[Federal Register Volume 75, Number 38 (Friday, February 26, 2010)]
[Rules and Regulations]
[Pages 8795-8796]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3917]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 /
Rules and Regulations
[[Page 8795]]
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1631
Availability of Records
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Final rule.
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SUMMARY: The Federal Retirement Thrift Investment Board (Agency) is
amending its regulations on availability of records to establish the
manner of service for administrative subpoenas issued by the Agency and
to delegate authority to the Agency's General Counsel to issue
administrative subpoenas. These changes implement section 107 of the
Thrift Savings Plan Enhancement Act of 2009, which gave the Agency
authority to issue subpoenas duces tecum in order to carry out the
Agency's functions.
DATES: This final rule is effective February 26, 2010.
FOR FURTHER INFORMATION CONTACT: Laurissa Stokes at 202-942-1645.
SUPPLEMENTARY INFORMATION: The Agency administers the Thrift Savings
Plan (TSP), which was established by the Federal Employees' Retirement
System Act of 1986 (FERSA), Public Law 99-335, 100 Stat. 514. The TSP
provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351
and 8401-79. The TSP is a tax-deferred retirement savings plan for
Federal civilian employees and members of the uniformed services. The
TSP is similar to cash or deferred arrangements established for
private-sector employees under section 401(k) of the Internal Revenue
Code (26 U.S.C. 401(k)).
This regulation was published in proposed form on January 19, 2010
(75 FR 2822). No comments were received.
Issuance of Subpoenas
Section 107 of the Thrift Savings Plan Enhancement Act of 2009
(``the Act''), Public Law 111-31 (123 Stat. 1776, 1853)(codified at 5
U.S.C. 8480) authorizes the Agency to issue administrative subpoenas to
compel production of designated books, documents, records,
electronically stored information, or tangible things. The Agency, like
other financial institutions, has been the subject of fraudulent
withdrawals from its participants' accounts. The Agency anticipates
using its subpoena authority to obtain information necessary to prevent
or investigate fraudulent or otherwise improper routing of
participants' money to financial institutions.
The Agency, therefore, needs an expeditious means to obtain
information from financial institutions to which participants' money is
transferred. Prompt action and cooperation from financial institutions
is the best way to recover or deter fraudulent or improper routing of
participants' money.
This regulation provides three means by which the Agency may serve
an administrative subpoena: (1) Certified or registered mail, return
receipt requested, (2) fax or electronic transmission, provided the
subpoenaed party gives prior approval, or (3) personal delivery at the
principal place of business or the last known residential address of
the subpoenaed party. This regulation also delegates authority to the
General Counsel to issue administrative subpoenas.
Allowing the use of several alternative means to accomplish service
is intended to facilitate expeditious cooperation between the Agency
and financial institutions in an effort to prevent or investigate
fraudulent withdrawals and transfers. Delegation to the General Counsel
of the authority to issue administrative subpoenas is intended to
expedite the issuances of subpoenas, e.g. by removing the need for the
staff of the Office of General Counsel to seek Executive Director
approval for issuances that are routine or urgent.
Regulatory Flexibility Act
I certify that this regulation will not have a significant economic
impact on a substantial number of small entities. This regulation will
affect Federal employees and members of the uniformed services who
participate in the Thrift Savings Plan, which is a Federal defined
contribution retirement savings plan created under the Federal
Employees' Retirement System Act of 1986 (FERSA), Public Law 99-335,
100 Stat. 514, and which is administered by the Agency. Although it
will also occasionally require financial institutions to provide
information, such entities rarely constitute small entities.
Additionally, this regulation provides the Agency with no new
authority; it merely provides guidance on existing statutory authority.
Paperwork Reduction Act
I certify that these regulations do not require additional
reporting under the criteria of the Paperwork Reduction Act.
Unfunded Mandates Reform Act of 1995
Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602,
632, 653, 1501-1571, the effects of this regulation on state, local,
and tribal governments and the private sector have been assessed. This
regulation will not compel the expenditure in any one year of $100
million or more by state, local, and tribal governments, in the
aggregate, or by the private sector. Therefore, a statement under
section 1532 is not required.
Submission to Congress and the General Accounting Office
Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report
containing this rule and other required information to the U.S. Senate,
the U.S. House of Representatives, and the Comptroller General of the
United States before publication of this rule in the Federal Register.
This rule is not a major rule as defined at 5 U.S.C. 804(2).
List of Subjects in 5 CFR Part 1631
Government employees, Courts, Freedom of information.
Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.
0
For the reasons stated in the preamble, the Agency amends 5 CFR chapter
VI as follows:
PART 1631--AVAILABILITY OF RECORDS
0
1. Remove the existing authority citation for part 1631.
[[Page 8796]]
Subpart A--[Amended]
0
2. Add an authority citation to subpart A of part 1631 to read as
follows:
Authority: 5 U.S.C. 552.
Subpart B--[Amended]
0
3. Add an authority citation to subpart B of part 1631 to read as
follows:
Authority: 5 U.S.C. 552.
0
4. Add subpart C to subpart 1631 to read as follows:
Subpart C--Administrative Subpoenas
Sec.
1631.40 Subpoena authority.
1631.41 Production of records.
1631.42 Service.
1631.43 Enforcement.
Authority: 5 U.S.C. 8480.
Subpart C--Administrative Subpoenas
Sec. 1631.40 Subpoena authority.
The Executive Director or General Counsel may issue subpoenas
pursuant to 5 U.S.C. 8480. The General Counsel may delegate this
authority to a Deputy General Counsel, Associate General Counsel, or
Assistant General Counsel.
Sec. 1631.41 Production of records.
A subpoena may require the production of designated books,
documents, records, electronically stored information, or tangible
materials in the possession or control of the subpoenaed party when the
individual signing the subpoena has determined that production is
necessary to carry out any of the Agency's functions.
Sec. 1631.42 Service.
(a) Return of service. Each subpoena shall be accompanied by a
Return of Service certificate stating the date and manner of service
and the names of the persons served.
(b) Methods of service. Subpoenas shall be served by one of the
following methods:
(1) Certified or registered mail, return receipt requested to the
principal place of business or the last known residential address of
the subpoenaed party.
(2) Fax or electronic transmission to the subpoenaed party or the
subpoenaed party's counsel, provided the subpoenaed party gives prior
approval.
(3) Personal delivery at the principal place of business or
residence of the subpoenaed party during normal business hours.
Sec. 1631.43 Enforcement.
Upon the failure of any party to comply with a subpoena, the
General Counsel shall request that the Attorney General seek
enforcement of the subpoena in the appropriate United States district
court.
[FR Doc. 2010-3917 Filed 2-25-10; 8:45 am]
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