Federal Register Documents
[Federal Register: March 3, 1998 (Volume 63, Number
41)]
[Notices]
[Page 10418]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03mr98-114]
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PENSION BENEFIT GUARANTY CORPORATION
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.
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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 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]
BILLING CODE 7708-01-P