83 FR 22715 - Proposed Submission of Information Collection for OMB Review; Comment Request; Locating and Paying Participants

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 83, Issue 95 (May 16, 2018)

The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) extend approval, with modifications, to a collection of information under the Paperwork Reduction Act. The purpose of the information collection is to enable PBGC to pay benefits to participants and beneficiaries. This notice informs the public of PBGC's intent and solicits public comment on the collection of information, as modified.

[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)]
[Notices]
[Pages 22715-22716]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10374]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Locating and Paying Participants

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval, with 
modifications.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) extend approval, 
with modifications, to a collection of information under the Paperwork 
Reduction Act. The purpose of the information collection is to enable 
PBGC to pay benefits to participants and beneficiaries. This notice 
informs the public of PBGC's intent and solicits public comment on the 
collection of information, as modified.

DATES: Comments must be submitted by July 16, 2018.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for sending 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.
    All comments received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and the OMB Control Number for 
the information collection (OMB Control No. 1212-0055). All comments 
received will be posted without change to PBGC's website, http://www.pbgc.gov, including any personal information

[[Page 22716]]

provided. Copies of the collection of information may also be obtained 
without charge by writing to the Disclosure Division, Office of the 
General Counsel, Pension Benefit Guaranty Corporation, 1200 K Street 
NW, Washington, DC 20005-4026, or calling 202-326-4040 during normal 
business hours. (TTY users may call the Federal relay service toll-free 
at 800-877-8339 and ask to be connected to 202-326-4040.)

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

SUPPLEMENTARY INFORMATION: This information collection is needed to pay 
participants and beneficiaries who may be entitled to pension benefits 
from plans that have terminated. It consists of information 
participants and beneficiaries are asked to provide in connection with 
an application for benefits. In addition, in some instances, PBGC 
requests individuals to provide identifying information so that it may 
determine whether the individuals may be entitled to benefits. All 
requested information is needed so that PBGC may determine benefit 
entitlements and make appropriate payments.
    This information collection includes My Pension Benefit Account 
(MyPBA), an application on PBGC's website, http://www.pbgc.gov, through 
which plan participants and beneficiaries may conduct electronic 
transactions with PBGC, including applying for pension benefits, 
designating a beneficiary, electing monthly payments, electing to 
withhold income tax from periodic payments, changing contact 
information, and applying for electronic direct deposit.
    PBGC is proposing to revise one form in this collection, the Power 
of Attorney Form (Form 715). The proposed revision would include:
     Features previously unavailable--granting a durable power 
of attorney (DPOA) in addition to a nondurable power of attorney 
(NDPOA), and allowing a principal to name up to three agents to act on 
her behalf with PBGC (and to designate whether the agents have 
independent or joint authority), whereas the current form only has room 
for one agent to be named;
     Features that would protect the principal--heightened 
requirements for granting authority and for executing the document 
(i.e., the principal's signature must be witnessed and notarized, and 
witnesses must meet certain criteria); and
     A ``Notice to the Principal,'' to alert the principal 
about what powers she is granting to a designated agent, and an 
``Agent's Acknowledgement'' to inform the agent about her duties and 
liabilities with respect to handling the principal's affairs.
    PBGC believes these revisions provide greater flexibility and 
greater protections against fraud for customers using the Form 715. 
Customers are not required to use this form and can use other DPOAs or 
NDPOAs that comply with applicable state laws.
    The existing collection of information was approved under OMB 
control number 1212-0055 (expires March 31, 2019). PBGC intends to 
request that OMB extend its approval (with modifications) 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 72,010 benefit application or 
information forms annually. The total annual burden associated with 
this collection of information is estimated to be 56,746 hours 
(approximately one hour for benefit applications and 30 minutes for 
information forms) and an estimated $56,711, which is the total average 
maximum cost of notary services for spousal consents on benefit 
applications and for the Form 715. PBGC estimates that from the above 
totals, 710 Form 715s will be filed annually at approximately 355 hours 
and $2,485.
    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
Stephanie Cibinic,
Deputy Assistant General Counsel for Regulatory Affairs, Pension 
Benefit Guaranty Corporation.
[FR Doc. 2018-10374 Filed 5-15-18; 8:45 am]
 BILLING CODE 7709-02-P