19110 Federal Register / Vol. 74, No. 79 / Monday, April 27, 2009 / Notices 

are accessible at http:// 

www.regulations.gov, by searching on 

Docket ID: NRC–2008–0500. 

NRC’s Electronic Reading Room: 

Electronic copies of the proposed 

revisions to the LR–ISG process and RIS 

2007–16 are available through the NRC’s 

Electronic Reading Room on the NRC’s 

public Web site. The proposed LR–ISG 

process revision can be found under 

tracking number LR–ISG–2007–01 

under the ‘‘License Renewal’’ heading at 

http://www.nrc.gov/reading-rm/doccollections/isg. The proposed revision to 

RIS 2007–16 can be found under the 

‘‘Documents for Comment’’ heading at 

http://www.nrc.gov/reading-rm/doccollections/gen-comm. 

NRC’s Public Document Room (PDR): 

The public may examine and have 

copied for a fee, publicly available 

documents at the NRC’s PDR, Public 

File Area O–1F21, One White Flint 

North, 11555 Rockville Pike, Rockville, 

Maryland. 

NRC’s Agencywide Documents Access 

and Management System (ADAMS): 

Publicly available documents created or 

received at the NRC after November 1, 

1999, are available electronically at the 

NRC’s Electronic Reading Room on the 

Internet at http://www.nrc.gov/readingrm/adams.html. From this site, the 

public can gain entry into ADAMS, 

which provides text and image files of 

NRC’s public documents. The proposed 

revisions to the LR–ISG process and RIS 

are available under ADAMS Accession 

Nos. ML082180346 and ML083500028, 

respectively. If you do not have access 

to the Internet or if there are any 

problems in accessing the documents 

located in ADAMS, contact the NRC 

Public Document Room reference staff 

at 1–800–397–4209, 301–415–4737, or 

by e-mail at PDR.Resource@nrc.gov. 

Dated at Rockville, Maryland, this 21st day 

of April 2009. 

For the Nuclear Regulatory Commission. 

Brian E. Holian, 

Director, Division of License Renewal, Office 

of Nuclear Reactor Regulation. 

[FR Doc. E9–9504 Filed 4–24–09; 8:45 am] 

BILLING CODE 7590–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Pendency of Request for 

Determination of Substantial Damage 

With Respect to the Cessation of the 

Obligation To Contribute by USF Red 

Star, Inc., to the Freight Drivers and 

Helpers Local Union No. 557 Pension 

Fund 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of Pendency. 

SUMMARY: This notice advises interested 

persons that the Pension Benefit 

Guaranty Corporation (‘‘PBGC’’) has 

received a request from the Freight 

Drivers and Helpers Local Union No. 

557 Pension Fund for a determination of 

substantial damage under section 

4203(d)(4) of the Employee Retirement 

Income Security Act, as amended 

(‘‘ERISA’’), with respect to the cessation 

of covered operations under the plan by 

USF Red Star, Inc. Section 4203(d) 

provides a special withdrawal rule for 

cessations of the obligation to contribute 

or the cessation of operations involving 

plans and employers in the trucking 

industry. Under that special rule, an 

employer ceasing covered operations is 

considered not to have withdrawn from 

the plan if certain conditions are met. 

One of these conditions is the employer 

must furnish a bond or deposit money 

in escrow with a bank or financial 

institution satisfactory to the plan. After 

the bond/escrow requirement has been 

satisfied, the PBGC may make a 

determination under section 4203(d)(4) 

that the cessation has caused substantial 

damage to the plan’s contribution base, 

in which case the employer will be 

treated as having withdrawn from the 

plan and the bond/escrow will be paid 

to the plan. In making a determination, 

PBGC will consider the cessation of the 

obligation to contribute or cessation of 

covered operations by other employers. 

Thus, a determination in any one case 

may affect other cases involving the 

same plan. The purpose of this notice is 

to advise interested persons of this 

request for such a determination and to 

solicit their views on it. 

DATES: Comments must be submitted on 

or before May 15, 2009, to be assured of 

consideration. 

ADDRESSES: All written comments 

should be addressed to: Pension Benefit 

Guaranty Corporation, Office of the 

Chief Counsel, 1200 K Street, NW., 

Washington, DC 20005–4026. The 

request for a finding of substantial 

damage and the comments received will 

be available for public inspection at the 

PBGC Communications and Public 

Affairs Department, Suite 1100, at the 

above address, between the hours of 9 

a.m. and 4 p.m., Monday through 

Friday. 

FOR FURTHER INFORMATION CONTACT: Eric 

Field, Attorney, Office of the Chief 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street, NW., 

Washington, DC 20005–4026; telephone 

202–326–4000, ext. 3987 (202–326–4179 

for TTY and TDD). These are not tollfree numbers. 

SUPPLEMENTARY INFORMATION: 

Background 

Section 4203(a) of ERISA defines a 

complete withdrawal from a 

multiemployer plan as the permanent 

cessation of the obligation to contribute 

under the plan or the permanent 

cessation of all covered operations 

under the plan. 

Section 4203(d) of ERISA, however, 

provides a special withdrawal liability 

rule for plans in the trucking industry. 

That industry, for purposes of this rule, 

is considered to include the long and 

short haul trucking industry, the 

household goods moving industry, and 

the public warehousing industry. The 

rule is limited to trucking plans in 

which substantially all of the 

contributions required are made by 

employers primarily engaged in the 

trucking industry. The rule is also 

limited to trucking employers, i.e., those 

employers that have an obligation to 

contribute under a trucking plan 

primarily for work in the trucking 

industry. 

Under section 4203(d), a trucking 

employer will not be considered to have 

withdrawn from a plan within the 

meaning of a trucking industry plan 

merely because the employer 

permanently ceases to have an 

obligation to contribute under the plan 

or permanently ceases all covered 

operations under the plan, if certain 

conditions are met. One condition is 

that the employer must not continue to 

perform work within the jurisdiction of 

the plan. Another condition is that the 

employer must furnish a bond or 

establish an escrow account in an 

amount equal to 50 percent of its 

withdrawal liability. 

After the bond is posted or the escrow 

is established, the PBGC may, within 60 

months after the cessation of the 

employer’s covered operations or 

obligation to contribute, make a 

determination about whether the 

cessation (considered together with any 

cessations by other employers) 

substantially damaged the plan’s 

contribution base. If the PBGC makes a 

finding under section 4203(d)(4) that the 

contribution base has suffered 

substantial damage, the employer will 

be treated as having withdrawn from the 

plan on the date when the obligation to 

contribute or covered operations ceased. 

In that event, the bond or escrow will 

be paid to the plan, and the employer 

will be liable for the remainder of the 

withdrawal liability. If the PBGC makes 

a finding under section 4203(d)(5) that 

no substantial damage has occurred, or 

if it does not make a finding of 

substantial damage under section 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 74, No. 79 / Monday, April 27, 2009 / Notices 19111 

4203(d)(4) within the 60-month period 

referred to above, the bond will be 

canceled or the escrow refunded, and 

the employer will have no further 

liability with respect to the cessation. 

As stated above, each cessation must 

be considered within the context of 

other cessations under the same plan in 

determining its effect on the plan’s 

contribution base. Thus, the treatment 

afforded one employer’s cessation of the 

obligation to contribute may affect the 

treatment given a cessation by another 

employer. Accordingly, not only the 

plan and employer involved in a 

particular case, but other present and 

former contributing employers, and 

participants and beneficiaries, may have 

an interest in the outcome of a request 

for a determination of substantial 

damage or no substantial damage. 

The Request 

The Freight Drivers and Helpers Local 

Union No. 557 Pension Fund (the 

‘‘Fund’’) has requested a determination 

that the cessation of the obligation to 

contribute by USF Red Star, Inc. (‘‘Red 

Star’’), together with cessations by other 

employers, has resulted in substantial 

damage to the Fund’s contribution base. 

In the request, the Fund represents that: 

1. The Fund is a trucking industry 

plan within the meaning of section 

4203(d)(2), with over 85 percent of its 

contributing employers engaged in the 

trucking industry and over 85 percent of 

its contributions coming from those 

employers. Red Star was a trucking 

industry employer that operated for 

approximately 25 years in the 

Baltimore, Maryland area. 

2. On May 23, 2004, Red Star ceased 

the trucking operations for which it was 

obligated to contribute to the Fund. The 

Fund assessed withdrawal liability 

against Red Star in the amount of 

$11,756,604. 

3. In May 2005, Red Star became part 

of the Yellow-Roadway control group, 

and its parent is YRC Regional 

Transportation. YRC Regional 

Transportation established a letter of 

credit with Bank of America on 

February 16, 2007, in the amount of 

$3,840,154.74. (The Fund represents 

that, in a decision dated February 27, 

2009, an arbitrator ruled that Red Star 

did not fail to timely post security and 

that it may do so now.) 

4. The Fund represents that the 

cumulative effect of Red Star’s ceasing 

to have an obligation to contribute to the 

Fund caused substantial damage based 

on the following particulars: 

A. Decline in active population—The 

reported active population on the 

Fund’s 2007 Form 5500, Schedule B, 

was 567. The number of active 

participants shows a 45 percent drop 

from 1997 to 2004, as the active 

participant count fell from 1,217 in 1997 

to 671 in 2004, while the retiree and 

deferred participant population 

remained stable, going from 2,357 

participants in 1997 to 2,348 

participants 2004 (it was at 2,311 

participants in 2006). 

B. Decline in hours of contributions— 

The number of hours for which 

contributions are required to be made 

(i.e., the contribution base units) have 

fallen 48 percent since 2000. For the 

plan year ending December 21, 2000, 

there were 2,091,015 hours of 

contributions; in 2004, the year of 

withdrawal, contributions fell to 

1,207,486 hours; and in 2006 the drop 

was to 1,083,042 hours. 

C. Decline in the number of 

contribution employers—In 1985, the 

Fund had 56 employers. In 1990, there 

were 33 employers. By 2000, there were 

19 employers, and, in 2005, there were 

only 13 employers. 

D. Decline in contribution base—Red 

Star was approximately 21 percent of 

the contribution base in the years 

leading up to its 2004 withdrawal, with 

an individual five-year contribution 

base of $6,619,040. The contribution 

base was $31,047,940 for all employers 

in the same period. Further, for all 

employers, the five-year contribution 

base as of the end of 2001 was 

$35,102,710, and, as of the end of 2006, 

was $23,830,654. 

E. Investment losses—In 2000, the 

Fund had $174,305,491 in assets. In 

2002 the amount was $139,746,646. As 

of 2006, the assets were $164,573,989. 

The latest asset figure, which was used 

in the certification of critical status that 

the Fund’s actuary made on March 31, 

2009, was a projection of $119,256,121, 

as of January 1, 2009. 

F. Unfunded vested benefits—The 

Fund was fully funded from 1995 to 

2000. In 2001 The Fund’s unfunded 

vested benefits for withdrawal liability 

purposes were $22,428,786. The 

corresponding amount for 2004 was 

$69,511,407, and for the end of 2006 

was $61,167,323. For its 2009 

certification of critical status, the Fund 

reported $119,256,121, in assets, and a 

present value of benefits equaling 

$50,833,707, for active participants, and 

$166,256,970, for non-active 

participants. That certification projects 

an accumulated funding deficiency 

under section 431 of the Internal 

Revenue Code of $9.2 million for the 

2012 plan year. The net funding charges 

for that year are about $20 million; 

projected contributions are $5.5 million 

and the projected credit balance at the 

beginning of the year is $4.5 million. 

Thus, contributions for the 2012 plan 

year would have to triple in order to 

avoid a funding deficiency. 

Comments 

All interested persons are invited to 

submit written comments on the 

pending request to the PBGC to: Suite 

930, Attn: Multiemployer Coordinator, 

at the above address. All comments will 

be made part of the record. Comments 

received, as well as the relevant 

information submitted in support of the 

request, will be available for public 

inspection in Suite 1100 at the above 

address. 

Issued at Washington, DC, on this 21st day 

of April 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–9515 Filed 4–24–09; 8:45 am] 

BILLING CODE 7708–01–P 

POSTAL SERVICE 

Board of Governors; Sunshine Act 

Meeting 

DATE AND TIME: Monday, May 4, 2009, at 

6 p.m.; Tuesday, May 5, 2009, at 10 

a.m.; Wednesday, May 6, 2009, at 8:30 

a.m. 

PLACE: Washington, DC, at U.S. Postal 

Service Headquarters, 475 L’Enfant 

Plaza, SW., in the Benjamin Franklin 

Room. 

STATUS: May 4 at 6 p.m.—Closed; May 

5 at 10 a.m.—Closed; May 6 at 8:30 

a.m.—Open. 

Matters To Be Considered 

Monday, May 4 at 6 p.m. (Closed) 

1. Financial Matters. 

2. Strategic Issues. 

3. Pricing. 

4. Personnel Matters and 

Compensation Issues. 

5. Governors’ Executive Session— 

Discussion of prior agenda items and 

Board Governance. 

Tuesday, May 5 at 10 a.m. (Closed) 

1. Continuation of Monday’s closed 

session agenda. 

Wednesday, May 6 at 8:30 a.m. (Open) 

1. Call to Order and Approval of 

Minutes of Previous Meetings. 

2. Remarks of the Chairman of the 

Board. 

3. Recognition of Former Board 

Chairman. 

4. Remarks of the Postmaster General 

and CEO. 

5. Committee Assignments and 

Committee Reports. 


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