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2600 Federal Register / Vol. 71, No.

10 / Tuesday, January 17, 2006 / Notices

Virginia Electric and Power Company, DATES: Written comments regarding SUMMARY: The Pension Benefit Guaranty
et al., Docket Nos. 50–280 and 50–281, OMB’s Proposed Risk Assessment Corporation has granted a request from
Surry Power Station, Unit Nos. 1 and 2, Bulletin are due by June 15, 2006. This the LA Team Co. LLC for an exemption
Surry County, Virginia date has been selected in order to permit from the bond/escrow requirement of
Date of application for amendments: the public to participate in a related section 4204(a)(1)(B) of the Employee
December 17, 2004. workshop to be organized by the NAS, Retirement Income Security Act of 1974,
Brief Description of amendments: prior to submitting their written as amended, with respect to the Major
These amendments revised the reactor comments. League Baseball Players Pension Plan. A
coolant pressure and temperature limits, ADDRESSES: Because of potential delays notice of the request for exemption from
low-temperature overpressure in OMB’s receipt and processing of the requirement was published on July
protection system (LTOPS) setpoint mail, respondents are strongly 7, 2005 (70 FR 39349). The effect of this
values, and LTOPS enable temperatures encouraged to submit comments notice is to advise the public of the
that are valid for up to 47.6 effective electronically to ensure timely receipt. decision on the exemption request.
full-power years (EFPY) and 48.1 EFPY We cannot guarantee that comments ADDRESSES: The non-confidential
of operation at Surry Power Station, mailed will be received before the portions of the request for an exemption
Unit Nos. 1 and 2, respectively. comment closing date. Electronic and the PBGC response to the request
Date of issuance: January 3, 2006. comments may be submitted to: may be obtained by writing PBGC’s
Effective date: As of the date of Please Communications and Public Affairs
issuance and shall be implemented put the full body of your comments in Department (‘‘CPAD’’) at Suite 1200,
within 180 days from the date of the text of the electronic message and as 1200 K Street, NW., Washington, DC
issuance. an attachment. Please include your 20005–4026, or by visiting or calling
Amendment Nos.: 245/244. name, title, organization, postal address, CPAD (202–326–4040) during normal
Renewed Facility Operating License business hours.
telephone number and e-mail address in
the text of the message. Please be aware
change the Technical Specifications. Gennice D. Brickhouse, Office of the
Date of initial notice in Federal that all comments are available for
public inspection. Accordingly, please Chief Counsel, Suite 340, 1200 K Street,
Register: March 1, 2005 (70 FR 9999).
do not submit comments containing NW., Washington, DC 20005–4026;
The Commission’s related evaluation
trade secrets, confidential or proprietary telephone 202–326–4020. (For TTY/
of the amendments is contained in a
commercial or financial information, or TDD users, call the Federal Relay
Safety Evaluation dated January 3, 2006.
No significant hazards consideration other information that you do not want Service toll-free at 1–800–877–8339 and
comments received: No. to be made available to the public. ask to be connected to 202–326–4020).
Comments also may be submitted via SUPPLEMENTARY INFORMATION:
Dated at Rockville, Maryland, this 9th day
of January 2006.
facsimile to (202) 395–7245.
For the Nuclear Regulatory Commission. FOR FURTHER INFORMATION CONTACT: Dr.
Nancy Beck, Office of Information and Section 4204 of the Employee
Edwin M. Hackett, Retirement Income Security Act of 1974,
Regulatory Affairs, Office of
Deputy Director, Division of Operating as amended by the Multiemployer
Reactor Licensing, Office of Nuclear Reactor Management and Budget, 725 17th
Street, NW., New Executive Office Pension Plan Amendments Act of 1980
Building, Room 10201, Washington, DC (‘‘ERISA’’ or ‘‘the Act’’), provides that a
[FR Doc. 06–320 Filed 1–13–06; 8:45 am] bona fide arm’s-length sale of assets of
20503. Telephone (202) 395–3093.
BILLING CODE 7590–01–P a contributing employer to an unrelated
SUPPLEMENTARY INFORMATION: OMB is party will not be considered a
seeking comments on its Proposed Risk withdrawal if three conditions are met.
OFFICE OF MANAGEMENT AND Assessment Bulletin by June 15, 2006. These conditions, enumerated in section
BUDGET The proposed Risk Assessment Bulletin 4204(a)(1)(A)–(C), are that:
is posted on OMB’s Web site, http:// (A) The purchaser has an obligation to
Proposed Risk Assessment Bulletin contribute to the plan with respect to
AGENCY: Office of Management and infopoltech.html#iq. the operations for substantially the same
Budget. John D. Graham, number of contribution base units for
ACTION: Notice of proposed Bulletin and Administrator, Office of Information and which the seller was obligated to
request for comments. Regulatory Affairs. contribute;
[FR Doc. E6–345 Filed 1–13–06; 8:45 am] (B) The purchaser obtains a bond or
SUMMARY: As part of an ongoing effort to places an amount in escrow, for a period
improve the quality, objectivity, utility, of five plan years after the sale, in an
and integrity of information amount equal to the greater of the
disseminated by the Federal seller’s average required annual
Government to the public, the Office of PENSION BENEFIT GUARANTY contribution to the plan for the three
Management and Budget (OMB), in CORPORATION plan years preceding the year in which
consultation with the Office of Science the sale occurred or the seller’s required
and Technology Policy (OSTP), has Exemption From the Bond/Escrow annual contribution for the plan year
referred to the National Academy of Requirement Relating to the Sale of preceding the year in which the sale
Sciences (NAS), for their expert review, Assets by an Employer Who occurred (the amount of the bond or
new guidance to enhance the quality Contributes to a Multiemployer Plan; escrow is doubled if the plan is in
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and objectivity of risk assessments LA Team Co. LLC reorganization in the year in which the
produced by the Federal Government. AGENCY: Pension Benefit Guaranty sale occurred); and
OMB will also be accepting public Corporation. (C) The contract of sale provides that
comment on this document until June if the purchaser withdraws from the
ACTION: Notice of exemption.
15, 2006. plan within the first five plan years

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Federal Register / Vol. 71, No. 10 / Tuesday, January 17, 2006 / Notices 2601

beginning after the sale and fails to pay (2) Would not significantly increase including each club’s contribution to
any of its liability to the plan, the seller the risk of financial loss to the plan. the Fund. In support of the waiver
shall be secondarily liable for the Section 4204(c) of ERISA and section request, the requester asserts that ‘‘[t]he
liability it (the seller) would have had 4204.22(b) of the regulation require the Fund is * * * funded directly from
but for section 4204. PBGC to publish a notice of the revenues which are paid from the
The bond or escrow described above pendency of a request for a variance or Central Fund directly to the Fund
would be paid to the plan if the exemption in the Federal Register, and without passing through the hands of
purchaser withdraws from the plan or to provide interested parties with an any of the Clubs. The revenues of the
fails to make any required contributions opportunity to comment on the Central Fund are * * * not exclusively
to the plan within the first five plan proposed variance or exemption. The or even largely dependent on the
years beginning after the sale. PBGC received no comments on the financial viability of any one Club. [A]
Additionally, section 4204(b)(1) request for exemption. change in ownership of a Club does not
provides that if a sale of assets is Decision affect the obligation of the Central Fund
covered by section 4204, the purchaser to fund the Fund out of the Revenue.
assumes by operation of law the On July 7, 2005, the PBGC published Accordingly, the Fund enjoys a
contribution record of the seller for the a notice of the pendency of a request by substantial degree of security with
plan year in which the sale occurred the LA Team Co. LLC (the ‘‘Buyer’’) for respect to contributions on behalf of the
an exemption from the bond/escrow Clubs, and as such, approval of this
and the preceding four plan years.
requirement of section 4204(a)(1)(B) exemption request would not
Section 4204(c) of ERISA authorizes
with respect to its purchase of the Los significantly increase the risk of
the Pension Benefit Guaranty
Angeles Baseball Team from the Los financial loss to the Fund.’’
Corporation (‘‘PBGC’’) to grant
Angeles Dodgers, Inc. (the ‘‘Seller’’) (70 Based on the facts of this case and the
individual or class variances or
FR 39349). According to the request, the
exemptions from the purchaser’s bond/ representations and statements made in
Major League Baseball Players Pension
escrow requirement of section connection with the request for an
Plan (the ‘‘Fund’’) was established and
4204(a)(1)(B) when warranted. The exemption, the PBGC has determined
is maintained pursuant to a collective
legislative history of section 4204 that an exemption from the bond/
bargaining agreement between the
indicates a Congressional intent that the escrow requirement is warranted, in that
professional major league baseball teams
sales rules be administered in a manner it would more effectively carry out the
(the ‘‘Clubs’’) and the Major League
that assures protection of the plan with purposes of Title IV of ERISA and
Baseball Players Association (the
the least practicable intrusion into would not significantly increase the risk
‘‘Players Association’’).
normal business transactions. Senate According to the Buyer’s of financial loss to the Fund. Therefore,
Committee on Labor and Human representations, the Seller was obligated the PBGC hereby grants the request for
Resources, 96th Cong., 2nd Sess., S. to contribute to the Fund for certain an exemption for the bond/escrow
1076, The Multiemployer Pension Plan employees of the sold operations. requirement. The granting of an
Amendments Act of 1980: Summary Effective February 13, 2004, the Buyer exemption or variance from the bond/
and Analysis of Considerations 16 and Seller entered into an agreement escrow requirement of section
(Comm. Print, April 1980); 128 Cong. under which the Buyer agreed to 4204(a)(1)(B) does not constitute a
Rec. S10117 (July 29, 1980). The purchase substantially all of the assets finding by the PBGC that the transaction
granting of an exemption or variance and assume substantially all of the satisfies the other requirements of
from the bond/escrow requirement does liabilities of the Seller relating to the section 4204(a)(1). The determination of
not constitute a finding by the PBGC business of employing employees under whether the transaction satisfies such
that a particular transaction satisfies the the Fund. The Buyer agreed to other requirements is a determination to
other requirements of section 4204(a)(1). contribute to the Fund for substantially be made by the Fund sponsor.
Under the PBGC’s regulation on the same number of contribution base Issued at Washington, DC, on this 9th day
variances for sales of assets (29 CFR part units as the Seller. The Seller agreed to of January 2006.
4204), a request for a variance or waiver be secondarily liable for any withdrawal Bradley D. Belt,
of the bond/escrow requirement under liability it would have had with respect Executive Director.
any of the tests established in the to the sold operations (if not for section [FR Doc. E6–383 Filed 1–13–06; 8:45 am]
regulation (sections 4204.12 & 4204.13) 4204) should the Buyer withdraw from BILLING CODE 7708–01–P
is to be made to the plan in question. the Fund within the five plan years
The PBGC will consider waiver requests following the sale and fail to pay its
only when the request is not based on withdrawal liability. The amount of the
satisfaction of one of the three bond/escrow required under section RAILROAD RETIREMENT BOARD
regulatory tests or when the parties 4204(a)(1)(B) of ERISA is $2,466,666.67. Proposed Collection; Comment
assert that the financial information The estimated amount of the unfunded Request
necessary to show satisfaction of one of vested benefits allocable to the Seller
the regulatory tests is privileged or with respect to the operations subject to SUMMARY: In accordance with the
confidential financial information the sale could be as high as $32,300,000. requirement of Section 3506(c)(2)(A) of
within the meaning of 5 U.S.C. 552(b)(4) The transaction had to be approved by the Paperwork Reduction Act of 1995
of the Freedom of Information Act. Major League Baseball, which required which provides opportunity for public
Under section 4204.22 of the that the debt-equity ratio of the Buyer be comment on new or revised data
regulation, the PBGC shall approve a no more than 60 percent. While the collections, the Railroad Retirement
request for a variance or exemption if it separate major league clubs are the Board (RRB) will publish periodic
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determines that approval of the request nominal contributing employers to the summaries of proposed data collections.
is warranted, in that it: Fund, the Major League Central Fund, Comments are invited on: (a) Whether
(1) Would more effectively or under the Officer of the Commissioner, the proposed information collection is
equitably carry out the purposes of Title receives the revenues and makes the necessary for the proper performance of
IV of the Act; and payments for certain common expenses the functions of the agency, including

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