73 FR 22 pg. 6219 - Submission of Information Collection for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
Type: NOTICEVolume: 73Number: 22Page: 6219
FR document: [FR Doc. E8-1874 Filed 1-31-08; 8:45 am]
Agency: Pension Benefit Guaranty Corporation
Official PDF Version: PDF Version
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
AGENCY:
Pension Benefit Guaranty Corporation.
ACTION:
Notice of request for extension of OMB approval.
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 a collection of information in its regulation on Liability for Termination of Single-Employer Plans, 29 CFR Part 4062 (OMB control number 1212-0017; expires February 29, 2008). This notice informs the public of the PBGC's request and solicits public comment on the collection of information.
DATES:
Comments should be submitted by March 3, 2008.
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. Copies of the collection of information may also be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC at the above address or by visiting the Disclosure Division 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.) PBGC's regulation on Liability for Termination of Single-employer Plans may be accessed on PBGC's Web site at http://pbgc.gov/practitioners/law-regulations-informal-guidance/content/page14767.html .
FOR FURTHER INFORMATION CONTACT:
Thomas H. Gabriel, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY/TDD users, call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION:
Section 4062 of the Employee Retirement Income Security Act of 1974 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. The 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 the PBGC's employer liability regulation (29 CFR 4062.6) requires a contributing sponsor or member of the contributing sponsor's controlled group who believes employer liability upon plan termination exceeds 30 percent of the employer's net worth to so notify the PBGC and to submit net worth information. This information is necessary to enable the 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 February 29, 2008). The PBGC is requesting that OMB extend its approval for 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.
The PBGC estimates that an average of five contributing sponsors or controlled group members per year will respond to this collection of information. The PBGC further estimates that the average annual burden of this collection of information will be 12 hours and $3,636 per respondent, with an average total annual burden of 60 hours and $18,120.
Issued in Washington, DC, this 29th day of January, 2008.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation.
[FR Doc. E8-1874 Filed 1-31-08; 8:45 am]
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