82 FR 42366 - Proposed Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination Information

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 82, Issue 172 (September 7, 2017)

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 a collection of information on the disclosure of termination information under its regulations for distress terminations, and for PBGC-initiated terminations. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.

[Federal Register Volume 82, Number 172 (Thursday, September 7, 2017)]
[Notices]
[Pages 42366-42367]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-19011]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Disclosure of Termination Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval.

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SUMMARY: 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 a collection of 
information on the disclosure of termination information under its 
regulations for distress terminations, and for PBGC-initiated 
terminations. This notice informs the public of PBGC's intent and 
solicits public comment on the collection of information.

DATES: Comments should be submitted by November 6, 2017.

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].
     Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street NW., Washington, DC 20005-4026.
    Comments received will be posted to www.pbgc.gov.
    Copies of the collection of information may be obtained without 
charge by writing to the Disclosure Division of the Office of the 
General Counsel of PBGC at the above address, visiting the Disclosure 
Division, 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 regulations and instructions relating to this 
collection of information are available on PBGC's Web site at 
www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Jo Amato Burns 
([email protected]), Attorney, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 
20005, 202-326-4400, ext. 3072. 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: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974 (ERISA) govern the termination 
of single-employer defined benefit pension plans that are subject to 
Title IV of ERISA. A plan administrator may initiate a distress 
termination pursuant to section 4041(c), and PBGC may itself initiate 
proceedings to terminate a pension plan under section 4042 if PBGC 
determines that certain conditions are present. Section 506 of the 
Pension Protection Act of 2006 amended sections 4041 and 4042 of ERISA. 
These amendments require that, upon a request by an affected party, a 
plan administrator must disclose information it has submitted to PBGC 
in connection with a distress termination filing, and that a plan 
administrator or plan sponsor must disclose information it has 
submitted to PBGC in connection

[[Page 42367]]

with a PBGC-initiated termination. The provisions also require PBGC to 
disclose the administrative record relating to a PBGC-initiated 
termination upon request by an affected party.
    Based on information for calendar years 2014-2016, PBGC estimates 
that approximately 75 plans will terminate as distress or PBGC-
initiated terminations each year. A survey conducted by PBGC of nine 
plans found that two of the nine plans surveyed received requests for 
termination information. Based on the foregoing, PBGC estimates that 
two participants or other affected parties of every nine distress 
terminations or PBGC-initiated terminations filed will annually make 
requests for termination information, or \2/9\ of 75 (approximately 17 
per year). Based on information derived from the survey of nine plans, 
PBGC estimates that the hourly burden and cost for each request will be 
about 20 hours and $400. The total annual burden is estimated to be 340 
hours (17 plans * 20 hours) and $6,800 (17 plans * $400).
    PBGC is soliciting public comments to--
     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;
     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;
     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 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, by:
Daniel S. Liebman,
Acting Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2017-19011 Filed 9-6-17; 8:45 am]
 BILLING CODE 7709-02-P