83 FR 13804 - Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 83, Issue 62 (March 30, 2018)

The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval for three years under the Paperwork Reduction Act of the collection of information under its regulation on Payment of Premiums (OMB control number 1212-0009; expires March 31, 2018), without modification. This notice informs the public of PBGC's request and solicits public comment on the collection of information.

[Federal Register Volume 83, Number 62 (Friday, March 30, 2018)]
[Notices]
[Pages 13804-13805]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06394]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Payment of Premiums

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval of collection 
of information.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval for 
three years under the Paperwork Reduction Act of the collection of 
information under its regulation on Payment of Premiums

[[Page 13805]]

(OMB control number 1212-0009; expires March 31, 2018), without 
modification. This notice informs the public of PBGC's request and 
solicits public comment on the collection of information.

DATES: Comments must be submitted by April 30, 2018.

ADDRESSES: Comments should be sent to the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for the Pension Benefit Guaranty Corporation, via electronic 
mail at [email protected] or by fax to 202-395-6974.
    The OMB submission (including the collection of information, 
comments, and supporting statement) will be posted at http://www.pbgc.gov/prac/laws-and-regulations/information-collections-under-omb-review.html. Copies of the collection of information and comments 
may also be obtained without charge by writing to the Disclosure 
Division, Office of General Counsel, Pension Benefit Guaranty 
Corporation, 1200 K Street NW, Washington, DC 20005-4026; visiting the 
Disclosure Division; faxing a request to 202-326-4042; or calling 202-
326-4040 during normal business hours. (TTY users may call the Federal 
relay service toll-free at 1-800-877-8339 and ask to be connected to 
202-326-4040.) The premium payment regulation and the premium 
instructions (including illustrative forms) for 2018 are available at 
www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Stephanie Cibinic, Deputy Assistant 
General Counsel for Regulatory Affairs, Office of the General Counsel, 
Pension Benefit Guaranty Corporation, 1200 K Street NW, Washington, DC 
20005-4026; 202-326-4400 ext. 6352. (TTY users may call the Federal 
relay service toll-free at 1-800-877-8339 and ask to be connected to 
202-326-4400 ext. 6352.)

SUPPLEMENTARY INFORMATION: Section 4007 of Title IV of the Employee 
Retirement Income Security Act of 1974 (ERISA) requires pension plans 
covered under Title IV pension insurance programs to pay premiums to 
PBGC. All plans covered by Title IV pay a flat-rate per-participant 
premium. An underfunded single-employer plan also pays a variable-rate 
premium based on the value of the plan's unfunded vested benefits.
    Pursuant to section 4007, PBGC has issued its regulation on Payment 
of Premiums (29 CFR part 4007). Under Sec.  4007.3 of the premium 
payment regulation, the plan administrator of each pension plan covered 
by Title IV of ERISA is required to file a premium payment and 
information prescribed by PBGC for each premium payment year. Premium 
information must be filed electronically using ``My Plan Administration 
Account'' (``My PAA'') through PBGC's website except to the extent PBGC 
grants an exemption for good cause in appropriate circumstances, in 
which case the information must be filed using an approved PBGC form. 
Under Sec.  4007.10 of the premium payment regulation, plan 
administrators are required to retain records about premiums and 
information submitted in premium filings.
    Premium filings report (i) the flat-rate premium and related data 
(all plans), (ii) the variable-rate premium and related data (single-
employer plans), and (iii) additional data such as identifying 
information and miscellaneous plan-related or filing-related data (all 
plans). PBGC needs this information to identify the plans for which 
premiums are paid, to verify whether the amounts paid are correct, to 
help PBGC determine the magnitude of its exposure in the event of plan 
termination, to help track the creation of new plans and transfer of 
participants and plan assets and liabilities among plans, and to keep 
PBGC's insured-plan inventory up to date. That information and the 
retained records are also needed for audit purposes.
    The collection of information under the regulation has been 
approved by OMB through March 31, 2018, under control number 1212-0009. 
On January 24, 2018 (at 83 FR 3369), PBGC gave public notice that it 
intended to request extension of OMB approval of this collection of 
information for three years and invited public comment. No comments 
were received. 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 23,700 premium filings per year 
from 23,700 plan administrators under this collection of information. 
PBGC further estimates that the annual burden of this collection of 
information is 10,439 hours and $16,392,500.

    Issued in Washington DC by:
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2018-06394 Filed 3-29-18; 8:45 am]
 BILLING CODE 7709-02-P