[Federal Register Volume 62, Number 219 (Thursday, November 13, 1997)]
[Notices]
[Page 60929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29880]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Allocating Unfunded Vested Benefits
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request extension of OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to
request that the Office of Management and Budget (``OMB'') extend
approval, under the Paperwork Reduction Act, of a collection of
information in its regulation on Allocating Unfunded Vested Benefits
(29 CFR Part 4211) (OMB control number 1212-0035; expires February 28,
1998). This notice informs the public of the PBGC's intent and solicits
public comment on the collection of information.
DATES: Comments should be submitted by January 12, 1998.
ADDRESSES: Comments may be mailed to the Office of the General Counsel,
suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026, or delivered to that address between 9 a.m.
and 4 p.m. on business days. Written comments will be available for
public inspection at the PBGC's Communications and Public Affairs
Department, suite 240 at the same address, between 9 a.m. and 4 p.m. on
business days.
FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, Office of
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD,
call 800-877-8339 and request connection to 202-326-4024).
SUPPLEMENTARY INFORMATION: Section 4211(c)(5)(A) of the Employee
Retirement Income Security Act of 1974 (``ERISA'') requires the PBGC to
prescribe by regulation a procedure whereby multiemployer pension plans
can change the way they allocate unfunded vested benefits to
withdrawing employers, subject to PBGC approval. Approval of a change
is to be based on a determination that the change will not
significantly increase the risk of loss to plan participants or the
PBGC.
The PBGC's regulation on Allocating Unfunded Vested Benefits (29
CFR Part 4211) includes, in Sec. 4211.22, rules for requesting the
PBGC's approval of an amendment to a plan's allocation method. Section
4211.22(d) prescribes information that the PBGC needs to identify the
plan and evaluate the risk of loss, if any, posed by the amendment
(and, hence, determine whether it should approve the amendment).
Section 4211.22(e) requires the submission of other information that
the PBGC may need to review the amendment. (The regulation may be
accessed on the PBGC's home page at http://www.pbgc.gov.)
The collection of information under the regulation has been
approved by OMB under control number 1212-0035 through February 28,
1998. The PBGC intends to request that OMB extend its approval for
another three years. The PBGC estimates that it receives five
submissions from plan sponsors annually under the regulation; that
virtually all submissions are prepared by outside consultants; that the
total annual hour burden of engaging the services of such consultants
is one hour; and that the total annual cost burden of having the
submissions prepared is $1,575.
The 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 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.
Issued in Washington, DC, this 7th day of November, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-29880 Filed 11-12-97; 8:45 am]
BILLING CODE 7708-01-P
