Proposed Submission of Information Collection for OMB Review; Comment Request; Special Financial Assistance Information

Issuing agencies

Abstract

The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, with modifications, under the Paperwork Reduction Act, of a collection of information contained in PBGC's regulation on special financial assistance (SFA). The purpose of the information collection is to gather information necessary for PBGC to operate this special financial assistance program. PBGC is also proposing changes to the information collected with the Annual Statement of Compliance (ASOC) by adding requests for filers to provide documentation regarding plan investment policies and procedures for locating missing participants. 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 91 Issue 199 (Friday, October 16, 2026)</title>
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[Federal Register Volume 91, Number 199 (Friday, October 16, 2026)]
[Notices]
[Pages 65801-65802]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21189]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Special Financial Assistance Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval of 
information collection, with modifications.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) extend approval, 
with modifications, under the Paperwork Reduction Act, of a collection 
of information contained in PBGC's regulation on special financial 
assistance (SFA). The purpose of the information collection is to 
gather information necessary for PBGC to operate this special financial 
assistance program. PBGC is also proposing changes to the information 
collected with the Annual Statement of Compliance (ASOC) by adding 
requests for filers to provide documentation regarding plan investment 
policies and procedures for locating missing participants. 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 December 15, 2026, 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#700011001502071f021b5e131f1d1d151e040330001217135e171f06"><span class="__cf_email__" data-cfemail="443425342136332b362f6a272b2929212a303704342623276a232b32">[email&#160;protected]</span></a>. Refer to OMB control 
number 1212-0074 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 
1212-0074. 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 (such as name, address, or other contact 
information) or confidential business information that you do not want 
publicly disclosed. Comments may be submitted anonymously.
    Copies of the collection of information may be obtained by writing 
to Disclosure Division (<a href="/cdn-cgi/l/email-protection#92f6fbe1f1fefde1e7e0f7d2e2f0f5f1bcf5fde4"><span class="__cf_email__" data-cfemail="0e6a677d6d62617d7b7c6b4e7e6c696d20696178">[email&#160;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: Andrew Wilson 
(<a href="/cdn-cgi/l/email-protection#2057494c534f4e0e414e445245571160504247430e474f56"><span class="__cf_email__" data-cfemail="b0c7d9dcc3dfde9ed1ded4c2d5c781f0c0d2d7d39ed7dfc6">[email&#160;protected]</span></a>), Attorney, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, 
DC 20024-2101; 202-860-8354. 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 4262 of the Employee Retirement 
Income Security Act of 1974 (ERISA) requires PBGC to provide special 
financial assistance (SFA) to certain financially troubled 
multiemployer plans upon application for assistance. Part 4262 of 
PBGC's regulations, ``Special Financial Assistance by PBGC,'' provides 
guidance to multiemployer pension plan sponsors on eligibility, 
determining the amount of SFA, content of an application for SFA, the 
process of applying, PBGC's review of applications, restrictions and 
conditions, and reporting and notice requirements.
    Under Sec.  4262.16(i), a plan sponsor of a plan that has received 
SFA must file an Annual Statement of Compliance (ASOC) with the 
restrictions and conditions under section 4262 of ERISA and part 4262 
once every year through 2051. PBGC needs the information in the ASOC to 
ensure that a plan is compliant with SFA restrictions and conditions. 
The current ASOC instructions require, among other documents, audited 
financial statements, actuarial valuation reports, account statements 
demonstrating segregation of SFA funds, investment/custodian account 
statements, SFA investment allocation worksheets, zone certifications, 
and updated cash-flow projections. The current instructions also state 
that PBGC may request additional documents and information as needed 
for the plan to demonstrate

[[Page 65802]]

compliance with the restrictions and conditions.
    PBGC is proposing to revise the ASOC instructions to include 
additional requests for documentation of plan investment policies. 
Specifically, PBGC is proposing to require plans to submit the plan's 
most recent investment policy statement, investment guidelines, asset 
allocation policy, investment committee charter, or other written 
policy or governing document, if any, used by the plan's board of 
trustees, investment committee, or other fiduciary committee to guide, 
monitor, or evaluate the investment of plan assets, including SFA 
assets. PBGC is also proposing to require plans to submit copies of the 
minutes for meetings of plan trustees or other fiduciary committees at 
which investment policy or other investment-related service providers 
were discussed. PBGC is further proposing to require plans to submit 
any investment-related reports reviewed or incorporated into the 
minutes of those meetings related to plan investment policy or 
investment performance.
    Plans would be permitted to submit relevant excerpts of minutes and 
to redact privileged material, personally identifiable information, and 
portions of the minutes or materials unrelated to investment policy, 
investment performance, SFA compliance, or monitoring of investment-
related service providers, provided that the submission remains 
sufficient to identify the date of the meeting, the fiduciary body 
meeting, the materials reviewed, any actions taken, and any votes or 
decisions related to plan investments. If no responsive meeting was 
held during the plan year under review, if no responsive minutes or 
materials exist, or if the plan has no written investment policy 
statement or comparable written investment guidelines, the plan would 
be required to attach a statement to that effect.
    Additionally, PBGC is proposing to require that plans, as part of 
the ASOC process, provide data on missing participants and 
documentation concerning plan procedures for identifying and locating 
them. Missing participants are participants that a plan cannot locate 
and include participants with inaccurate or incomplete contact 
information or census data as well as participants with undeliverable 
mail or email addresses. Lastly, PBGC is also proposing to revise the 
language in the ASOC for filers to indicate if any criminal violations 
affecting the plan have occurred.
    The addition of these documentation requirements will increase the 
annual time and cost burden on the public. On average, PBGC estimates 
that identifying, collecting, reviewing, redacting where appropriate, 
and submitting the required written investment policies or guidelines, 
minutes, and related investment materials would require approximately 3 
hours of fund office time and cost approximately $1,200 in contractor 
costs per plan sponsor. PBGC estimates that over the next 3 years an 
annual average of 175 plan sponsors will file Annual Statements of 
Compliance. As modified, PBGC estimates that the Annual Statement of 
Compliance will impose an average hour burden of 7 hours and an average 
annual cost burden of $4,400. PBGC estimates that the Annual Statement 
of Compliance will impose an average annual hour burden of 1,225 hours 
(175 plan sponsors x 7 hours) and an average annual cost burden of 
$770,000 (175 x $4,400).
    For the information collection in part 4262 as a whole, the 
estimated aggregate average annual hour burden for the next 3 years is 
1,242.6 hours (1,225 + 4 + 13.6), including the burden of completing 
the Annual Statement of Compliance; notices of benefit re-instatement; 
requests for determination for exception to certain SFA conditions; and 
for employer and fund office administrative, clerical, and supervisory 
time. The estimated aggregate average annual cost burden for the next 3 
years for the information collection request in part 4262 is $807,000 
($770,000 + $4,000 + $33,000) for work done by outside actuaries and 
attorneys. The actual hour burden and cost burden per plan will vary 
depending on plan size and other factors.
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0074 (expires May 31, 2027). 
PBGC intends to request that OMB extend its approval of the collection 
of information 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 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.

Joseph Krettek,
Assistant General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2026-21189 Filed 10-15-26; 8:45 am]
BILLING CODE 7709-02-P


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