Proposed Submission of Information Collection for OMB Review; Comment Request; Special Financial Assistance Information
| Citation | 86 FR 53354 |
| Record Number | 2021-20893 |
| Published date | 27 September 2021 |
| Section | Notices |
| Court | Pension Benefit Guaranty Corporation |
Federal Register, Volume 86 Issue 184 (Monday, September 27, 2021)
[Federal Register Volume 86, Number 184 (Monday, September 27, 2021)]
[Notices]
[Pages 53354-53355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-20893]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Special Financial Assistance Information
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
information collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval,
without change, under the Paperwork Reduction Act, of a collection of
information contained in PBGC's regulation on special financial
assistance. This notice informs the public of PBGC's intent and
solicits public comment on the collection of information.
DATES: Comments must be submitted on or before November 26, 2021.
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 OMB control
number 1212-0074 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.
Commenters are strongly encouraged to submit public comments
electronically. PBGC expects to have limited personnel available to
process public comments that are submitted on paper through mail. Until
further notice, any comments submitted on paper will be considered to
the extent practicable.
All submissions received must include the agency's name (Pension
Benefit Guaranty Corporation, or PBGC) and refer to OMB control number
1212-0074. All comments received will be posted without change to
PBGC's website, http://www.pbgc.gov, including any personal information
provided. Commenters should not include any information for which
disclosure is restricted by statute, such as trade secrets and
commercial or financial information (``confidential business
information''). Submission of confidential business information without
a request for protected treatment constitutes a waiver of any claims of
confidentiality.
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 202-229-4040 during normal business hours. TTY users may call
the Federal Relay Service toll-free at 800-877-8339 and ask to be
connected to 202-229-4040.
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 and TDD
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 4262 of the Employee Retirement
Income Security Act of 1974 (ERISA) requires PBGC to provide special
financial assistance (SFA) to certain financially troubled
multiemployer plans upon application for assistance. To implement
section 4262 of ERISA, PBGC added a new part 4262 to its regulations,
``Special Financial Assistance by PBGC.'' Part 4262 provides guidance
to multiemployer pension plan sponsors on eligibility, determining the
amount of SFA, content of an application for SFA, the process of
applying, PBGC's review of applications, restrictions and conditions,
and reporting and notice requirements.
To apply for SFA, a plan sponsor must file an application with PBGC
and include information about the plan, plan documentation, and
actuarial information, as specified in Sec. Sec. 4262.6 through
4262.9. PBGC needs this
[[Page 53355]]
information to review a plan's eligibility for SFA, priority group
status (if applicable), and amount of requested SFA. PBGC estimates
that over the next 3 years an annual average of 60 plan sponsors will
file applications for SFA with an average annual hour burden of 600
hours and an average annual cost burden of $1,800,000.
Under Sec. 4262.16(i), a plan sponsor of a plan that has received
SFA must file an Annual Statement of Compliance with the restrictions
and conditions under section 4262 of ERISA and part 4262 once every
year through 2051. PBGC needs the information in the Annual Statement
of Compliance to ensure that a plan is compliant with the imposed
restrictions and conditions. PBGC estimates that over the next 3 years
an annual average of 49 plan sponsors will file Annual Statements of
Compliance with an average annual hour burden of 98 hours and an
average annual cost burden of $117,600.
Under Sec. 4262.15(c), a plan sponsor of a plan with benefits that
were suspended under sections 305(e)(9) or 4245(a) of ERISA must issue
notices of reinstatement to participants and beneficiaries whose
benefits were suspended and are being reinstated. Participants and
beneficiaries need the notice of reinstatement to better understand the
calculation and timing of their reinstated benefits and, if applicable,
make-up payments. PBGC estimates that over the next 3 years an average
of 11 plans per year will be required to send notices to participants
with suspended benefits. PBGC estimates that these notices will impose
an average annual hour burden of 22 hours and average annual cost
burden of $22,667.
Finally, under Sec. 4262.16(d), (f), and (h) a plan sponsor must
file a request for a determination from PBGC for approval for an
exception under certain circumstances for SFA conditions under Sec.
4262.16 relating to reductions in contributions, transfers or mergers,
and settlement of withdrawal liability. PBGC needs the information
required for a request for determination to determine whether to
approve an exception from the specified condition of receiving SFA.
PBGC estimates that beginning in 2023, PBGC will receive an average of
2.2 requests per year for determinations. PBGC estimates an average
annual hour burden of 2.53 hours and average annual cost burden of
$6,333.
The estimated aggregate average annual hour burden for the next 3
years for the information collection in part 4262 is 723 hours for
employer and fund office administrative, clerical, and supervisory
time. The estimated aggregate average annual cost burden for the next
three years for the information collection request in part 4262 is
$1,946,600, for approximately 4,867 contract hours assuming an average
hourly rate of $400 for work done by outside actuaries and attorneys.
The actual hour burden and cost burden per plan will vary depending on
plan size and other factors.
The collection of information under the regulation has been
approved by OMB under control number 1212-0074 (expires January 31,
2022). PBGC intends to request that OMB extend its approval for 3
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 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, by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-20893 Filed 9-24-21; 8:45 am]
BILLING CODE 7709-02-P
