Notice2024-00188
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
January 9, 2024
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 on the disclosure of termination information under its regulations for distress terminations and for PBGC-initiated terminations. 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 89 Issue 6 (Tuesday, January 9, 2024)</title>
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[Federal Register Volume 89, Number 6 (Tuesday, January 9, 2024)]
[Notices]
[Pages 1131-1132]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00188]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Disclosure of Termination Information
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of an
information collection.
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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 on the
disclosure of termination information under its regulations for
distress terminations and for PBGC-initiated terminations. 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 8, 2024.
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="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.
[[Page 1132]]
A copy of the request will be posted on PBGC's website at <a href="https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment">https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment</a>. It may also be obtained without charge by writing to the
Disclosure Division (<a href="/cdn-cgi/l/email-protection#a1c5c8d2c2cdced2d4d3c4e1d1c3c6c28fc6ced7"><span class="__cf_email__" data-cfemail="1c78756f7f70736f696e795c6c7e7b7f327b736a">[email protected]</span></a>), Office of the General
Counsel of PBGC, 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#442b202b2a2a2128286a292b2a2d272504342623276a232b32"><span class="__cf_email__" data-cfemail="18777c7776767d747436757776717b7958687a7f7b367f776e">[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, 202-229-8706. 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: Sections 4041 and 4042 of the Employee
Retirement Income Security Act of 1974, as amended (``ERISA''), 29
U.S.C. 13019-1461, 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 under OMB
control number 1212-0065 (expires April 30, 2024). On October 27, 2023,
PBGC published in the Federal Register (at 88 FR 73887) 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 approval of the collection 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 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.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2024-00188 Filed 1-8-24; 8:45 am]
BILLING CODE 7709-02-P
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</html>Indexed from Federal Register on January 9, 2024.
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