[Federal Register Volume 76, Number 17 (Wednesday, January 26, 2011)]
[Notices]
[Pages 4741-4742]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-1596]
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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 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 request and
solicits public comment on the collection of information.
DATES: Comments should be submitted by February 25, 2011.
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. Copies of the
collection of information 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 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.) PBGC's regulation on Liability for
Termination of Single-employer Plans may be accessed on PBGC's Web site
at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or
Catherine B. Klion, Manager, Regulatory and Policy Division,
Legislative and
[[Page 4742]]
Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY/TDD
users, call the Federal relay service toll-free at 1-800-877-8339 and
ask to be connected 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. PBGC needs this information
to determine whether and to what extent employer liability exceeds 30
percent of the employer's net worth.
OMB approved this collection of information under the regulation
(OMB control number 1212-0017, expires March 31, 2011). PBGC is
requesting that OMB extend its approval for 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 (1) an average of five contributing sponsors or
controlled group members per year will respond to this collection of
information; and (2) 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.
Issued in Washington, DC, this 20th day of January 2011.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2011-1596 Filed 1-25-11; 8:45 am]
BILLING CODE 7709-01-P