Notice2024-10165
Proposed Submission of Information Collection for OMB Review; Comment Request; Mergers and Transfers Between Multiemployer Plans
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
May 9, 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 a collection of information contained in PBGC's regulation on Mergers and Transfers Between Multiemployer Plans. 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 91 (Thursday, May 9, 2024)</title>
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[Federal Register Volume 89, Number 91 (Thursday, May 9, 2024)]
[Notices]
[Pages 39663-39664]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-10165]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Mergers and Transfers Between Multiemployer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
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 a collection of information
contained in PBGC's regulation on Mergers and Transfers Between
Multiemployer Plans. 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 July 8, 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#8cfcedfce9fefbe3fee7a2efe3e1e1e9e2f8ffccfceeebefa2ebe3fa"><span class="__cf_email__" data-cfemail="bbcbdacbdec9ccd4c9d095d8d4d6d6ded5cfc8fbcbd9dcd895dcd4cd">[email protected]</span></a>. Refer to OMB control
number 1212-0022 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
1212-0022. 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.
Copies of the collection of information may be obtained without
charge by writing to the Disclosure Division, (<a href="/cdn-cgi/l/email-protection#9efaf7edfdf2f1edebecfbdeeefcf9fdb0f9f1e8"><span class="__cf_email__" data-cfemail="3c58554f5f50534f494e597c4c5e5b5f125b534a">[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#fb949f9495959e9797d596949592989abb8b999c98d59c948d"><span class="__cf_email__" data-cfemail="d5bab1babbbbb0b9b9fbb8babbbcb6b495a5b7b2b6fbb2baa3">[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
[[Page 39664]]
deaf or hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Section 4231(a) and (b) of the Employee
Retirement Income Security Act of 1974 (ERISA) requires plans that are
involved in a merger or transfer to give PBGC 120 days notice of the
transaction and provides that if PBGC determines that specified
requirements are satisfied, the transaction will be deemed not to be in
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited
transactions).
PBGC's regulation on Mergers and Transfers Between Multiemployer
Plans (29 CFR part 4231) sets forth the procedures for giving notice of
a merger or transfer under section 4231 and for requesting a compliance
determination. The regulations specify the information that must be
included in a merger or transfer notice. A request for a compliance
determination must provide additional information to enable PBGC to
make an explicit finding that the merger/transfer requirements have
been satisfied.
Section 4231(e) of ERISA clarifies PBGC's authority to facilitate a
merger (a ``facilitated merger'') of two or more multiemployer plans if
certain statutory requirements are met. For purposes of section
4231(e), ``facilitation'' may include training, technical assistance,
mediation, communication with stakeholders, and support with related
requests to other government agencies. In addition, subject to the
requirements of section 4231(e)(2), PBGC may provide financial
assistance (within the meaning of section 4261 of ERISA) to facilitate
a merger (a ``financial assistance merger'') it determines is necessary
to enable one or more of the plans involved to avoid or postpone
insolvency. PBGC's regulations specify the information requirements for
a voluntary request for a facilitated merger under section 4231(e) of
ERISA, including a financial assistance merger.
PBGC uses information submitted by plan sponsors under the
regulation to determine whether mergers and transfers conform to the
requirements of ERISA section 4231 and the regulation.
The collection of information under the regulation has been
approved by OMB under control number 1212-0022 (expires October 31,
2024). PBGC intends to request that OMB extend approval of the
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 there are 15 transactions each year (excluding
financial assistance mergers). The estimated annual burden of the
collection of information for 15 transactions (excluding financial
assistance mergers) is 15 fund office hours and $74,400 in contractor
costs for work by attorneys and actuaries. PBGC further estimates that
there is one request each year for a financial assistance merger. The
annual burden of the collection of information for financial assistance
mergers is 10 fund office hours and $36,000 in contractor costs. The
total annual burden of the collection of information is approximately
25 fund office hours and $110,400 in contractor costs.
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. 2024-10165 Filed 5-8-24; 8:45 am]
BILLING CODE 7709-02-P
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