Notice2023-24217
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
November 2, 2023
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting 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 request and solicits public comment on the collection of information.
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 211 (Thursday, November 2, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 211 (Thursday, November 2, 2023)]
[Notices]
[Page 75335]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-24217]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Payment of Premiums
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of an
information collection.
-----------------------------------------------------------------------
SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
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 request and solicits public comment on the collection of
information.
DATES: Comments must be submitted by December 4, 2023.
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 this information collection may be obtained by writing to
Disclosure Division (<a href="/cdn-cgi/l/email-protection#4d29243e2e21223e383f280d3d2f2a2e632a223b"><span class="__cf_email__" data-cfemail="b9ddd0cadad5d6cacccbdcf9c9dbdeda97ded6cf">[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: Karen Levin (<a href="/cdn-cgi/l/email-protection#107c7566797e3e7b7162757e50607277733e777f66"><span class="__cf_email__" data-cfemail="7e121b08171050151f0c1b103e0e1c191d50191108">[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 3559. (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, 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.
The information reported in premium filings includes (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 updating the premium rates, as required by statute, and
making 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.
On August 3, 2023, PBGC published in the Federal Register (at 88 FR
51359) a notice informing the public of its intent to request an
extension of this collection of information. No comments were received.
PBGC is requesting 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.
Issued in Washington, DC, by:
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation.
[FR Doc. 2023-24217 Filed 11-1-23; 8:45 am]
BILLING CODE 7709-02-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 2, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.