82 FR 25017 - Submission of Information Collection for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 82, Issue 103 (May 31, 2017)

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (``OMB'') extend approval without change, under the Paperwork Reduction Act, of a collection of information contained in its regulation on Liability for Termination of Single-Employer Plans (OMB control number 1212-0017; expires May 31, 2017). This notice informs the public of PBGC's intent and solicits public comment on the collection of information.

[Federal Register Volume 82, Number 103 (Wednesday, May 31, 2017)]
[Notices]
[Page 25017]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-10785]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Liability for Termination of Single-Employer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval without change.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (``OMB'') extend approval 
without change, under the Paperwork Reduction Act, of a collection of 
information contained in its regulation on Liability for Termination of 
Single-Employer Plans (OMB control number 1212-0017; expires May 31, 
2017). This notice informs the public of PBGC's intent and solicits 
public comment on the collection of information.

DATES: Comments should be submitted by June 30, 2017.

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 the 
request is posted at https://www.pbgc.gov/prac/pg/other/guidance/paperwork-notices. It may also be obtained without charge by writing to 
the Disclosure Division of the Office of the General Counsel of PBGC at 
1200 K Street NW., Washington, DC 20005, faxing a request to 202-326-
4042, 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 regulation on Liability 
for Termination of Single-Employer Plans can be found at www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns 
([email protected]), Regulatory Affairs Group, Office of the 
General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street 
NW., Washington, DC 20005-4026, 202-326-4400, extension 3072, or 
Deborah C. Murphy ([email protected]), Assistant General Counsel, 
same address and phone number, extension 3451. TTY and TDD users may 
call the Federal relay service toll-free at 800-877-8339 and ask to be 
connected to 202-326-4400.

SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement 
Income Security Act of 1974 (``ERISA'') provides that the contributing 
sponsor of a single-employer pension plan and members of the sponsor's 
controlled group (``the employer'') incur liability (``employer 
liability'') if the plan terminates with assets insufficient to pay 
benefit liabilities under the plan. PBGC's statutory lien for employer 
liability and the payment terms for employer liability are affected by 
whether and to what extent employer liability exceeds 30 percent of the 
employer's net worth.
    Section 4062.6 of PBGC's employer liability regulation (29 CFR 
4062.6) requires a contributing sponsor, or member of the contributing 
sponsor's controlled group, that believes employer liability exceeds 30 
percent of the collective net worth of persons subject to liability in 
connection with a plan termination to so notify PBGC upon plan 
termination and to submit net worth information. This information is 
necessary to enable PBGC to determine whether, and to what extent, 
employer liability exceeds 30 percent of the collective net worth of 
the employer (which includes the contributing sponsor and all and 
members of the sponsor's controlled group).
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0017 through May 31, 2017. 
PBGC is requesting that OMB extend its 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.
    PBGC estimates that an average of thirty contributing sponsors or 
controlled group members per year will respond to this collection of 
information. PBGC further estimates that the average annual burden of 
this collection of information will be 12 hours and $4,440 per 
respondent, with an average total annual burden of 360 hours and 
$133,200.

    Issued in Washington, DC.
Deborah Chase Murphy,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2017-10785 Filed 5-30-17; 8:45 am]
BILLING CODE 7709-02-P