Notice2023-16536
Proposed Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums
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
August 3, 2023
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget extend approval under the Paperwork Reduction Act of a collection of information 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 88 Issue 148 (Thursday, August 3, 2023)</title>
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[Federal Register Volume 88, Number 148 (Thursday, August 3, 2023)]
[Notices]
[Page 51359]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16536]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Payment of Premiums
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of an
information collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to
request that the Office of Management and Budget extend approval under
the Paperwork Reduction Act of a collection of information 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 received on or before October 2, 2023 to be
assured of consideration.
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 instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#146475647166637b667f3a777b7979717a606754647673773a737b62"><span class="__cf_email__" data-cfemail="6f1f0e1f0a1d18001d04410c0002020a011b1c2f1f0d080c41080019">[email protected]</span></a>. Refer to Payment of
Premiums and/or OMB Control No. 1212-0009 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 comments
electronically. Commenters who submit comments on paper by mail should
allow sufficient time for mailed comments to be received before the
close of the comment period.
All submissions received must include the agency's name (Pension
Benefit Guaranty Corporation, or PBGC) and refer to Payment of Premiums
and/or OMB Control No. 1212-0009. 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 this information collection may be obtained by writing to
Disclosure Division (<a href="/cdn-cgi/l/email-protection#f0949983939c9f83858295b080929793de979f86"><span class="__cf_email__" data-cfemail="8eeae7fdede2e1fdfbfcebcefeece9eda0e9e1f8">[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#dba9b2bdb0b2b5f5b6beb7b2a8a8ba9babb9bcb8f5bcb4ad"><span class="__cf_email__" data-cfemail="3f4d565954565111525a53564c4c5e7f4f5d585c11585049">[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; 202-326-4400, extension
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 4007 of title IV of the Employee
Retirement Income Security Act of 1974 (ERISA) requires pension plans
covered under title IV pension insurance programs to pay premiums to
PBGC. All plans covered by title IV pay a flat-rate per-participant
premium. An underfunded single-employer plan also pays a variable-rate
premium based on the value of the plan's unfunded vested benefits.
Pursuant to section 4007 of ERISA, PBGC has issued its regulation
on Payment of Premiums (29 CFR part 4007). Under Sec. 4007.3 of the
premium payment regulation, the plan administrator of each pension plan
covered by title IV of ERISA is required to file a premium payment and
information prescribed by PBGC for each premium payment year. Premium
information is filed electronically using ``My Plan Administration
Account'' (``My PAA'') through PBGC's website. Under Sec. 4007.10 of
the premium payment regulation, plan administrators are required to
retain records about premiums and information submitted in premium
filings.
Premium filings report (i) the flat-rate premium and related data
(all plans), (ii) the variable-rate premium and related data (single-
employer plans), and (iii) additional data such as identifying
information and miscellaneous plan-related or filing-related data (all
plans). PBGC needs this information to identify the plans for which
premiums are paid, to verify whether the amounts paid are correct, to
help PBGC determine the magnitude of its exposure in the event of plan
termination, to help track the creation of new plans and transfer of
participants and plan assets and liabilities among plans, and to keep
PBGC's insured-plan inventory up to date. That information and the
retained records are also needed for audit purposes.
PBGC is intending to update the premium rates, as required by
statute, and make conforming, clarifying, and editorial changes to the
premium filing instructions. These changes are non-material.
The collection of information under the regulation has been
approved through February 29, 2024, under OMB control number 1212-0009.
PBGC intends to request that OMB extend its approval of this collection
of information for three 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 estimates that it will receive 31,303 premium filings per year
from plan administrators under this collection of information. PBGC
further estimates that the annual burden of this collection of
information is 13,565 hours and $21,661,676.
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.
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2023-16536 Filed 8-2-23; 8:45 am]
BILLING CODE 7709-02-P
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