[Federal Register: December 17, 1996 (Volume 61, Number 243)]

[Notices]

[Page 66338]

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

PENSION BENEFIT GUARANTY CORPORATION

Assessment of Penalties for Failure To Provide Premium-related Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Statement of policy.

SUMMARY: The Pension Benefit Guaranty Corporation intends to assess penalties under section 4071 of the Employee Retirement Income Security Act of 1974 for failure to submit premium-related information timely.

DATES: This revision to the PBGC's penalty assessment policy is effective for premium-related filings due on or after January 1, 1997, and to days of delinquency on or after that date with respect to filings due before that date.

FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General Counsel, or Deborah C. Murphy, Attorney, Pension Benefit Guaranty Corporation, Office of the General Counsel, Suite 340, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024 (202-326-4179 for TTY and TDD).

SUPPLEMENTARY INFORMATION: Section 4071 of ERISA authorizes the PBGC to assess a penalty of up to $1,000 per day for failure to timely provide a notice or other material information that is required under certain statutory or regulatory provisions. The PBGC's current policy on the assessment of penalties under section 4071 (60 FR 36837 (July 18, 1995)), does not cover submissions of premium-related information under ERISA section 4007 and the PBGC's premium payment regulation. This notice revises the PBGC's section 4071 penalty assessment policy to include premium-related information.

Issued in Washington, DC, on the 10th day of December 1996. Robert B. Reich, Chairman, Board of Directors, Pension Benefit Guaranty Corporation.

Issued on the date set forth above pursuant to a resolution of the Board of Directors authorizing its Chairman to issue this final rule.

James J. Keightley,

Secretary, Board of Directors, Pension Benefit Guaranty Corporation.

[FR Doc. 96-31973 Filed 12-16-96; 8:45 am]

BILLING CODE 7708-01-P