Notice2021-19981
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
September 16, 2021
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting 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 request and solicits public comment on the collection of information.
Full Text
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<title>Federal Register, Volume 86 Issue 177 (Thursday, September 16, 2021)</title>
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[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Pages 51685-51686]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19981]
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PENSION BENEFIT GUARANTY CORPORATION
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 request for extension of OMB approval of information
collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
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 request and
solicits public comment on the collection of information.
DATES: Comments must be submitted on or before October 18, 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="http://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment">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; or, calling 202-229-4040 during
normal business hours (TTY users may call the Federal Relay Service
toll-free at 800-877-8339 and ask to be connected to 202-229-4040).
FOR FURTHER INFORMATION CONTACT: Hilary Duke (<a href="/cdn-cgi/l/email-protection#a1c5d4cac48fc9c8cdc0d3d8e1d1c3c6c28fc6ced7"><span class="__cf_email__" data-cfemail="3753425c52195f5e5b56454e774755505419505841">[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, 202-229-3839. (TTY users may call the
Federal relay service toll-free at 1-800-877-8339 and ask to be
connected to 202-229-3839.)
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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The existing collection of information was approved under OMB
control number 1212-0071 (expires November 30, 2021). On June 23, 2021,
PBGC published in the Federal Register (at 86
[[Page 51686]]
FR 32982) a notice informing the public of its intent to request an
extension of this collection of information. No comments were received.
PBGC is requesting that OMB extend approval of the collection 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 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).
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-19981 Filed 9-15-21; 8:45 am]
BILLING CODE 7709-02-P
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