Notice2023-03159
Proposed 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
February 15, 2023
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 under the Paperwork Reduction Act of a collection of information contained in PBGC's regulation on special financial assistance. The purpose of the information collection is to gather information necessary for PBGC to operate this special financial assistance programs. 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 88 Issue 31 (Wednesday, February 15, 2023)</title>
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[Federal Register Volume 88, Number 31 (Wednesday, February 15, 2023)]
[Notices]
[Pages 9914-9915]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03159]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Special Financial Assistance Information
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
under the Paperwork Reduction Act of a collection of information
contained in PBGC's regulation on special financial assistance. The
purpose of the information collection is to gather information
necessary for PBGC to operate this special financial assistance
programs. 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 April 17, 2023.
ADDRESSES: Comments may be submitted by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#fa8a9b8a9f888d958891d4999597979f948e89ba8a989d99d49d958c"><span class="__cf_email__" data-cfemail="91e1f0e1f4e3e6fee3fabff2fefcfcf4ffe5e2d1e1f3f6f2bff6fee7">[email protected]</span></a>. Refer to OMB control
number 1212-0074 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
1212-0074. 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#bbc9d2ddd0d2d595d6ded7d2c8c8dafbcbd9dcd895dcd4cd"><span class="__cf_email__" data-cfemail="304259565b595e1e5d555c5943435170405257531e575f46">[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: 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. Part 4262 of
PBGC's regulations, ``Special Financial Assistance by PBGC,'' 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 sections 4262.6 through 4262.9.
Also, if the plan is changing certain assumptions for purposes of
demonstrating its eligibility for SFA or its requested amount of SFA,
then the plan sponsor may use PBGC's SFA assumptions guidance. PBGC
needs the application information to review a plan's eligibility for
SFA and amount of requested SFA. PBGC estimates that over the next 3
years an annual average of 59 plan sponsors will file applications for
SFA with an average annual hour burden of 590 hours and an average
annual cost burden of $1,770,000.
Under section 4262.10(g), a plan sponsor may, but is not required
to, file a lock-in application as a plan's initial application. The
lock-in application contains basic information about the plan and a
statement of intent to lock-in base data. PBGC needs the information in
the lock-in application to ensure that a plan sponsor intends to lock-
in the plan's data. PBGC estimates that over the next 3 years an annual
average of 23 plan sponsors will file lock-in applications for SFA with
an average annual hour burden of 23 hours and an average annual cost
burden of $18,400.
Under section 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 over the next
3 years an annual average of 120 plan sponsors will file Annual
Statements of Compliance with an average annual hour burden of 240
hours and an average annual cost burden of $288,000.
Under section 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 over the next 3 years an average
of 5 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 10 hours and average annual cost
burden of $10,000.
Finally, under section 4262.16(d), (f), (g), 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
section 4262.16 relating to reductions in contributions, transfers or
mergers, and withdrawal liability. PBGC needs the information required
for a request for determination to determine whether to approve an
exception from the specified condition of receiving SFA. PBGC estimates
that over the next 3 years, PBGC will receive an average of 3.2
requests per year for determinations. PBGC estimates an average annual
hour burden of 15.6 hours and average annual cost burden of $44,000.
The estimated aggregate average annual hour burden for the next 3
years for the information collection in part 4262 is 878.6 hours for
employer and
[[Page 9915]]
fund office administrative, clerical, and supervisory time. The
estimated aggregate average annual cost burden for the next 3 years for
the information collection request in part 4262 is $2,130,400, for
approximately 5,326 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.
The collection of information under the regulation has been
approved by OMB under control number 1212-0074 (expires July 31, 2023).
PBGC intends to request that OMB extend its approval 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.
PBGC is soliciting public comments to--
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;
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;
Enhance the quality, utility, and clarity of the information to be
collected; and
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. 2023-03159 Filed 2-14-23; 8:45 am]
BILLING CODE 7709-02-P
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