[Federal Register Volume 78, Number 245 (Friday, December 20, 2013)]
[Notices]
[Pages 77171-77172]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2013-30341]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Termination of Single-Employer Plans, Missing Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval, with
modifications.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB), under the Paperwork
Reduction Act, extend approval, with modifications, 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 December 31, 2013). This notice
informs the public of PBGC's request and solicits public comment on the
collection of information.
DATES: Comments should be submitted by January 21, 2014.
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.
A copy of the request (including the collection of information) is
posted at http://www.pbgc.gov/res/laws-and-regulations/information-collections-under-omb-review.html. It may also 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 email, fax, or mail the
request to you, as you request.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney (326-4400,
ext. 3072) or Catherine B. Klion, Assistant General Counsel (326-4400,
ext. 3041), Office of the General Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street NW., Washington, DC 20005, 202-326-4400 (TTY
and TDD users may call the Federal relay service toll-free at 1-800-
877-8339 and ask to be connected to 202-326-4400.)
SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee
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). These regulations may be found on PBGC's Web site at http://www.pbgc.gov/res/laws-and-regulations/code-of-federal-regulations.html.
The collection of information under these regulations and the
implementing forms and instructions has been
[[Page 77172]]
approved by OMB under control number 1212-0036 (expires December 31,
2013). PBGC is requesting that OMB extend its approval for three years,
with modifications. 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 modifications include a new requirement that plan
administrators of plans terminating in a standard termination attach
copies of the Notice of Intent to Terminate and sample Notices of Plan
Benefits to the Standard Termination Notice (Form 500) filed with PBGC.
PBGC is reorganizing the distress termination forms and instructions,
including removing information items that PBGC no longer needs or can
gather in other ways, adding a few information items that PBGC
typically has been requesting as additional information under 29 CFR
4041.45(c), and moving some information items from one form to another.
PBGC is also making clarifying, simplifying, editorial, and other
changes to the current standard termination, distress termination, and
missing participants forms and instructions.
PBGC estimates that 1,430 plan administrators will be subject to
the collection of information requirements in PBGC's regulations on
termination and missing participants and implementing forms and
instructions each year, and that the total annual burden of complying
with these requirements is 1,667 hours and $2,761,200.
Issued in Washington, DC, this 16th day of December 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-30341 Filed 12-19-13; 8:45 am]
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