[Federal Register: August 16, 2007 (Volume 72, Number 158)]
[Notices]
[Page 46109-46110]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16au07-120]
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PENSION BENEFIT GUARANTY CORPORATION
Agency Information Collection Activities: Submission of
Information Collection for OMB Review--Termination of Single Employer
Plans; Missing Participants; PBGC Forms 500-501, 600-602
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of 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 a collection of
information in its regulations on Termination of Single Employer Plans
and Missing Participants, and implementing forms and instructions (OMB
control number 1212-0036, expires September 30, 2007). This notice
informs the public of PBGC's request and solicits public comment on the
collection of information.
DATES: Comments should be submitted by September 17, 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 extension (including the collection of
information) 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.
The regulations and forms and instructions relating to this collection
of information may be accessed 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
.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, Legislative
and Regulatory Department, Pension Benefit Guaranty Corporation, 1200
K. Street, NW., Washington, DC 20005, 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 202-326-4223, ext. 3072.)
SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee
[[Page 46110]]
Retirement Income Security Act of 1974, as amended (ERISA), a single-
employer pension plan may terminate voluntarily only if it satisfies
the requirements for either a standard or a distress termination.
Pursuant to ERISA section 4041(b), for standard terminations, and
section 4041(c), for distress terminations, and PBGC's termination
regulation (29 CFR part 4041), a plan administrator wishing to
terminate a plan is required to submit specified information to PBGC in
support of the proposed termination and to provide specified
information regarding the proposed termination to third parties
(participants, beneficiaries, alternate payees, and employee
organizations). In the case of a plan with participants or
beneficiaries who cannot be located when their benefits are to be
distributed, the plan administrator is subject to the requirements of
ERISA section 4050 and PBGC's missing participants regulation (29 CFR
part 4050). As noted above, these regulations may be accessed 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.
The collection of information under these regulations and the
implementing forms and instructions has been approved by OMB under
control number 1212-0036 (expires September 30, 2007). 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.
PBGC estimates that 1,259 plan administrators will be subject to
the collection of information requirements in PBGC's termination and
missing participants regulations and implementing forms and
instructions each year, and that the total annual burden of complying
with these requirements is 2,081 hours and $2,766,679. Much of the work
associated with terminating a plan is performed for purposes other than
meeting these requirements.
Issued in Washington, DC, this 10th day of August, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. E7-16102 Filed 8-15-07; 8:45 am]
BILLING CODE 7709-01-P