Notice2021-27251
Submission of Information Collection for OMB Review; Comment Request; Qualified Domestic Relations Orders Submitted to PBGC
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 16, 2021
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget extend approval (with modifications), under the Paperwork Reduction Act of 1995, of the information collection related to PBGC's booklet, Qualified Domestic Relations Orders & PBGC. 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 239 (Thursday, December 16, 2021)</title>
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[Federal Register Volume 86, Number 239 (Thursday, December 16, 2021)]
[Notices]
[Pages 71530-71531]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-27251]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Qualified Domestic Relations Orders Submitted to PBGC
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of information
collection, with modifications.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget extend approval (with
modifications), under the Paperwork Reduction Act of 1995, of the
information collection related to PBGC's booklet, Qualified Domestic
Relations Orders & PBGC. 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 18, 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="http://www.pbgc.gov/prac/laws-and-regulation/federalregister-notices-open-for-comment">www.pbgc.gov/prac/laws-and-regulation/federalregister-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). The
Disclosure Division will email, fax, or mail the information to you, as
you request.
FOR FURTHER INFORMATION CONTACT: Karen Levin (<a href="/cdn-cgi/l/email-protection#99f5fceff0f7b7f2f8ebfcf7d9e9fbfefab7fef6ef"><span class="__cf_email__" data-cfemail="69050c1f00074702081b0c0729190b0e0a470e061f">[email protected]</span></a>),
Attorney, Regulatory Affairs Division, Office of the General Counsel,
Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC
20005-4026, 202-229-3559. (TTY users may call the Federal Relay Service
toll-free at 800-877-8339 and ask to be connected to 202-229-3559.)
SUPPLEMENTARY INFORMATION: A defined benefit pension plan that does not
have enough money to pay benefits may be terminated if the employer
responsible
[[Page 71531]]
for the plan faces severe financial difficulty, such as bankruptcy, and
is unable to maintain the plan. In such an event, the Pension Benefit
Guaranty Corporation (PBGC) becomes trustee of the plan and pays
benefits, subject to legal limits, to plan participants and
beneficiaries.
The benefits of a pension plan participant generally may not be
assigned or alienated. Title I of ERISA provides an exception for
domestic relations orders that relate to child support, alimony
payments, or marital property rights of an alternate payee (a spouse,
former spouse, child, or other dependent of a plan participant). The
exception applies only if the domestic relations order meets specific
legal requirements that make it a qualified domestic relations order
(QDRO).
When PBGC is trustee of a plan, it reviews submitted domestic
relations orders to determine whether the order is qualified before
paying benefits to an alternate payee. The requirements for submitting
a domestic relations order (DRO or order) and the contents of such
orders are established by statute. The models and the guidance provided
by PBGC assist parties by making it easier for them to comply with
ERISA's QDRO requirements in plans trusteed by PBGC; they do not create
any additional requirements and result in a reduction of the statutory
burden.
The existing collection of information was approved under OMB
control number 1212-0054, expiring on February 28, 2022. On October 6,
2021, PBGC published in the Federal Register (at 86 FR 55638), 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 with
modifications for three years. The modifications requested are not
material. 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 it will receive approximately 428 domestic
relations orders each year from prospective alternate payees and
participants. PBGC further estimates that the total average annual
burden of this collection of information will be approximately 321
hours and $299,600.
Issued in Washington, DC.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2021-27251 Filed 12-15-21; 8:45 am]
BILLING CODE 7709-02-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.