Notice2021-13131
Proposed Submission of Information Collection for OMB Review; Comment Request; Mergers and Transfers Between Multiemployer Plans
Primary source
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Published
June 23, 2021
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of a collection of information contained in PBGC's regulation on Mergers and Transfers Between Multiemployer Plans. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.
Full Text
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<title>Federal Register, Volume 86 Issue 118 (Wednesday, June 23, 2021)</title>
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[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32983-32984]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13131]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Mergers and Transfers Between Multiemployer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
information collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval,
under the Paperwork Reduction Act, of a collection of information
contained in PBGC's regulation on Mergers and Transfers Between
Multiemployer Plans. 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 August 23, 2021.
ADDRESSES: Comments may be submitted by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#5727362732252038253c7934383a3a32392324172735303479303821"><span class="__cf_email__" data-cfemail="fe8e9f8e9b8c89918c95d09d9193939b908a8dbe8e9c999dd0999188">[email protected]</span></a>. Refer to OMB control
number 1212-0022 in the subject line.
<bullet> Mail or Hand Delivery: Regulatory Affairs Division, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW, Washington, DC 20005-4026.
Commenters are strongly encouraged to submit public comments
electronically. PBGC expects to have limited personnel available to
process public comments that are submitted on paper through mail. Until
further notice, any comments submitted on paper will be considered to
the extent practicable.
All submissions received must include the agency's name (Pension
Benefit Guaranty Corporation, or PBGC) and refer to OMB control number
1212-0022. All comments received will be posted without change to
PBGC's website, <a href="http://www.pbgc.gov">http://www.pbgc.gov</a>, including any personal information
provided.
Copies of the collection of information may 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: Hilary Duke (<a href="/cdn-cgi/l/email-protection#0f6b7a646a216766636e7d764f7f6d686c21686079"><span class="__cf_email__" data-cfemail="7115041a145f19181d10030831011316125f161e07">[email protected]</span></a>),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street NW,
Washington, DC 20005-4026; 202-326-4400, extension 3839. (TTY and TDD
users may call the Federal relay service toll-free at 800-877-8339 and
ask to be connected to 202-326-4400, extension 3839.)
SUPPLEMENTARY INFORMATION: Section 4231(a) and (b) of the Employee
Retirement Income Security Act of 1974 (ERISA) requires plans that are
involved in a merger or transfer to give PBGC 120 days notice of the
transaction and provides that if PBGC determines that specified
requirements are satisfied, the transaction will be deemed not to be in
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited
transactions).
PBGC's regulation on Mergers and Transfers Between Multiemployer
Plans (29 CFR part 4231) sets forth the procedures for giving notice of
a merger or transfer under section 4231 and for requesting a compliance
determination. The regulations specify the information that must be
included in a merger or transfer notice. A request for a compliance
determination must provide additional information to enable PBGC to
make an explicit finding that the merger/transfer requirements have
been satisfied.
Section 4231(e) of ERISA clarifies PBGC's authority to facilitate a
merger (a ``facilitated merger'') of two or more multiemployer plans if
certain statutory requirements are met. For purposes of section
4231(e), ``facilitation'' may include training, technical assistance,
mediation, communication with stakeholders, and support with related
requests to other government agencies. In addition, subject to the
requirements of section 4231(e)(2), PBGC may provide financial
assistance (within the meaning of section 4261 of ERISA) to facilitate
a merger (a ``financial assistance merger'') it determines is necessary
to enable one or more of the plans involved to avoid or postpone
insolvency. PBGC's regulations specify the information
[[Page 32984]]
requirements for a voluntary request for a facilitated merger under
section 4231(e) of ERISA, including a financial assistance merger.
PBGC uses information submitted by plan sponsors under the
regulation to determine whether mergers and transfers conform to the
requirements of ERISA section 4231 and the regulation.
The collection of information under the regulation has been
approved by OMB under control number 1212-0022 (expires November 30,
2021). PBGC intends to request that OMB extend its approval for another
3 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 there are 14 transactions each year (excluding
financial assistance mergers). The estimated annual burden of the
collection of information for 14 transactions (excluding financial
assistance mergers) is 14 fund office hours and $84,400 in contractor
costs for work by attorneys and actuaries. PBGC further estimates that
there is one request each year for a financial assistance merger. The
annual burden of the collection of information for financial assistance
mergers is 10 fund office hours and $36,000 in contractor costs. The
total annual burden of the collection of information is approximately
24 fund office hours and $120,400 in contractor costs.
PBGC is soliciting public comments to--
<bullet> 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;
<bullet> 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;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> 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.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-13131 Filed 6-22-21; 8:45 am]
BILLING CODE 7709-02-P
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