[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Notices]
[Page 15724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06283]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Liability for Termination of Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intent to request extension of OMB approval of
collection of information.
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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 its regulation on Liability for Termination of Single-
Employer Plans (OMB control number 1212-0017; expires May 31, 2017).
This notice informs the public of PBGC's intent and solicits public
comment on the collection of information.
DATES: Comments should be submitted by May 30, 2017.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the Web site instructions for submitting comments.
Email: [email protected].
Fax: 202-326-4224.
Mail or Hand Delivery: Regulatory Affairs Group, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005-4026.
PBGC will make all comments, including personal information
provided, available on its Web site at www.pbgc.gov.
Copies of the collection of information may be obtained without
charge by writing to the Disclosure Division of the Office of the
General Counsel of PBGC at the above address or by visiting that office
or calling 202-326-4040 during normal business hours. TTY and TDD users
may call the Federal relay service toll-free at 1-800-877-8339 and ask
to be connected to 202-326-4040.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns
[email protected]), Regulatory Affairs Group, Office of the
General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005-4026, 202-326-4400, ext. 3072, or Deborah C.
Murphy ([email protected]), Assistant General Counsel, same
address and phone number, ext. 3451. TTY and TDD users may call the
Federal relay service toll-free at 800-877-8339 and ask to be connected
to 202-326-4400.
SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement
Income Security Act of 1974, as amended, provides that the contributing
sponsor of a single-employer pension plan and members of the sponsor's
controlled group (``the employer'') incur liability (``employer
liability'') if the plan terminates with assets insufficient to pay
benefit liabilities under the plan. PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth.
Section 4062.6 of PBGC's employer liability regulation (29 CFR
4062.6) requires a contributing sponsor, or member of the contributing
sponsor's controlled group, that believes employer liability exceeds 30
percent of the collective net worth of persons subject to liability in
connection with a plan termination to so notify PBGC upon plan
termination and to submit net worth information. This information is
necessary to enable PBGC to determine whether, and to what extent,
employer liability exceeds 30 percent of the collective net worth of
the employer (which includes the contributing sponsor and all and
members of the sponsor's controlled group).
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 (expires May 31, 2017).
PBGC intends to request that OMB extend its approval for another three
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 an average of thirty contributing sponsors or
controlled group members per year will respond to this collection of
information. PBGC further estimates that the average annual burden of
this collection of information will be 12 hours and $4,400 per
respondent, with an average total annual burden of 360 hours and
$133,200.
PBGC is soliciting public comments to:
Evaluate whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
evaluate the accuracy of the agency's estimate of the
burden of the collection of information, including the validity of the
methodology and assumptions used;
enhance the quality, utility, and clarity of the
information to be collected; and
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.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2017-06283 Filed 3-29-17; 8:45 am]
BILLING CODE 7709-02-P