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Code · REGISTER · 2007-02-15 · Federal Highway Administration (FHWA), DOT · Notices

Notices. Notice of Intent

13,795 words·~63 min read·/register/2007/02/15/07-597

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

BILLING CODE 4910-22-M DEPARTMENT OF TRANSPORTATION Federal Highway Administration Environmental Impact Statement; Utah County, UT AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice of Intent. SUMMARY: FWHA is issuing this notice to advise the public that an Environmental Impact Statement will be prepared for proposed transportation improvements on Geneva Road (SR-114) in Utah County, Utah that would begin at Center Street and U.S. Interstate 15 (I-15) in Provo and extend through the municipalities of Provo, Utah County, Vineyard, Orem, Lindon, Pleasant Grove and terminate at State Street (SR-89) in Pleasant Grove.
FOR FURTHER INFORMATION CONTACT: Anthony Sarhan, Area Engineer, Federal Highway Administration, 2520 West 4700 South, Suite 9A, Salt Lake City, Utah 84118, Telephone:
(801)963-0182; or Phil Huff, Project Manager, Utah Department of Transportation, Region Three Office, 658 North 1500 West, Orem, UT 84057, Telephone:
(801)227-8000. SUPPLEMENTARY INFORMATION: FWHA, in cooperation with the Utah Department of Transportation (UDOT), the municipalities of Pleasant Grove, Lindon, Orem, Vineyard, Provo, and Utah County will prepare an Environmental Impact Statement
(EIS)on a proposal to address current and projected traffic demand on Geneva Road. The proposed project area extends for approximately 10 miles in length along existing Geneva Road between Pleasant Grove and Provo, and is generally bordered on the west by Utah Lake and on the east by I-15. Improvements to the Geneva Road corridor are considered necessary to provide for the existing and projected traffic demand. The FHWA will consider a reasonable range of alternatives which meet the project objectives and are based on agency and public input. These alternatives include:
(1)Taking no action;
(2)using alternative travel modes,
(3)upgrading and adding lanes to the existing two-lane highway; and
(4)constructing a highway on a new location for all or a portion of the project length. The public, as well as Federal, State, and local agencies, will be invited to participate in project scoping to ensure that a full range of alternatives is considered and that all appropriate environmental issues and resources are evaluated. The scoping process will include opportunities to provide comments on the purpose and need for the project, potential alternatives, and social, economic, and environmental issues of concern. Letters describing the proposed action and soliciting comments will be sent to appropriate Federal, state, and local agencies, and to private organizations and citizens who have previously expressed or who are known to have an interest in this proposal. An agency scoping meeting will be held to solicit comments on March 8, 2007, from 1 PM to 3 PM in Conference Rooms A, B, and C at the UDOT Region 3 Office (658 North 1500 West, Orem, UT). The public will be invited to participate in scoping meetings which will be held in an open house format at locations and dates to be determined. In addition, a public hearing will be held following the release of the draft EIS. Public notice advertisements and direct mailings will notify interested parties of the time and place of the public meetings and the public hearing. To ensure that the full range of issues related to this proposed action is addressed and all significant issues are identified, comments and suggestions are invited from all interested parties. Comments or questions concerning this proposed action and the EIS should be directed to FHWA at the address provided above. (Catalog of Federal Domestic Assistance Program Number 20-.205, Highway Planning and Construction. The regulations implementing Executive Order 12372 regarding intergovernmental consultation on Federal programs and activities apply to this program) Edward Woolford, Environmental Specialist, FHWA—Division. [FR Doc. E7-2635 Filed 2-14-07; 8:45 am] BILLING CODE 4910-22-P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Finance Docket No. 34977] BNSF Railway Company—Trackage Rights Exemption—Illinois Central Railroad Company Pursuant to a written trackage rights agreement dated December 18, 2006, Illinois Central Railroad Company
(CN)has agreed to grant overhead trackage rights to BNSF Railway Company (BNSF):
(1)On CN's Centralia Subdivision, extending between the connection with BNSF trackage at or near CN's milepost 252.5 in Centralia, IL, and, on CN's Fulton Subdivision, the connection with BNSF trackage at or near CN's milepost 392.3 in Memphis, TN; 1 and
(2)on CN's Bluford Subdivision, extending between the connection with Paducah and Illinois Railroad Company and Paducah and Louisville Railway Inc. trackage at or near CN's milepost 0.2 in Chiles Junction, KY, and CN's milepost 2.2 in Maxon, KY, respectively, and, on CN's Fulton Subdivision, the connection with BNSF at or near CN's milepost 392.3 in Memphis, TN, a distance of approximately 437 miles, all within the states of IL, TN and KY. 2 1 Trackage rights extending between milepost 387.91 and milepost 389.98 on CN's Fulton Subdivision are excluded because that segment of track is owned and operated by CSXT Transportation, Inc. 2 A redacted version of the trackage rights agreement between CN and BNSF was filed with the notice of exemption. The full version of the agreement, as required by 49 CFR 1180.6(a)(7)(ii), was concurrently filed under seal along with a motion for protective order. The motion is being addressed in a separate decision. The transaction is scheduled to be consummated on March 1, 2007. 3 3 The trackage rights agreement provides for an initial term of 20 years from December 18, 2006, and that BNSF shall have the right to terminate the agreement upon advising CN 60 days in advance by written notice. The parties must seek appropriate Board authority for the trackage rights to expire. The purpose of the trackage rights is to facilitate the movement of traffic between
(1)Centralia, IL, and Memphis, TN,
(2)Maxon, KY, and Memphis, TN, and
(3)Chiles Junction, KY, and Memphis, TN. BNSF will operate its own trains with its own crews over the lines. As a condition to this exemption, any employees affected by the trackage rights will be protected by the conditions imposed in *Norfolk and Western Ry. Co.—Trackage Rights—BN,* 354 I.C.C. 605 (1978), as modified in *Mendocino Coast Ry., Inc.—Lease and Operate,* 360 I.C.C. 653 (1980). This notice is filed under 49 CFR 1180.2(d)(7). If the notice contains false or misleading information, the exemption is void *ab initio* . Petitions to revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time. The filing of a petition to revoke will not automatically stay the effectiveness of the exemption. Stay petitions must be filed by February 22, 2007 (at least 7 days before the exemption becomes effective). An original and 10 copies of all pleadings, referring to STB Finance Docket No. 34977, must be filed with the Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423-0001. In addition, a copy of each pleading must be served on Sidney L. Strickland Jr., Sidney Strickland and Associates, PLLC, 3050 K Street, NW., Suite 101, Washington, DC 20007. Board decisions and notices are available on our Web site at “ *www.stb.dot.gov* .” Decided: February 6, 2007. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. E7-2440 Filed 2-14-07; 8:45 am] BILLING CODE 4915-01-P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Finance Docket No. 34979] BNSF Railway Company—Trackage Rights Exemption—Grand Trunk Western Railroad Incorporated Pursuant to a written trackage rights agreement dated December 18, 2006, Grand Trunk Western Railroad Incorporated
(CN)has agreed to grant overhead trackage rights to BNSF Railway Company
(BNSF)over a line of railroad known as CN's Elsdon Subdivison extending between the connection with Norfolk Southern Corporation
(NS)trackage at or near CN's milepost 8.5 and the connection with NS at the west end of CN's Fence Track at or near CN's milepost 6.1, a distance of approximately 2.4 miles, all within the State of Illinois. 1 1 A redacted version of the trackage rights agreement between CN and BNSF was filed with the notice of exemption. The full version of the agreement, as required by 49 CFR 1180.6(a)(7)(ii), was concurrently filed under seal along with a motion for protective order. The motion is being addressed in a separate decision. The transaction is scheduled to be consummated on March 1, 2007. 2 2 The trackage rights agreement provides for an initial term of 20 years from December 18, 2006, and that BNSF shall have the right to terminate the agreement upon advising CN 60 days in advance by written notice. The parties must seek appropriate Board authority for the trackage rights to expire. The purpose of the trackage rights is the movement of specific traffic between Corwith, IL, and Railport, IL. BNSF will operate its own trains with its own crews over the line. As a condition to this exemption, any employees affected by the trackage rights will be protected by the conditions imposed in *Norfolk and Western Ry. Co.—Trackage Rights—BN,* 354 I.C.C. 605 (1978), as modified in *Mendocino Coast Ry., Inc.—Lease and Operate,* 360 I.C.C. 653 (1980). This notice is filed under 49 CFR 1180.2(d)(7). If the notice contains false or misleading information, the exemption is void *ab initio* . Petitions to revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time. The filing of a petition to revoke will not automatically stay the effectiveness of the exemption. Stay petitions must be filed by February 22, 2007 (at least 7 days before the exemption becomes effective). An original and 10 copies of all pleadings, referring to STB Finance Docket No. 34979, must be filed with the Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423-0001. In addition, a copy of each pleading must be served on Sidney L. Strickland Jr., Sidney Strickland and Associates, PLLC, 3050 K Street, NW., Suite 101, Washington, DC 20007. Board decisions and notices are available on our Web site at “ *www.stb.dot.gov* .” Decided: February 6, 2007. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. FR Doc. E7-2443 Filed 2-14-07; 8:45 am] BILLING CODE 4915-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Notice 06-109 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Notice 06-109, interim Guidance Regarding Supporting Organizations and Donor Advised Funds. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of notice should be directed to Allan Hopkins, at
(202)622-6665, or at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the internet at *Allan.M.Hopkins@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Interim Guidance Regarding Supporting Organizations and Donor Advised Funds. *OMB Number:* 1545-2050. *Notice Number:* Notice 06-109. *Abstract:* 109 This notice provides interim guidance regarding application of new or revised requirements under sections 1231 and 1241-1244 of the Pension Protection Act of 2006. It also provides interim relief from application of new excise taxes on private foundation grants to supporting organizations and on sponsoring organizations of donor advised funds. *Current Actions:* There are no changes being made to the notice at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Not-for-profit institutions. *Estimated Number of Respondents:* 65,000. *Estimated Time Per Respondent:* 9 hours, 25 minutes. *Estimated Total Annual Burden Hours:* 612,294. *The following paragraph applies to all of the collections of information covered by this notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 9, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2595 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2006-42 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Revenue Procedure 2006-42 (RP-135718-06), Automatic Consent to Change Certain Elections Relating to the Apportionment of Interest Expense, Research and Experimental Expenditures Under Section 1.861. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn Kirkland, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to Allan Hopkins, at
(202)622-6665, or at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the internet, at *Allan.M.Hopkins@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Automatic Consent to Change Certain Elections Relating to the Apportionment of Interest Expense, Research and Experimental Expenditures Under Section 1.861. *OMB Number:* 1545-2040. *Revenue Procedure Number:* Revenue Procedure 2006-42. *Abstract:* This revenue procedure provides administrative guidance under which a taxpayer may obtain automatic consent to change
(a)From the fair market value method or from the alternative tax book method to apportion interest expense or
(b)from the sales method or the optional gross income methods to apportion research and experimental expenditures. *Current Actions:* Extension of a currently approved collection. *Affected Public:* Business or other for-profit institutions, and individuals or households. *Estimated Number of Respondents:* 200. *Estimated Time Per Respondent:* 30 minutes. *Estimated Total Annual Burden Hours:* 100. *The following paragraph applies to all of the collections of information covered by this notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 8, 2007. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2598 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2001-24 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Revenue Procedure 2001-24, Advanced Insurance Commissions. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to R. Joseph Durbala at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or at
(202)622-3634, or through the internet at *RJoseph.Durbala@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Advanced Insurance Commissions. *OMB Number:* 1545-1736. *Revenue Procedure Number:* Revenue Procedure 2001-24. *Abstract:* A taxpayer that wants to obtain automatic consent to change its method of accounting for cash advances on commissions paid to its agents must agree to the specified terms and conditions under the revenue procedure. This agreement is ratified by attaching the required statement to the federal income tax return for the year of change. *Current Actions:* There are no changes being made to the revenue procedure at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Business or other for-profit organizations. *Estimated Number of Respondents:* 5,270. *Estimated Time Per Respondent:* 15 minutes. *Estimated Total Annual Burden Hours:* 1,318. *The following paragraph applies to all of the collections of information covered by this notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 7, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2599 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2006-50 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Revenue Procedure 2006-50, Expenses Paid by Certain Whaling Captains in Support of Native Alaskan Subsistence Whaling. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to R. Joseph Durbala at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or at
(202)622-3634, or through the internet at *RJoseph.Durbala@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Expenses Paid by Certain Whaling Captains in Support of Native Alaskan Subsistence Whaling. *OMB Number:* 1545-2041. *Revenue Procedure Number:* Revenue Procedure 2006-50. *Abstract:* This revenue procedure provides the procedures under which the whaling expenses of an individual recognized by the Alaska Eskimo Whaling Commission
(AEWC)as a whaling captain charged with the responsibility of maintaining and carrying out sanctioned whaling activities are substantiated for purposes of Internal Revenue Code § 170(n), as enacted by the American Jobs Creation Act of 2004 and effective for whaling expenses incurred after December 31, 2004. Pub. L. No. 109-357, § 335. *Current Actions:* There are no changes being made to the revenue procedure at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Individuals or households. *Estimated Number of Respondents:* 24. *Estimated Time Per Respondent:* 2 hours. *Estimated Total Annual Burden Hours:* 48. *The following paragraph applies to all of the collections of information covered by this notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 7, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2600 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Notice 2006-107 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Notice 2006-107, Diversification Requirements for Qualified Defined Contribution Plans Holding Publicly Traded Employer Securities. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to R. Joseph Durbala at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or at
(202)622-3634, or through the internet at *RJoseph.Durbala@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Diversification Requirements for Qualified Defined Contribution Plans Holding Publicly Traded Employer Securities. *OMB Number:* 1545-2049. *Revenue Procedure Number:* Notice 2006-107. *Abstract:* This notice provides transitional guidance on § 401(a)(35) of the Internal Revenue Code, added by section 901 of the Pension Protection Act of 2006, Public Law 109-280, 120 Stat. 780 (PPA '06), which provides diversification rights with respect to publicly traded employer securities held by a defined contribution plan. This notice also states that Treasury and the Service expect to issue regulations under § 401(a)(35) that incorporate the transitional relief in this notice and requests comments on the transitional guidance in this notice and on the topics that need to be addressed in the regulations. Current Actions: There are no changes being made to the Notice at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Business and other for-profit. *Estimated Number of Respondents:* 10,300. *Estimated Time per Respondent:* 45 minutes. *Estimated Total Annual Burden Hours:* 7,725. *The following paragraph applies to all of the collections of information covered by this notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 7, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2601 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8879-B AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8879-B, IRS e-file Signature Authorization for Form 1065-B. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Allan Hopkins, at
(202)622-6665, or at Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at *Allan.M.Hopkins@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* IRS e-file Signature Authorization for Form 1065-B. *OMB Number:* 1545-2043. Form Number: Form 8879-B. *Abstract:* Tax year 2006 is the first year that filers of Form 1065-B (electing large corporations can file electronically. Form 8879-B is used when a personal identification number
(PIN)will be used to electronically sign the electronic tax return, and, if applicable, consent to an electronic funds withdrawal. *Current Actions:* There are no changes being made to the form at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Individuals or households and business or other for-profit institutions. *Estimated Number of Respondents:* 60. *Estimated Time Per Respondent:* 4 hours, 18 minutes. *Estimated Total Annual Burden Hours:* 258. *The Following Paragraph Applies to all of the Collections of Information Covered by this Notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request For Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 7, 2007. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2607 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 4506-T AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 4506-T Request for Transcript of Tax Return. DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to R. Joseph Durbala, at,
(202)622-3634, or at Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at *RJoseph.Durbala@irs.gov* . SUPPLEMENTARY INFORMATION: *Title:* Request for Transcript of Tax Return. *OMB Number:* 1545-1872. *Form Number:* Form 4506-T. *Abstract:* Internal Revenue Code section 7513 allows taxpayers to request a copy of a tax return or related products. Form 4506-T is used to request all products except copies of returns. The information provided will be used to search the taxpayers account and provide the requested information and to ensure that the requestor is the taxpayer or someone authorized by the taxpayer to obtain the documents requested. *Current Actions:* There are no changes being made to the form at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Business or other for-profit organizations, individuals or households, farms, and Federal, state, local, or tribal governments. *Estimated Number of Respondents:* 720,000. *Estimated Time Per Respondent:* 1 hr., 2 min. *Estimated Total Annual Burden Hours:* 555,600. *The Following Paragraph Applies to all of the Collections of Information Covered by this Notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request For Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 5, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2609 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG-106542-98] Proposed Collection; Comment Request for Regulation Project AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing proposed regulation, REG-106542-98, Election to Treat Trust as Part of an Estate (§ 1.645-1). DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of this regulation should be directed to R. Joseph Durbala, at
(202)622-3634, or at Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at *RJoseph.Durbala@irs.gov.* SUPPLEMENTARY INFORMATION: *Title:* Election to Treat Trust as Part of an Estate. *OMB Number:* 1545-1578. *Regulation Project Number:* REG-106542-98. *Abstract:* This regulation describes the procedures and requirements for making an election to have certain revocable trusts treated and taxed as part of an estate. The Taxpayer Relief Act of 1997 added section 646 to the Internal Revenue Code to permit the election. *Current Actions:* There are no changes being made to the regulation at this time. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Individuals or households. *Estimated Number of Respondents:* 10,000. *Estimated Time per Respondent:* 30 minutes. *Estimated Total Annual Burden Hours:* 5,000. *The Following Paragraph Applies to all of the Collections of Information Covered by This Notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 8, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2611 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL-24-94] Proposed Collection; Comment Request for Regulation Project AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, INTL-24-94 (TD 8671), Taxpayer Identifying Numbers
(TINs)(§ 301.6109-1). DATES: Written comments should be received on or before April 16, 2007 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the information collection should be directed to R. Joseph Durbala, at
(202)622-3634, Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at *RJoseph.Durbala@irs.gov.* SUPPLEMENTARY INFORMATION: *Title:* Taxpayer Identifying Numbers (TINs). *OMB Number:* 1545-1461. *Regulation Project Number:* INTL-24-94. *Abstract:* This regulation relates to requirements for furnishing a taxpayer identifying number on returns, statements, or other documents. Procedures are provided for requesting a taxpayer identifying number for certain alien individuals for whom a social security number is not available. The regulation also requires foreign persons to furnish a taxpayer identifying number on their tax returns. *Current Actions:* There is no change to this existing regulation. *Type of Review:* Extension of a currently approved collection. *Affected Public:* Individuals. The burden for the collection of information is reflected in the burden for Form W-7, Application for IRS Individual Tax Identification Number (For Non-U.S. Citizens or Nationals). *The Following Paragraph Applies to all of the Collections of Information Covered by This Notice:* An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. *Request for Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
(e)estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: February 8, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7-2626 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Recruitment Notice for the Taxpayer Advocacy Panel AGENCY: Internal Revenue Service
(IRS)Treasury. ACTION: Notice. SUMMARY: Notice for Recruitment of IRS Taxpayer Advocacy Panel
(TAP)Members. DATES: March 19, 2007 through April 30, 2007. FOR FURTHER INFORMATION CONTACT: Bernard Coston at 404-338-8408. SUPPLEMENTARY INFORMATION: Notice is hereby given that the Department of the Treasury and the Internal Revenue Service
(IRS)are inviting individuals to help improve the nation's tax agency by applying to be members of the TAP. Note: Highly-ranked applicants not selected as members may be placed on a roster of replacements who will be eligible to fill vacancies that may occur on the Panel. The mission of the TAP is to provide citizen input into enhancing IRS customer satisfaction and service by identifying problems and making recommendations for improvement of IRS systems and procedures and elevating the identified problems to the appropriate IRS official. The TAP serves as an advisory body to the Secretary of the Treasury, the Commissioner of Internal Revenue and the National Taxpayer Advocate. TAP members will participate in subcommittees which channel their feedback to the IRS. The IRS is seeking applicants who have an interest in good government, a personal commitment to volunteer approximately 300 to 500 hours a year, and a desire to help improve IRS customer service. To the extent possible, the IRS would like to ensure a balanced TAP membership representing a cross-section of the taxpaying public throughout the United States. Potential candidates must be U.S. citizens, compliant with Federal, State and local taxes, and able to pass a background investigation. TAP Members are a diverse group of citizens who work as valuable partners of the IRS by providing input from taxpayers on ways to improve IRS customer service and administration of the Federal tax system. In order to be an effective member of TAP, applicants must possess the knowledge, skills and abilities necessary to
(1)Identify grassroots taxpayer issues by soliciting input directly from taxpayers and
(2)work effectively with TAP committees, and IRS program staff, to research and analyze issues, develop solutions, and make recommendations to the IRS on ways to improve programs and procedures. TAP members work to identify and solve problems by actively participating in committee meetings by: expressing their views; listening to the views of others, showing a willingness to explore new ideas, and contributing their knowledge and experience in committee deliberations. TAP Members should have good communications skills and be able to make effective presentations about IRS programs, procedures, and TAP activities, while clearly distinguishing between TAP positions and their personal viewpoints. Interested applicants should visit the TAP website at www.improveirs.org to complete the on-line application or call the toll free number 1-888-912-1227 to complete the initial phone screen and request that an application be mailed. The opening date for submitting applications is March 19, 2007 and the deadline for submitting applications is April 30, 2007. The most qualified candidates will complete a panel interview. Finalists will be ranked by experience and suitability. The Secretary of the Treasury will review the recommended candidates and make final selections. Questions regarding the selection of TAP members may be directed to Bernard Coston, Director, Taxpayer Advocacy Panel, Internal Revenue Service at 1111 Constitution Avenue, NW., Room 1314, Washington, DC 20224 or 404-338-8408. Dated: February 9, 2007. John Fay, Acting Director, Taxpayer Advocacy Panel. [FR Doc. E7-2592 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Wage & Investment Reducing Taxpayer Burden (Notices) Issue Committee of the Taxpayer Advocacy Panel AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of time change. SUMMARY: An open meeting of the Wage & Investment Reducing Taxpayer Burden (Notices) Issue Committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel is soliciting public comments, ideas and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Thursday, March 1, 2007 from 1 p.m. ET. FOR FURTHER INFORMATION CONTACT: Sallie Chavez at 1-888-912-1227, or 954-423-7979. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to section 10
(2)of the Federal Advisory Committee Act, 5 U.S.C. App.
(1988)that an open meeting of the Wage & Investment Reducing Taxpayer Burden (Notices) Issue Committee of the Taxpayer Advocacy Panel will be held Thursday, March 1, 2007 from 1:00 p.m. ET via a telephone conference call. If you would like to have the TAP consider a written statement, please call 1-888-912-1227 or 954-423-7979, or write Sallie Chavez, TAP Office, 1000 South Pine Island Road, Suite 340, Plantation, FL 33324. Due to limited conference lines, notification of intent to participate in the telephone conference call meeting must be made with Sallie Chavez. Ms. Chavez can be reached at 1-888-912-1227 or 954-423-7979, or post comments to the Web site: *http://www.improveirs.org* . The agenda will include: Various IRS issues. Dated: February 9, 2007. John Fay, Acting Director, Taxpayer Advocacy Panel. [FR Doc. E7-2594 Filed 2-14-07; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Office of Thrift Supervision Submission for OMB Review; Comment Request—Charter Conversions AGENCY: Office of Thrift Supervision (OTS), Treasury. ACTION: Notice and request for comment. SUMMARY: The proposed information collection requirement described below has been submitted to the Office of Management and Budget
(OMB)for review and approval, as required by the Paperwork Reduction Act of 1995. OTS is soliciting public comments on the proposal. DATES: Submit written comments on or before March 19, 2007. ADDRESSES: Send comments, referring to the collection by title of the proposal or by OMB approval number, to OMB and OTS at these addresses: Office of Information and Regulatory Affairs, Attention: Desk Officer for OTS, U.S. Office of Management and Budget, 725-17th Street, NW., Room 10235, Washington, DC 20503, or by fax to
(202)395-6974; and Information Collection Comments, Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, by fax to
(202)906-6518, or by e-mail to *infocollection.comments@ots.treas.gov* . OTS will post comments and the related index on the OTS Internet Site at *http://www.ots.treas.gov* . In addition, interested persons may inspect comments at the Public Reading Room, 1700 G Street, NW., by appointment. To make an appointment, call
(202)906-5922, send an e-mail to *public.info@ots.treas.gov* , or send a facsimile transmission to
(202)906-7755. FOR FURTHER INFORMATION CONTACT: You may access a copy of Form 1582 with the proposed changes in redline on OTS's website at *www.ots.treas.gov* or you may request a copy from Donald W. Dwyer, Director, Applications,
(202)906-6414. To obtain a copy of the submission to OMB, please contact Marilyn K. Burton at *marilyn.burton@ots.treas.gov,*
(202)906-6467, or facsimile number
(202)906-6518, Litigation Division, Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an information collection, and respondents are not required to respond to an information collection, unless the information collection displays a currently valid OMB control number. As part of the approval process, we invite comments on the following information collection. *OMB Number:* 1550-0007. *Form Number:* OTS Form 1582. *Regulation requirement:* 12 CFR 543.8, 543.9, and 552.2-6. *Description:* Section 5 of the Home Owners' Loan Act and 12 CFR 543.8 and 552.2-6 require OTS to act on requests by depository institutions proposing to convert to Federal savings association charters. With this renewal, OTS is making technical, nonsubstantive changes to Form 1582. The current Form 1582 only addresses applications for conversion from a state-chartered stock or mutual association to a federal stock or mutual association. The revisions made to Form 1582 allow it to be used in applications for approval of conversions of depository institutions to federal savings associations. *Type of Review:* Renewal. *Affected Public:* Depository institutions as defined in 12 CFR 552.13. *Estimated Number of Respondents:* 18. *Estimated Frequency of Response:* Event-generated. *Estimated Burden Hours per Response:* 4 hours. *Estimated Total Burden:* 72 hours. *Clearance Officer:* Marilyn K. Burton,
(202)906-6467, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. *OMB Reviewer:* Desk Officer for OTS, Fax:
(202)395-6974, U.S. Office of Management and Budget, 725—17th Street, NW., Room 10235, Washington, DC 20503. Dated: February 9, 2007. Deborah Dakin, Senior Deputy Chief Counsel, Regulations and Legislation Division. [FR Doc. E7-2648 Filed 2-14-07; 8:45 am] BILLING CODE 6720-01-P DEPARTMENT OF VETERANS AFFAIRS Allowance for Private Purchase of an Outer Burial Receptacle in Lieu of a Government-Furnished Graveliner for a Grave in a VA National Cemetery AGENCY: Department of Veterans Affairs. ACTION: Notice. SUMMARY: Public Law 104-275 was enacted on October 9, 1996. It allowed the Department of Veterans Affairs
(VA)to provide a monetary allowance towards the private purchase of an outer burial receptacle for use in a VA national cemetery. Under VA regulation (38 CFR 38.629), the allowance is equal to the average cost of Government-furnished graveliners less any administrative costs to VA. The law provides a veteran's survivors with the option of selecting a Government-furnished graveliner for use in a VA national cemetery where such use is authorized. The purpose of this Notice is to notify interested parties of the average cost of Government-furnished graveliners, administrative costs that relate to processing a claim, and the amount of the allowance payable for qualifying interments that occur during calendar year 2007. FOR FURTHER INFORMATION CONTACT: Lisa Ciolek, Budget and Finance Service (41B1), National Cemetery Administration, Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420. *Telephone:* 202-273-5161 (this is not a toll-free number). SUPPLEMENTARY INFORMATION: Under 38 U.S.C. 2306(e)(3) and Pub. L. 104-275, Section 213, VA may provide a monetary allowance for the private purchase of an outer burial receptacle for use in a VA national cemetery where its use is authorized. The allowance for qualified interments that occur during calendar year 2007 is the average cost of Government-furnished graveliners in fiscal year 2006, less the administrative costs incurred by VA in processing and paying the allowance in lieu of the Government-furnished graveliner. The average cost of Government-furnished graveliners is determined by taking VA's total cost during a fiscal year for single-depth graveliners that were procured for placement at the time of interment and dividing it by the total number of such graveliners procured by VA during that fiscal year. The calculation excludes both graveliners procured and pre-placed in gravesites as part of cemetery gravesite development projects and all double-depth graveliners. Using this method of computation, the average cost was determined to be $197.67 for fiscal year 2006. The administrative costs incurred by VA consist of those costs that relate to processing and paying an allowance in lieu of the Government-furnished graveliner. These costs have been determined to be $9.00 for calendar year 2007. The net allowance payable for qualifying interments occurring during calendar year 2007, therefore, is $188.67. Approved: February 9, 2007. Gordon H. Mansfield, Deputy Secretary of Veterans Affairs. [FR Doc. E7-2663 Filed 2-14-07; 8:45 am] BILLING CODE 8320-01-P 72 31 Thursday, February 15, 2007 Rules and Regulations Part II Department of Labor Employee Benefits Security Administration 29 CFR Parts 2550 and 2578 Amendments to Safe Harbor for Distributions From Terminated Individual Account Plans and Termination of Abandoned Individual Account Plans To Require Inherited Individual Retirement Plans for Missing Nonspouse Beneficiaries; Final Rule DEPARTMENT OF LABOR Employee Benefits Security Administration 29 CFR Parts 2550 and 2578 RIN 1210-AB16 Amendments to Safe Harbor for Distributions From Terminated Individual Account Plans and Termination of Abandoned Individual Account Plans To Require Inherited Individual Retirement Plans for Missing Nonspouse Beneficiaries AGENCY: Employee Benefits Security Administration, Labor. ACTION: Interim final rule with request for comments. SUMMARY: This document contains an interim final rule amending regulations under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) that provide guidance and a fiduciary safe harbor for the distribution of benefits on behalf of participants or beneficiaries in terminated and abandoned individual account plans. The Department is amending these regulations to reflect changes enacted as part of the Pension Protection Act of 2006, Public Law 109-280, to the Internal Revenue Code of 1986 (the Code), under which a distribution of a deceased plan participant's benefit from an eligible retirement plan may be directly transferred to an individual retirement plan established on behalf of the designated nonspouse beneficiary of such participant. Specifically, the amended regulations require as a condition of relief under the fiduciary safe harbor that benefits for a missing, designated nonspouse beneficiary be directly rolled over to an individual retirement plan that fully complies with Code requirements. This interim final rule will affect fiduciaries, plan service providers, and participants and beneficiaries of individual account pension plans. DATES: *Effective and Applicability Dates:* The amendments made by this rule are effective March 19, 2007. This interim final rule is applicable to distributions made on or after March 19, 2007. *Comment Date:* Written comments must be received by April 2, 2007. ADDRESSES: To facilitate the receipt and processing of comments, the Department encourages interested persons to submit their comments electronically by e-mail to *e-ORI@dol.gov,* or by using the Federal eRulemaking portal at *www.regulations.gov* (follow instructions for submission of comments). Persons submitting comments electronically are encouraged not to submit paper copies. Persons interested in submitting comments on paper should send or deliver their comments (at least three copies) to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N-5669, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210, *Attn:* Amendments to Distribution Safe Harbor and Abandoned Plans Regulation for Missing Nonspouse Beneficiaries. All comments received will be available to the public, without charge, online at *www.regulations.gov* and *www.dol.gov/ebsa,* and at the Public Disclosure Room, Employee Benefits Security Administration, Room N-1513, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC. FOR FURTHER INFORMATION CONTACT: Stephanie L. Ward, Office of Regulations and Interpretations, Employee Benefits Security Administration,
(202)693-8500. This is not a toll-free number. SUPPLEMENTARY INFORMATION: A. Background This interim final rule amends two regulations under ERISA that facilitate the termination of individual account plans, including abandoned individual account plans, and the distribution of benefits from such plans. The first regulation, codified at 29 CFR 2550.404a-3, provides plan fiduciaries of terminated plans and qualified termination administrators
(QTAs)of abandoned plans with a fiduciary safe harbor for making distributions on behalf of participants or beneficiaries who fail to make an election regarding a form of benefit distribution, commonly referred to as missing participants or beneficiaries. The second regulation, codified at 29 CFR 2578.1, establishes a procedure for financial institutions holding the assets of an abandoned individual account plan to terminate the plan and distribute benefits to the plan's participants or beneficiaries, with limited liability. 1 Appendices to these two regulations contain model notices for notifying participants or beneficiaries of the plan's termination and distribution options. 1 Under § 2578.1(d)(2)(vii)(B), a QTA is directed to make distributions in accordance with the safe harbor regulation. The safe harbor regulation provides that both a fiduciary and a QTA will be deemed to have satisfied ERISA's prudence requirements under section 404(a) of the Act if the conditions of the safe harbor are met with respect to the distribution of benefits on behalf of missing participants from terminated individual account plans. 2 In general, the regulation provides that a fiduciary or QTA qualifies for the safe harbor if a distribution is made to an individual retirement plan within the meaning of section 7701(a)(37) of the Code. See § 2550.404a-3(d)(1)(i). However in April 2006, when the Department published this safe harbor regulation, a distribution of benefits from an individual account plan to a nonspouse beneficiary was not considered an eligible rollover distribution under the provisions of section 402(c) of the Code and, therefore, could not be rolled over into an individual retirement plan. 3 As a result, the safe harbor regulation mandated, among other requirements, the distribution of benefits on behalf of a missing nonspouse beneficiary to an account that was not an individual retirement plan. See § 2550.404a-3(d)(1)(ii). Consequently, such distributions were subject to income tax and mandatory tax withholding in the year distributed into the account. 4 2 71 FR 20830 n. 21. 3 See 26 CFR 1.402(c)-2, Q&A-12. 4 71 FR 20828 n.14. The Pension Protection Act changed the characterization of certain distributions from tax exempt plans and trusts to permit such distributions to qualify for eligible rollover distribution treatment. 5 Section 829 of the Pension Protection Act amended section 402(c) of the Code to permit the direct rollover of a deceased participant's benefit from an eligible retirement plan to an individual retirement plan established on behalf of a designated nonspouse beneficiary. 6 These rollover distributions would not trigger immediate income tax consequences and mandatory tax withholding for the nonspouse beneficiary. 5 Section 829 of the Pension Protection Act. 6 Section 829 of the Pension Protection Act requires that the individual retirement plan established on behalf of a nonspouse beneficiary must be treated as an inherited individual retirement plan within the meaning of Code § 408(d)(3)(C) and must be subject to the applicable mandatory distribution requirements of Code § 401(a)(9)(B). In light of the Pension Protection Act's changes to the Code allowing a rollover distribution on behalf of a nonspouse beneficiary into an inherited individual retirement plan with the resulting deferral of income tax consequences, the Department is amending the regulatory safe harbor for distributions from a terminated individual account plan, including an abandoned plan, at 29 CFR 2550.404a-3. These amendments require that a deceased participant's benefit be directly rolled over to an inherited individual retirement plan established to receive the distribution on behalf of a missing, designated nonspouse beneficiary. These amendments eliminate the prior safe harbor condition that required a distribution on behalf of a missing nonspouse beneficiary to be made only to an account other than an individual retirement plan. See § 2550.404a-3(d)(1)(ii). Therefore, when these amendments become applicable, a distribution on behalf of a missing nonspouse beneficiary would satisfy this condition of the safe harbor only if directly rolled into an individual retirement plan that satisfies the requirements of new section 402(c)(11) of the Code. 7 7 See also I.R.S. Notice 2007-07 (January 10, 2007). Conforming changes are made to the content requirements of the mandated participant and beneficiary termination notice and its model notice under the safe harbor (at the Appendix to § 2550.404a-3). The amendments to 29 CFR 2578.1 also make conforming changes to the content of the required participant and beneficiary termination notice and model notice for abandoned plans (at Appendix C to § 2578.1). Concurrently with publication of this rule, the Department is publishing proposed amendments to PTE 2006-06, 8 which, when finalized, will clarify that the exemption provides relief to a QTA that designates itself or an affiliate as the provider of an inherited individual retirement plan for a missing, designated nonspouse beneficiary pursuant to the exemption's conditions. As noted in the preamble to the proposed amendments, however, the Department interprets PTE 2006-06 as currently available to the QTA for its self-selection as an inherited individual retirement plan provider subject to the conditions of the exemption. 8 71 FR 20856 (April 21, 2006). B. Request for Comments The Department invites comments from interested persons on all aspects of the interim final rule. To facilitate the receipt and processing of comments, the Department encourages interested persons to submit their comments electronically by e-mail to *e-ORI@dol.gov* , or by using the Federal eRulemaking portal at *www.regulations.gov* (follow instructions for submission of comments). Persons submitting comments electronically are encouraged not to submit paper copies. Persons interested in submitting comments on paper should send or deliver their comments (at least three copies) to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N-5669, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210, *Attn:* Amendments to Distribution Safe Harbor and Abandoned Plans Regulation for Missing Nonspouse Beneficiaries. All comments will be available to the public, without charge, at *www.regulations.gov* and *www.dol.gov/ebsa* , and in the Public Disclosure Room, N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC. C. Amendments Relating to the Safe Harbor for Distributions From Terminated Individual Account Plans 1. Section 2550.404a-3(d)—Conditions Paragraph (d)(1)(ii) of this section requires that the distribution of benefits on behalf of a nonspouse beneficiary of a participant be made to “an account (other than an individual retirement plan)” because historically such distribution was not eligible for rollover into an individual retirement plan. This condition is being revised to require that the distribution of benefits on behalf of a designated nonspouse beneficiary be rolled over into an inherited individual retirement plan that complies with the requirements of section 402(c)(11) of the Code, as permitted under the Pension Protection Act for distributions occurring after December 31, 2006. Paragraph (d)(1)(iii)(C) of this section permits as an alternative distribution option that certain small benefits on behalf of a nonspouse beneficiary of a participant be distributed to “an account (other than an individual retirement plan)” that a financial institution, other than the qualified termination administrator, provides to the public at the time of the distribution. This alternative option is similarly being revised to require the rollover of benefits on behalf of a designated nonspouse beneficiary to an inherited individual retirement plan. Paragraph (d)(2)(ii)(A) of this section is being revised to incorporate the appropriate cross references to individual retirement plan and inherited individual retirement plan and eliminate reference to “other account.” Paragraphs (d)(2)(iii), (d)(2)(iv) and (d)(3) of this section are being revised to incorporate the appropriate cross references to individual retirement plan and inherited individual retirement plan, and bank or savings association accounts for certain small amounts. 2. Section 2550.404a-3(e)—Notice to Participants and Beneficiaries Paragraphs (e)(1)(iv), (e)(1)(v) and (e)(1)(vi) of this section are being revised to incorporate the appropriate cross references to individual retirement plan and inherited individual retirement plan and eliminate reference to “other account.” 3. Section 2550.404a-3(f)—Model Notice The appendix to this section contains a Notice of Plan Termination for terminated individual account plans other than abandoned plans that currently includes an optional paragraph referring to distributions to nonspouse beneficiaries. This paragraph is being deleted because distributions to nonspouse beneficiaries will no longer be required to be made to accounts other than individual retirement plans. A parenthetical is being added to the fourth paragraph to clarify that individual retirement plans established on behalf of missing, designated nonspouse beneficiaries are inherited individual retirement plans. D. Amendments Relating to the Termination of Abandoned Individual Account Plans 1. Section 2578.1(d)(2)(vi)—Notify Participants Paragraph (d)(2)(vi)(A)(5)(ii) of this section is being revised to incorporate the appropriate cross reference to conditions for rollovers on behalf of nonspouse beneficiaries in § 2550.404a-3(d)(1)(ii). Paragraphs (d)(2)(vi)(A)(5)(iii) and (d)(2)(vi)(A)(6) of this section are being revised to incorporate the appropriate cross references to individual retirement plan and inherited individual retirement plan in § 2550.404a-3(d)(1)(i) and (d)(1)(ii) and eliminate reference to “account.” Paragraphs (d)(2)(vi)(A)(7) and (d)(2)(vi)(A)(8) of this section are being revised to incorporate the appropriate cross references to individual retirement plan and inherited individual retirement plan in § 2550.404a-3(d)(1)(i) and (d)(1)(ii). 2. Section 2578.1(i)—Model notices Appendix C to this section contains a Notice of Plan Termination for abandoned plans that currently includes an optional paragraph (“Option 2”) referring to distributions to nonspouse beneficiaries. This optional paragraph is being deleted because distributions to nonspouse beneficiaries will no longer be required to be made to accounts other than individual retirement plans. To conform to this change, the instructions for “Option 1” are being revised to delete reference to “participant's spouse.” “Option 3” is renumbered as “Option 2” and the instructions are revised to eliminate reference to “(or special account for non-spousal beneficiaries if you are a beneficiary other than the participant's spouse)” and “(or special non-spousal account).” A parenthetical is being added to Option 1 and Option 2 to clarify that individual retirement plans established on behalf of missing, designated nonspouse beneficiaries are inherited individual retirement plans. “Option 4” is renumbered as “Option 3.” E. Good Cause Finding That Proposed Rulemaking Unnecessary Rulemaking under section 553 of the Administrative Procedure Act
(APA)ordinarily involves publication of a notice of proposed rulemaking in the **Federal Register** and the public is given an opportunity to comment on the proposed rule. The APA authorizes agencies to dispense with proposed rulemaking procedures, however, if they find both good cause that such procedures are impracticable, unnecessary, or contrary to the public interest, and incorporate a statement of the finding with the underlying reasons in the interim final rule issued. In this case, the Department finds that it is unnecessary to undertake proposed rulemaking with regard to the amendments to the regulatory safe harbor for distributions from a terminated individual account plan, including an abandoned plan. The Department believes such rulemaking is unnecessary because it views these amendments to an existing regulatory scheme as technical, noncontroversial and merely adaptive of recent Code changes allowing distributions on behalf of missing nonspouse beneficiaries of deceased participants to be rolled over into tax-advantaged individual retirement plans. The Department therefore finds for good cause that notice and public procedure is unnecessary. It is publishing these amendments as an interim final rule and is including a request for comment. F. Regulatory Impact Analysis Summary By conforming regulations pertaining to distributions from certain terminated plans with recent changes to the Code, this interim final rule preserves for certain nonspouse beneficiaries of deceased participants the opportunity to take advantage of preferential tax treatment newly permitted by the Pension Protection Act for distributions after December 31, 2006. Nonspouse beneficiaries will benefit from the preservation, on their behalf, of tax-favored savings set aside for retirement. This interim final rule also will affect plan fiduciaries, including QTAs, by altering the procedures applicable to certain termination distributions. The Department anticipates that, rather than increasing costs, these amendments will reduce compliance costs modestly for plan fiduciaries and QTAs. Because the rule's new distribution procedures for terminated plans apply only to the narrow group of nonspouse beneficiaries who have not returned a distribution election, the Department believes that the rule's economic impact will be small, overall, but positive. 9 9 As described earlier, the Department is publishing, concurrently with publication of this rule, proposed amendments to PTE 2006-06, which will establish under the conditions of the exemption that a QTA may designate itself or an affiliate as the provider of an inherited individual retirement plan for a nonspouse beneficiary who has not returned a distribution election. In assessing the economic costs and benefits of this interim final rule, the Department has taken into account the proposed amendments to PTE 2006-06, which will make explicit the availability of the conditional relief to parties that follow the amended rules with respect to nonspouse distributions, a result that the Department believes will assist in the achievement of the purposes underlying the regulations. Executive Order 12866 Statement Under Executive Order 12866, the Department must determine whether a regulatory action is “significant” and therefore subject to the requirements of the Executive Order and subject to review by the Office of Management and Budget (OMB). Under section 3(f) of the Executive Order, a “significant regulatory action” is an action that is likely to result in a rule:
(1)Having an annual effect on the economy of $100 million or more, or adversely and materially affecting a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local or tribal governments or communities (also referred to as “economically significant”);
(2)creating serious inconsistency or otherwise interfering with an action taken or planned by another agency;
(3)materially altering the budgetary impacts of entitlement grants, user fees, or loan programs or the rights and obligations of recipients thereof; or
(4)raising novel legal or policy issues arising out of legal mandates, the President's priorities, or the principles set forth in the Executive Order. The Department has determined that this regulatory action is not economically significant within the meaning of section 3(f)(1) of the Executive Order. However, the Office of Management and Budget
(OMB)has determined that the action is significant within the meaning of section 3(f)(4) of the Executive Order, and the Department, accordingly, provides the following assessment of its potential costs and benefits. Costs Plan fiduciaries and QTAs generally are not expected to change their use of service providers in connection with the termination and winding-up of plans as a result of the amendments made by this interim final rule. In addition, costs related to selecting institutions and establishing appropriate accounts and investments for benefits directly transferred to an inherited individual retirement plan are expected to be the same as costs related to establishing other types of accounts on behalf of nonspouse beneficiaries. The safeguards included in the safe harbor regulation to preserve assets, such as requiring that fees and expenses do not exceed certain limits, apply to both individual retirement plans and other accounts. Fiduciaries and QTAs that currently select separate institutions for making tax-deferred and taxable distributions may have modest administrative cost savings as a result of this rule because they will be able to distribute nonspouse benefits to inherited individual retirement plans with the same institutions to which other tax-deferred distributions are made. Plan fiduciaries and QTAs also will have reduced administrative costs as a result of not having to comply with otherwise applicable mandatory tax withholding requirements under the Code. The distribution of benefits to an account other than an individual retirement plan is considered a lump sum distribution under the Code, requiring a plan administrator to withhold a percentage of the taxable amount and send the withheld amount to the Internal Revenue Service as income tax withholding. This requirement to withhold does not apply to distributions made to inherited individual retirement plans. As the safe harbor regulation requires the rollover of distributions, except for certain small benefits, the administrative costs associated with mandatory tax withholding will be reduced. Benefits When the Department published the safe harbor regulation for distributions from terminated individual account plans in April 2006, it was designed, in part, to prevent participants and beneficiaries of terminated plans, insofar as then possible under the Code, from losing the favorable tax treatment otherwise accorded distributions from qualified plans. As a result, the safe harbor regulation generally mandated that benefits on behalf of a participant or spouse be distributed to an individual retirement plan. Tax laws then in effect prevented the Department from extending this favorable tax treatment to nonspouse beneficiaries. This interim final rule, which takes into account the Pension Protection Act change enabling a nonspouse beneficiary to be treated as inheriting an individual retirement plan, will benefit nonspouse beneficiaries by enabling them to have continued tax-deferral of retirement savings, similar to that available to participants and spouses. As described earlier in the preamble, nonspouse beneficiaries will benefit from continued deferral of income taxes and distributions that are not subject to mandatory tax withholding. Under the new tax rules, distributions from an inherited individual retirement plan will have to be made under the Code's minimum distribution rules. While these distribution rules are generally more restrictive than what is allowed for participants and spouses, the Department believes that the additional period of tax deferral permitted under the new tax rules will be a significant benefit to nonspouse beneficiaries. Because benefits will continue to be held in tax-advantaged retirement vehicles, the interim final rule also serves to preserve retirement savings. At the same time, nonspouse beneficiaries retain the benefit of being able to make a distribution election and to elect a lump sum distribution if they choose. Based on the foregoing assessment, the Department concludes that promulgation of this interim final rule will provide substantial benefits without imposing additional costs. Paperwork Reduction Act The information collections included in this interim final rule, together with information collections included in PTE 2006-06, are currently approved by the Office of Management and Budget
(OMB)under OMB control number 1210-0127. This approval is currently scheduled to expire on April 30, 2008. The interim final rule makes minor changes to the content requirements of the participant and beneficiary termination notices, as described earlier in the preamble. These conforming changes, which involve the deletion or substitution of a small number of words in each notice, do not increase the burden of the information collections and do not constitute a substantive or material modification of the existing information collection request approved under OMB control number 1210-0127. Accordingly, the Department has not made a submission for OMB approval of a revision in the burden estimates in connection with this interim final rule or the proposed amendments to PTE 2006-06, published simultaneously with this interim final rule. Regulatory Flexibility Act The Regulatory Flexibility Act (5 U.S.C. 601 *et seq.* )
(RFA)imposes certain requirements with respect to Federal rules that are subject to the notice and comment requirements of section 553(b) of the Administrative Procedure Act (5 U.S.C. 551 *et seq.* ) and are likely to have a significant economic impact on a substantial number of small entities. Because these amendments are being published as an interim final rule, without prior notice and comment, the Regulatory Flexibility Act does not apply. Furthermore, because the interim final rule imposes no additional costs on employers or plans, the Department believes that it would not have a significant impact on a substantial number of small entities. Accordingly, the Department believes that no regulatory flexibility analysis would be required in any case under the RFA. Congressional Review Act Statement The interim final rule being issued here is subject to the provisions of the Congressional Review Act provisions of the Small Business Regulatory Enforcement Fairness Act of 1996 (5 U.S.C. 801 *et seq.* ) and will be transmitted to Congress and the Comptroller General for review. The interim final rule is not a “major rule” as that term is defined in 5 U.S.C. 804, because it does not result in
(1)An annual effect on the economy of $100 million or more;
(2)a major increase in costs or prices for consumers, individual industries, or Federal, State, or local government agencies, or geographic regions; or
(3)significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets. Unfunded Mandates Reform Act For purposes of the Unfunded Mandates Reform Act of 1995 (Pub. L. 104-4), the interim final rule does not include any Federal mandate that may result in expenditures by State, local, or tribal governments, or impose an annual burden exceeding $100 million on the private sector. Federalism Statement Executive Order 13132 (August 4, 1999) outlines fundamental principles of federalism and requires Federal agencies to adhere to specific criteria in the process of their formulation and implementation of policies that have substantial direct effects on the States, the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government. This interim final rule does not have federalism implications because it has no substantial direct effect on the States, on the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government. Section 514 of ERISA provides, with certain exceptions specifically enumerated, that the provisions of Titles I and IV of ERISA supersede any and all laws of the States as they relate to any employee benefit plan covered under ERISA. The requirements implemented in the interim rule do not alter the fundamental provisions of the statute with respect to employee benefit plans, and as such would have no implications for the States or the relationship or distribution of power between the national government and the States. List of Subjects 29 CFR Part 2550 Employee benefit plans, Employee Retirement Income Security Act, Employee stock ownership plans, Exemptions, Fiduciaries, Investments, Investments foreign, Party in interest, Pensions, Pension and Welfare Benefit Programs Office, Prohibited transactions, Real estate, Securities, Surety bonds, Trusts and Trustees. 29 CFR Part 2578 Employee benefit plans, Pensions, Retirement. For the reasons set forth in the preamble, the Department of Labor amends 29 CFR chapter XXV as follows: Title 29—Labor Subchapter F—Fiduciary Responsibility Under the Employee Retirement Income Security Act of 1974 PART 2550—RULES AND REGULATIONS FOR FIDUCIARY RESPONSIBILITY 1. The authority citation for part 2550 continues to read as follows: Authority: 29 U.S.C. 1135; and Secretary of Labor's Order No. 1-2003, 68 FR 5374 (Feb. 3, 2003). Sec. 2550.401b-1 also issued under sec. 102, Reorganization Plan No. 4 of 1978, 43 FR 47713 (Oct. 17, 1978), 3 CFR, 1978 Comp. 332, effective Dec. 31, 1978, 44 FR 1065 (Jan. 3, 1978), 3 CFR, 1978 Comp. 332. Sec. 2550.401c-1 also issued under 29 U.S.C. 1101. Sec. 2550.404c-1 also issued under 29 U.S.C. 1104. Sec. 2550.407c-3 also issued under 29 U.S.C. 1107. Sec. 2550.404a-2 also issued under 26 U.S.C. 401 note (sec. 657, Pub. L. 107-16, 115 Stat. 38). Sec. 2550.408b-1 also issued under 29 U.S.C. 1108(b)(1) and sec. 102, Reorganization Plan No. 4 of 1978, 3 CFR, 1978 Comp. p. 332, effective Dec. 31, 1978, 44 FR 1065 (Jan. 3, 1978), and 3 CFR, 1978 Comp. 332, Sec. 2550.412-1 also issued under 29 U.S.C. 1112. 2. Amend § 2550.404a-3 by revising (d)(1)(ii), (d)(1)(iii)(C), (d)(2)(ii)(A), (d)(2)(iii), (d)(2)(iv), (d)(3), (e)(1)(iv), (e)(1)(v), (e)(1)(vi) and the appendix to read as follows: § 2550.404a-3 Safe Harbor for Distributions from Terminated Individual Account Plans.
(d)* * *
(1)* * *
(ii)In the case of a distribution on behalf of a designated beneficiary (as defined by section 401(a)(9)(E) of the Code) who is not the surviving spouse of the deceased participant, to an inherited individual retirement plan (within the meaning of section 402(c)(11) of the Code) established to receive the distribution on behalf of the nonspouse beneficiary; or
(iii)* * *
(C)An individual retirement plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) offered by a financial institution other than the qualified termination administrator to the public at the time of the distribution.
(2)* * *
(ii)* * *
(A)Seek to maintain, over the term of the investment, the dollar value that is equal to the amount invested in the product by the individual retirement plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section), and
(iii)All fees and expenses attendant to the transferee plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) or account (described in paragraph (d)(1)(iii)(A) of this section), including investments of such plan, (e.g., establishment charges, maintenance fees, investment expenses, termination costs and surrender charges), shall not exceed the fees and expenses charged by the provider of the plan or account for comparable plans or accounts established for reasons other than the receipt of a distribution under this section; and
(iv)The participant or beneficiary on whose behalf the fiduciary makes a distribution shall have the right to enforce the terms of the contractual agreement establishing the plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) or account (described in paragraph (d)(1)(iii)(A) of this section), with regard to his or her transferred account balance, against the plan or account provider.
(3)Both the fiduciary's selection of a transferee plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) or account (described in paragraph (d)(1)(iii)(A) of this section) and the investment of funds would not result in a prohibited transaction under section 406 of the Act, unless such actions are exempted from the prohibited transaction provisions by a prohibited transaction exemption issued pursuant to section 408(a) of the Act.
(e)* * *
(1)* * *
(iv)A statement explaining that, if a participant or beneficiary fails to make an election within 30 days from receipt of the notice, the plan will distribute the account balance of the participant or beneficiary to an individual retirement plan (i.e., individual retirement account or annuity described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) and the account balance will be invested in an investment product designed to preserve principal and provide a reasonable rate of return and liquidity;
(v)A statement explaining what fees, if any, will be paid from the participant or beneficiary's individual retirement plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section), if such information is known at the time of the furnishing of this notice;
(vi)The name, address and phone number of the individual retirement plan (described in paragraph (d)(1)(i) or (d)(1)(ii) of this section) provider, if such information is known at the time of the furnishing of this notice; and BILLING CODE 4510-29-P ER15FE07.000 Subchapter G—Administration and Enforcement Under the Employee Retirement Income Security Act of 1974 PART 2578—RULES AND REGULATIONS FOR ABANDONED PLANS 3. The authority citation for part 2578.1 continues to read as follows: Authority: 29 U.S.C. 1135; 1104(a); 1103(d)(1). 4. Amend § 2578.1 by revising (d)(2)(vi)(A)( *5* )( *ii* ), (d)(2)(vi)(A)( *5* )( *iii* ), (d)(2)(vi)( *A* )( *6* ), (d)(2)(vi)( *A* )( *7* ), (d)(2)(vi)( *A* )( *8* ) and Appendix C to read as follows: § 2578.1 Termination of Abandoned Individual Account Plans
(d)* * *
(2)* * *
(vi)* * *
(A)* * * ( *5* ) * * * ( *ii* ) To an inherited individual retirement plan described in § 2550.404a-3(d)(1)(ii) of this chapter (in the case of a distribution on behalf of a distributee other than a participant or spouse), ( *iii* ) In any case where the amount to be distributed meets the conditions in § 2550.404a-3(d)(1)(iii), to an interest-bearing federally insured bank account, the unclaimed property fund of the State of the last known address of the participant or beneficiary, or an individual retirement plan (described in § 2550.404a-3(d)(1)(i) or (d)(1)(ii) of this chapter) or ( *6* ) In the case of a distribution to an individual retirement plan (described in § 2550.404a-3(d)(1)(i) or (d)(1)(ii) of this chapter) a statement explaining that the account balance will be invested in an investment product designed to preserve principal and provide a reasonable rate of return and liquidity; ( *7* ) A statement of the fees, if any, that will be paid from the participant or beneficiary's individual retirement plan (described in § 2550.404a-3(d)(1)(i) or (d)(1)(ii) of this chapter) or other account (described in § 2550.404a-3(d)(1)(iii)(A) of this chapter), if such information is known at the time of the furnishing of this notice; ( *8* ) The name, address and phone number of the provider of the individual retirement plan (described in § 2550.404a7-3(d)(1)(i) or (d)(1)(ii) of this chapter), qualified survivor annuity, or other account (described in § 2550.404a-3(d)(1)(iii)(A) of this chapter), if such information is known at the time of the furnishing of this notice; and ER15FE07.001 ER15FE07.002 Signed at Washington, DC, this 5th day of February, 2007. Bradford P. Campbell, Acting Assistant Secretary, Employee Benefits Security Administration, Department of Labor. [FR Doc. 07-597 Filed 2-14-07; 8:45 am]
Connectionstraces to 20
Traces to 20 documents
17 references not yet in our index
  • 49 CFR 1180.6(a)(7)(ii)
  • 49 CFR 1180.2(d)(7)
  • Pub. L. 104-13
  • Pub. L. 109-357
  • Pub. L. 109-280
  • 120 Stat. 780
  • T.D. 8671
  • 12 CFR 543.8
  • 12 CFR 552.13
  • Pub. L. 104-275
  • 29 CFR 2550.404
  • 26 CFR 1.402(c)
  • Pub. L. 104-4
  • 29 CFR 2550
  • 29 CFR 2578
  • Pub. L. 107-16
  • 115 Stat. 38
Citation graph
cites case law
Notices
Notice of Intent
Fed. Reg.Notices
U.S.C.§ 10502
U.S.C.§ 3506
U.S.C.§ 6103
C.F.R.§ 38.629
U.S.C.§ 2306
C.F.R.§ 2578.1
Fed. Reg.Notices
U.S.C.§ 601
Cite49 CFR 1180.6(a)(7)(ii)
Cite49 CFR 1180.2(d)(7)
Pub. L.Pub. L. 104-13
Cites 37 · showing 12Cited by 0 across 0 sources
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