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11450 Federal Register / Vol. 73, No.

42 / Monday, March 3, 2008 / Notices

Washington, DC 20555–0001, Attention: PENSION BENEFIT GUARANTY number of contribution base units for
Rulemaking and Adjudications Staff; or CORPORATION which the seller was obligated to
(2) courier, express mail, or expedited contribute;
delivery service to the Office of the Approval of Variance From the Bond/ (B) The purchaser obtains a bond or
Secretary, Sixteenth Floor, One White Escrow Requirement Relating to the places an amount in escrow, for a period
Flint North, 11555 Rockville Pike, Sale of Assets by an Employer Who of five plan years after the sale, in an
Rockville, Maryland 20852, Attention: Contributes to a Multiemployer Plan: amount equal to the greater of the
Rulemaking and Adjudications Staff. P&O Ports Florida, Inc. seller’s average required annual
contribution to the plan for the three
Participants filing a document in this AGENCY: Pension Benefit Guaranty
plan years preceding the year in which
manner are responsible for serving the Corporation.
the sale occurred or the seller’s required
document on all other participants. ACTION: Notice of approval. annual contribution for the plan year
Filing is considered complete by first- preceding the year in which the sale
class mail as of the time of deposit in SUMMARY: The Pension Benefit Guaranty
Corporation has granted a request from occurred (the amount of the bond or
the mail, or by courier, express mail, or escrow is doubled if the plan is in
expedited delivery service upon the P&O Ports Florida, Inc., (‘‘P&O
Ports’’) for a variance from the bond/ reorganization in the year in which the
depositing the document with the sale occurred); and
escrow requirement of section
provider of the service. (C) The contract of sale provides that
4204(a)(1)(B) of the Employee
Documents submitted in adjudicatory Retirement Income Security Act of 1974, if the purchaser withdraws from the
proceedings will appear in NRC’s plan within the first five plan years
as amended, with respect to the Tampa
electronic hearing docket which is beginning after the sale and fails to pay
Maritime Association-International
available to the public at http:// any of its liability to the plan, the seller
Longshoremen’s Association Pension
shall be secondarily liable for the
ehd.nrc.gov/EHD_Proceeding/home.asp, Plan. A notice of the request for a
liability it would have had but for
unless excluded pursuant to an order of variance from the requirement was
section 4204.
the Commission, an Atomic Safety and published on August 3, 2007 (72 FR The bond or escrow described above
Licensing Board, or a Presiding Officer. 43297). The effect of this notice is to would be paid to the plan if the
Participants are requested not to include advise the public of the decision on the purchaser withdraws from the plan or
personal privacy information, such as request. fails to make any required contributions
social security numbers, home ADDRESSES: The non-confidential to the plan within the first five plan
addresses, or home phone numbers in portions of the request for a variance years beginning after the sale.
their filings. With respect to copyrighted and any PBGC response to the request Additionally, under section 4204(b)(1),
works, except for limited excerpts that may be obtained by writing PBGC’s if a sale of assets is covered by section
serve the purpose of the adjudicatory Communications and Public Affairs 4204, the purchaser assumes by
filings and would constitute a Fair Use Department (CPAD) at Suite 1200, 1200 operation of law the contribution record
application, Participants are requested K Street, NW., Washington, DC 20005– of the seller for the plan year in which
not to include copyrighted materials in 4026, or by visiting or calling CPAD the sale occurred and the preceding four
their works. during normal business hours (202– plan years.
326–4040). Section 4204(c) of ERISA authorizes
If a person other than Accurate NDE FOR FURTHER INFORMATION CONTACT: Eric the Pension Benefit Guaranty
requests a hearing, that person shall set Field, Attorney, Office of the Chief Corporation (‘‘PBGC’’) to grant
forth with particularity the manner in Counsel, Pension Benefit Guaranty individual or class variances or
which his interest is adversely affected Corporation, 1200 K Street, NW., exemptions from the purchaser’s bond/
by this Order and shall address the Washington, DC 20005–4026; telephone escrow requirement of section
criteria set forth in 10 CFR 2.309(d). 202–326–4020. (For TTY/TDD users, 4204(a)(1)(B) when warranted. The
If a hearing is requested by a person call the Federal Relay Service toll-free at legislative history of section 4204
whose interest is adversely affected, the 1–800–877–8339 and ask to be indicates a Congressional intent that the
Commission will issue an Order connected to 202–326–4020). asset sale rules be administered in a
designating the time and place of any SUPPLEMENTARY INFORMATION: manner that assures protection of the
hearing. If a hearing is held, the issue to plan with the least practicable intrusion
Background into normal business transactions.
be considered at such hearing shall be
Under section 4204 of the Employee Senate Committee on Labor and Human
whether this Confirmatory Order should
Retirement Income Security Act of 1974, Resources, 96th Cong., 2nd Sess., S.
be sustained. An answer or a request for
as amended by the Multiemployer 1076, The Multiemployer Pension Plan
hearing shall not stay the immediate Pension Plan Amendments Act of 1980 Amendments Act of 1980: Summary
effectiveness of this order. (‘‘ERISA’’ or ‘‘the Act’’), a complete or and Analysis of Considerations 16
Dated this 20th day of February, 2008. partial withdrawal of an employer from (Comm. Print, April 1980); 128 Cong.
For the Nuclear Regulatory Commission. a multiemployer plan does not occur Rec. S10117 (July 29, 1980). The
solely because, as a result of a bona fide granting of a variance or an exemption
Elmo E. Collins,
arm’s-length sale of assets to an from the bond/escrow requirement
Regional Administrator. unrelated party, the seller ceases under section 4204(a)(1)(B) does not
[FR Doc. E8–4025 Filed 2–29–08; 8:45 am] covered operations or ceases to have an constitute a finding by the PBGC that a
BILLING CODE 7590–01–P obligation to contribute for such particular transaction satisfies the other
operations, if the following conditions requirements of section 4204(a)(1).
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under section 4204(a)(1)(A)–(C) of Under the PBGC’s regulation on

ERISA are met: variances or exemptions from the
(A) The purchaser has an obligation to requirements of section 4204(a)(1)(B)
contribute to the plan with respect to and (C) with respect to sales of assets
the operations for substantially the same (29 CFR Part 4204), a request for a

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Federal Register / Vol. 73, No. 42 / Monday, March 3, 2008 / Notices 11451

variance of the bond/escrow (1) The purchase agreement expressly Issued at Washington, DC, on this 21st day
requirement under any of the tests obligates the Purchaser to contribute to of February, 2008.
established in the regulation (sections the Plan for substantially the same Charles E. F. Millard,
4204.12 & 4204.13) is made to the plan contribution base units for which the Director, Pension Benefit Guaranty
in question. The PBGC will consider Seller was obligated, Corporation.
variance or exemption requests only [FR Doc. E8–3990 Filed 2–29–08; 8:45 am]
(2) The Seller agrees to be secondarily
when the request is not based on BILLING CODE 7708–01–P
satisfaction of one of the three liable for any withdrawal liability it
regulatory tests or when the parties would have had with respect to the sold
assert that the financial information operations, but for section 4204, should
the Purchaser withdraw from the Plan SECURITIES AND EXCHANGE
necessary to show satisfaction of one of COMMISSION
the regulatory tests is privileged or within the five plan years following the
confidential financial information sale and fail to pay its withdrawal [Investment Company Act Release No.
within the meaning of section 552(b)(4) liability, and, 28170; 812–13481]
of the Freedom of Information Act, 5 (3) The Purchaser agrees to post a Eaton Vance Mutual Funds Trust, et
U.S.C. 552. bond, establish an escrow, or seek a
Under section 4204.22 of the al.; Notice of Application
variance from the bond/escrow
regulation, the PBGC shall approve a requirement. February 26, 2008.
request for a variance or exemption if it AGENCY: Securities and Exchange
determines that approval of the request The amount of the bond/escrow
Commission (‘‘Commission’’).
is warranted, based on the following required under section 4204(a)(1)(B) of
ACTION: Notice of an application under
reasons: ERISA is $421,864. On April 9, 2007,
(1) The approval of a variance or section 6(c) of the Investment Company
the Purchaser established on behalf of
exemption would more effectively or Act of 1940 (‘‘Act’’) for an exemption
the Plan an escrow account through
equitably carry out the purposes of Title from rule 12d1–2(a) under the Act.
Bank of America in that amount. The
IV of ERISA; and estimated amount of the withdrawal Summary of Application: Applicants
(2) The approval of a variance or liability of the Seller with respect to the request an order to permit funds of
exemption would not significantly operations subject to the sale is funds relying on rule 12d1–2 under the
increase the risk of financial loss to the $1,191,462. The Purchaser asserts that Act to invest in certain financial
plan. certain financial information to support instruments.
Section 4204(c) of ERISA and section Applicants: Eaton Vance Mutual
its request for a variance from the bond/
4204.22(b) of the regulation require the Funds Trust, Eaton Vance Special
escrow requirement is privileged and
PBGC to publish a notice of the Investment Trust (the ‘‘Trusts’’), Eaton
pendency of a request for a variance or confidential. Consequently, as permitted
by the PBGC regulation in these Vance Management (‘‘EVM’’), Boston
exemption in the Federal Register, and Management and Research (‘‘BMR,’’
to provide interested parties with an circumstances, the request is directed to
the PBGC, rather than the Plan. together with EVM, the ‘‘Advisers’’),
opportunity to comment on the and Eaton Vance Distributors, Inc. (the
proposed variance or exemption. The Accordingly, the Purchaser submitted to
the PBGC financial statements showing ‘‘Distributor’’).
PBGC received no comments on P&O Filing Dates: The application was
Ports’ request for a variance. that the amount of the net tangible
filed on January 18, 2008, and amended
assets of the Purchaser’s controlled
Decision on January 30, 2008.
group significantly exceed the Seller’s
On August 3, 2007, the PBGC Hearing or Notification of Hearing: An
estimated withdrawal liability of order granting the application will be
published a notice of the pendency of a $1,191,462.
request by P&O Ports (the ‘‘Purchaser’’) issued unless the Commission orders a
Based on the facts of this case and the hearing. Interested persons may request
for a variance or exemption (‘‘variance’’)
representations and statements made in a hearing by writing to the
from the bond/escrow requirement of
section 4204(a)(1)(B) regarding its connection with the request for an Commission’s Secretary and serving
purchase of SSA Gulf, Inc., d/b/a exemption, PBGC has determined that a applicants with a copy of the request,
Harborside Refrigeration and Garrison variance from the bond/escrow personally or by mail. Hearing requests
(the ‘‘Seller’’) (72 FR 4538). According requirement is warranted, in that it should be received by the Commission
to the request, the Seller was obligated would more effectively carry out the by 5:30 p.m. on March 24, 2008 and
to contribute to Tampa Maritime purposes of Title IV of ERISA and should be accompanied by proof of
Association-International would not significantly increase the risk service on applicants, in the form of an
Longshoremen’s Association Pension of financial loss to the Plan. Therefore, affidavit or, for lawyers, a certificate of
Plan (the ‘‘Plan’’), a multiemployer the PBGC hereby grants the request for service. Hearing requests should state
defined benefit pension plan, pursuant a variance from the bond/escrow the nature of the writer’s interest, the
to a collective bargaining agreement requirement. reason for the request, and the issues
with Local 1402 of the International contested. Persons who wish to be
The granting of a variance or an notified of a hearing may request
Longshoremen’s Association. exemption from the bond/escrow
According to the Purchaser’s notification by writing to the
requirement of section 4204(a)(1)(B) Commission’s Secretary.
representations, the Purchaser acquired,
does not constitute a finding by the ADDRESSES: Secretary, Commission, 100
under an asset sale agreement effective
PBGC that the transaction satisfies the F Street, NE., Washington, DC 20549–
May 26, 2006, the business assets of the
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Seller’s stevedoring and related other requirements of section 4204(a)(1). 1090; Applicants, 255 State Street,
businesses in the Port of Tampa. The The determination of whether the Boston, MA 02109.
parties structured the transaction to transaction satisfies such other FOR FURTHER INFORMATION CONTACT:
comply with section 4204 of ERISA, and requirements is a determination to be Lewis Reich, Senior Counsel, at (202)
the Purchaser represents the following: made by the Plan sponsor. 551–6919, or Nadya B. Roytblat,

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