[Federal Register: November 21, 2008 (Volume 73, Number 226)]
[Notices]
[Page 70680-70681]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21no08-95]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Notice of Failure To Make Required Contributions
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request extension of OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval
(with modifications), under the Paperwork Reduction Act, of the
collection of information under Part 4043 of its regulations relating
to Notice of Failure to Make Required Contributions (OMB control number
1212-0041; expires February 28, 2009). This notice informs the public
of the PBGC's intent and solicits public comment on the collection of
information.
DATES: Comments must be submitted by January 20, 2009.
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.
E-mail: paperwork.comments@pbgc.gov.
Fax: 202-326-4224.
Mail or Hand Delivery: Legislative and Regulatory
Department, Pension 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 and
TDD users may call the Federal relay service toll-free at 1-800-877-
8339 and ask to be connected to 202-326-4040.) The reportable events
regulations, forms, and instructions may be accessed on the PBGC's Web
site at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: James Bloch, Program Analyst,
Legislative and Policy Division, or Catherine B. Klion, Manager,
Regulatory and Policy Division, Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026; 202-326-4024. (For TTY/TDD users, call the Federal relay
service toll-free at 1-800-877-8339 and ask to be connected to 202-326-
4024.)
SUPPLEMENTARY INFORMATION: Section 303(k) of the Employee Retirement
Income Security Act of 1974 (``ERISA'') and section 430(k) of the
Internal Revenue Code of 1986 (``Code'') impose a lien in favor of an
underfunded single-employer plan that is covered by the termination
insurance program if (1) any person fails to make a contribution
payment when due, and (2) the unpaid balance of that payment (including
interest), when added to the aggregate unpaid balance of all preceding
payments for which payment was not made when due (including interest),
exceeds $1 million. (For this purpose, a plan is underfunded if its
funding target attainment percentage is less than 100 percent.) The
lien is upon all property and rights to property belonging to the
person or persons who are liable for required contributions (i.e., a
contributing sponsor and each member of the controlled group of which
that contributing sponsor is a member).
Only the PBGC (or, at its direction, the plan's contributing
sponsor or a member of the same controlled group) may perfect and
enforce this lien. ERISA and the Code require persons committing
payment failures to notify the PBGC within 10 days of the due date
whenever there is a failure to make a required payment and the total of
the unpaid balances (including interest) exceeds $1 million.
PBGC Form 200, Notice of Failure to Make Required Contributions,
and related filing instructions implement the statutory notification
requirement. Submission of Form 200 is required by 29 CFR 4043.81. The
form and instructions have been revised to remove information that is
no longer applicable in light of changes made by the Pension Protection
Act of 2006 and to refer to interim guidance issued by PBGC.
The collection of information under the regulation has been
approved through February 28, 2009, by OMB under control number 1212-
0041. The PBGC intends to request that OMB extend approval (with
modifications) for another 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.
The PBGC estimates that it will receive 185 Form 200 filings per
year under this collection of information. The PBGC further estimates
that the average annual burden of this collection of information is 873
hours and $305,550.
The 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
[[Page 70681]]
are to respond, including through the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses.
Issued in Washington, DC, this 18th day of November, 2008.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. E8-27767 Filed 11-20-08; 8:45 am]
BILLING CODE 7709-01-P