[Federal Register Volume 79, Number 59 (Thursday, March 27, 2014)]
[Notices]
[Pages 17197-17198]
From the Federal Register Online via the Government Printing Office [http://www.gpo.gov/]
[FR Doc No: 2014-06727]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collections for OMB Review; Comment
Request; Multiemployer Plan Regulations
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval.
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[[Page 17198]]
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 certain collections of information
under its regulations on multiemployer plans under the Employee
Retirement Income Security Act of 1974 (ERISA). This notice informs the
public of PBGC's request and solicits public comment on the collections
of information.
DATES: Comments should be submitted by April 28, 2014.
ADDRESSES: Comments should be sent to the Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention: Desk
Officer for Pension Benefit Guaranty Corporation, via electronic mail
at OIRA_DOCKET@omb.eop.gov or by fax to 202-395-6974. A copy of PBGC's
request may be obtained without charge by writing to the Disclosure
Division of the Office of the General Counsel, 1200 K St. 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 request is also available at http://www.reginfo.gov/.
FOR FURTHER INFORMATION CONTACT: Donald F. McCabe, Attorney, Regulatory
Affairs Group, Office of the General Counsel, or Catherine B. Klion,
Assistant General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD,
call 1-800-877-8339 and request connection to 202-326-4024.)
SUPPLEMENTARY INFORMATION: 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. OMB has
approved and issued control numbers for the collections of information,
described below, in PBGC's regulations relating to multiemployer plans.
OMB approval expires March 31, 2014, or May 31, 2014, as specified
below.\1\
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\1\ These two information collections would be affected by
PBGC's recent proposed rule on Multiemployer Plans; Valuation and
Notice Requirements, 79 FR 4642 (Jan. 29, 2104). OMB has concluded
review of the proposed rule changes to the information collections,
leaving the terms of its current approval in effect.
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The collections of information for which PBGC is requesting
extension of OMB approval are as follows:
1. Mergers and Transfers Between Multiemployer Plans (29 CFR Part 4231)
(OMB Control Number 1212-0022) (expires March 31, 2014)
Section 4231(a) and (b) of ERISA requires plans that are involved
in a merger or transfer to give PBGC 120 days' notice of the
transaction and provides that if PBGC determines that specified
requirements are satisfied, the transaction will be deemed not to be in
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited
transactions).
This regulation sets forth the procedures for giving notice of a
merger or transfer under section 4231 and for requesting a
determination that a transaction complies with section 4231.
PBGC uses information submitted by plan sponsors under the
regulation to determine whether mergers and transfers conform to the
requirements of ERISA section 4231 and the regulation.
PBGC estimates that there are 21 transactions each year for which
plan sponsors submit notices and approval requests under this
regulation. The estimated annual burden of the collection of
information is 5.25 hours and $6,903.75.
2. Duties of Plan Sponsor Following Mass Withdrawal (29 CFR Part 4281)
(OMB Control Number 1212-0032) (expires May 31, 2014)
Section 4281 of ERISA provides rules for plans that have terminated
by mass withdrawal. Under section 4281, if nonforfeitable benefits
exceed plan assets, the plan sponsor must amend the plan to reduce
benefits. If the plan nevertheless becomes insolvent, the plan sponsor
must suspend certain benefits that cannot be paid. If available
resources are inadequate to pay guaranteed benefits, the plan sponsor
must request financial assistance from PBGC.
The regulation requires a plan sponsor to give notices of benefit
reduction, notices of insolvency and annual updates, and notices of
insolvency benefit level to PBGC and to participants and beneficiaries
and, if necessary, to apply to PBGC for financial assistance.
PBGC uses the information it receives to make determinations
required by ERISA, to identify and estimate the cash needed for
financial assistance to terminated plans, and to verify the
appropriateness of financial assistance payments. Plan participants and
beneficiaries use the information to make personal financial decisions.
PBGC estimates that plan sponsors of terminated plans each year
give benefit reduction notices for three plans and give notices of
insolvency benefit level and annual updates, and submit requests for
financial assistance, for 54 plans. Of those 54 plans, PBGC estimates
that plan sponsors each year will submit 255 requests (ranging from
monthly to annual) for financial assistance. PBGC estimates that plan
sponsors each year give notices of insolvency for seven plans. The
estimated annual burden of the collection of information is one hour
and $694,089.
Issued in Washington, DC, this 21st day of March, 2014.
Judith R. Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2014-06727 Filed 3-26-14; 8:45 am]
BILLING CODE 7709-02-P