[Federal Register Volume 65, Number 205 (Monday, October 23, 2000)]
[Notices]
[Pages 63266-63267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-27253]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Payment of Premiums
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 its regulation on Payment of Premiums (29 CFR Part
4007), including Form 1-ES, Form 1, and Schedule A to Form 1, and
related instructions (OMB control number 1212-0009; expires December
31, 2000). The collection of information also includes a certification
(on Schedule A) of compliance with requirements to provide certain
notices to participants under the PBGC's regulation on Disclosure to
Participants (29 CFR Part 4011).
DATES: Comments should be submitted by November 22, 2000.
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. The request for extension will be available for public
inspection at 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.
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
premium payment regulation can be accessed on the PBGC's home page at
www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, or Harold
J. Ashner, Assistant General Counsel, 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 4007 of Title IV of the Employee
Retirement Income Security Act of 1974 (``ERISA'') requires the Pension
Benefit Guaranty Corporation (``PBGC'') to collect premiums from
pension plans covered under Title IV pension insurance programs.
Pursuant to ERISA section 4007, the PBGC has issued its regulation on
Payment of Premiums (29 CFR Part 4007). Section 4007.3 of the premium
payment regulation requires plans, in connection with the payment of
premiums, to file certain forms prescribed by the PBGC, and
Sec. 4007.10 requires plans to retain and make available to the PBGC
records supporting or validating the computation of premiums paid.
The forms prescribed are PBGC Form 1-ES and Form 1 and (for single-
employer plans only) Schedule A to Form 1. Form 1-ES is issued, with
instructions, in the PBGC's Estimated Premium Payment Package. Form 1
and Schedule A are issued, with instructions, in the PBGC's Annual
Premium Payment Package.
The premium forms are needed to determine the amount and record the
payment of PBGC premiums, and the submission of forms and retention and
submission of records are needed to enable the PBGC to perform premium
audits. The plan administrator of each pension plan covered by Title IV
of ERISA is required to file one or more of the premium payment forms
each year. The PBGC uses the information on the premium payment forms
to identify the plans paying premiums and to verify whether plans are
paying the correct amounts. That information and the retained records
are used for audit purposes.
In addition, section 4011 of ERISA and the PBGC's regulation on
Disclosure to Participants (29 CFR Part 4011) require plan
administrators of certain underfunded single-employer pension
[[Page 63267]]
plans to provide an annual notice to plan participants and
beneficiaries of the plans' funding status and the limits on the
Pension Benefit Guaranty Corporation's guarantee of plan benefits. The
participant notice requirement only applies (subject to certain
exemptions) to plans that must pay a variable rate premium. In order to
monitor compliance with Part 4011, plan administrators must indicate on
Schedule A to Form 1 that the participant notice requirements have been
complied with.
The collection of information under the regulation on Payment of
Premiums, including Form 1-ES, Form 1, and Schedule A to Form 1, and
related instructions has been approved by OMB under control number
1212-0009 through December 31, 2000. This collection of information
also includes the certification of compliance with the participant
notice requirements (but not the participant notices themselves). The
PBGC is requesting that OMB extend its approval of this collection of
information for another three years. (The participant notices
constitute a different collection of information that has been
separately approved by OMB.)
The PBGC estimates that it receives responses annually from about
39,400 plan administrators and that the total annual burden of the
collection of information is about 2,482 hours and $9,431,600.
Issued in Washington, DC, this 19th day of October, 2000.
C. David Gustafson,
Acting Director, Corporate Policy and Research Department, Pension
Benefit Guaranty Corporation.
[FR Doc. 00-27253 Filed 10-20-00; 8:45 am]
BILLING CODE 7708-01-P