Notice2022-24233
Proposed Submission of Information Collection for OMB Review; Comment Request; Annual Financial and Actuarial Information Reporting
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
November 7, 2022
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, without modifications, under the Paperwork Reduction Act, of a collection of information contained in its regulation on Annual Financial and Actuarial Information Reporting. 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 87 Issue 214 (Monday, November 7, 2022)</title>
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[Federal Register Volume 87, Number 214 (Monday, November 7, 2022)]
[Notices]
[Pages 67078-67079]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24233]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Annual Financial and Actuarial Information Reporting
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,
without modifications, under the Paperwork Reduction Act, of a
collection of information contained in its regulation on Annual
Financial and Actuarial Information Reporting. 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 January 6, 2023.
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 online instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#cabaabbaafb8bda5b8a1e4a9a5a7a7afa4beb98abaa8ada9e4ada5bc"><span class="__cf_email__" data-cfemail="552534253027223a273e7b363a3838303b212615253732367b323a23">[email protected]</span></a>. Refer to OMB control
number 1212-0049 in the subject line.
<bullet> Mail or Hand Delivery: Regulatory Affairs Division, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th
Street SW, Washington, DC 20024-2101.
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
1212-0049. All comments received will be posted without change to
PBGC's website, <a href="http://www.pbgc.gov">http://www.pbgc.gov</a>, including
[[Page 67079]]
any personal information provided. Do not submit comments that include
any personally identifiable information or confidential business
information.
Copies of the collection of information may be obtained by writing
to Disclosure Division, Office of the General Counsel, Pension Benefit
Guaranty Corporation, 445 12th Street SW, Washington, DC 20024-2101, or
calling 202-229-4040 during normal business hours. If you are deaf or
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
FOR FURTHER INFORMATION CONTACT: Melissa Rifkin
(<a href="/cdn-cgi/l/email-protection#6c1e050a07050242010900051f1f0d2c1c0e0b0f420b031a"><span class="__cf_email__" data-cfemail="5d2f343b36343373303831342e2e3c1d2d3f3a3e733a322b">[email protected]</span></a>), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington, DC 20024-2101. (If you are deaf or hard
of hearing, or have a speech disability, please dial 7-1-1 to access
telecommunications relay services.)
SUPPLEMENTARY INFORMATION: Section 4010 of the Employee Retirement
Income Security Act of 1974 (ERISA) and PBGC's regulation on Annual
Financial and Actuarial Information Reporting (29 CFR part 4010)
require each member of a controlled group to submit financial and
actuarial information to PBGC under certain circumstances. Section 4010
specifies that each controlled group member must provide PBGC with
certain financial information, including audited (if available) or (if
not) unaudited financial statements. Section 4010 also specifies that
the controlled group must provide PBGC with certain actuarial
information necessary to determine the liabilities and assets for all
PBGC-covered plans.
PBGC's 4010 regulation specifies the items of identifying,
financial, and actuarial information that filers must submit under
section 4010, through PBGC's e-filing portal. Computer-assisted
analysis of this information helps PBGC to anticipate possible major
demands on the pension insurance system and to focus PBGC resources on
situations that pose the greatest risks to that system. Because other
sources of information are usually not as current as the section 4010
information and do not reflect a plan's termination liability, the
section 4010 filing plays a major role in PBGC's ability to protect
participant and premium-payer interests.
PBGC estimates that 400 controlled groups will submit filings under
part 4010 each year. The total estimated annual hourly and cost burdens
of the information collection are 800 hours and $11,080,000.
The collection of information has been approved under OMB control
number 1212-0049 (expires March 31, 2023). PBGC intends to request that
OMB extend its approval, without modifications, 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 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, by:
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2022-24233 Filed 11-4-22; 8:45 am]
BILLING CODE 7709-02-P
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