Notice2023-27970
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
December 20, 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 program. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 243 (Wednesday, December 20, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 243 (Wednesday, December 20, 2023)]
[Notices]
[Pages 88138-88139]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27970]
=======================================================================
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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
program. 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 February 20, 2024.
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#dfafbeafbaada8b0adb4f1bcb0b2b2bab1abac9fafbdb8bcf1b8b0a9"><span class="__cf_email__" data-cfemail="245445544156534b564f0a474b4949414a505764544643470a434b52">[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 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 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 (<a href="/cdn-cgi/l/email-protection#72161b01111e1d0107001732021015115c151d04"><span class="__cf_email__" data-cfemail="1d79746e7e71726e686f785d6d7f7a7e337a726b">[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: Hilary Duke (<a href="/cdn-cgi/l/email-protection#b0d4c5dbd59ed8d9dcd1c2c9f0c0d2d7d39ed7dfc6"><span class="__cf_email__" data-cfemail="a5c1d0cec08bcdccc9c4d7dce5d5c7c2c68bc2cad3">[email protected]</span></a>),
Assistant General Counsel for Regulatory Affairs, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW,
Washington, DC 20024-2101; 202-229-3839. 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 Sec. Sec. 4262.6 through
4262.9. Also, if the plan is changing certain assumptions for purposes
of demonstrating 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 45 plan sponsors will file applications for SFA with an
average annual hour burden of 540 (45 x 12) hours and an average annual
cost burden of $1,530,000 (45 x $34,000).
[[Page 88139]]
Under Sec. 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 6 plan sponsors will file lock-in applications for SFA with
an average annual hour burden of 6 (6 x 1) hours and an average annual
cost burden of $4,800 (6 x $800).
Under Sec. 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 150 plan sponsors will file Annual Statements of
Compliance with an average annual hour burden of 300 (150 x 2) hours
and an average annual cost burden of $360,000 (150 x $2,400).
Under Sec. 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 2 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 4 (2 x 2) hours and average annual
cost burden of $4,000 (2 x $2,000).
Finally, under Sec. 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 Sec.
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 4.2 requests per year
for determinations. PBGC estimates an average annual hour burden of
13.6 hours and average annual cost burden of $33,000.
The estimated aggregate average annual hour burden for the next 3
years for the information collection in part 4262 is 863.6 (540 + 6 +
300 + 4 + 13.6) hours for employer and 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 $1,931,800 ($1,530,000 + $4,800 + $360,000 + $4,000 +
$33,000) for approximately 4,830 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 May 31, 2024).
PBGC intends to request that OMB extend its approval of the collection
of information without change 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--
<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. 2023-27970 Filed 12-19-23; 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 December 20, 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.