[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: 94-32024]
[[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; Payment of Premiums (29 CFR Part 2610) and Pension Benefit
Guaranty Corporation Premium Forms and Instructions Thereunder PBGC
Forms 1 and 1-ES and Schedule A to Form 1, and Related Instructions)
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 the collection of information (1212-0009)
in the PBGC's regulation on Payment of Premiums (29 CFR Part 2610) and
the PBGC's premium forms and instructions thereunder (PBGC Forms 1 and
1-ES and Schedule A to Form 1, and related instructions). The premium
forms and instructions have been modified to reflect changes made by
the Retirement Protection Act of 1994.
ADDRESSES: All written comments should be addressed to: Office of
Management and Budget, Paperwork Reduction Project (1212-0009),
Washington, DC 20503, with a copy to the Office of the General Counsel,
Suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, N.W.,
Washington, DC 20005-4026. 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 9:00 a.m. and 4:00 p.m. on business days.
FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, or 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: Sections 4006 and 4007 of Title IV of the
Employee Retirement Income Security Act of 1974 (``ERISA'') require the
Pension Benefit Guaranty Corporation (``PBGC'') to collect premiums
from pension plans covered under Title IV pension insurance programs.
Pursuant to ERISA sections 4006 and 4007, the PBGC has issued its
regulation on Payment of Premiums (29 CFR Part 2610). Sections 2610.3,
2610.25, and 2610.34 of the premium regulation require plans, in
connection with the payment of premiums, to file certain forms
prescribed by the PBGC, and Sec. 2610.11 requires plans to retain
records supporting or validating the computation of premiums paid.
The forms prescribed are PBGC Form 1-ES and Form 1 and (for single-
employer plans only) Schedule A to Form 1. Form 1-ES is issued, with
instructions, in the PBGC's Estimated Premium Payment Package. Form 1
and Schedule A are issued, with instructions, in the PBGC's Annual
Premium Payment Package.
The premium forms are needed to determine the amount and record the
payment of PBGC premiums, and the submission of forms and retention of
records are needed to enable the PBGC to perform premium audits. The
plan administrator of each pension plan covered by Title IV of ERISA is
required to file one or more of the premium payment forms each year.
The PBGC uses the information on the premium payment forms to identify
the plans paying premiums and to verify whether plans are paying the
correct amounts. That information and the retained records are used for
audit purposes.
For plan years beginning on or after July 1, 1994, section 768 of
the recently enacted Retirement Protection Act of 1994 (P.L. 103-465)
(``RPA'') phases out the $53 per-participant cap on the variable-rate
premium, subject to an exception for regulated public utility plans.
The PBGC has revised its premium forms and instructions to reflect this
RPA change. (For 1994 plan years beginning on or after July 1, 1994,
the revised premium forms and instructions are in the ``1994-R Premium
Payment Package.'')
The PBGC estimates the burden on the public from this collection of
information as follows:
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No. of Average Total
responses time hours
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Form 1-ES filing (plans with 500 or
more participants only):
Single-employer plans............ 7,200 .5 3,600
Multiemployer plans.............. 1,300 .5 650
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8,500 ......... 4,250
Form 1 with Schedule A (single-
employer plans only):
Plans with fewer than 500
participants:
Fully-funded..................... 36,400 1 36,400
Underfunded...................... 16,400 1.7 27,880
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52,800 ......... 64,280
Plans with 500 or more participants:
Fully-funded..................... 4,900 1 4,900
Underfunded...................... 2,300 5.1 11,730
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7,200 ......... 16,630
Form 1 alone (multiemployer plans
only):
All multiemployer plans.......... 2,000 .5 1,000
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In summary, the PBGC estimates that it receives a total of about
70,500 responses annually (3,300) for multiemployer plans and 67,200
for single-employer plans) and that the total burden of the collection
of information is about 86,160 hours. (The estimated burden includes
recordkeeping under 29 CFR Sec. 2610.11.)
Issued at Washington, DC, this 22nd day of December 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-32024 Filed 12-28-94; 8:45 am]
BILLING CODE 7708-01-M
