[Federal Register Volume 75, Number 223 (Friday, November 19, 2010)]
[Notices]
[Pages 70955-70956]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-29154]
=======================================================================
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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, 2011). This notice informs the public of PBGC's intent and
solicits public comment on the collection of information.
DATES: Comments should be submitted by January 18, 2011.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http:[sol][sol]www.regulations.gov.
Follow the Web site instructions for submitting comments.
[[Page 70956]]
E-mail: paperwork.comments@pbgc.gov.
Fax: 202-326-4224.
Mail or Hand Delivery: Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026.
Comments received, including personal information provided, will be
posted to http:[sol][sol]www.pbgc.gov.
Copies of the collection of information and comments 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 accessed on PBGC's Web
site at http:[sol][sol]www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or
Catherine B. Klion, Manager, Regulatory and Policy Division,
Legislative and Regulatory Department, Pension Benefit Guaranty
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (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, 2011.
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 five 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 $3,996 per
respondent, with an average total annual burden of 60 hours and
$19,980.
PBGC is soliciting public comments to:
[cir] 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;
[cir] 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;
[cir] Enhance the quality, utility, and clarity of the information
to be collected; and
[cir] 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, November 15, 2010.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2010-29154 Filed 11-18-10; 8:45 am]
BILLING CODE 7709-01-P