[Federal Register Volume 77, Number 189 (Friday, September 28, 2012)]
[Notices]
[Pages 59682-59683]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2012-23889]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Locating and Paying Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval of revised collection of
information.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is modifying
its collection of information on Locating and Paying Participants (OMB
control number 1212-0055; expires December 31, 2013) and is requesting
that the Office of Management and Budget approve the revised collection
of information under the Paperwork Reduction Act for three years. This
notice informs the public of PBGC's request and solicits public comment
on the collection of information.
DATES: Comments must be submitted by October 29, 2012.
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
[[Page 59683]]
OIRA_DOCKET@omb.eop.gov, or by fax to 202-395-6974. The collection of
information is available at http://www.reginfo.gov/. 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, by visiting the Disclosure Division, or by calling 202-
326-4040 during normal business hours. (TTY/ASCII 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 requested information to you, as you request.
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, ext. 3072 (Burns)
or 3041 (Klion). (For TTY/ASCII users, call the Federal relay service
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: PBGC is requesting that OMB approve
modifications to an information collection needed to locate and pay
participants and beneficiaries who may be entitled to pension benefits
under a defined benefit plan that has terminated. The collection
consists of information that participants and beneficiaries are asked
to provide when applying for benefits. In addition, in some instances,
as part of a search for 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. The information collection also 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, changing contact
information, and applying for electronic direct deposit. All requested
information is needed to enable PBGC to determine benefit entitlements
and to make appropriate payments, or to provide respondents with
specific information about their pension plan so they may obtain rough
estimates of their benefits.
PBGC will add one new form to the information collection and modify
several existing forms to conform to recent changes in PBGC and
Treasury regulations.
PBGC is adding Form 721T to collect tax withholding information for
one-time payments that are not eligible for rollover. Currently, Form
721 is used for that purpose, as well as for payments that are eligible
for rollover. However, because of tax withholding changes for rollover-
eligible payments for non-spouse beneficiaries, it is necessary to have
a separate form to collect information on payments not eligible for
rollover.
PBGC is modifying--
Form 718 (installment payment agreement) to 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) to conform to the Department of Treasury's
regulation on electronic funds transfer, 31 CFR part 208;
Form 721 (application for payment eligible for rollover--
non-spouse beneficiary) to conform to IRS changes to withholding for
payments eligible for rollover that are made directly to non-spouse
beneficiaries;
Forms containing sections on spousal consent to
participants' waivers to explicitly state that spouses have the right
not to consent;
Forms referring to domestic relations orders or qualified
domestic relations orders to clarify the information that must be
provided with regard to each; and
Forms referring to various retirement vehicles (e.g.,
traditional IRAs, Roth IRAs, qualified retirement plans) to conform to
terms used in the Special Tax Notice, which is attached to several
forms.
In addition, PBGC is making clarifying, simplifying, editorial, and
other changes to almost all forms in the information collection.
The collection of information has been approved by OMB under
control number 1212-0055 (expires December 31, 2013). PBGC is
requesting that OMB extend its approval (with modifications) for three
years from its approval date. 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 the average annual burden associated with this
collection of information will be 87,491 hours and $2,270 for the next
three years. The burden estimate includes 84,101 hours and $2,220 for
participants in plans covered by the PBGC insurance program. The
remaining burden is attributable to participants expected to 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.
Issued in Washington, DC, this 24th day of September 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2012-23889 Filed 9-27-12; 8:45 am]
BILLING CODE 7709-01-P