96-17800. Allocation of Fiduciary Responsibility

[Federal Register Volume 61, Number 135 (Friday, July 12, 1996)]
[Rules and Regulations]
[Pages 36609-36610]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17800]


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[[Page 36610]]

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1660


Allocation of Fiduciary Responsibility

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Final rule.

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SUMMARY: The Executive Director of the Federal Retirement Thrift 
Investment Board (Board) is removing 5 CFR Part 1660, which has been 
superseded by regulations issued by the United States Department of 
Labor.

EFFECTIVE DATE: August 12, 1996.

FOR FURTHER INFORMATION CONTACT: David L. Hutner, Federal Retirement 
Thrift Investment Board, 1250 H Street, NW., Washington, DC 20005. By 
telephone: [phone].

SUPPLEMENTARY INFORMATION: Section 114(a)(1) of the Federal Employees' 
Retirement System Technical Corrections Act of 1986, Public Law 99-556, 
100 Stat. 3133 (October 27, 1986) authorized the Board to establish 
procedures by which fiduciaries of the Thrift Savings Plan (TSP) could 
allocate their fiduciary responsibilities. Sections 114(a) (1) and (2) 
of the statute further provided that the authority to make allocations 
under the procedures established by the Board, as well as any 
allocation made under those procedures, would expire upon the earlier 
of December 31, 1988, or the effective date of final regulations issued 
by the United States Department of Labor (DOL) under 5 U.S.C. 
8477(e)(1)(E).
    The Board published interim regulations governing allocation of 
fiduciary responsibilities at 52 FR 38,221 (October 15, 1987). The 
interim regulations were codified at 5 CFR part 1660.
    On December 29, 1988, DOL published final rules governing 
allocation of fiduciary responsibility with respect to the TSP at 53 FR 
52,684. The final rules were codified at 29 CFR part 2584. Because 5 
CFR part 1660 was superseded by the final regulations issued by DOL and 
no longer has any force or effect, its removal is appropriate. The 
removal of the expired regulation has no legal consequences; it is, in 
essence, a housekeeping matter.

Regulatory Flexibility Act

    I certify that removal of these regulations will not have a 
significant economic impact on a substantial number of small entities.

 Paperwork Reduction Act

    I certify that removal of these regulations will not require 
additional reporting under the criteria of the Paperwork Reduction Act 
of 1980.

Waiver of Notice of Proposed Rulemaking

    Pursuant to 5 U.S.C. 553(b)(B), I find that good cause exists for 
waiving the general notice of proposed rulemaking. Under section 114(a) 
of the Federal Employees' Retirement System Technical Corrections Act 
of 1986 (Pub. L. No. 99-556, 100 Stat. 3133), the force and effect of 5 
CFR part 1660 expired on December 29, 1988. Since the removal of the 
expired regulation has no legal consequences, publishing a proposal to 
remove it is unnecessary, impractical and contrary to the pubic 
interest.

List of Subjects in 5 CFR Part 1660

    Employee benefit plans, Government employees, Retirement, Pensions.
Roger W. Mehle,
Executive Director, Federal Retirement Thrift Investment Board.

PART 1660--[REMOVED]

    Under the authority of 5 U.S.C. 8474 (b) and section 114 of Pub. L. 
99-556, and for the reasons set out in the preamble, 5 CFR part 1660 is 
removed.

[FR Doc. 96-17800 Filed 7-11-96; 8:45 am]
BILLING CODE 6760-01-M