[Federal Register Volume 79, Number 81 (Monday, April 28, 2014)]
[Notices]
[Pages 23387-23388]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09587]
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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 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) 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 request and solicits public comment on the collection of
information.
DATES: Comments must be submitted by May 28, 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_DOCKE@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, at your request.
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.
PBGC is requesting that OMB approve modifications to the 2014
Schedule MB (Multiemployer Defined Benefit Plan Actuarial Information)
and the 2014
[[Page 23388]]
Schedule SB (Single Employer Defined Benefit Plan Actuarial
Information) and related instructions.
The modification to the Schedule MB requires plan administrators of
multiemployer defined benefit plans in critical status 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 modification to the Schedule SB requires plan
adminstrators of single-employer defined benefit plans to report the
funding target (vested and total) for each type of participant (active,
retired, terminated vested).
On February 21, 2014 (79 FR 9927), PBGC published a notice
informing the public that it intended to request OMB approval of the
modifications and soliciting public comment. PBGC received one comment,
which is posted on PBGC's Web site at http://www.pbgc.gov/prac/pg/other/guidance/paperwork-notices.html.
The collection of information has been approved by OMB under
control number 1212-0057 through April 30, 2014. PBGC is requesting
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 estimates that it will receive approximately 25,000 Form 5500
and Form 5500-SF filings per year under this collection of information.
PBGC further estimates that the total annual burden of this collection
of information will be 1,200 hours and $1.36 million.
Issued in Washington, DC, this 23rd day of April, 2014.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-09587 Filed 4-25-14; 8:45 am]
BILLING CODE 7709-02-P