Notice2022-26924
Proposed Submission of Information Collections for OMB Review; Comment Request; Payment of Premiums; Termination Premium
Primary source
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Published
December 12, 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 for the termination premium under its regulation on Payment of Premiums. 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 237 (Monday, December 12, 2022)</title>
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[Federal Register Volume 87, Number 237 (Monday, December 12, 2022)]
[Notices]
[Pages 76090-76091]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-26924]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collections for OMB Review;
Comment Request; Payment of Premiums; Termination Premium
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 for the termination premium under its regulation on
Payment of Premiums. 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 February 10, 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#453524352037322a372e6b262a2828202b313605352722266b222a33"><span class="__cf_email__" data-cfemail="6c1c0d1c091e1b031e07420f0301010902181f2c1c0e0b0f420b031a">[email protected]</span></a>. Refer to OMB control
number 1212-0064 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
1212-0064. 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#64160d020f0d0a4a0901080d17170524140603074a030b12"><span class="__cf_email__" data-cfemail="07756e616c6e69296a626b6e747466477765606429606871">[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: The Pension Benefit Guaranty Corporation
(PBGC) administers the pension plan termination insurance program under
title IV of the Employee Retirement Income Security Act of 1974
(ERISA). Section 4006(a)(7) of ERISA provides for a ``termination
premium'' (in addition to the flat-rate and variable-rate premiums
under sections 4006(a)(3) and (8)) that is
[[Page 76091]]
payable for 3 years following certain distress and involuntary plan
terminations. PBGC's regulations on Premium Rates (29 CFR part 4006)
and Payment of Premiums (29 CFR part 4007) implement the termination
premium. Sections 4007.3 and 4007.13(b) of the premium payment
regulation require the filing of termination premium information and
payments with PBGC. PBGC has issued Form T and its corresponding
instructions for paying the termination premium. In this renewal, PBGC
is updating the email address listed in the filing instructions for
Form T and making a clarifying edit.
In general, the termination premium applies where a single-employer
plan terminates in a distress termination under section 4041(c) of
ERISA (unless contributing sponsors and controlled group members meet
the bankruptcy liquidation requirements of section 4041(c)(2)(B)(i)) or
in an involuntary termination under section 4042 of ERISA, and the
termination date under section 4048 of ERISA is after 2005.
The termination premium is payable for 3 years. The same amount is
payable each year. The termination premium is due on the 30th day of
each of 3 consecutive 12-month periods. The first 12-month period
generally begins shortly after the termination date or after the
conclusion of bankruptcy proceedings in certain cases. The termination
premium and related information must be filed by a person liable for
the termination premium. The persons liable for the termination premium
are contributing sponsors and members of their controlled groups,
determined on the day before the plan termination date. Section 4007.10
of the premium payment regulation requires the retention of records
supporting or validating the computation of premiums paid and requires
that the records be made available to PBGC.
OMB has approved the termination premium collection of information
(Form T and instructions) under control number 1212-0064 through April
30, 2023. PBGC intends to request that OMB extend approval of this
collection of information for 3 years, with minor changes. 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, during the next 3 years, it will receive an
average of 1 filing of Form T per year. PBGC estimates that the total
annual burden for the collection of information will be 5 minutes and
$67.
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.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2022-26924 Filed 12-9-22; 8:45 am]
BILLING CODE 7709-02-P
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