83 FR 62629 - Proposed Submission of Information Collection for OMB Review; Comment Request; Request for Coverage Determination

PENSION BENEFIT GUARANTY CORPORATION

Federal Register Volume 83, Issue 233 (December 4, 2018)

The Pension Benefit Guaranty Corporation (PBGC) intends to request that the Office of Management and Budget (OMB) approve, under the Paperwork Reduction Act, a collection of information necessary for PBGC to determine whether a plan is covered under title IV of the Employee Retirement Security Income Act of 1974. This notice informs the public of PBGC's intent and solicits public comment on the collection of information.

[Federal Register Volume 83, Number 233 (Tuesday, December 4, 2018)]
[Notices]
[Pages 62629-62630]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26278]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Request for Coverage Determination

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request OMB approval of information 
collection.

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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) intends to 
request that the Office of Management and Budget (OMB) approve, under 
the Paperwork Reduction Act, a collection of information necessary for 
PBGC to determine whether a plan is covered under title IV of the 
Employee Retirement Security Income Act of 1974. This notice informs 
the public of PBGC's intent and solicits public comment on the 
collection of information.

DATES: Comments must be submitted on or before February 4, 2019.

ADDRESSES: Comments may be submitted by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the online 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.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to the Coverage 
Determination Request Form. All comments received will be posted 
without change to PBGC's website, http://www.pbgc.gov, including any 
personal information provided.
    Copies of the collection of information may also be obtained by 
writing to 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. PBGC's laws and procedures for coverage 
determinations may be accessed on PBGC's website at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: Melissa Rifkin 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
1200 K Street NW, Washington, DC 20005-4026; 202-326-4400, extension 
6563. (TTY users may call the Federal relay service toll-free at 800-
877-8339 and ask to be connected to 202-326-4400, extension 6563.)

SUPPLEMENTARY INFORMATION: PBGC insures defined benefit pension plans 
covered under title IV of the Employee Retirement Income Security Act 
of 1974 (ERISA). Covered plans are those described in section 4021(a) 
of ERISA but not those described in section 4021(b)(1)-(13). If a 
question arises about whether a plan is covered under title IV, PBGC 
may make a coverage determination.
    The proposed form and instructions would be used by a plan sponsor 
or plan administrator to request a coverage determination and would be 
suitable for all types of requests. The proposed form would highlight 
the four plan types for which coverage determinations are most 
frequently requested: (1) Church plans as listed in section 4021(b)(3) 
of ERISA; (2) plans that are established and maintained exclusively for 
the benefit of plan sponsors' substantial owners as listed in section 
4021(b)(9); (3) plans covering, since September 2, 1974, no more than 
25 active participants that are established and maintained by 
professional services employers as listed in section 4021(b)(13); and 
(4) Puerto Rico-based plans within the meaning of section 1022(i)(1) of 
ERISA.
    PBGC needs this information collection to determine whether a plan 
is covered or not covered under title IV. Information provided to PBGC 
would be confidential to the extent provided in the Freedom of 
Information Act and the Privacy Act.
    PBGC estimates that 425 forms would be submitted each year. PBGC 
estimates that each form would require approximately 20 hours to 
complete by a combination of plan office staff (50%) and outside 
professionals (attorneys and actuaries) (50%). PBGC estimates an annual 
hour burden of 4,250 hours (based on plan office time). The estimated 
dollar equivalent of this hour burden, based on an assumed hourly rate 
of $75 for administrative, clerical, and supervisory time is $318,750. 
PBGC estimates an annual cost burden of $1,487,500 (based on 4,250 
professional hours assuming an average hourly rate of $350).
    PBGC intends to request that OMB approve PBGC's use of this form 
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 is soliciting public comments to--
     Evaluate whether the proposed 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 proposed collection of information, including the 
validity of the methodologies and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and

[[Page 62630]]

     Minimize the burden of the collection of information on 
those who are to respond, including through 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.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2018-26278 Filed 12-3-18; 8:45 am]
 BILLING CODE 7709-02-P