Notice2022-24825
Proposed Submission of Information Collection for OMB Review; Comment Request; Termination of Single-Employer Plans, Missing Participants
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 15, 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, with modifications, under the Paperwork Reduction Act, of a collection of information under PBGC's regulations on Termination of Single- Employer Plans and Missing Participants. 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 219 (Tuesday, November 15, 2022)</title>
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[Federal Register Volume 87, Number 219 (Tuesday, November 15, 2022)]
[Notices]
[Pages 68524-68525]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24825]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Termination of Single-Employer Plans, Missing
Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
information collection with modifications.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget (OMB) extend approval,
with modifications, under the Paperwork Reduction Act, of a collection
of information under PBGC's regulations on Termination of Single-
Employer Plans and Missing Participants. 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 17, 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#3646574653444159445d1855595b5b53584245764654515518515940"><span class="__cf_email__" data-cfemail="88f8e9f8edfaffe7fae3a6ebe7e5e5ede6fcfbc8f8eaefeba6efe7fe">[email protected]</span></a>. Refer to OMB control
number 1212-0036 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
1212-0036. 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. 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#b7c5ded1dcded999dad2dbdec4c4d6f7c7d5d0d499d0d8c1"><span class="__cf_email__" data-cfemail="66140f000d0f08480b030a0f151507261604010548010910">[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; 202-229-6563. (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: Under section 4041 of the Employee
Retirement Income Security Act of 1974 (ERISA), a single-employer
pension plan may terminate voluntarily only if it satisfies the
requirements for either a standard or a distress termination. Pursuant
to section 4041(b) of ERISA (for standard terminations), section
4041(c) of ERISA (for distress terminations), and PBGC's termination
regulation (29 CFR part 4041), a plan administrator wishing to
terminate a plan is required to submit specified information to PBGC in
support of the proposed termination and to provide specified
information regarding the proposed termination to third parties
(participants, beneficiaries, alternate payees, and employee
organizations). In the case of a plan with participants or
beneficiaries who cannot be located when their benefits are to be
distributed, the plan administrator is subject to the requirements of
section 4050 of ERISA and PBGC's regulation on missing participants (29
CFR part 4050), including requirements to submit information to PBGC.
The collection of information has been approved under OMB control
number 1212-0036 (expires March 31, 2023). PBGC intends to request that
OMB extend its approval, with modifications, for another 3 years. PBGC
is modifying the Standard Termination Filing Instructions to make clear
that certain documents, already mentioned in the instructions, must be
included with the submission of these forms. In addition, PBGC is
making other editorial and clarifying changes to the instructions. 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 annually 1,654 plan administrators will be
subject to the collection of information requirements in PBGC's
regulations on termination and missing participants and the
implementing forms and instructions, and that the total estimated
annual burdens of complying with these requirements are 41,735 hours
and $8,509,740.
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,
[[Page 68525]]
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. 2022-24825 Filed 11-14-22; 8:45 am]
BILLING CODE 7709-02-P
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