[Federal Register Volume 63, Number 121 (Wednesday, June 24, 1998)] [Notices] [Pages 34493-34494] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 98-16791] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF LABOR Office of the Secretary DEPARTMENT OF THE TREASURY Pension Benefit Guaranty Corporation; Submission for OMB Review; Comment Request The Department of Labor (DOL), the Department of the Treasury, and the Pension Benefit Guaranty Corporation (PBGC) have submitted the following public information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of the ICR, with applicable supporting documentation, may be obtained by contacting the Department of Labor, Departmental Clearance Officer, Todd R. Owen at (202)219-5096, ext. 143 or by E-Mail at Owen-T[email protected]. Individuals who use a telecommunication device for the deaf (TTY/TDD) may call (202)219-4720 between 1:00 p.m. and 4:00 p.m. Eastern Time, Monday-Friday. Comments should be sent to the Office of Information and Regulatory Affairs, Attn: Desk Officer for Pension and Welfare Benefits Administration, Office of Management and Budget, Room 10235, Washington, DC 20503 ((202)395-7316) within 30 days of the date of this publication in the Federal Register. OMB is particularly interested in comments that: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; Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; Enhance the quality, utility, and clarity of the information to be collected; Comment on estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information; 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. [[Page 34494]] Description: Under part 1 of Title I of the Employee Retirement Income Security Act of 1974 (ERISA), Title IV of ERISA, and the Internal Revenue Code of 1986, as amended, administrators of pension and welfare benefit plans (collectively employee benefit plans) subject to those provisions, and employers sponsoring certain fringe benefit plans and other plans of deferred compensation, are required to file returns/reports annually concerning the financial condition and operations of the plans. These reporting requirements are satisfied generally by filing the Form 5500 Series in accordance with its instructions and the related regulations. This ICR is for the revised Form 5500 Series as proposed by the Department of Labor, Pension and Welfare Benefits Administration (PWBA), Department of the Treasury, Internal Revenue Service (IRS), and PBGC (collectively the Agencies) in a Notice of Proposed Forms Revision on September 3, 1997 (62 FR 46556) and as subsequently revised in response to public comment. The Agencies anticipate that the revised Form 5500 Series will be finalized and available for use for plan years which begin in 1999. Also published in today's Federal Register is the Agencies' notice concerning the proposed extension/reinstatement of the ICR for the 1998 Form 5500 Series. The ICR for the existing Form 5500 Series is approved under OMB Numbers 1210-0016 (PWBA) and 1545-0710 (IRS). PBGC's ICR for the Form 5500 Series was previously approved under OMB Number 1212- 0026. Agencies: Department of Labor, Pension and Welfare Benefits Administration; Department of the Treasury, Internal Revenue Service; Pension Benefit Guaranty Corporation. Title: Form 5500 Series. Form Number: Form 5500 and Schedules. OMB Numbers: 1210-NEW; 1545-NEW; 1212-NEW. Frequency: Annually. Affected Public: Individuals or households; business or other for- profit; Not-for-profit institutions. Total Respondents: 801,934 for PWBA and PBGC; 901,400 for IRS. Total Responses: 801,934 for PWBA and PBGC; 901,400 for IRS. Estimated Burden Hours, Total Annual Burden: 1.7 million burden hours (using the PWBA methodology) to 48.7 million burden hours (using the IRS methodology) for preparing the revised Form 5500 Series and filing it with the government. This total burden is shared among the Agencies. See the September 3 Notice for detailed information on the burden estimation methodologies. In the September 3 Notice, the Agencies requested comments on the burden hour estimates and the methodologies used to estimate burden for preparing and filing the Form 5500, and received comments generally indicating that the estimates were too low. In an effort to respond to those comments, the Agencies have undertaken an evaluation of the burden estimation methodologies for the purpose of developing a revised and uniform methodology. The Agencies will modify these burden estimates based on a revised methodology prior to the date the revised Form 5500 Series comes into use. A computerized processing system (the ERISA Filing and Acceptance System, or EFAST) is being developed to simplify and expedite the processing of the revised Form 5500 Series by relying on computer scannable forms and electronic filing technologies. The Agencies intend to publish a Federal Register notice announcing the opportunity to comment on the electronic filing options and computer scannable version of the revised Form 5500 Series, which will be designed as part of the EFAST project. The EFAST project is described in detail in the Request for Proposal issued in final form on January 6, 1998. The final computer scannable version of the forms, which will be required to be used for 1999 plan years, will be published in the Federal Register following the Agencies' evaluation of public comments. Total annualized capital/start-up costs: $1,266,905 (PWBA estimate). Total annual cost (operating and maintenance): $20,843,860 (PWBA's estimate of its allocated share); $2,600,000 (PBGC's estimate of its allocated share). Dated: June 18, 1998. Todd R. Owen, Departmental Clearance Officer, Department of Labor. Dated: June 18, 1998. Lois K. Holland, Departmental Reports Management Officer, Department of the Treasury. Dated: June 18, 1998. Stuart A. Sirkin, Director, Corporate Policy and Research Department, Pension Benefit Guaranty Corporation. [FR Doc. 98-16791 Filed 6-23-98; 8:45 am] BILLING CODE 4510-29-P