88 FR 23 pgs. 7482-7483 - Submission of Information Collection for OMB Review; Comment Request; Termination of Single-Employer Plans
Type: NOTICEVolume: 88Number: 23Pages: 7482 - 7483
Pages: 7482, 7483FR document: [FR Doc. 2023-02305 Filed 2-2-23; 8:45 am]
Agency: Pension Benefit Guaranty Corporation
Official PDF Version: PDF Version
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment Request; Termination of Single-Employer Plans
AGENCY:
Pension Benefit Guaranty Corporation.
ACTION:
Notice of request for extension of OMB approval of information collection with modifications.
SUMMARY:
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, under the Paperwork Reduction Act, of a collection of information under PBGC's regulation on Termination of Single-Employer Plans and its Missing Participants regulation in effect before 2018. 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 March 6, 2023.
ADDRESSES:
Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 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. All comments received will be posted without change to PBGC's website, http://www.pbgc.gov, including any personal information provided. Do not submit comments that include any personally identifiable information or confidential business information.
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 without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC, 445 12th Street SW, Washington, DC 20024-2101; or, calling 202-229-4040 during normal business hours. If you are deaf or hard of hearing or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
FOR FURTHER INFORMATION CONTACT:
[top] Melissa Rifkin ( rifkin.melissa@pbgc.gov ), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC
SUPPLEMENTARY INFORMATION:
Under section 4041 of the Employee Retirement Income Security Act of 1974 (ERISA), a single-employer pension plan may terminate voluntarily only if it satisfies the requirements for either a standard or a distress termination. Pursuant to section 4041(b) of ERISA (for standard terminations), section 4041(c) of ERISA (for distress terminations), and PBGC's termination regulation (29 CFR part 4041), a plan administrator wishing to terminate a plan is required to submit specified information to PBGC in support of the proposed termination and to provide specified information regarding the proposed termination to third parties (participants, beneficiaries, alternate payees, and employee organizations).
The collection of information has been approved under OMB control number 1212-0036 (expires March 31, 2023). On November 15, 2022, PBGC published in the Federal Register a notice at 87 FR 68524 informing the public of its intent to request an extension of this collection of information and solicited public comment. No comments were received. PBGC intends to request that OMB extend its approval, with modifications, for another 3 years. PBGC is modifying the Standard Termination Filing Instructions to make clear that certain documents, already mentioned in the instructions, must be included with the submission of these forms. In addition, PBGC is making other editorial and clarifying changes to the instructions. 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 annually 1,654 plan administrators will be subject to the collection of information requirements in PBGC's regulations and the implementing forms and instructions, and that the total estimated annual burdens of complying with these requirements are 41,735 hours and $8,509,740.
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation.
[FR Doc. 2023-02305 Filed 2-2-23; 8:45 am]
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