Notice2024-26664
Submission of Information Collection for OMB Review; Comment Request; Qualified Domestic Relations Orders Submitted to Pension Benefit Guaranty Corporation
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
November 15, 2024
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget extend approval, under the Paperwork Reduction Act, of the collection of information (with modifications) (OMB Control Number 1212-0054, expires January 31, 2025) related to PBGC's booklet, Qualified Domestic Relations Orders & PBGC. 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 221 (Friday, November 15, 2024)</title>
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[Federal Register Volume 89, Number 221 (Friday, November 15, 2024)]
[Notices]
[Pages 90320-90321]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-26664]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Qualified Domestic Relations Orders Submitted to Pension
Benefit Guaranty Corporation
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval of an
information collection, with modifications.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget extend approval, under the
Paperwork Reduction Act, of the collection of information (with
modifications) (OMB Control Number 1212-0054, expires January 31, 2025)
related to PBGC's booklet, Qualified Domestic Relations Orders & PBGC.
This notice informs the public of PBGC's intent and solicits public
comment on the collection of information.
DATES: Comments must be submitted by December 16, 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">www.pbgc.gov</a>, including any personally identifiable
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="http://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment">www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment</a>. Itmay also be obtained without charge by writing to the
Disclosure Division (<a href="/cdn-cgi/l/email-protection#36525f45555a5945434453764654515518515940"><span class="__cf_email__" data-cfemail="6a0e0319090605191f180f2a1a080d09440d051c">[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: Karen Levin (<a href="/cdn-cgi/l/email-protection#85e9e0f3ecebabeee4f7e0ebc5f5e7e2e6abe2eaf3"><span class="__cf_email__" data-cfemail="ddb1b8abb4b3f3b6bcafb8b39dadbfbabef3bab2ab">[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; 202-229-3559. 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: A defined benefit pension plan that does not
have enough money to pay benefits may be terminated if the employer
responsible for the plan faces severe financial difficulty, such as
bankruptcy, and is unable to maintain the plan. In such an event, PBGC
becomes trustee of the plan and pays benefits, subject to legal limits,
to plan participants and beneficiaries.
The benefits of a pension plan participant generally may not be
assigned or alienated. Title I of ERISA provides an exception for
domestic relations orders (DRO) that relate to child support, alimony
payments, or marital property rights of an alternate payee (a spouse,
former spouse, child, or other dependent of a plan participant). The
exception applies only if the DRO meets specific legal requirements
that make it a qualified domestic relations order (QDRO).
When PBGC is trustee of a plan, it reviews submitted domestic
relations orders to determine whether the order is qualified before
paying benefits to an alternate payee. The requirements for submitting
a domestic relations order and the contents of such orders are
established by statute. The models and the guidance provided by PBGC
assist parties by making it easier for them to
[[Page 90321]]
comply with ERISA's QDRO requirements in plans trusteed by PBGC; they
do not create any additional requirements and result in a reduction of
the statutory burden.
The existing collection of information was approved under OMB
control number 1212-0054, expiring on January 31, 2025. On August 8,
2024, PBGC published in the Federal Register (at 89 FR 64965), a notice
informing the public of its intent to request an extension of this
collection of information, as modified. PBGC is adding one term and is
clarifying other terms in the Glossary and is making other clarifying
changes to the QDRO booklet. No comments were received. PBGC is
requesting that OMB extend approval of the collection with
modifications 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 approximately 253 domestic
relations orders each year from prospective alternate payees and
participants. PBGC further estimates that the total average annual
burden of this collection of information will be approximately 190
hours and $177,100.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2024-26664 Filed 11-14-24; 8:45 am]
BILLING CODE 7709-02-P
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