80 FR 11240 - Proposed Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series)

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 80, Issue 40 (March 2, 2015)

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 1995, of its collection of information for annual financial and actuarial reporting under 29 CFR part 4010 (OMB control number 1212-0049, expires June 30, 2015). This notice informs the public of PBGC's intent and solicits public comment on the collection of information.

[Federal Register Volume 80, Number 40 (Monday, March 2, 2015)]
[Notices]
[Pages 11240-11241]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-04251]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Annual Reporting (Form 5500 Series)

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 1995, of its collection of 
information for annual financial and actuarial reporting under 29 CFR 
part 4010 (OMB control number 1212-0049, expires June 30, 2015). This 
notice informs the public of PBGC's intent and solicits public comment 
on the collection of information.

DATES: Comments must be submitted by May 1, 2015.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the Web site instructions for submitting comments.
     Email: [email protected].
     Fax: 202-326-4224.
     Mail or Hand Delivery: Regulatory Affairs Group, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026.

PBGC will make all comments available on its Web site at http://www.pbgc.gov.
    Copies of the collection of information and comments may be 
obtained without charge by writing to the Disclosure Division of the 
Office of the General Counsel of PBGC, at the above address or by 
visiting the Disclosure Division or calling 202-326-4040 during normal 
business hours. (TTY and TDD users may call the Federal relay service 
toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040.)

FOR FURTHER INFORMATION CONTACT: Grace Kraemer, Attorney, or Catherine 
B. Klion, Assistant General Counsel, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 
20005-4026; 202-326-4024. (TTY and TDD users may call the Federal relay 
service toll-free at 1-800-877-8339 and ask to be connected to 202-326-
4024.)

SUPPLEMENTARY INFORMATION: Section 4010 of the Employee Retirement 
Income Security Act of 1974 (ERISA) requires each member of a 
controlled group to submit financial and actuarial information to PBGC 
under certain circumstances. PBGC's regulation on Annual Financial and 
Actuarial Information (29 CFR part 4010) specifies the items of 
identifying, financial, and actuarial information that filers must 
submit. PBGC reviews the information that is filed and enters it into 
an electronic database for more detailed analysis. Computer-assisted 
analysis of this information helps PBGC to anticipate possible major 
demands on the pension insurance system and to focus PBGC resources on 
situations that pose the greatest risk to the system. Because other 
sources of information are not as current as the 4010 information and 
do not reflect a plan's termination liability, 4010 filings play a 
major role in PBGC's ability to protect participant and premium-payer 
interests.
    ERISA section 4010 and PBGC's 4010 regulation specify that each 
controlled group member must provide PBGC with certain financial 
information, including audited (if available) or (if not) unaudited 
financial statements. They also specify that the controlled group must 
provide PBGC with certain actuarial information necessary to determine 
the liabilities and assets for all PBGC-covered plans. All non-public 
information submitted is protected from disclosure. Reporting is 
accomplished through PBGC's secure e-4010 web-based application.
    OMB has approved the 4010 collection of information under control 
number 1212-0049 through June 30, 2015. PBGC intends to require that 
OMB extend approval of this collection of information 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.
    PBGC estimates that approximately 300 controlled groups will be 
subject to 4010 reporting requirements. PBGC further estimates that the 
total annual burden of this collection of information will be 2,620 
hours and $5,088,000.
    PBGC is soliciting public comments to--
     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 methodologies and assumptions used;

[[Page 11241]]

     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.

    Issued in Washington, DC, this 24th day of February 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-04251 Filed 2-27-15; 8:45 am]
BILLING CODE 7709-02-P