98-26797. Pension Benefit Guaranty Corporation; Submission for OMB Review; Comment Request

[Federal Register Volume 63, Number 193 (Tuesday, October 6, 1998)]
[Notices]
[Pages 53702-53703]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26797]


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DEPARTMENT OF LABOR

Office of the Secretary


Pension Benefit Guaranty Corporation; Submission for OMB Review; 
Comment Request

    The Department of Labor (DOL) and the Pension Benefit Guaranty 
Corporation (PBGC) have submitted the following public information 
collection request (ICR) to the Office of Management and Budget (OMB) 
for review and approval in accordance with the Paperwork Reduction Act 
of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). A copy of the ICR, with 
applicable supporting documentation, may be obtained by contacting the 
Department of Labor, Departmental Clearance Officer, Todd R. Owen at 
[phone], ext. 143 or by E-Mail at [e-mail]. Individuals 
who use a telecommunication device for the deaf (TTY/TDD) may call 
[phone] between 1:00 p.m. and 4:00 p.m. Eastern Time, Monday-
Friday.
    Comments should be sent to the Office of Information and Regulatory 
Affairs, Attn: Desk Officer for Pension and Welfare Benefits 
Administration, Office of Management and Budget, Room 10235, 
Washington, DC 20503 ([phone]) within 30 days of the date of 
this publication in the Federal Register.
    OMB is particularly interested in comments that:
     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 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 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.
    Description: Under part 1 of Title I of the Employee Retirement 
Income Security Act of 1974 (ERISA) Title IV of ERISA, and the Internal 
Revenue Code of 1986, as amended, administrators of pension and welfare 
benefit plans (collectively employee benefit plans) subject to those 
provisions, and employers sponsoring certain fringe benefit plans and 
other plans of deferred compensation, are required to file returns/
reports annually concerning the financial condition and operations of 
the plans. These reporting requirements are satisfied generally by 
filing the Form 5500 Series in accordance with its instructions and the 
related regulations. This ICR is for the 1998 Form 5500

[[Page 53703]]

Series, which does not differ materially from the 1997 Form 5500 
Series. The ICR for the existing Form 5500 Series is approved under OMB 
Number 1210-0016 (PWBA). PBGC's ICR for the Form 5500 Series was 
previously approved under OMB Number 1212-0026. The International 
Revenue Service's (IRS) approval for the existing Form 5500 Series (OMB 
Number 1545-0710) does not expire until December 31, 1998 and the IRS's 
request for extension of its approval for the existing Form 5500 Series 
will be made separately. The Agencies have developed a revised Form 
5500 for use beginning with plan years commencing in 1999. The 1999 
Form 5500 has been approved under OMB numbers 1210-0110 (PWBA), 1545-
1610 (IRS) and 1212-0057 (PBGC). Accordingly, the 1998 Form 5500 Series 
will be the last year for which the existing Form 5500 Series is used.
    Agencies: Department of Labor, Pension and Welfare Benefits 
Administration; Pension Benefit Guaranty Corporation.
    Title: Form 5500 Series.
    Form Number: Form 5500, Form 5500-C/R and Schedules.
    OMB Number: 1210-0016; 1212-0026.
    Frequency: Annually.
    Affected Public: Individuals or households; business or other for-
profit; Not-for profit institutions.
    Total Respondents: 816,709 (PWBA); 45,000 (PBGC).
    Total Responses: 816,709 (PWBA); 45,000 (PBGC).
    In a previous Notice published in the Federal Register on September 
3, 1997, the Agencies requested comments on the burden hour estimates 
and the methodologies used to estimate burden for preparing and filing 
the Form 5500, and received comments generally indicating that the 
estimates were too low. In response to those comments the Agencies are 
conducting a study of the burden estimation methodologies for the 
purpose of developing a revised methodology. This ICR includes revised 
burden estimates, based on the preliminary results of that study, for 
PWBA's share and PBGC's share of the total 1998 Form 5500 burden. A 
description of the study and the revised burden estimates is included 
in the ICR submitted to OMB.
    Estimated Burden Hours, Total Annual Burden: 1,752,874 hours 
(PWBA); 5,600 hours (PBGC).
    Total annual cost (operating and maintenance): $459 million (PWBA); 
$3 million (PBGC).

    ]Dated: October 1, 1998.
Todd R. Owen,
Departmental Clearance Officer, Department of Labor.

Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 98-26797 Filed 10-5-98; 8:45 am]
BILLING CODE 4510-29-M