96-31973. Assessment of Penalties for Failure To Provide Premium-related Information

[Federal Register Volume 61, Number 243 (Tuesday, December 17, 1996)]
[Notices]
[Page 66338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31973]


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PENSION BENEFIT GUARANTY CORPORATION


Assessment of Penalties for Failure To Provide Premium-related 
Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Statement of policy.

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SUMMARY: The Pension Benefit Guaranty Corporation intends to assess 
penalties under section 4071 of the Employee Retirement Income Security 
Act of 1974 for failure to submit premium-related information timely.

DATES: This revision to the PBGC's penalty assessment policy is 
effective for premium-related filings due on or after January 1, 1997, 
and to days of delinquency on or after that date with respect to 
filings due before that date.

FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General 
Counsel, or Deborah C. Murphy, Attorney, Pension Benefit Guaranty 
Corporation, Office of the General Counsel, Suite 340, 1200 K Street, 
NW., Washington, DC 20005-4026, 202-326-4024 (202-326-4179 for TTY and 
TDD).

SUPPLEMENTARY INFORMATION: Section 4071 of ERISA authorizes the PBGC to 
assess a penalty of up to $1,000 per day for failure to timely provide 
a notice or other material information that is required under certain 
statutory or regulatory provisions. The PBGC's current policy on the 
assessment of penalties under section 4071 (60 FR 36837 (July 18, 
1995)), does not cover submissions of premium-related information under 
ERISA section 4007 and the PBGC's premium payment regulation. This 
notice revises the PBGC's section 4071 penalty assessment policy to 
include premium-related information.

    Issued in Washington, DC, on the 10th day of December 1996.
Robert B. Reich,
Chairman, Board of Directors, Pension Benefit Guaranty Corporation.

    Issued on the date set forth above pursuant to a resolution of the 
Board of Directors authorizing its Chairman to issue this final rule.
James J. Keightley,
Secretary, Board of Directors, Pension Benefit Guaranty Corporation.
[FR Doc. 96-31973 Filed 12-16-96; 8:45 am]
BILLING CODE 7708-01-P