Notice2023-15509
Submission of Information Collection for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
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
July 21, 2023
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of a collection of information contained in its regulation on Liability for Termination of Single-Employer Plans (OMB control number 1212-0017; expires August 31, 2023). 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 88 Issue 139 (Friday, July 21, 2023)</title>
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[Federal Register Volume 88, Number 139 (Friday, July 21, 2023)]
[Notices]
[Page 47196]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-15509]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Liability for Termination of Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of collection
of information.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) extend approval, under
the Paperwork Reduction Act, of a collection of information contained
in its regulation on Liability for Termination of Single-Employer Plans
(OMB control number 1212-0017; expires August 31, 2023). This notice
informs the public of PBGC's request and solicits public comment on the
collection of information.
DATES: Comments must be received on or before August 21, 2023 to be
assured of consideration.
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. All
comments received will be posted without change to PBGC's website,
<a href="https://www.pbgc.gov">https://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 (<a href="/cdn-cgi/l/email-protection#3a5e5349595655494f485f7a4a585d59145d554c"><span class="__cf_email__" data-cfemail="27434e54444b4854525542675745404409404851">[email protected]</span></a>), 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#89fbe0efe2e0e7a7e4ece5e0fafae8c9f9ebeeeaa7eee6ff"><span class="__cf_email__" data-cfemail="46342f202d2f28682b232a2f353527063624212568212930">[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 4062 of the Employee Retirement
Income Security Act of 1974, as amended, provides that the contributing
sponsor of a single-employer pension plan and members of the sponsor's
controlled group (``the employer'') incur liability (``employer
liability'') if the plan terminates with assets insufficient to pay
benefit liabilities under the plan. PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth. Section 4062.6 of PBGC's employer liability
regulation (29 CFR part 4062) requires a contributing sponsor or member
of the contributing sponsor's controlled group that believes employer
liability upon plan termination exceeds 30 percent of the employer's
net worth to so notify PBGC and submit net worth information to PBGC.
This information is necessary to enable PBGC to determine whether and
to what extent employer liability exceeds 30 percent of the employer's
net worth.
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 (expires August 31,
2023). On May 16, 2023, PBGC published in the Federal Register a notice
(at 88 FR 31289) informing the public of its intent to request an
extension of this collection of information and solicited public
comment. No comments were received. 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 an average of 21 contributing sponsors or
controlled group members per year will respond to this collection of
information. PBGC further estimates that the average annual burden of
this collection of information will be 12 hours and $5,400 per
respondent, with an average total annual burden of 252 hours and
$113,400.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2023-15509 Filed 7-20-23; 8:45 am]
BILLING CODE 7709-02-P
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</html>Indexed from Federal Register on July 21, 2023.
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