[Federal Register Volume 78, Number 242 (Tuesday, December 17, 2013)]
[Notices]
[Page 76332]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2013-29855]
[[Page 76332]]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Liability for Termination of Single-Employer Plans
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,
under the Paperwork Reduction Act, of a collection of information
contained in its regulation on Liability for Termination of Single-
Employer Plans, 29 CFR Part 4062 (OMB control number 1212-0017; expires
March 31, 2014). This notice informs the public of PBGC's intent and
solicits public comment on the collection of information.
DATES: Comments should be submitted by February 18, 2014.
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: paperwork.comments@pbgc.gov.
Fax: 202-326-4224.
Mail or Hand Delivery: Regulatory Affairs Group, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005-4026.
Comments received will be posted to http://www.pbgc.gov/.
The collection of information 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.) The regulation on Liability for Termination
of Single-Employer Plans can be found on PBGC's Web site at http://
www.pbgc.gov/res/laws-and-regulations/code-of-federal-regulations/part-
4062_-liability-for-termination-of-single-employer-plans.html.
FOR FURTHER INFORMATION CONTACT: Dan Liebman, Regulatory Affairs Group,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
1200 K Street NW., Washington, DC 20005-4026, liebman.daniel@pbgc.gov
or 202-326-4400, ext. 6510. (For TTY and TDD, call 800-877-8339 and
request connection to 202-326-4024).
SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement
Income Security Act of 1974, as amended, provides that the contributing
sponsor of a single-employer pension plan and members of the sponsor's
controlled group (``the employer'') incur liability (``employer
liability'') if the plan terminates with assets insufficient to pay
benefit liabilities under the plan. PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth.
Section 4062.6 of PBGC's employer liability regulation (29 CFR
4062.6) requires a contributing sponsor or member of the contributing
sponsor's controlled group who believes employer liability upon plan
termination exceeds 30 percent of the employer's net worth to so notify
PBGC and to submit net worth information. This information is necessary
to enable PBGC to determine whether and to what extent employer
liability exceeds 30 percent of the employer's net worth.
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 through March 31, 2014.
PBGC intends to request that OMB extend its approval 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.
PBGC estimates that an average of thirty contributing sponsors or
controlled group members per year will respond to this collection of
information. PBGC further estimates that the average annual burden of
this collection of information will be 12 hours and $4,200 per
respondent, with an average total annual burden of 360 hours and
$126,000.
PBGC is soliciting public comments to:
Evaluate whether the 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 collection of information, including the validity of the
methodology 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, e.g., permitting
electronic submission of responses.
Issued in Washington, DC, this 11 day of December 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-29855 Filed 12-16-13; 8:45 am]
BILLING CODE 7709-02-P