[Federal Register Volume 67, Number 181 (Wednesday, September 18, 2002)]
[Notices]
[Pages 58830-58831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-23689]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Notice of Failure to Make Required Contributions
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 Part 4043 of its regulations relating to Notice of
Failure to Make Required Contributions (OMB control number 1212-0041;
expires January 31, 2003). 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 November 18, 2002.
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. Copies of the collection of information
may be obtained without charge by visiting or writing to the PBGC's
Communications and Public Affairs Department at Suite 240 at the above
address or by calling that office at 202-326-4040 during normal
business hours. (For TTY and TDD, call 800-877-8339 and request
connection to 202-326-4040). The regulations, forms, and instructions
relating to the notice of failure to make required contributions may be
accessed on the PBGC's Web site at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: 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
users, call the Federal relay service toll-free at 1-800-877-8339 and
ask to be connected to 202-326-4040.)
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
[[Page 58831]]
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 4043.81.
The collection of information under the regulation has been
approved through January 31, 2003, by OMB under control number 1212-
0041. The PBGC intends to request 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 30 Form 200 filings per
year under this collection of information. The PBGC further estimates
that the average annual burden of this collection of information is
64.5 hours and $12,900.
The PBGC is soliciting public comments to--
[sbull] 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;
[sbull] 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;
[sbull] Enhance the quality, utility, and clarity of the
information to be collected; and
[sbull] 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 12th day of September, 2002.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 02-23689 Filed 9-17-02; 8:45 am]
BILLING CODE 7708-01-P