Notice2021-13134
Proposed Submission of Information Collection for OMB Review; Comment Request; Survey of Multiemployer Pension Plan Withdrawal Liability Information
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
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 survey of terminated and insolvent multiemployer pension plans to obtain withdrawal liability information. PBGC needs the withdrawal liability information to estimate its multiemployer program liabilities for purposes of its financial statements. 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 32982-32983]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13134]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Survey of Multiemployer Pension Plan Withdrawal
Liability Information
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 survey of terminated and
insolvent multiemployer pension plans to obtain withdrawal liability
information. PBGC needs the withdrawal liability information to
estimate its multiemployer program liabilities for purposes of its
financial statements. 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#3d4d5c4d584f4a524f56135e5250505853494e7d4d5f5a5e135a524b"><span class="__cf_email__" data-cfemail="2a5a4b5a4f585d45584104494547474f445e596a5a484d49044d455c">[email protected]</span></a>. Refer to withdrawal
liability survey 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 withdrawal
liability survey 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#aacedfc1cf84c2c3c6cbd8d3eadac8cdc984cdc5dc"><span class="__cf_email__" data-cfemail="cda9b8a6a8e3a5a4a1acbfb48dbdafaaaee3aaa2bb">[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 users may
call the Federal relay service toll-free at 1-800-877-8339 and ask to
be connected to 202-326-4400, extension 3839.)
SUPPLEMENTARY INFORMATION: When a contributing employer withdraws from
an underfunded multiemployer pension plan, the plan sponsor assesses
withdrawal liability against the employer. The plan sponsor is required
to determine and collect withdrawal liability in accordance with
section 4219 of the Employee Retirement Income Security Act of 1974
(ERISA). The plan sponsor assesses withdrawal liability by issuing a
notice to an employer, including the amount of the employer's liability
and a schedule of payments. PBGC's regulation on Notice, Collection,
and Redetermination of Withdrawal Liability (29 CFR part 4219) requires
the plan sponsor to file with PBGC a certification that notices have
been provided to employers.
PBGC collects information about withdrawal liability that is owed
by withdrawn employers of terminated \1\ and insolvent \2\
multiemployer pension plans. PBGC distributes annual surveys that newly
insolvent plans receiving financial assistance and newly terminated
plans not yet receiving financial assistance are required to complete
and return to PBGC. Smaller plans with less than 500 participants are
not required to complete the survey. PBGC needs the information from
the survey about withdrawal liability payments and settlements, and
whether employers have withdrawn from the plan but have not yet been
assessed withdrawal liability, to estimate with more precision PBGC's
multiemployer program liabilities for purposes of its financial
statements.\3\ PBGC also uses the information for its Multiemployer
Pension Insurance Modelling System assumptions on collection of
withdrawal liability. Information provided to PBGC is confidential to
the extent provided in the Freedom of Information Act and the Privacy
Act.
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\1\ Under section 4041A(f)(2) of ERISA, PBGC may prescribe
reporting requirements for terminated multiemployer pension plans,
which PBGC considers appropriate to protect the interests of plan
participants and beneficiaries or to prevent unreasonable loss to
the corporation.
\2\ Under section 4261(b)(1) of ERISA, PBGC provides financial
assistance under such conditions as the corporation determines are
equitable and are appropriate to prevent unreasonable loss to the
corporation with respect to the plan.
\3\ Section 4008 of ERISA requires the corporation, as soon as
practicable after the close of each fiscal year, to transmit a
report to the President and the Congress, including financial
statements setting forth the finances of the corporation at the end
of the fiscal year and the result of its operations (including the
source and application of its funds) for the fiscal year.
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PBGC estimates that the survey will be sent to about 6 newly
terminated and insolvent plans per year. PBGC estimates that each
survey would require approximately 20 hours to complete by a
combination of pension fund office staff (50%) and outside
professionals (attorneys and actuaries) (50%). PBGC estimates a total
hour burden of 60 hours (based on 10 hours of pension fund office time
per plan). The estimated dollar equivalent of this hour burden, based
on an assumed hourly rate of $75 for administrative, clerical, and
supervisory time is $4,500. PBGC estimates a total cost burden for the
withdrawal liability survey of $24,000 (based on a 60 attorney and
actuary hours (10 hours x 6 plans) assuming an average hourly rate of
$400).
The existing collection of information was approved under OMB
control number 1212-0071 (expires November 30, 2021). PBGC intends to
request that OMB approve PBGC's use of this survey for 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 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
[[Page 32983]]
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. 2021-13134 Filed 6-22-21; 8:45 am]
BILLING CODE 7709-02-P
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