[Federal Register Volume 77, Number 36 (Thursday, February 23, 2012)]
[Notices]
[Pages 10786-10787]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2012-4215]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Annual Financial and Actuarial Information Reporting
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) extend approval, under
the Paperwork Reduction Act, of its collection of information for
annual financial and actuarial information reporting under 29 CFR Part
4010 (OMB control number 1212-0049; expiring March 31, 2012). This
notice informs the public of PBGC's request and solicits public comment
on the collection of information.
DATES: Comments must be submitted by March 26, 2012.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov/.
Follow the Web site instructions for submitting comments.
Email: reg.comments@pbgc.gov.
Fax: 202-326-4224.
Mail or Hand Delivery: Legislative and Regulatory
Department, Pension
[[Page 10787]]
Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-
4026.
Comments received, including personal information provided, will be
posted to http://www.pbgc.gov/.
Copies of the collection of information and comments may be
obtained without charge by writing to the Disclosure Division, Office
of General Counsel, at the above address or by visiting the Disclosure
Division or calling 202-326-4040 during normal business hours. (TTY/TDD
users may call the Federal relay service toll-free at 1-800-877-8339
and ask to be connected to 202-326-4040.)
FOR FURTHER INFORMATION CONTACT: Grace H. Kraemer, Attorney, or
Catherine B. Klion, Manager Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026; 202-326-4024. (TTY/TDD users may call the Federal relay
service toll-free at 1-800-877-8339 and ask to be connected to 202-326-
4024.)
SUPPLEMENTARY INFORMATION: Section 4010 of the Employee Retirement
Income Security Act of 1974 (ERISA) requires each member of a
controlled group to submit financial and actuarial information to PBGC
under certain circumstances. PBGC's regulation on Annual Financial and
Actuarial Information (29 CFR Part 4010) specifies the items of
identifying, financial, and actuarial information that filers must
submit. PBGC reviews the information that is filed and enters it into
an electronic database for more detailed analysis. Computer-assisted
analysis of this information helps PBGC to anticipate possible major
demands on the/pension insurance system and to focus PBGC resources on
situations that pose the greatest risk to the system. Because other
sources of information are usually not as current as the 4010
information and do not reflect a plan's termination liability, 4010
filings play a major role in PBGC's ability to protect participant and
premium-payer interests.
ERISA section 4010 and PBGC's 4010 regulation specify that each
controlled group member must provide PBGC with certain financial
information, including audited (if available) or (if not) unaudited
financial statements. They also specify that the controlled group must
provide PBGC with certain actuarial information necessary to determine
the liabilities and assets for all PBGC-covered plans. All non-public
information submitted is protected from disclosure. Reporting is
accomplished through PBGC's secure e-4010 web-based application.
OMB has approved the 4010 collection of information under control
number 1212-0049 through March 31, 2012. PBGC is requesting that OMB
extend approval of this collection of information for three years. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number.
PBGC estimates that approximately 300 controlled groups will be
subject to 4010 reporting requirements. PBGC further estimates that the
total annual burden of this collection of information will be 2,620
hours and $5,088,000.
PBGC is soliciting public comments to--
Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodologies and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology.
Issued in Washington, DC, this 16th day of February, 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2012-4215 Filed 2-22-12; 8:45 am]
BILLING CODE 7709-01-P