[Federal Register Volume 79, Number 35 (Friday, February 21, 2014)]
[Notices]
[Pages 9927-9928]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2014-03697]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Annual Reporting (Form 5500 Series)
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request extension of OMB approval, with
modifications.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval
(with modifications), under the Paperwork Reduction Act of 1995, of its
collection of information for Annual Reporting (OMB control number
1212-0057, expires April 30, 2014). This notice informs the public of
PBGC's intent and solicits public comment on the collection of
information.
DATES: Comments must be submitted by April 22, 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.
PBGC will make all comments available on its Web site at http://www.pbgc.gov/.
Copies of the collection of information and comments may be
obtained without charge by writing to the Disclosure Division of the
Office of the General Counsel of PBGC, at the above address or by
visiting the Disclosure Division 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.)
FOR FURTHER INFORMATION CONTACT: Grace Kraemer, Attorney, or Catherine
B. Klion, Assistant General Counsel, Office of the General Counsel,
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: The Employee Retirement Income Security Act
of 1974 (ERISA) contains three separate sets of provisions--in Title I
(Labor provisions), Title II (Internal Revenue Code provisions), and
Title IV PBGC provisions)--requiring administrators of employee benefit
pension and welfare plans (collectively referred to as employee benefit
plans) to file returns or reports annually with the federal government.
PBGC, the Department of Labor (DOL), and the Internal Revenue
Service (IRS) work together to produce the Form 5500 Annual Return/
Report for Employee Benefit Plan and Form 5500-SF Short Form Annual
Return/Report for Small Employee Benefit Plan (Form 5500 Series),
through which the regulated public can satisfy the combined reporting/
filing requirements applicable to employee benefit plans.
The collection of information has been approved by OMB under
control number 1212-0057 through April 30, 2014. PBGC intends to
request that OMB extend its approval for another 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.
PBGC is proposing a few modifications to the Schedule MB
(Multiemployer Defined Benefit Plan Actuarial Information) and the
Schedule SB (Single Employer Defined Benefit Plan Actuarial
Information) and related instructions. The proposed modifications to
the Schedule MB would require plan administrators of multiemployer
defined benefit plans to specify the documentation required regarding
progress under the applicable funding improvement or rehabilitation
plan. Plan administrators of multiemployer plans in critical status
would be required to provide information about the plan year in which
the plan is projected to emerge from critical status and, if the
rehabilitation plan is based on forestalling possible insolvency, the
plan year in which insolvency is expected. The proposed modifications
to the Schedule SB would require plan adminstrators if single-employer
defined benefit plans to report the funding target (vested and total)
for each type of participant (active, retired, terminated vested).
PBGC estimates that it will receive approximately 30,300 Form 5500
and Form 5500-SF filings per year under this collection of information.
PBGC further estimates that the total annual
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burden of this collection of information will be 1,200 hours and
$1,250,000.
PBGC is soliciting public comments to--
Evaluate whether the proposed 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 proposed collection of information, including the
validity of the methodologies 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 18th day of February, 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-03697 Filed 2-20-14; 8:45 am]
BILLING CODE 7709-02-P