Notice2025-14678
Proposed Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums; Termination Premium
Primary source
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Published
August 4, 2025
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 for the termination premium under its regulation on Payment of Premiums. 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 90 Issue 147 (Monday, August 4, 2025)</title>
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[Federal Register Volume 90, Number 147 (Monday, August 4, 2025)]
[Notices]
[Pages 36456-36457]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14678]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Payment of Premiums; Termination Premium
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 for
the termination premium under its regulation on Payment of Premiums.
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 October 3, 2025 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 online instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#6c1c0d1c091e1b031e07420f0301010902181f2c1c0e0b0f420b031a"><span class="__cf_email__" data-cfemail="d0a0b1a0b5a2a7bfa2bbfeb3bfbdbdb5bea4a390a0b2b7b3feb7bfa6">[email protected]</span></a>. Refer to OMB control
number 1212-0064 in the subject line.
<bullet> Mail or Hand Delivery: 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
1212-0064. 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 may be obtained without charge by writing
to the Disclosure Division, (<a href="/cdn-cgi/l/email-protection#abcfc2d8c8c7c4d8ded9ceebdbc9ccc885ccc4dd"><span class="__cf_email__" data-cfemail="07636e74646b6874727562477765606429606871">[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: Jose Singer-Freeman (<a href="/cdn-cgi/l/email-protection#2c5f45424b495e014a5e4949414d420246435f496c5c4e4b4f024b435a"><span class="__cf_email__" data-cfemail="ccbfa5a2aba9bee1aabea9a9a1ada2e2a6a3bfa98cbcaeabafe2aba3ba">[email protected]</span></a>; 202-701-8073), Attorney, or Monica O'Donnell
(<a href="/cdn-cgi/l/email-protection#2a454e4544444f46460447454443494b6a5a484d49044d455c"><span class="__cf_email__" data-cfemail="ea858e8584848f8686c487858483898baa9a888d89c48d859c">[email protected]</span></a>; 202-229-5507), Attorney, Office of the
General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street
SW, Washington, DC 20024-2101; 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: 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 under title IV of the Employee Retirement
Income Security Act of 1974 (ERISA) and PBGC's premium regulations (29
CFR parts 4006 and 4007).(OMB control number 1212-0064, expires March
31, 2026). This notice informs the public of PBGC's intent and solicits
public comment on the collection of information.
PBGC administers the pension plan termination insurance program
under title IV of ERISA. Section 4006(a)(7) of ERISA provides for a
``termination premium'' (in addition to the flat-rate and variable-rate
premiums under sections 4006(a)(3) and (8)) that is payable for 3 years
following certain distress and involuntary plan terminations. PBGC's
regulations on Premium Rates (29 CFR part 4006) and Payment of Premiums
(29 CFR part 4007) implement the termination premium. Sections 4007.3
and 4007.13(b) of the premium payment regulation require the filing of
termination premium information and payments with PBGC.
In general, the termination premium applies where a single-employer
plan terminates in a distress termination under section 4041(c) of
ERISA (unless contributing sponsors and controlled group members meet
the bankruptcy liquidation requirements of section 4041(c)(2)(B)(i)) or
in an involuntary termination under section 4042 of ERISA, and the
termination date under section 4048 of ERISA is after 2005.
The termination premium is payable for 3 years and the same amount
is payable each year. The termination premium is due on the 30th day of
each of 3 consecutive 12-month periods. The first 12-month period
generally begins shortly after the termination date or after the
conclusion of bankruptcy proceedings in certain cases. The termination
premium and related information must be filed by a person liable for
the termination premium. The persons liable for the termination premium
are contributing sponsors and members of their controlled groups,
determined on the day before the plan termination date. Section 4007.10
of PBGC's Payment of Premiums regulation requires the retention of
records supporting or validating the computation of premiums paid and
requires that the records be made available to PBGC.
PBGC uses Form T and its corresponding instructions for paying the
termination premium. The existing Form T and its corresponding
instructions has been approved through March 31, 2026, under OMB
control number 1212-0064. PBGC intends to request that OMB extend its
approval of this collection 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.
PBGC estimates that, during the next 3 years, it will receive an
average of 1 Form T filing per year. PBGC estimates that the total
annual burden for the collection of information will be 5 minutes and
$67.
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;
[[Page 36457]]
<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 Pension Benefit Guaranty Corporation.
[FR Doc. 2025-14678 Filed 8-1-25; 8:45 am]
BILLING CODE 7709-02-P
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