[Federal Register: October 29, 2003 (Volume 68, Number 209)]

[Notices]               

[Page 61705-61706]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr29oc03-73]                         



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PENSION BENEFIT GUARANTY CORPORATION



 

Submission of Information Collection for OMB Review; Comment 

Request; Qualified Domestic Relations Orders Submitted to the PBGC



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 an



[[Page 61706]]



information collection (OMB control number 1212-0054; expires November 

30, 2003) relating to model forms contained in the PBGC booklet, 

Divorce Orders & PBGC. The booklet provides guidance on how to submit a 

proper qualified domestic relations order (a ``QDRO'') to the PBGC. 

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 November 28, 2003.



ADDRESSES: Comments may be mailed to the Office of Information and 

Regulatory Affairs of the Office of Management and Budget, Attn: Desk 

Officer for Pension Benefit Guaranty Corporation, Washington, DC 20503. 

Copies of the request for extension (including the collection of 

information) may be obtained without charge by writing to the PBGC's 

Communications and Public Affairs Department, suite 240, 1200 K Street, 

NW., Washington, DC 20005-4026, 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 request 

connection to 202-326-4040.) The Divorce Orders & PBGC booklet may be 

accessed on the PBGC's Web site at http://www.pbgc.gov.



FOR FURTHER INFORMATION CONTACT: James L. Beller, Attorney, Office of 

the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 

Street, NW., Washington, DC 20005-4026, 202-326-4020. TTY and TDD users 

may call the Federal relay service toll-free at 1-800-877-8339 and ask 

to be connected to 202-326-4020.



SUPPLEMENTARY INFORMATION: The PBGC is requesting a three-year 

extension of the paperwork approval relating to model forms contained 

in the PBGC booklet, Divorce Orders & PBGC. The collection of 

information has been approved through November 30, 2003, by OMB under 

control number 1212-0054. 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.

    A defined benefit pension plan that does not have enough money to 

pay benefits may be terminated if the employer responsible for the plan 

faces severe financial difficulty, such as bankruptcy, and is unable to 

maintain the plan. In such an event, the PBGC becomes trustee of the 

plan and pays benefits, subject to legal limits, to plan participants 

and beneficiaries.

    The benefits of a pension plan participant generally may not be 

assigned or alienated. Title I of ERISA provides an exception for 

domestic relations orders that relate to child support, alimony 

payments, or marital property rights of an alternate payee (a spouse, 

former spouse, child, or other dependent of a plan participant). The 

exception applies only if the domestic relations order meets specific 

legal requirements that make it a qualified domestic relations order.

    When the PBGC is trustee of a plan, it reviews submitted domestic 

relations orders to determine whether the order is qualified before 

paying benefits to an alternate payee. The requirements for submitting 

a QDRO are established by statute. The models and the guidance assist 

parties by making it easier to comply with ERISA's QDRO requirements in 

plans trusteed by the PBGC; they do not create any additional 

requirements and result in a reduction of the statutory burden.

    The PBGC estimates that it will receive 664 QDROs each year from 

prospective alternate payees; that the average burden of preparing a 

QDRO with the assistance of the guidance and model QDROs in PBGC's 

booklet will be \1/4\ hour of the alternate payee's time and $734 in 

professional fees if the alternate payee hires an attorney or other 

professional to prepare the QDRO, or 10 hours of the alternate payee's 

time if the alternate payee prepares the QDRO without hiring an 

attorney or other professional; and that the total annual burden will 

be 234 hours and $482,400.

    The PBGC is revising the QDRO booklet by providing an insert noting 

that the PBGC now offers more choices of annuity benefit forms. The 

insert will briefly describe the new benefit options and their 

availability to alternate payees and will refer parties to the PBGC's 

Web site, http://www.pbgc.gov, or the PBGC's regulations (29 CFR 4022) 

for more information on these annuity benefit forms.



    Issued in Washington, DC, this 23rd day of October, 2003.

Stuart Sirkin,

Director, Corporate Policy and Research Department, Pension Benefit 

Guaranty Corporation.

[FR Doc. 03-27222 Filed 10-28-03; 8:45 am]



BILLING CODE 7708-01-P