[Federal Register Volume 79, Number 51 (Monday, March 17, 2014)]
[Notices]
[Page 14756]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2014-05791]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Liability for Termination of Single-Employer Plans
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 contained
in its regulation on Liability for Termination of Single-Employer Plans
(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 April 16, 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. 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 at http://www.pbgc.gov/.
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 is requesting 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.
Issued in Washington, DC, this 12 day of March 2014.
Philip Hertz,
Acting General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-05791 Filed 3-14-14; 8:45 am]
BILLING CODE 7708-01-P