[Federal Register Volume 63, Number 18 (Wednesday, January 28, 1998)]
[Notices]
[Pages 4330-4331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-2078]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Allocating Unfunded Vested Benefits
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 Allocating Unfunded Vested Benefits
(29 CFR part 4211) (OMB control number 1212-0035). 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 February 27, 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: The PBGC administers the pension plan
termination insurance programs under Title IV of the Employee
Retirement Income Security Act of 1974, as amended (``ERISA''). Section
4211(c)(5)(A) of ERISA requires the PBGC to prescribe by regulation a
procedure whereby multiemployer pension plans can change the way they
allocate unfunded vested benefits to withdrawing employers, subject to
PBGC approval. Approval of a change is to be based on a determination
that the change will not significantly increase the risk of loss to
plan participants or the PBGC.
The PBGC's regulation on Allocating Unfunded Vested Benefits (29
CFR part 4211) includes, in Sec. 4211.22, rules for requesting the
PBGC's approval of an amendment to a plan's allocation method. Section
4211.22(d) prescribes information that the PBGC needs to identify the
plan and evaluate the risk of loss, if any, posed by the amendment
(and, hence, determine whether it should approve the amendment).
Section 4211.22(e) requires the submission of other information that
the PBGC may need to review the amendment. (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 1212-0035. 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 five submissions from plan sponsors
annually under the regulation; that virtually all submissions are
prepared by outside consultants; that the total annual hour burden of
engaging the services of such consultants is one hour; and that the
total annual cost burden of having the submissions prepared is $1,575.
Issued in Washington, DC, this 23d day of January 1998.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 98-2078 Filed 1-27-98; 8:45 am]
BILLING CODE 7708-01-P