[Federal Register: November 24, 2006 (Volume 71, Number 226)]
[Page 67932-67933]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Submission of Information Collection for OMB Review; Comment 
Request; Disclosure to Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.


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 Disclosure to Participants (29 CFR 
Part 4011) (OMB control number 1212-0050). This notice informs the 
public of the PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by December 26, 2006.

ADDRESSES: Comments may be mailed to the Office of Information and 
Regulatory Affairs of the Office of Management and Budget, Attention: 
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC 
20503. Copies of the request for extension may be obtained without 
charge by writing to the Disclosure Division of the Office of the 
General Counsel of PBGC at 1200 K Street, NW., 11th Floor, Washington, 
DC 20005-4026, or by visiting or calling (202-326-4040) the Disclosure 
Division 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 regulation on Disclosure to 
Participants can be accessed on the PBGC's Web site at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.pbgc.gov

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, Legislative 
and Regulatory Department, 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: Section 4011 of the Employee Retirement 
Income Security Act of 1974 requires plan administrators of certain 
underfunded single-employer pension plans to provide an annual notice 
to plan participants and beneficiaries of the plan's funding status and 
the limits on the PBGC's guarantee. The PBGC's regulation implementing 
this provision (29 CFR Part 4011) prescribes which plans are subject to 
the notice

[[Page 67933]]

requirement, who is entitled to receive the notice, and the time, form, 
and manner of issuance of the notice. The notice provides recipients 
with meaningful, understandable, and timely information that will help 
them become better informed about their plans and assist them in their 
financial planning.
    The Pension Protection Act of 2006 repealed section 4011 of ERISA 
for plan years starting after 2006. However, plan administrators of 
non-calendar year plans required to provide a Participant Notice for 
the 2006 plan year will, in most cases, provide those notices in 
calendar year 2007. In addition, PBGC expects that during the next 
three years a small number of plan administrators will issue late or 
corrected Participant Notices for 2006 or earlier plan years.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0050 (expires December 31, 
2006). The 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.
    The PBGC estimates that an average of 764 Participant Notices per 
year will be filed by plan administrators in response to this 
collection of information. PBGC further estimates that the average 
annual burden of this collection of information on respondents is 1.38 
hours and $380 per plan, with an average total annual burden of 1,057 
hours and $290,675.

    Issued in Washington, DC, this 20th day of November, 2006.
Jon Baake,
Acting Chief Technology Officer, Pension Benefit Guaranty Corporation.
 [FR Doc. E6-19854 Filed 11-22-06; 8:45 am]