[Federal Register: July 26, 2004 (Volume 69, Number 142)]

[Notices]               

[Page 44554]

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

[DOCID:fr26jy04-85]                         



=======================================================================

-----------------------------------------------------------------------



PENSION BENEFIT GUARANTY CORPORATION



 

Submission of Information Collection for OMB Review; Comment 

Request; Termination of Single Employer Plans, Missing 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 regulations on Termination of Single Employer Plans 

and Missing Participants, and implementing forms and instructions (OMB 

control number 1212-0036, expires August 31, 2004.) 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 August 25, 2004.



ADDRESSES: Comments should 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 (including the collection of 

information) may be obtained 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 ask to be 

connected to 202-326-4040.) The regulations and forms and instructions 

relating to this collection of information may be accessed on the 

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





FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Office 

of the General Counsel, PBGC, 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: Under section 4041 of the Employee 

Retirement Income Security Act of 1974, as amended, 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 the PBGC's termination 

regulation (29 CFR part 4041), a plan administrator wishing to 

terminate a plan is required to submit specified information to the 

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 the PBGC's missing participants regulation (29 

CFR part 4050). (These regulations may be accessed on the PBGC's Web 

site at http://www.pbgc.gov.)



    The collection of information under these regulations and 

implementing forms and instructions has been approved by OMB under 

control number 1212-0036 (expires August 31, 2004). The PBGC is 

requesting that OMB extend its approval for three years.

    The PBGC estimates that 1,175 plan administrators will be subject 

to the collection of information requirements in the 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 1,743 hours and $1,973,075. (Much of the 

work associated with terminating a plan is performed for purposes other 

than meeting these requirements.)



    Issued in Washington, DC, this 20th day of July, 2004.

Stuart A. Sirkin,

Director, Corporate Policy and Research Department, Pension Benefit 

Guaranty Corporation.

[FR Doc. 04-16930 Filed 7-23-04; 8:45 am]



BILLING CODE 7708-01-P