94-29725. Request for Extension of Approval Under the Paperwork Reduction Act; Collection of Information Under 29 CFR Part 2642, Allocating Unfunded Vested Benefits

[Federal Register Volume 59, Number 231 (Friday, December 2, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29725]


[[Page Unknown]]

[Federal Register: December 2, 1994]


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PENSION BENEFIT GUARANTY CORPORATION

 

Request for Extension of Approval Under the Paperwork Reduction 
Act; Collection of Information Under 29 CFR Part 2642, Allocating 
Unfunded Vested Benefits

AGENCY:  Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval.

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SUMMARY: This notice advises the public that the Pension Benefit 
Guaranty Corporation has requested extension of approval by the Office 
of Management and Budget for a currently approved collection of 
information (1212-0035) contained in its regulation on Allocating 
Unfunded Vested Benefits (29 CFR Part 2642). Current approval of the 
collection of information expires on December 31, 1994.

ADDRESSES: All written comments should be addressed to: Office of 
Management and Budget, Paperwork Reduction Project (1212-0035), 
Washington, DC 20503. The request for extension will be available for 
public inspection at the PBGC Communications and Public Affairs 
Department, Suite 240, 1200 K Street NW., Washington, DC 20005-4026, 
between the hours of 9:00 a.m. and 4:00 p.m..

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

SUPPLEMENTARY INFORMATION: This collection of information is contained 
in the Pension Benefit Guaranty Corporation's (``PBGC's'') regulation 
on Allocating Unfunded Vested Benefits (29 CFR Part 2642).
    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 regulation on Allocating Unfunded 
Vested Benefits is issued pursuant to this statutory requirement.
    Section 2642.12 of the regulation prescribes the information that 
must be submitted to the PBGC under the regulation by a plan seeking 
PBGC approval for an amendment to its allocation method. This 
information is used by the PBGC to determine whether the proposed 
amendment satisfies the statutory standard.
    The PBGC estimates that 10 multiemployer plans per year submit 
information under the regulation and that it takes 3 hours to prepare a 
submission, for a total annual burden of 30 hours.

    Issued at Washington, D.C., this 23rd day of November 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-29725 Filed 12-1-94; 8:45 am]
BILLING CODE 7708-01-M