure, which could result 

in damage to the airplane. 

DATES: This AD becomes effective July 

11, 2011. 

We must receive comments on this 

AD by July 25, 2011. 

ADDRESSES: You may send comments by 

any of the following methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov and follow 

the instructions for sending your 

comments electronically. 

• Mail: U.S. Department of 

Transportation, 1200 New Jersey 

Avenue, SE., West Building Ground 

Floor, Room W12–140, Washington, DC 

20590–0001. 

• Hand Delivery: Deliver to Mail 

address above between 9 a.m. and 

5 p.m., Monday through Friday, except 

Federal holidays. 

• Fax: (202) 493–2251. 

Examining the AD Docket 

You may examine the AD docket on 

the Internet at http:// 

www.regulations.gov; or in person at the 

Docket Operations office between 9 a.m. 

and 5 p.m., Monday through Friday, 

except Federal holidays. The AD docket 

contains this AD, the regulatory 

evaluation, any comments received, and 

other information. The street address for 

the Docket Operations office (telephone 

(800) 647–5527) is the same as the Mail 

address provided in the ADDRESSES

section. Comments will be available in 

the AD docket shortly after receipt. 

FOR FURTHER INFORMATION CONTACT: 

Alan Strom, Aerospace Engineer, Engine 

Certification Office, FAA, Engine & 

Propeller Directorate, 12 New England 

Executive Park, Burlington, MA 01803; 

telephone 781–238–7143; fax 781–238– 

7199; e-mail: alan.strom@faa.gov. 

SUPPLEMENTARY INFORMATION:

Discussion 

The European Aviation Safety Agency 

(EASA), which is the Technical Agent 

for the Member States of the European 

Community, has issued EASA 

Airworthiness Directive 2011–0050, 

dated March 21, 2011 (referred to after 

this as ‘‘the MCAI’’), to correct an unsafe 

condition for the specified products. 

The MCAI states: 

A Trent 500 engine has been found with 

thermal distress of the Intermediate Pressure 

(IP) Turbine Nozzle Guide Vanes. The 

resultant investigation found the root cause 

to be carbon blockage of the fuel spray 

nozzles. The source of the carbon has been 

identified to be the RH fuel manifold 

assembly. Analysis has verified that low fuel 

velocity and thermal input may cause 

formation of carbon in a specific region of the 

RH fuel manifold. As advanced thermal 

distress of IP Turbine components may 

potentially result in uncontained, high 

energy debris release, the formation of carbon 

in the RH fuel manifold constitutes a 

potentially unsafe condition. To address and 

correct this unsafe condition, Rolls Royce 

have developed a cleaning or replacement 

programme of the RH fuel manifold and an 

optional part replacement. 


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