Notice2021-12427
Submission of Information Collections for OMB Review; Comment Request; Reportable Events; Notice of Failure To Make Required Contributions
Primary source
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Published
June 14, 2021
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) approve, under the Paperwork Reduction Act, collections of information under PBGC's regulation on Reportable Events and Certain Other Notification Requirements with modifications. This notice informs the public of PBGC's request and solicits public comment on the collections.
Full Text
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<title>Federal Register, Volume 86 Issue 112 (Monday, June 14, 2021)</title>
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[Federal Register Volume 86, Number 112 (Monday, June 14, 2021)]
[Notices]
[Pages 31540-31542]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-12427]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collections for OMB Review; Comment
Request; Reportable Events; Notice of Failure To Make Required
Contributions
AGENCY: Pension Benefit Guaranty Corporation.
[[Page 31541]]
ACTION: Notice of request for OMB approval of modifications to
currently-approved information collections.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) approve, under the
Paperwork Reduction Act, collections of information under PBGC's
regulation on Reportable Events and Certain Other Notification
Requirements with modifications. This notice informs the public of
PBGC's request and solicits public comment on the collections.
DATES: Comments must be submitted on or before July 14, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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 <a href="https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment">https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment</a>. It may also be obtained without charge by writing to the
Disclosure Division of the Office of the General Counsel of PBGC, 1200
K Street NW, Washington, DC 20005-4026; faxing a request to 202-326-
4042; 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). The Disclosure Division will email, fax,
or mail the information to you, as you request.
FOR FURTHER INFORMATION CONTACT: Stephanie Cibinic, Deputy Assistant
General Counsel for Regulatory Affairs (<a href="/cdn-cgi/l/email-protection#c2a1aba0abacaba1ecb1b6a7b2aaa3acaba782b2a0a5a1eca5adb4"><span class="__cf_email__" data-cfemail="81e2e8e3e8efe8e2aff2f5e4f1e9e0efe8e4c1f1e3e6e2afe6eef7">[email protected]</span></a>;
202-229-6352), Office of the General Counsel, Pension Benefit Guaranty
Corporation, 1200 K Street NW, Washington, DC 20005-4026. TTY users may
call the Federal relay service toll-free at 1-800-877-8339 and ask to
be connected to 202-229-6352.
SUPPLEMENTARY INFORMATION: Section 4043 of the Employee Retirement
Income Security Act of 1974 (ERISA) requires plan administrators and
plan sponsors to report certain plan and employer events to PBGC. The
reporting requirements give PBGC notice of events that indicate plan or
employer financial problems. PBGC uses the information provided in
determining what, if any, action it needs to take. For example, PBGC
might need to institute proceedings to terminate a plan (placing it in
trusteeship) under section 4042 of ERISA to ensure the continued
payment of benefits to plan participants and their beneficiaries or to
prevent unreasonable increases in PBGC's losses.
The provisions of section 4043 of ERISA have been implemented in
PBGC's regulation on Reportable Events and Certain Other Notification
Requirements (29 CFR part 4043).
Form 10
Subparts B and C of the regulation deal with reportable events.
PBGC has issued Forms 10 and 10-Advance and related instructions under
subparts B and C (approved under OMB control number 1212-0013). PBGC is
modifying the Form 10 for the ``Failure to make required
contributions'' reportable event to provide that if payment was made to
satisfy a missed contribution, the filer must submit documentation of
that payment, e.g., a copy of the cancelled check or wire transfer,
etc. Documentation is needed to give evidence that the missed
contribution was made up and no risk to the plan remains before PBGC
closes the event.
PBGC estimates that it will receive 573 reportable event notices
per year under subparts B and C of the reportable events regulation
using Forms 10 and 10-Advance and that the average annual burden of
this collection of information is 1,800 hours and $426,885.
Form 200
Section 303(k) of the Employee Retirement Income Security Act of
1974 (ERISA) and section 430(k) of the Internal Revenue Code of 1986
(Code) impose a lien in favor of an underfunded single-employer plan
that is covered by PBGC's termination insurance program if (1) any
person fails to make a required payment when due, and (2) the unpaid
balance of that payment (including interest), when added to the
aggregate unpaid balance of all preceding payments for which payment
was not made when due (including interest), exceeds $1 million. (For
this purpose, a plan is underfunded if its funding target attainment
percentage is less than 100 percent.) The lien is upon all property and
rights to property belonging to the person or persons that are liable
for required contributions (i.e., a contributing sponsor and each
member of the controlled group of which that contributing sponsor is a
member).
Only PBGC (or, at its direction, the plan's contributing sponsor or
a member of the same controlled group) may perfect and enforce this
lien. ERISA and the Code require persons that fail to make payments to
notify PBGC within 10 days of the due date whenever there is a failure
to make a required payment and the total of the unpaid balances
(including interest) exceeds $1 million.
PBGC Form 200, Notice of Failure to Make Required Contributions,
and related instructions implement the statutory notification
requirement. Submission of Form 200 is required by 29 CFR 4043.81
(Subpart D of PBGC's regulation on Reportable Events and Other
Notification Requirements, 29 CFR part 4043). PBGC currently requires
filers to report the due date of the required payment that triggered
the notification to PBGC and to calculate the cumulative amount of
unpaid balances. PBGC is modifying the form to include a separate field
showing the payment amount that triggered the notification in order to
better track missed contributions and identify the amount by which
liens associated with missed contributions must be updated.
PBGC estimates that it will receive 88 Form 200 filings per year
and that the average annual burden of this collection of information is
88 hours and $63,800.
Method of Filing
PBGC's reportable events and certain other notification
requirements regulation (29 CFR part 4043) provides that reportable
event notices required under this part must be filed electronically in
accordance with the instructions posted on PBGC's website. Those
instructions currently provide two options for electronic filing:
<bullet> Using the 4043 module of PBGC's e-filing portal, or
<bullet> Emailing a completed form and any required attachments to
<a href="/cdn-cgi/l/email-protection#9bebf4e8efb6feedfef5efb5e9feebf4e9efdbebf9fcf8b5fcf4ed"><span class="__cf_email__" data-cfemail="b6c6d9c5c29bd3c0d3d8c298c4d3c6d9c4c2f6c6d4d1d598d1d9c0">[email protected]</span></a>.
PBGC's e-filing portal, which has been available since 2016, offers
a secure application for submitting Form 200 and Form 10 and 10-Advance
information. The e-filing portal allows filers to review filings and
generate a list of omissions and inconsistencies prior to submission to
ensure completeness; save a partially completed filing; modify
information any time prior to submission; pre-populate a filing with
data from a previously submitted filing; route the filing as needed to
facilitate e-certifications; and review prior filings submitted via the
e-filing portal. PBGC is eliminating the email option for filings due
after September 30, 2021. In other words, starting in October 2021,
these filings would be submitted via PBGC's e-filing portal.
PBGC also is making other editorial changes to the forms and
instructions in these collections.
OMB approval of the information collection under control number
1212-
[[Page 31542]]
0013 expires March 31, 2023, and of the information collection under
control number 1212-0041 expires February 28, 2022. On November 5,
2019, PBGC published in the Federal Register (at 84 FR 59660) a notice
informing the public of its intent to request approval of modifications
to these currently-approved information collections. No comments were
received. PBGC is requesting that OMB extend its approval of these
information collections for three years, with modifications. 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.
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2021-12427 Filed 6-11-21; 8:45 am]
BILLING CODE 7709-02-P
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