[Federal Register: November 24, 2006 (Volume 71, Number 226)]
[Notices]
[Page 67932-67933]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24no06-121]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Disclosure to Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval.
-----------------------------------------------------------------------
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 a collection of
information in its regulation on Disclosure to Participants (29 CFR
Part 4011) (OMB control number 1212-0050). This notice informs the
public of the PBGC's request and solicits public comment on the
collection of information.
DATES: Comments should be submitted by December 26, 2006.
ADDRESSES: Comments may be mailed to the Office of Information and
Regulatory Affairs of the Office of Management and Budget, Attention:
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC
20503. Copies of the request for extension may be obtained without
charge by writing to the Disclosure Division of the Office of the
General Counsel of PBGC at 1200 K Street, NW., 11th Floor, Washington,
DC 20005-4026, or by visiting or calling (202-326-4040) the Disclosure
Division 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 regulation on Disclosure to
Participants can be accessed on the PBGC's Web site at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.pbgc.gov
.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, Legislative
and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K
Street, NW, Washington, DC 20005-4026, 202-326-4024. (TTY and TDD users
may call the Federal relay service toll-free at 1-800-877-8339 and ask
to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: Section 4011 of the Employee Retirement
Income Security Act of 1974 requires plan administrators of certain
underfunded single-employer pension plans to provide an annual notice
to plan participants and beneficiaries of the plan's funding status and
the limits on the PBGC's guarantee. The PBGC's regulation implementing
this provision (29 CFR Part 4011) prescribes which plans are subject to
the notice
[[Page 67933]]
requirement, who is entitled to receive the notice, and the time, form,
and manner of issuance of the notice. The notice provides recipients
with meaningful, understandable, and timely information that will help
them become better informed about their plans and assist them in their
financial planning.
The Pension Protection Act of 2006 repealed section 4011 of ERISA
for plan years starting after 2006. However, plan administrators of
non-calendar year plans required to provide a Participant Notice for
the 2006 plan year will, in most cases, provide those notices in
calendar year 2007. In addition, PBGC expects that during the next
three years a small number of plan administrators will issue late or
corrected Participant Notices for 2006 or earlier plan years.
The collection of information under the regulation has been
approved by OMB under control number 1212-0050 (expires December 31,
2006). The PBGC is requesting that OMB extend its approval 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.
The PBGC estimates that an average of 764 Participant Notices per
year will be filed by plan administrators in response to this
collection of information. PBGC further estimates that the average
annual burden of this collection of information on respondents is 1.38
hours and $380 per plan, with an average total annual burden of 1,057
hours and $290,675.
Issued in Washington, DC, this 20th day of November, 2006.
Jon Baake,
Acting Chief Technology Officer, Pension Benefit Guaranty Corporation.
[FR Doc. E6-19854 Filed 11-22-06; 8:45 am]
BILLING CODE 7709-01-P