[Federal Register Volume 63, Number 41 (Tuesday, March 3, 1998)]
[Notices]
[Page 10418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-5460]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Notice of Termination for Multiemployer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is 
requesting that the Office of Management and Budget (``OMB'') extend 
approval, under the Paperwork Reduction Act, of a collection of 
information in its regulation on Notice of Termination for 
Multiemployer Plans (29 CFR Part 4041A Subpart B) (OMB control number 
1212-0020). This notice informs the public of the PBGC's request and 
solicits public comment on the collection of information.

DATES: Comments should be submitted by April 2, 1998.

ADDRESSES: Comments should be mailed to the Office of Information and 
Regulatory Affairs of the Office of Management and Budget, Attention: 
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC 
20503. Copies of the request for extension (including the collection of 
information) are available from the Communications and Public Affairs 
Department of the Pension Benefit Guaranty Corporation, suite 240, 1200 
K Street, NW., Washington, DC 20005-4026, between 9 a.m. and 4 p.m. on 
business days.

FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY/TDD 
users, call the Federal relay service toll-free at 1-800-877-8339 and 
ask to be connected to 202-326-4024.)

SUPPLEMENTARY INFORMATION: Section 4041A(f)(2) of the Employee 
Retirement Income Security Act of 1974 (``ERISA'') gives the PBGC 
authority to prescribe reporting requirements for terminated 
multiemployer pension plans covered by Title IV of ERISA.
    The PBGC's regulation on Notice of Termination for Multiemployer 
Plans (29 CFR Part 4041A Subpart B) requires the filing of a notice of 
termination with the PBGC by a multiemployer plan that has terminated 
either by plan amendment or by mass withdrawal. The notice must contain 
certain basic information such as the plan's identity, the date of 
termination, and the plan's most recent Form 5500. In addition, a plan 
that has terminated by mass withdrawal must supply certain financial 
information to enable the PBGC to assess the likelihood of benefit 
reductions or suspensions under the plan and the need for PBGC 
financial assistance to the plan. More information is required with 
respect to mass withdrawal terminations because the risk of plan 
insolvency is greater in these cases. (The regulation may be accessed 
on the PBGC's home page at http://www.pbgc.gov.)
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0020. The PBGC is requesting 
that OMB extend its approval for 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. 
The PBGC estimates that it receives 20 notices of termination from 
sponsors of multiemployer pension plans annually; that virtually all 
submissions are prepared by outside consultants; that the total annual 
hour burden of the regulation is one hour; and that the total annual 
cost burden is $34,125.

    Issued in Washington, DC, this 25th day of February 1998.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 98-5460 Filed 3-2-98; 8:45 am]
BILLING CODE 7708-01-P