[Federal Register Volume 63, Number 193 (Tuesday, October 6, 1998)] [Notices] [Pages 53702-53703] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 98-26797] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF LABOR Office of the Secretary Pension Benefit Guaranty Corporation; Submission for OMB Review; Comment Request The Department of Labor (DOL) 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; 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. 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 1998 Form 5500 [[Page 53703]] Series, which does not differ materially from the 1997 Form 5500 Series. The ICR for the existing Form 5500 Series is approved under OMB Number 1210-0016 (PWBA). PBGC's ICR for the Form 5500 Series was previously approved under OMB Number 1212-0026. The International Revenue Service's (IRS) approval for the existing Form 5500 Series (OMB Number 1545-0710) does not expire until December 31, 1998 and the IRS's request for extension of its approval for the existing Form 5500 Series will be made separately. The Agencies have developed a revised Form 5500 for use beginning with plan years commencing in 1999. The 1999 Form 5500 has been approved under OMB numbers 1210-0110 (PWBA), 1545- 1610 (IRS) and 1212-0057 (PBGC). Accordingly, the 1998 Form 5500 Series will be the last year for which the existing Form 5500 Series is used. Agencies: Department of Labor, Pension and Welfare Benefits Administration; Pension Benefit Guaranty Corporation. Title: Form 5500 Series. Form Number: Form 5500, Form 5500-C/R and Schedules. OMB Number: 1210-0016; 1212-0026. Frequency: Annually. Affected Public: Individuals or households; business or other for- profit; Not-for profit institutions. Total Respondents: 816,709 (PWBA); 45,000 (PBGC). Total Responses: 816,709 (PWBA); 45,000 (PBGC). In a previous Notice published in the Federal Register on September 3, 1997, 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 response to those comments the Agencies are conducting a study of the burden estimation methodologies for the purpose of developing a revised methodology. This ICR includes revised burden estimates, based on the preliminary results of that study, for PWBA's share and PBGC's share of the total 1998 Form 5500 burden. A description of the study and the revised burden estimates is included in the ICR submitted to OMB. Estimated Burden Hours, Total Annual Burden: 1,752,874 hours (PWBA); 5,600 hours (PBGC). Total annual cost (operating and maintenance): $459 million (PWBA); $3 million (PBGC). ]Dated: October 1, 1998. Todd R. Owen, Departmental Clearance Officer, Department of Labor. Stuart A. Sirkin, Director, Corporate Policy and Research Department, Pension Benefit Guaranty Corporation. [FR Doc. 98-26797 Filed 10-5-98; 8:45 am] BILLING CODE 4510-29-M