89 FR 27 pgs. 8725-8726 - Proposed Submission of Information Collection for OMB Review; Comment Request; Locating and Paying Participants
Type: NOTICEVolume: 89Number: 27Pages: 8725 - 8726
Pages: 8725, 8726FR document: [FR Doc. 2024-02518 Filed 2-7-24; 8:45 am]
Agency: Pension Benefit Guaranty Corporation
Official PDF Version: PDF Version
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review; Comment Request; Locating and Paying Participants
AGENCY:
Pension Benefit Guaranty Corporation.
ACTION:
Notice of intent to request extension of OMB approval of an information collection.
SUMMARY:
The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval of a collection of information (OMB Control Number 1212-0055; expires August 31, 2024) under the Paperwork Reduction Act. The purpose of the information collection is to enable PBGC to pay benefits to participants and beneficiaries. This notice informs the public of PBGC's request and solicits public comment on the collection.
DATES:
Comments must be received on or before April 8, 2024 to be assured of consideration.
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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: paperwork.comments@pbgc.gov. Refer to Locating and Paying Participants in the subject line.
• Mail or Hand Delivery: Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101.
Commenters are strongly encouraged to submit comments electronically. Commenters who submit comments on paper by mail should allow sufficient time for mailed comments to be received before the close of the comment period.
All submissions received must include the agency's name (Pension Benefit Guaranty Corporation, or PBGC) and refer to Locating and Paying Participants. 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.
Copies of the collection of information may be obtained without charge by writing to the Disclosure Division, ( disclosure@pbgc.gov ), Office of the General Counsel, Pension Benefit Guaranty Corporation, 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:
Monica O'Donnell ( odonnell.monica@pbgc.gov ), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101; 202-229-8706; or Gregory Katz ( katz.gregory@pbgc.gov ), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101; 202-229-3829. If you are deaf or hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION:
This information collection is needed to pay participants and beneficiaries who may be entitled to pension benefits from plans that have terminated. Participants and beneficiaries are asked to provide information in connection with an application for benefits. This includes requests to individuals to provide identifying information so that PBGC may determine whether the individuals are entitled to benefits. All requested information is needed so that PBGC may determine benefit entitlements and make appropriate payments.
This information collection includes My Pension Benefit Account (MyPBA), an application on PBGC's website, http://www.pbgc.gov, through which plan participants and beneficiaries may conduct electronic transactions with PBGC, including applying for pension benefits, designating a beneficiary, changing contact information, and applying for or changing electronic direct deposit.
PBGC is proposing the addition of three new forms: Form 713RBD, Form 714RBD, and Form 721RBD. Form 713RBD and Form 714RBD relate to elections to withdraw employee contributions for participants and beneficiaries who are at or beyond their Required Beginning Dates. Form 721RBD relates to elections of single payments for non-spouse beneficiaries who are at or beyond their Required Beginning Dates. PBGC is proposing to remove Form 718, "Installment Payment Agreement," because PBGC no longer administers installment agreements for benefit overpayments. PBGC is proposing to remove Form 719 for electing or changing tax withholding from annuity benefit payments since participants are using Internal Revenue Service (IRS) Form W-4P, "Withholding Certificate for Periodic Pension or Annuity Payments." PBGC is also making other clarifying, editorial, and formatting changes.
The existing collection of information was approved through August 31, 2024, under OMB control number 1212-0055. PBGC intends to request that OMB extend its approval (with modifications) 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.
PBGC estimates that it will receive a combined 136,081 benefit applications and information forms annually. The total annual burden associated with this collection of information is estimated to be 101,571 hours and an estimated $60,742 (the estimated cost of notary services for signatures (including spousal consents) required on applicable forms).
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.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation.
[FR Doc. 2024-02518 Filed 2-7-24; 8:45 am]
BILLING CODE 7709-02-P