29890 Federal Register / Vol. 87, No. 95 / Tuesday, May 17, 2022 / Notices 

notice of termination with PBGC. The 

notice of termination must contain the 

information and certification specified 

in the instructions for the notice of 

termination on http://www.pbgc.gov. 

The regulation also requires the plan 

sponsor of a mass-withdrawalterminated plan that is closing out to 

give notices to participants regarding 

the election of alternative forms of 

benefit distribution and, if the plan is 

not closing out, to obtain PBGC 

approval to pay lump sums greater than 

$1,750 or to pay nonvested plan 

benefits. 

PBGC uses the information in a notice 

of termination to assess the likelihood 

that PBGC financial assistance will be 

needed. Plan participants and 

beneficiaries use the information on 

alternative forms of benefit to make 

personal financial decisions. PBGC uses 

the information in an application for 

approval to pay lump sums greater than 

$1,750 or to pay nonvested plan benefits 

to determine whether such payments 

should be permitted. 

The regulation also requires plans 

terminated by mass withdrawal, plans 

terminated by plan amendment that are 

expected to become insolvent, and 

insolvent plans under part 4245 

receiving financial assistance from 

PBGC (whether terminated or not 

terminated) to file with PBGC 

withdrawal liability information and 

actuarial valuations or, for smaller plans 

receiving financial assistance where the 

present value of the plan’s 

nonforfeitable benefits is $50 million or 

less, alternative information. PBGC uses 

the withdrawal liability and actuarial 

valuation information to estimate 

PBGC’s multiemployer liabilities for 

purposes of its financial statements and 

to provide financial assistance to plans 

that become insolvent. 

PBGC estimates that each year, plan 

sponsors submit notices of termination 

for five plans, distribute election notices 

to participants in one of those plans and 

submit requests to pay benefits or 

benefit forms not otherwise permitted 

for one of those plans. The estimated 

annual burden of this part of this 

collection of information is 25 hours 

and $25,000. 

Furthermore, PBGC estimates that 

each year, plan sponsors file actuarial 

valuations electronically for 100 plans 

that are terminated or insolvent, and 

that only 1 smaller plan will file 

alternative information. The estimated 

annual burden of this part of the 

collection of information is 26 hours 

and $10,400. 

PBGC estimates that each year plan 

sponsors file withdrawal liability 

payment information from 

approximately 10 plans. The estimated 

annual burden of this part of the 

collection of information is 10 hours 

and $4,000. 

The estimated total hour burden is 61 

hours (25 + 26 + 10). The estimated 

annual burden of the collection of 

information is estimated to be $39,400 

($25,000 + $4,000 + $10,400). 

2. Notice of Insolvency (29 CFR Part 

4245) (OMB Control Number 1212– 

0033) (Expires June 30, 2022) 

Section 4245(e) of ERISA requires two 

types of notice: A ‘‘notice of 

insolvency,’’ stating a plan sponsor’s 

determination that the plan is or may 

become insolvent, and a ‘‘notice of 

insolvency benefit level,’’ stating the 

level of benefits that will be paid during 

an insolvency year. The recipients of 

these notices are PBGC, contributing 

employers, employee organizations 

representing participants, and 

participants and beneficiaries. 

The regulation establishes the 

procedure for complying with these 

notice requirements. It allows a plan 

sponsor to combine the notice of 

insolvency and notice of insolvency 

benefit level. In addition, the regulation 

only requires a plan sponsor to provide 

an updated notice to participants and 

beneficiaries if there is a change in the 

amount of benefits paid to participants 

and beneficiaries. PBGC uses the 

information submitted to estimate cash 

needs for financial assistance to 

troubled plans. The collective 

bargaining parties use the information to 

decide whether additional plan 

contributions will be made to avoid the 

insolvency and consequent benefit 

suspensions. Plan participants and 

beneficiaries use the information in 

personal financial decisions. 

PBGC estimates that at most one plan 

sponsor of an ongoing plan gives notices 

each year under section 4245. The 

estimated annual burden of the 

collection of information is 16 hours 

and $10,000. 

3. Duties of Plan Sponsor Following 

Mass Withdrawal (29 CFR Part 4281) 

(OMB Control Number 1212–0032) 

(Expires June 30, 2022) 

Section 4281 of ERISA provides rules 

for plans that have terminated by mass 

withdrawal. Under section 4281, if 

nonforfeitable benefits exceed plan 

assets, the plan sponsor must amend the 

plan to reduce benefits. If the plan 

nevertheless becomes insolvent, the 

plan sponsor must suspend certain 

benefits that cannot be paid. If available 

resources are inadequate to pay 

guaranteed benefits, the plan sponsor 

must request financial assistance from 

PBGC. 

The regulation requires a plan 

sponsor to give notices of benefit 

reduction, notices of insolvency, and 

notices of insolvency benefit level to 

PBGC and to participants and 

beneficiaries and, if necessary, to apply 

to PBGC for financial assistance. A plan 

sponsor can combine the notice of 

insolvency and the notice of insolvency 

benefit level. 

PBGC uses the information it receives 

to make determinations required by 

ERISA, to identify and estimate the cash 

needed for financial assistance to 

terminated plans, and to verify the 

appropriateness of financial assistance 

payments. Plan participants and 

beneficiaries use the information to 

make personal financial decisions. 

PBGC estimates that plan sponsors of 

terminated plans each year will file with 

PBGC 1 notice of benefit reduction, 7 

notices of insolvency, 3 combined 

notices of insolvency and insolvency 

benefit level, and 5 notices of 

insolvency benefit level. PBGC also 

estimates that plan sponsors each year 

will file initial requests for financial 

assistance for 10 plans and will submit 

425 non-initial applications for financial 

assistance. The estimated annual burden 

of the collection of information is 241 

hours and $420,400. 

Stephanie Cibinic, 

Deputy Assistant General Counsel for 

Regulatory Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2022–10580 Filed 5–16–22; 8:45 am] 

BILLING CODE 7709–02–P 

POSTAL REGULATORY COMMISSION 

[Docket Nos. MC2022–58 and CP2022–63; 

MC2022–59 and CP2022–64] 

New Postal Products 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: The Commission is noticing a 

recent Postal Service filing for the 

Commission’s consideration concerning 

a negotiated service agreement. This 

notice informs the public of the filing, 

invites public comment, and takes other 

administrative steps. 

DATES: Comments are due: May 19, 

2022. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 95 / Tuesday, May 17, 2022 / Notices 29891 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

1See Regulation Crowdfunding, Exchange Act 

Release No. 76324 (Oct. 30, 2015), 80 FR 71387 

(Nov. 16, 2015) (Final Rule) (‘‘Regulation 

Crowdfunding’’). 

2Currently, FINRA is the only registered national 

securities association. 

3 17 CFR 240.15c2–4. 

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2022–58 and 

CP2022–63; Filing Title: USPS Request 

to Add Priority Mail Contract 741 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: May 11, 2022; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: Katalin 

K. Clendenin; Comments Due: May 19, 

2022. 

2. Docket No(s).: MC2022–59 and 

CP2022–64; Filing Title: USPS Request 

to Add Priority Mail Contract 742 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: May 11, 2022; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Kenneth R. Moeller; Comments Due: 

May 19, 2022. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–10572 Filed 5–16–22; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–774, OMB Control No. 

3235–0726] 

Submission for OMB Review; 

Comment Request; Extension: Rules 

300–304 of Regulation Crowdfunding 

(Intermediaries) 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rules 300–304 of Regulation 

Crowdfunding.1

Rules 300–304 of Regulation 

Crowdfunding enumerate the 

requirements with which intermediaries 

must comply to participate in the offer 

and sale of securities in reliance on 

Section 4(a)(6) of the Securities Act of 

1933 (‘‘Section 4(a)(6)’’). Rule 300 

requires an intermediary to be registered 

with the Commission as a broker or as 

a funding portal and be a member of a 

registered national securities 

association.2

Rule 301 requires intermediaries to 

have a reasonable basis for believing 

that an issuer seeking to offer and sell 

securities in reliance on Section 4(a)(6) 

through the intermediary’s platform 

complies with the requirements in 

Section 4A(b) of the Securities Act and 

the related requirements in Regulation 

Crowdfunding. Rule 302 provides that 

no intermediary or associated person of 

an intermediary may accept an 

investment commitment in a transaction 

involving the offer or sale of securities 

made in reliance on Section 4(a)(6) until 

the investor has opened an account with 

the intermediary and the intermediary 

has obtained from the investor consent 

to electronic delivery of materials. Rule 

303 requires an intermediary to make 

publicly available on its platform the 

information that an issuer of 

crowdfunding securities is required to 

provide to potential investors, in a 

manner that reasonably permits a 

person accessing the platform to save, 

download, or otherwise store the 

information, for a minimum of 21 days 

before any securities are sold in the 

offering, during which time the 

intermediary may accept investment 

commitments. Rule 303 also requires 

intermediaries to comply with the 

requirements related to the maintenance 

and transmission of funds. An 

intermediary that is a registered broker 

is required to comply with the 

requirements of Rule 15c2–4 of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) (Transmission or 

Maintenance of Payments Received in 

Connection with Underwritings).3 An 

intermediary that is a registered funding 

portal must direct investors to transmit 

the money or other consideration 

directly to a qualified third party that 

has agreed in writing to hold the funds 

for the benefit of, and to promptly 

transmit or return the funds to, the 

persons entitled thereto in accordance 

with Regulation Crowdfunding. 

The rules also require intermediaries 

to implement and maintain systems to 

comply with the information disclosure, 

communication channels, and investor 

notification requirements. These 

requirements include providing 

disclosure about compensation at 

account opening (Rule 302), obtaining 

investor acknowledgements to confirm 


khammond on DSKJM1Z7X2PROD with NOTICES