Notice2023-23722
Proposed Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination 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
October 27, 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 on the disclosure of termination information under its regulations for distress terminations and for PBGC-initiated terminations (OMB control number 1212-0065; expires April 30, 2024). 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 207 (Friday, October 27, 2023)</title>
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[Federal Register Volume 88, Number 207 (Friday, October 27, 2023)]
[Notices]
[Pages 73887-73888]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-23722]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Disclosure of Termination Information
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 (OMB) extend approval,
under the Paperwork Reduction Act, of a collection of information on
the disclosure of termination information
[[Page 73888]]
under its regulations for distress terminations and for PBGC-initiated
terminations (OMB control number 1212-0065; expires April 30, 2024).
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 December 26, 2023 to be
assured of consideration.
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#235342534651544c51480d404c4e4e464d575063534144400d444c55"><span class="__cf_email__" data-cfemail="abdbcadbced9dcc4d9c085c8c4c6c6cec5dfd8ebdbc9ccc885ccc4dd">[email protected]</span></a>. Refer to Disclosure of
Termination Information 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 Disclosure of
Termination Information. 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 without
charge by writing to the Disclosure Division, (<a href="/cdn-cgi/l/email-protection#7a1e1309191615090f081f3a0a181d19541d150c"><span class="__cf_email__" data-cfemail="4b2f2238282724383e392e0b3b292c28652c243d">[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: Monica O'Donnell
(<a href="/cdn-cgi/l/email-protection#640b43000b0a0a0108084a090b0a0d070524140603074a030b12">o'<span class="__cf_email__" data-cfemail="d1b5bebfbfb4bdbdffbcbebfb8b2b091a1b3b6b2ffb6bea7">[email protected]</span></a>), Law Clerk, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington DC 20024-2101; 202-229-8706. If you are
deaf, hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Sections 4041 and 4042 of the Employee
Retirement Income Security Act of 1974, as amended (``ERISA''), 29
U.S.C 1301-1461, govern the termination of single-employer defined
benefit pension plans that are subject to title IV of ERISA. A plan
administrator may initiate a distress termination pursuant to section
4041(c), and PBGC may itself initiate proceedings to terminate a
pension plan under section 4042 if PBGC determines that certain
conditions are present. Under sections 4041 and 4042 of ERISA, upon a
request by an affected party, a plan administrator must disclose
information it has submitted to PBGC in connection with a distress
termination filing, and a plan administrator or plan sponsor must
disclose information it has submitted to PBGC in connection with a
PBGC-initiated termination. The provisions also require PBGC to
disclose the administrative record relating to a PBGC-initiated
termination upon request by an affected party.
The existing collection of information was approved through April
30, 2024, under OMB control number 1212-0065. PBGC intends to request
that OMB extend its approval of this collection of information 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 estimates that approximately 30 plans will terminate as
distress or PBGC-initiated terminations each year and that two
participants or other affected parties of every nine distress
terminations or PBGC-initiated terminations filed will annually make
requests for termination information, or \2/9\ of 30 (approximately 7
per year). PBGC estimates that the hour burden for each request will be
about 20 hours. PBGC expects that the staff of plan administrators and
sponsors will perform the work in-house and that no work will be
contracted to third parties. The total annual hour burden is estimated
to be 140 hours (7 plans x 20 hours), and the total annual cost burden
is estimated to be $0.
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. 2023-23722 Filed 10-26-23; 8:45 am]
BILLING CODE 7709-02-P
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