[Federal Register Volume 59, Number 249 (Thursday, December 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-32023]
[[Page Unknown]]
[Federal Register: December 29, 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 2673, Notice of
Termination for Multiemployer Plans
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 (1212-0020) contained in its regulation on Notice of
Termination for Multiemployer Plans (29 CFR Part 2673). Current
approval of the collection of information expires on March 31, 1995.
ADDRESSES: All written comments should be addressed to: Office of
Management and Budget, Paperwork Reduction Project (1212-0031),
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 Notice of Termination for Multiemployer Plans (29 CFR Part 2673).
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 where appropriate to protect the interests of plan
participants and beneficiaries or to prevent unreasonable loss to the
PBGC.
The PBGC's regulation on Notice of Termination for Multiemployer
Plans 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 PBGC estimates that it will receive 20 notices under the
regulation annually, that 5 of these notices will be from plans that
have terminated by plan amendment and will require 2 hours each to
prepare, and that 15 notices will be from plans that have termination
by mass withdrawal and will require 14.5 hours each to prepare. Thus,
the total estimated annual burden on the public is 217.5 hours.
Issued at Washington, DC, this 22nd day of December 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-32023 Filed 12-28-94; 8:45 am]
BILLING CODE 7708-01-M
