[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Notices]
[Pages 25505-25506]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2012-10306]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Locating and Paying Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request OMB approval of modifications to
information collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to
request that the Office of Management and Budget (``OMB'') approve
modifications to a collection of information under the Paperwork
Reduction Act. The purpose of the information collection is to enable
the PBGC to pay benefits to participants and beneficiaries. This notice
informs the public of PBGC's intent and solicits public comment on the
collection of information, as modified.
DATES: Comments should be submitted by June 29, 2012.
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: Legislative and Regulatory Department,
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 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 that office
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 regulations relating to
this collection of information are available on PBGC's Web site at
http://www.pbgc.gov/.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, 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 ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: PBGC intends to request that OMB approve
modifications to a collection of information needed to pay participants
and beneficiaries who may be entitled to pension benefits under defined
benefit plans that have terminated. The collection consists of
information participants and beneficiaries are asked to provide in
connection with an application for benefits. In addition, in some
instances, as part of an effort to identify participants and
beneficiaries who may be entitled to benefits, PBGC requests
individuals to provide identifying information that the individual
would provide as part of an initial contact with PBGC. All requested
information is needed to enable PBGC to determine benefit entitlements
and to make appropriate payments.
The information collection includes My Pension Benefit Account (My
PBA), an application on PBGC's Web site, http://www.pbgc.gov/, through
which plan participants and beneficiaries may conduct electronic
transactions with PBGC, including applying for pension benefits,
designating a beneficiary, granting a power of attorney, electing
monthly payments, electing to withhold income tax from periodic
payments, changing contact information, and applying for electronic
direct deposit.
PBGC intends to add two new forms to the information collection and
modify several existing forms to conform to recent changes in PBGC and
Treasury regulations. The new forms are Form 710C (application for
payment by check) and Form 721T (tax election for non-rollover eligible
payment to beneficiary or estate).
PBGC intends to modify the following forms:
Form 718 (installment payment agreement). The
modifications will conform to changes in PBGC's regulation on debt
collection, 29 CFR part 4903.
Forms 700, 705, and 706 (benefit application forms for
participants and beneficiaries) and Form 710 (application for
electronic direct deposit). The modifications will conform to the
Department of Treasury's regulation on electronic funds transfer, 31
CFR part 208.
Form 721 (application for lump-sum payment for non-spouse
beneficiary or estate). The modification results from the introduction
of Form 721T.
In addition, PBGC is making clarifying, simplifying, editorial, and
other changes to other forms in the information collection.
The existing collection of information under the regulation was
approved under OMB control number 1212-0055 (expires September 30,
2013). The PBGC intends to request that OMB extend its approval (with
modifications) 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 the total annual burden associated with this
collection of information is 87,491 hours and $2,303 for the fiscal
years 2013-2015. The burden estimate includes 84,101 hours for
participants in plans covered by the PBGC insurance program. The
remaining hourly burden is attributable to participants that will be
covered by the expanded Missing Participants program under Pension
Protection Act of 2006 amendments to ERISA, once final regulations are
issued to implement the program. The cost burden for FY2013 when the
expanded program is not in effect is estimated to be $2,222; for fiscal
years 2014 and 2015 when the expanded program is expected to be in
effect, $2,319 and $2,368, respectively.
PBGC is soliciting public comments to--
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;
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;
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 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.
[[Page 25506]]
Issued in Washington, DC, this 23rd day of April 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2012-10306 Filed 4-27-12; 8:45 am]
BILLING CODE 7709-01-P