[Federal Register Volume 63, Number 85 (Monday, May 4, 1998)]
[Notices]
[Page 24577]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-11710]
[[Page 24577]]
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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 intention to request extension of OMB approval.
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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, 29 CFR Part 4062 (OMB control number 1212-0017;
expires September 30, 1998). This notice informs the public of the
PBGC's intent and solicits public comment on the collection of
information.
DATES: Comments should be submitted by July 6, 1998.
ADDRESSES: Comments may be mailed to the Office of the General Counsel,
suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026, or delivered to that address between 9 a.m.
and 4 p.m. on business days. Written comments will be available for
public inspection at the PBGC's Communications and Public Affairs
Department, suite 240 at the same address, between 9 a.m. and 4 p.m. on
business days.
Copies of the collection of information may be obtained without
charge by writing to the PBGC's Communications and Public Affairs
Department at the address given above or calling 202-326-4040. (For TTY
and TDD, call 800-877-8339 and request connection to 202-326-4040). The
regulation on Liability for Termination of Single-employer Plans can be
accessed on the PBGC's home page at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General
Counsel, or Catherine B. Klion, Attorney, Office of the General
Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, call 800-
877-8339 and request connection to 202-326-4024).
SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement
Income Security Act of 1974 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. The 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 the PBGC's employer liability regulation (29 CFR
4062.6) requires a contributing sponsor or member of the contributing
sponsor's controlled group who believes employer liability upon plan
termination exceeds 30 percent of the employer's net worth to so notify
the PBGC and to submit net worth information. This information is
necessary to enable the PBGC to determine whether and to what extent
employer liability exceeds 30 percent of the employer's net worth.
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 through September 30,
1998. The 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.
The PBGC estimates that an average of 13 contributing sponsors or
controlled group members per year will respond to this collection of
information. The PBGC further estimates that the average annual burden
of this collection of information will be 12 hours and $1800 per
respondent, with an average total annual burden of 156 hours and
$23,400.
The 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.
Issued in Washington, DC, this 27th day of April, 1998.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 98-11710 Filed 5-1-98; 8:45 am]
BILLING CODE 7708-01-P