[Federal Register Volume 62, Number 247 (Wednesday, December 24, 1997)]
[Notices]
[Page 67418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33576]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Notice of Termination for Multiemployer Plans
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 Notice of Termination for
Multiemployer Plans (29 CFR Part 4041A Subpart B) (OMB control number
1212-0020; expires March 31, 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 February 23, 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 4041A(f)(2) of the Employee
Retirement Income Security Act of 1974 (``ERISA'') gives the PBGC
authority to prescribe reporting requirements for terminated
multiemployer pension plans covered by Title IV of ERISA.
The PBGC's regulation on Notice of Termination for Multiemployer
Plans (29 CFR Part 4041A Subpart B) requires the filing of a notice of
termination with the PBGC by a multiemployer plan that has terminated
either by plan amendment or by mass withdrawal. The notice must contain
certain basic information such as the plan's identity, the date of
termination, and the plan's most recent Form 5500. In addition, a plan
that has terminated by mass withdrawal must supply certain financial
information to enable the PBGC to assess the likelihood of benefit
reductions or suspensions under the plan and the need for PBGC
financial assistance to the plan. More information is required with
respect to mass withdrawal terminations because the risk of plan
insolvency is greater in these cases. (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 1212-0020 through March 31, 1998.
The PBGC intends to request that OMB extend its approval for another
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. The PBGC estimates that the total
annual hour burden of the regulation is one hour and that the total
annual cost burden is $34,125.
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 18th day of December, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-33576 Filed 12-23-97; 8:45 am]
BILLING CODE 7708-01-P
