[Federal Register Volume 78, Number 86 (Friday, May 3, 2013)]
[Notices]
[Pages 26090-26091]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2013-10479]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Data to Study Multiemployer Plan Guaranty Program
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) approve, under
the Paperwork Reduction Act, a voluntary collection of information for
a survey to assist PBGC in modeling potential outcomes of pension plans
insured under its multiemployer program. This notice informs the public
of the PBGC's intent and solicits public comment on the collection of
information.
DATES: Comments should be submitted by July 2, 2013.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov/.
Follow the Web site instructions for submitting comments.
Email: paperwork.comments@pbgc.gov.
Fax: 202-326-4224.
Mail or Hand Delivery: Regulatory Affairs Group, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005-4026.
Comments received will be posted to http://www.pbgc.gov/.
Copies of the collection of information may be obtained without
charge by writing to the Disclosure
[[Page 26091]]
Division of the Office of the General Counsel of PBGC at the above
address or by visiting the Disclosure Division 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.)
FOR FURTHER INFORMATION CONTACT: Dan Liebman Attorney, Regulatory
Affairs Group, Office of the General Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street NW., Washington, DC 20005-4026,
liebman.daniel@pbgc.gov or 202-326-4400, ext. 6510. (For TTY and TDD,
call 800-877-8339 and request connection to 202-326-4000, ext. 6779.)
SUPPLEMENTARY INFORMATION: The Pension Protection Act of 2006 (Pub. L.
109-280) (PPA) requires the actuary of a multiemployer plan in effect
on July 16, 2006 to certify the plan's status within certain zones
established under PPA to the plan's trustees and the Secretary of the
Treasury within 90 days after the beginning of each plan year. The
certification must state whether or not the plan meets any of the tests
to be in critical status or endangered status and for a plan already in
critical or endangered status, whether the plan is progressing as
scheduled toward the applicable statutory target for improved funding.
Plans in endangered and critical status are restricted with respect to
the types of actions they may take and the types of amendments they may
adopt, as well as required to follow special rules during the adoption
period of collective bargaining agreements.
PBGC is researching the effects of potential changes to its
multiemployer program. PBGC's objective is to quantify the effect of
potential policy proposals on multiemployer plans that are or could
enter critical status with respect to projected dates of insolvency,
amount of financial assistance that PBGC would be required to provide,
and the benefit changes plan participants would experience. To assist
in this research PBGC intends to request that OMB approve a survey of
multiemployer pension plans, their actuarial service providers, and
their stakeholders, including unions and relevant professional and
trade organizations.
PBGC would request the following types of information:
The most recent actuarial valuation report.
The most recent cash flow projections that the plan
actuary developed in connection with the plan's rehabilitation plan
annual update and a summary of the actuarial assumptions utilized in
the projections.
Participant census data, including accrued benefit, date
of birth, date credited service began (for both active and inactive
participants, if available), gender, form of payment and other data for
participants in pay status, and any plan specific data needed to
replicate actuarial valuation results.
PBGC believes the data requested would be readily available and
there would be no need to assemble new information. PBGC would not ask
for any personally identifiable information (such as name, address,
social security number, etc.) in the participant census data.
This information collection would be voluntary on the part of
respondents and any information provided in response to this request
would not be used for any PBGC enforcement activities. Instead, such
information will be used only for research into policy alternatives and
would be subject to PBGC's standard confidentiality agreement. The
names of the plans submitting data in support of PBGC's research would
not appear in any report distributed outside of PBGC.
PBGC intends to request that OMB approve this collection of
information 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 between 40 to 50 plans would respond to this
collection of information. PBGC further estimates that the average
burden of this collection of information would be four hours and $1,280
per plan, with an average total burden of 180 hours and $57,600.
PBGC is soliciting public comments to--
Evaluate whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the collection of information, including the validity of the
methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
Issued in Washington, DC, this 29th day of April 2013.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2013-10479 Filed 5-2-13; 8:45 am]
BILLING CODE 7709-01-P