80 FR 64026 - Submission of Information Collection for OMB Review; Comment Request; Qualified Domestic Relations Orders Submitted to PBGC

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 80, Issue 204 (October 22, 2015)

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 in PBGC's booklet Qualified Domestic Relations Orders & PBGC (OMB control number 1212-0054; expires October 31, 2015). This notice informs the public of PBGC's request and solicits public comment on the collection of information.

[Federal Register Volume 80, Number 204 (Thursday, October 22, 2015)]
[Notices]
[Pages 64026-64027]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-26858]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Qualified Domestic Relations Orders Submitted to PBGC

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: 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 in 
PBGC's booklet Qualified Domestic Relations Orders & PBGC (OMB control 
number 1212-0054; expires October 31, 2015). This notice informs the 
public of PBGC's request and solicits public comment on the collection 
of information.

DATES: Comments should be submitted by November 23, 2015.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for Pension Benefit Guaranty Corporation, via electronic mail 
at [email protected] or by fax to (202) 395-6974.
    A copy of PBGC's request 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 that office 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.) The request is also available at http://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review.html. The current QDRO booklet is available on PBGC's Web 
site at http://www.pbgc.gov/wr/benefits/qdro.html.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, Office of 
General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street 
NW., Washington, DC 20005-4026, 202-326-4400. (TTY and TDD users may 
call the Federal relay service toll-free at 1-800-877-8339 and ask to 
be connected to 202-326-4400.)

SUPPLEMENTARY INFORMATION: PBGC is requesting that OMB extend its 
approval of the guidance and model language and forms contained in the 
PBGC booklet, Qualified Domestic Relations Orders & PBGC.
    A defined benefit pension plan that does not have enough money to 
pay benefits may be terminated if the employer responsible for the plan 
faces severe financial difficulty, such as bankruptcy, and is unable to 
maintain the plan. In such an event, PBGC becomes trustee of the plan 
and pays benefits, subject to legal limits, to plan participants and 
beneficiaries.
    The benefits of a pension plan participant generally may not be 
assigned or alienated. However, Title I of ERISA provides an exception 
for domestic relations orders that relate to child support, alimony 
payments, or the marital property rights of an alternate payee (a 
spouse, former spouse, child, or other dependent of a plan 
participant). The exception applies only if the domestic relations 
order meets specific legal requirements that make it a qualified 
domestic relations order, or ``QDRO.''
    ERISA provides that pension plans are required to comply with only 
those domestic relations orders which are QDROs, and that the decision 
as to whether a domestic relations order is a QDRO is made by the plan 
administrator. When PBGC is trustee of a plan, it reviews submitted 
domestic relations orders to determine whether the order is qualified 
before paying benefits to an alternate payee. The requirements for 
submitting a QDRO are established by statute.
    To simplify the process, PBGC has included model QDROs and 
accompanying guidance in a booklet, Qualified Domestic Relations Orders 
& PBGC. The models and guidance assist parties by making it easier to 
comply with ERISA's QDRO requirements when drafting orders for plans 
trusteed by PBGC. The booklet does not create any additional 
requirements.
    PGBC is not making any substantive revisions to the current QDRO 
booklet. PGBC is adding text to clarify how separate interest orders 
are administered by PBGC and to explain how PBGC apportions adjustments 
required by ERISA's Title IV limitations on benefits between an 
alternate payee and a participant, as well as the consequences of such 
adjustments on each party. PBGC is also making other simplifying and 
clarifying changes to the QDRO booklet.

[[Page 64027]]

    The collection of information has been approved through October 31, 
2015, by OMB under control number 1212-0054. PBGC is requesting that 
OMB extend approval of the 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 it will receive 1,170 domestic relations orders 
annually and that the average annual burden of this collection of 
information is 2,117 hours and $704,500.

    Issued in Washington, DC, this 19 day of October 2015.
Judith Starr,
General Counsel, Pension Benefit Guaranty Corporation.
[FR Doc. 2015-26858 Filed 10-21-15; 8:45 am]
BILLING CODE 7709-02-P