[Federal Register Volume 63, Number 85 (Monday, May 4, 1998)]
[Notices]
[Pages 24577-24578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-11711]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Disclosure to Participants
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 the collection of
information under its regulation on Disclosure to Participants, 29 CFR
Part 4011 (OMB control number 1212-0050; 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 Disclosure to Participants 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).
[[Page 24578]]
SUPPLEMENTARY INFORMATION: Section 4011 of the Employee Retirement
Income Security Act of 1974 requires plan administrators of certain
underfunded single-employer pension plans to provide an annual notice
to plan participants and beneficiaries of the plan's funding status and
the limits on the PBGC's guarantee.
The PBGC's regulation implementing this provision (29 CFR Part
4011) prescribes which plans are subject to the notice requirement, who
is entitled to receive the notice, and the time, form, and manner of
issuance of the notice. The notice provides recipients with meaningful,
understandable, and timely information that will help them become
better informed about their plans and assist them in their financial
planning.
The collection of information under the regulation has been
approved by OMB under control number 1212-0050 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 3,500 plans per year will
respond to this collection of information. The PBGC further estimates
that the average annual burden of this collection of information is
1.97 hours and $74 per plan, with an average total annual burden of
6,904 hours and $258,900.
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. 98-11711 Filed 5-1-98; 8:45 am]
BILLING CODE 7708-01-P