Proposed Submission of Information Collections for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
| Published date | 10 March 2020 |
| Record Number | 2020-04848 |
| Section | Notices |
| Court | Pension Benefit Guaranty Corporation |
Federal Register, Volume 85 Issue 47 (Tuesday, March 10, 2020)
[Federal Register Volume 85, Number 47 (Tuesday, March 10, 2020)]
[Notices]
[Pages 13953-13954]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04848]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collections for OMB Review;
Comment Request; Liability for Termination of Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
collection of information.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval,
under the Paperwork Reduction Act, of a collection of information
contained in its regulation on Liability for Termination of Single-
Employer Plans (OMB control number 1212-0017; expires August 31, 2020).
This notice informs the public of PBGC's intent and solicits public
comment on the collection of information.
DATES: Comments must be received on or before May 11, 2020 to be
assured of consideration.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Refer to Liability for
Termination of Single-Employer Plans information collection in the
subject line.
Mail or Hand Delivery: Regulatory Affairs Division, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW, Washington, DC 20005-4026.
All submissions received must include the agency's name (Pension
Benefit Guaranty Corporation, or PBGC) and refer to Liability for
Termination of Single-Employer Plans information collection. All
comments received will be posted without change to PBGC's website,
http://www.pbgc.gov, including any personal information provided.
Copies of the collection of information may be obtained by writing
to Disclosure Division, Office of the General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street NW, Washington, DC 20005-4026, or
calling 202-326-4040 during normal business hours. TTY users may call
the Federal Relay Service toll-free at 800-877-8339 and ask to be
connected to 202-326-4040.
FOR FURTHER INFORMATION CONTACT: Melissa Rifkin
([email protected]), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
1200 K Street NW, Washington, DC 20005-4026; 202-229-6563. (TTY users
may call the Federal Relay Service toll-free at 800-877-8339 and ask to
be connected to 202-229-6563.)
SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement
Income Security Act of 1974, as amended, provides that the contributing
sponsor of a single-employer pension plan and members of the sponsor's
controlled group (``the employer'') incur liability (``employer
liability'') if the plan terminates with assets insufficient to pay
benefit liabilities under the plan. PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth. Section 4062.6 of PBGC's employer liability
regulation (29 CFR part 4062) requires a contributing sponsor or member
of the contributing sponsor's controlled group that believes employer
liability upon plan termination exceeds 30 percent of the employer's
net worth to so notify PBGC and submit net worth information to PBGC.
This information is necessary to enable PBGC to determine whether and
to what extent employer liability exceeds 30 percent of the employer's
net worth.
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 (expires August 31,
2020). PBGC intends to request that OMB extend its approval for another
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 an average of 29 contributing sponsors or
controlled group members per year will respond to this collection of
information. PBGC further estimates that the average annual burden of
this collection of information will be 12 hours and $5,400 per
respondent, with an average total
[[Page 13954]]
annual burden of 348 hours and $156,600.
PBGC is soliciting public comments to--
Evaluate whether the proposed 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 proposed collection of information, including the
validity of the methodologies 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.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2020-04848 Filed 3-9-20; 8:45 am]
BILLING CODE 7709-02-P
