Notice2024-07444
Submission of Information 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
April 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 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 request and solicits public comment on the collections.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 69 (Tuesday, April 9, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 69 (Tuesday, April 9, 2024)]
[Notices]
[Pages 24882-24883]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-07444]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collections for OMB Review; Comment
Request; Reportable Events; Notice of Failure To Make Required
Contributions
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval.
-----------------------------------------------------------------------
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 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 request and solicits public comment on the collections.
DATES: Comments must be submitted by May 9, 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
[[Page 24883]]
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">www.pbgc.gov</a>, including any personal information provided. Do not
submit comments that include any personally identifiable information or
confidential business information.
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>. Copies of the collections of information may also be
obtained without charge by writing to the Disclosure Division
(<a href="/cdn-cgi/l/email-protection#07636e74646b6874727562477765606429606871"><span class="__cf_email__" data-cfemail="1a7e7369797675696f687f5a6a787d79347d756c">[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#650a010a0b0b0009094b080a0b0c060425150702064b020a13"><span class="__cf_email__" data-cfemail="8fe0ebe0e1e1eae3e3a1e2e0e1e6eceecfffede8eca1e8e0f9">[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: 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).
Forms 10 and 10-Advance
PBGC has issued Forms 10 and 10-Advance and related instructions
under subparts B and C of the regulation. The existing collection of
information was approved under OMB control number 1212-0013 (expires
July 31, 2024).
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. PBGC further estimates 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). The existing collection
of information was approved under OMB control number 1212-0041 (expires
July 31, 2024).
PBGC estimates that it will receive 60 Form 200 filings per year.
PBGC further estimates that the average annual burden of this
collection of information is 60 hours and $43,500.
On February 1, 2024, PBGC published in the Federal Register (at 89
FR 6557) a notice informing the public of its intent to request an
extension of these collections of information. No comments were
received. PBGC is requesting that OMB extend approval of the
collections 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.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2024-07444 Filed 4-8-24; 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 April 9, 2024.
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.