Notice2024-01964
Proposed Submission of Information of Collections for OMB Review; Comment Request; Reportable Events; Notice of Failure To Make Required Contributions
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
February 1, 2024
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 collections of information under PBGC's regulation on Reportable Events and Certain Other Notification Requirements (OMB control numbers 1212-0013 and 1212-0041, expiring July 31, 2024) without modifications. This notice informs the public of PBGC's intent and solicits public comment on the collections of information.
Full Text
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<title>Federal Register, Volume 89 Issue 22 (Thursday, February 1, 2024)</title>
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[Federal Register Volume 89, Number 22 (Thursday, February 1, 2024)]
[Notices]
[Pages 6557-6558]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01964]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information of Collections for OMB Review;
Comment Request; Reportable Events; Notice of Failure To Make Required
Contributions
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention 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 collections of information under
PBGC's regulation on Reportable Events and Certain Other Notification
Requirements (OMB control numbers 1212-0013 and 1212-0041, expiring
July 31, 2024) without modifications. This notice informs the public of
PBGC's intent and solicits public comment on the collections of
information.
DATES: Comments must be submitted on or before April 1, 2024 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#94e4f5e4f1e6e3fbe6ffbaf7fbf9f9f1fae0e7d4e4f6f3f7baf3fbe2"><span class="__cf_email__" data-cfemail="3a4a5b4a5f484d55485114595557575f544e497a4a585d59145d554c">[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#8de9e4feeee1e2fef8ffe8cdfdefeaeea3eae2fb"><span class="__cf_email__" data-cfemail="197d706a7a75766a6c6b7c59697b7e7a377e766f">[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#d0bfb4bfbebeb5bcbcfebdbfbeb9b3b190a0b2b7b3feb7bfa6"><span class="__cf_email__" data-cfemail="39565d5657575c555517545657505a5879495b5e5a175e564f">[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, hard of hearing or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Section 4043 of the Employee Retirement
Income Security Act of 1974 (ERISA) requires plan administrators and
plan sponsors to report certain plan and employer events to PBGC. The
reporting requirements give PBGC notice of events that indicate plan or
employer financial problems. PBGC uses the information provided to
determine what, if any, action it needs to take. For example, PBGC
might need to institute proceedings to terminate a plan (placing it in
a trusteeship) under section 4042 of ERISA to ensure the continued
payment of benefits to plan participants and their beneficiaries or to
prevent unreasonable increases in PBGC's losses.
The provisions of section 4043 of ERISA have been implemented in
PBGC's regulation on Reportable Events and Certain Other Notification
Requirements (29 CFR part 4043).
Form 10
Subparts B and C of the regulation deal with reportable events.
PBGC has issued Forms 10 and 10-Advance and related instructions under
subparts B and C (approved under OMB control number 1212-0013). The
existing collection of information was approved through July 31, 2024,
under OMB control number 1212-0013. PBGC intends to request that OMB
extend its approval of this collection 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 it will receive 438 reportable event notices
per year under subparts B and C of the reportable events regulation
using Forms 10 and 10-Advance and that the average annual burden of
this collection of information is 1,377 hours and $326,310.
Form 200
Section 303(k) of the Employee Retirement Income Security Act of
1974 (ERISA) and section 430(k) of the Internal Revenue Code of 1986
(Code) impose a lien in favor of an underfunded single-employer plan
that is covered by PBGC's termination insurance program is (1) any
person fails to make a required payment when due, and (2) the unpaid
balance of that payment (including interest), when added to the
aggregated unpaid balance of all proceedings for which payment was not
made when due (including interest), exceeds $1 million. (For this
purpose, a plan is underfunded if its funding target attainment
percentage is less than 100 percent.) The lien is upon all property and
rights to property belonging to the person or persons that are liable
for required contributions (i.e., a contributing sponsor and each
member of the controlled group of which that contributing sponsor is a
member).
Only PBGC (or, at its direction, the plan's contributing sponsor or
a member of the same controlled group) may perfect and enforce this
lien. ERISA and the Code require persons that fail to make payments to
notify PBGC within 10 days of the due date whenever there is a failure
to make a required payment and the total of the unpaid balances
(including interest) exceeds $1 million.
PBGC Form 200, Notice of Failure to Make Required Contributions,
and related instructions implement the statutory notification
requirement. Submission of Form 200 is required by 29 CFR 4043.81
(Subpart D of PBGC's regulation on Reportable Events and Other
Notification Requirements, 29 CFR part 4043). OMB has approved this
collection of information under OMB control number 1212-0041, which
expires July 31, 2024. PBGC intends to
[[Page 6558]]
request that OMB extend its approval of this collection 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 it will receive 60 Form 200 filings per year
and that the average annual burden of this collection of information is
60 hours and $43,500.
PBGC is soliciting public comments to--
<bullet> Evaluate whether the proposed collections of information
are 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 collections 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 collections 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. 2024-01964 Filed 1-31-24; 8:45 am]
BILLING CODE 7709-02-P
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