[Federal Register: June 15, 2007 (Volume 72, Number 115)]
[Notices]               
[Page 33260]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15jn07-96]                         

=======================================================================
-----------------------------------------------------------------------

PENSION BENEFIT GUARANTY CORPORATION

 
Submission of Information Collection for OMB Review; Comment 
Request; Procedures for Implementing Multiemployer Plan Elections

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for OMB approval.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) approve, under the 
Paperwork Reduction Act, a collection of information under its 
procedures on multiemployer plan elections. 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 July 16, 2007.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at OIRA_DOCKET@omb.eop.gov or by fax to (202) 395-6974.
    Copies of the request for approval (including the procedures) may 
be obtained without charge by writing to the Disclosure Division of the 
Office of the General Counsel of PBGC at the above address, visiting 
the Disclosure Division, faxing a request to 202-326-4042, 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 Disclosure Division will e-mail, fax, 
or mail the request to you, as you request.

FOR FURTHER INFORMATION CONTACT: Constance Markakis, Attorney, 
Legislative and Regulatory Department, Pension Benefit Guaranty 
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4000, ext. 6779. (For TTY and TDD, call 800-877-8339 and request 
connection to 202-326-4000, ext. 6779.)

SUPPLEMENTARY INFORMATION: Section 1106 of the Pension Protection Act 
of 2006 (Pub. L. 109-280) (``PPA 2006''), as modified by Public Law 
110-028, amends the definition of a ``multiemployer plan'' in Title I 
of ERISA and the Internal Revenue Code of 1986 to allow certain plans 
to elect to be multiemployer plans pursuant to procedures prescribed by 
PBGC.
    A plan is eligible for the election if it is (1) a plan revoking a 
previous election to remain a single-employer plan under section 
3(37)(E) of ERISA, or (2) a plan with respect to which substantially 
all employer contributions were made by tax-exempt employers. In either 
case, for three prior plan years, the plan must have been a plan to 
which more than one employer was required to contribute that was 
maintained pursuant to one or more collective bargaining agreements. 
PPA 2006 also imposes other requirements for an election, and provides 
certain exemptions from the requirements. All elections must be made by 
August 17, 2007.
    PBGC procedures for implementing these multiemployer plan elections 
require a plan to submit specified information to PBGC to demonstrate 
that it meets the statutory eligibility requirements. On April 13, 2007 
(72 FR 18692), PBGC published a notice informing the public that it 
intended to request OMB approval of the procedures and soliciting 
public comment. PBGC received four comments on the procedures (posted 
on PBGC's Web site at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.pbgc.gov/docs/ppa1106.pdf). PBGC has 

revised the procedures, taking into account these comments and the 
statutory changes in Public Law 110-028.
    The PBGC is requesting that OMB approve this collection of 
information for three years. (Although plans must make an election by 
August 17, 2007, PBGC may request additional information, after that 
date, that is needed to review the election.) 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 approximately 35 plans will respond to this 
collection of information. The PBGC further estimates that the average 
burden of this collection of information will be 2.5 hours and $1,875 
per plan, with an average total burden of 87.5 hours and $65,625.

    Issued in Washington, DC, this 13th day of June, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department Pension Benefit 
Guaranty Corporation.
[FR Doc. E7-11691 Filed 6-14-07; 8:45 am]

BILLING CODE 7709-01-P