Federal Register Documents

[Federal Register: March 3, 1998 (Volume 63, Number 41)]
[Page 10418]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Submission of Information Collection for OMB Review; Comment Request; Notice of Termination for Multiemployer Plans

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 Notice of Termination for Multiemployer Plans (29 CFR Part 4041A Subpart B) (OMB control number 1212-0020). 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 April 2, 1998.

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) are available from the Communications and Public Affairs Department of the Pension Benefit Guaranty Corporation, suite 240, 1200 K Street, NW., Washington, DC 20005-4026, between 9 a.m. and 4 p.m. on business days.

FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, Office of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY/TDD users, call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Section 4041A(f)(2) of the Employee Retirement Income Security Act of 1974 (``ERISA'') gives the PBGC authority to prescribe reporting requirements for terminated multiemployer pension plans covered by Title IV of ERISA.
The PBGC's regulation on Notice of Termination for Multiemployer Plans (29 CFR Part 4041A Subpart B) requires the filing of a notice of termination with the PBGC by a multiemployer plan that has terminated either by plan amendment or by mass withdrawal. The notice must contain certain basic information such as the plan's identity, the date of termination, and the plan's most recent Form 5500. In addition, a plan that has terminated by mass withdrawal must supply certain financial information to enable the PBGC to assess the likelihood of benefit reductions or suspensions under the plan and the need for PBGC financial assistance to the plan. More information is required with respect to mass withdrawal terminations because the risk of plan insolvency is greater in these cases. (The regulation may be accessed on the PBGC's home page at http://www.pbgc.gov.)
The collection of information under the regulation has been approved by OMB under control number 1212-0020. 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 it receives 20 notices of termination from sponsors of multiemployer pension plans annually; that virtually all submissions are prepared by outside consultants; that the total annual hour burden of the regulation is one hour; and that the total annual cost burden is $34,125.

Issued in Washington, DC, this 25th day of February 1998.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 98-5460 Filed 3-2-98; 8:45 am]