[Federal Register: August 16, 2007 (Volume 72, Number 158)]
[Page 46109-46110]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Agency Information Collection Activities: Submission of 
Information Collection for OMB Review--Termination of Single Employer 
Plans; Missing Participants; PBGC Forms 500-501, 600-602

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 regulations on Termination of Single Employer Plans 
and Missing Participants, and implementing forms and instructions (OMB 
control number 1212-0036, expires September 30, 2007). This notice 
informs the public of PBGC's request and solicits public comment on the 
collection of information.

DATES: Comments should be submitted by September 17, 2007.

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 request for extension (including 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, visiting the Disclosure Division, faxing a request to 
202-326-4042, 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 Disclosure 
Division will e-mail, fax, or mail the request to you, as you request. 
The regulations and forms and instructions relating to this collection 
of information may be accessed on 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, 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 202-326-4223, ext. 3072.)

SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee

[[Page 46110]]

Retirement Income Security Act of 1974, as amended (ERISA), a single-
employer pension plan may terminate voluntarily only if it satisfies 
the requirements for either a standard or a distress termination. 
Pursuant to ERISA section 4041(b), for standard terminations, and 
section 4041(c), for distress terminations, and PBGC's termination 
regulation (29 CFR part 4041), a plan administrator wishing to 
terminate a plan is required to submit specified information to PBGC in 
support of the proposed termination and to provide specified 
information regarding the proposed termination to third parties 
(participants, beneficiaries, alternate payees, and employee 
organizations). In the case of a plan with participants or 
beneficiaries who cannot be located when their benefits are to be 
distributed, the plan administrator is subject to the requirements of 
ERISA section 4050 and PBGC's missing participants regulation (29 CFR 
part 4050). As noted above, these regulations may be accessed on PBGC's 
Web site at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.pbgc.gov.

    The collection of information under these regulations and the 
implementing forms and instructions has been approved by OMB under 
control number 1212-0036 (expires September 30, 2007). 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 1,259 plan administrators will be subject to 
the collection of information requirements in PBGC's termination and 
missing participants regulations and implementing forms and 
instructions each year, and that the total annual burden of complying 
with these requirements is 2,081 hours and $2,766,679. Much of the work 
associated with terminating a plan is performed for purposes other than 
meeting these requirements.

    Issued in Washington, DC, this 10th day of August, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
 [FR Doc. E7-16102 Filed 8-15-07; 8:45 am]