Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums
| Published date | 22 December 2020 |
| Record Number | 2020-28193 |
| Section | Notices |
| Court | Pension Benefit Guaranty Corporation |
Federal Register, Volume 85 Issue 246 (Tuesday, December 22, 2020)
[Federal Register Volume 85, Number 246 (Tuesday, December 22, 2020)]
[Notices]
[Pages 83630-83631]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28193]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Payment of Premiums
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval of revised collection of
information.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is modifying
the collection of information under its regulation on Payment of
Premiums (OMB control number 1212-0009; expiring December 31, 2022) and
requests that the Office of Management and Budget (OMB) approve the
revised collection of information under the Paperwork Reduction Act for
three years. This notice informs the public of PBGC's request and
solicits public comment on the collection of information
DATES: Comments must be submitted on or before January 21, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to https://www.reginfo.gov/public/do/PRAMain. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment. It may also 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 4007 of title IV of the Employee
Retirement Income Security Act of 1974 (ERISA) requires pension plans
covered under title IV pension insurance programs to pay premiums to
PBGC. All plans covered by title IV pay a flat-rate per-participant
premium. An underfunded single-employer plan also pays a variable-rate
premium based on the value of the plan's unfunded vested benefits.
Pursuant to section 4007, PBGC has issued its regulation on Payment
of Premiums (29 CFR part 4007). Under Sec. 4007.3 of the premium
payment regulation, the plan administrator of each pension plan covered
by title IV of ERISA is required to file a premium payment and
information prescribed by PBGC for each premium payment year. Premium
information is filed electronically using ``My Plan Administration
Account'' (``My PAA'') through PBGC's website. Under Sec. 4007.10 of
the premium payment regulation, plan administrators are required to
retain records about premiums and information submitted in premium
filings.
Premium filings report (i) the flat-rate premium and related data
(all plans), (ii) the variable-rate premium and related data (single-
employer plans), and (iii) additional data such as identifying
information and miscellaneous plan-related or filing-related data (all
plans). PBGC needs this information to identify the plans for which
premiums are paid, to verify whether the amounts paid are correct, to
help PBGC determine the magnitude of its exposure in the event of plan
termination, to help track the creation of new plans and transfer of
participants and plan assets and liabilities among plans, and to keep
PBGC's insured-plan inventory up to date. That information and the
retained records are also needed for audit purposes.
PBGC intends to modify the 2021 premium filing to require certain
plans that transferred assets to another plan (or received assets from
another plan) at the beginning of the plan year to report additional
information about the transfer. More specifically, such plans will be
required to report whether the transfer was de minimis and, in the case
of a de minimis merger, whether the transferee plan had fewer assets
than the transferor plan. This information is necessary to verify that
the date reported as the ``participant count date'' (i.e., the date as
of which participants are counted for premium purposes) is correct.
PBGC also intends to update the premium rates and make conforming,
clarifying, and editorial changes. One such change, to conform with the
Setting Every Community Up for Retirement Enhancement (SECURE) Act of
2019, is adding the option of ``CSEC
[[Page 83631]]
plan'' (meaning cooperative and small-employer charity plan) as a
response to the question of ``Plan type.''
The collection of information under the regulation has been
approved through December 21, 2022, by OMB under control number 1212-
0009. On August 21, 2020, PBGC published in the Federal Register (at 85
FR 51759) a notice informing the public of its intent to request
approval of the revised collection of information. PBGC did not receive
any comments. 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 it will receive 31,245 premium filings per year
from 31,245 plan administrators under this collection of information.
PBGC further estimates that the annual burden of this collection of
information is 13,540 hours and $21,621,540.
Issued in Washington, DC, by.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2020-28193 Filed 12-21-20; 8:45 am]
BILLING CODE 7709-02-P
