[Federal Register Volume 64, Number 171 (Friday, September 3, 1999)]
[Notices]
[Page 48440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23079]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Notice of Failure To Make Required Contributions

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 the collection of information under 
Part 4043 of its regulations relating to Notice of Failure to Make 
Required Contributions (OMB control number 1212-0041; expires November 
30, 1999). 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 October 4, 1999.

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, 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: Harold J. Ashner, Assistant General 
Counsel, or James L. Beller, 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 the Federal relay 
service toll-free at 1-800-877-8339 and request connection to 202-326-
4024.)

SUPPLEMENTARY INFORMATION: Section 302(f) of the Employee Retirement 
Income Security Act of 1974 (``ERISA'') and section 412(n) of the 
Internal Revenue Code of 1986 (``Code'') impose a lien in favor of an 
underfunded single-employer plan that is covered by the termination 
insurance program if (1) Any person fails to make a required payment 
when due, and (2) the unpaid balance of that payment (including 
interest), when added to the aggregate unpaid balance of all preceding 
payments for which payment was not made when due (including interest), 
exceeds $1 million. (For this purpose, a plan is underfunded if its 
funded current liability percentage is less than 100 percent.) The lien 
is upon all property and rights to property belonging to the person or 
persons who are liable for required contributions (i.e., a contributing 
sponsor and each member of the controlled group of which that 
contributing sponsor is a member).
    Only the PBGC (or, at its direction, the plan's contributing 
sponsor or a member of the same controlled group) may perfect and 
enforce this lien. Therefore, ERISA and the Code require persons 
committing payment failures to notify the PBGC within 10 days of the 
due date whenever there is a failure to make a required payment and the 
total of the unpaid balances (including interest) exceeds $1 million.
    PBGC Form 200, Notice of Failure to Make Required Contributions, 
and related filing instructions, implement the statutory notification 
requirement. Submission of Form 200 is required by 29 CFR Sec. 4043.81.
    The collection of information under the regulation has been 
approved through November 30, 1999, by OMB under control number 1212-
0041. The PBGC is requesting that OMB extend 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 it will receive Form 200 filings with 
respect to up to 10 single-employer plans per year under this 
collection of information. The PBGC further estimates that the average 
annual burden of this collection of information is 42.5 hours and 
$6,375.

    Issued in Washington, DC, this 31st day of August, 1999.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 99-23079 Filed 9-2-99; 8:45 am]
BILLING CODE 7708-01-P