Notice2021-26349
Submission of Information Collection for OMB Review; Comment Request; Special Financial Assistance 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
December 6, 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, without change, under the Paperwork Reduction Act, of a collection of information contained in PBGC's regulation on special financial assistance. 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 231 (Monday, December 6, 2021)</title>
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[Federal Register Volume 86, Number 231 (Monday, December 6, 2021)]
[Notices]
[Pages 69105-69106]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-26349]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Special Financial Assistance 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, without
change, under the Paperwork Reduction Act, of a collection of
information contained in PBGC's regulation on special financial
assistance. This notice informs the public of PBGC's request and
solicits public comment on the collection of information.
DATES: Comments must be submitted by January 5, 2022.
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; 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: Melissa Rifkin
(<a href="/cdn-cgi/l/email-protection#a5d7ccc3cecccb8bc8c0c9ccd6d6c4e5d5c7c2c68bc2cad3"><span class="__cf_email__" data-cfemail="8dffe4ebe6e4e3a3e0e8e1e4fefeeccdfdefeaeea3eae2fb">[email protected]</span></a>), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
1200 K Street NW, Washington, D.C., 20005-4026; 202-229-6563. (TTY and
TDD users may call the Federal relay service toll-free at 800-877-8339
and ask to be connected to 202-229-6563.)
SUPPLEMENTARY INFORMATION: Section 4262 of the Employee Retirement
Income Security Act of 1974 (ERISA) requires PBGC to provide special
financial assistance (SFA) to certain financially troubled
multiemployer plans upon application for assistance. To implement
section 4262 of ERISA, PBGC added part 4262 to its regulations,
``Special Financial Assistance by PBGC.'' Part 4262 provides guidance
to multiemployer pension plan sponsors on eligibility, determining the
amount of SFA, content of an application for SFA, the process of
applying, PBGC's review of applications, restrictions and conditions,
and reporting and notice requirements.
To apply for SFA, a plan sponsor must file an application with PBGC
and include information about the plan, plan documentation, and
actuarial information, as specified in Sec. Sec. 4262.6 through
4262.9. PBGC needs this information to review a plan's eligibility for
SFA, priority group status (if applicable), and amount of requested
SFA. PBGC estimates that an annual average of 60 plan sponsors will
file applications for SFA with an average annual hour burden of 600
hours and an average annual cost burden of $1,800,000.
Under Sec. 4262.16(i), a plan sponsor of a plan that has received
SFA must file an Annual Statement of Compliance with the restrictions
and conditions under section 4262 of ERISA and part 4262 once every
year through 2051. PBGC needs the information in the Annual Statement
of Compliance to ensure that a plan is compliant with the imposed
restrictions and conditions. PBGC estimates that an annual average of
49 plan sponsors will file Annual Statements of Compliance with an
average annual hour burden of 98 hours and an average annual cost
burden of $117,600.
Under Sec. 4262.15(c), a plan sponsor of a plan with benefits that
were suspended under sections 305(e)(9) or 4245(a) of ERISA must issue
notices of reinstatement to participants and beneficiaries whose
benefits were suspended and are being reinstated. Participants and
beneficiaries need the notice of reinstatement to better understand the
calculation and timing of their reinstated benefits and, if applicable,
make-up payments. PBGC estimates that an average of 11 plans per year
will be required to send notices to participants with suspended
benefits. PBGC estimates that these notices will impose an average
annual hour burden of 22 hours and average annual cost burden of
$22,667.
Finally, under Sec. 4262.16(d), (f), and (h) a plan sponsor must
file a request for a determination from PBGC for approval for an
exception under certain circumstances for SFA conditions under Sec.
4262.16 relating to reductions in contributions, transfers or mergers,
and settlement of withdrawal liability. PBGC needs the information
required for a request for determination to determine whether to
approve an exception from
[[Page 69106]]
the specified condition of receiving SFA. PBGC estimates that beginning
in 2023, PBGC will receive an average of 2.2 requests per year for
determinations. PBGC estimates an average annual hour burden of 2.53
hours and average annual cost burden of $6,333.
The existing collection of information was approved under OMB
control number 1212-0074 (expires January 31, 2022). On September 27,
2021, PBGC published in the Federal Register (at 86 FR 53354) a notice
informing the public of its intent to request an extension of this
collection of information, as modified. No comments were received. PBGC
is requesting that OMB extend approval of the collection 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.
The estimated aggregate average annual hour burden for the
information collection in part 4262 is 723 hours for employer and fund
office administrative, clerical, and supervisory time. The estimated
aggregate average annual cost burden for the information collection
request in part 4262 is $1,946,600, for approximately 4,867 contract
hours assuming an average hourly rate of $400 for work done by outside
actuaries and attorneys. The actual hour burden and cost burden per
plan will vary depending on plan size and other factors.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2021-26349 Filed 12-3-21; 8:45 am]
BILLING CODE 7709-02-P
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