[Federal Register Volume 62, Number 88 (Wednesday, May 7, 1997)]
[Notices]
[Pages 24998-24999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11898]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Procedures for PBGC Approval of Multiemployer Plan
Amendments
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 Procedures for PBGC Approval of Plan
Amendments (29 CFR Part 4220) (OMB control number 1212-0031; expires
July 31, 1997). 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 July 7, 1997.
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 (202-326-4179 for
TTY and TDD).
SUPPLEMENTARY INFORMATION: Sections 4201 through 4225 of the Employee
Retirement Income Security Act of 1974, as amended (``ERISA''), specify
rules for when a withdrawal from a multiemployer plan occurs and how to
calculate a withdrawing employer's withdrawal liability. Section 4220
of ERISA requires plans to seek PBGC approval if they adopt certain
alternative rules authorized by sections 4201 through 4219. Any such
alternative rule is effective only if the PBGC approves the plan
amendment adopting the rule or, within 90 days after receiving notice
and a copy of the amendment, fails to disapprove it. The PBGC may
disapprove an amendment only if it determines that the amendment
creates an unreasonable risk of loss to plan participants and
beneficiaries or to the PBGC.
The PBGC's regulation on Procedures for PBGC Approval of Plan
Amendments (29 CFR Part 4220) includes, in Sec. 4220.3, rules for
requesting the PBGC's approval of an amendment. Section 4220.3(d)
requires the submission of information that the PBGC needs to identify
a plan and evaluate the risk of loss, if any, posed by the amendment
(and, hence, determine whether it should disapprove the amendment). The
regulation also permits submission of other information that the plan
sponsor may consider pertinent to the request.
The collection of information under the regulation has been
approved by OMB under control number 1212-0031 through July 31, 1997.
The PBGC intends to request that OMB extend its approval for another
three years. The PBGC estimates that it receives three submissions
annually under the regulation and that each submission costs the
submitting plan about $165 to have prepared by an outside consultant,
for a total annual cost burden of $495.
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;
[[Page 24999]]
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 2nd day of May, 1997.
John Seal,
Acting Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-11898 Filed 5-6-97; 8:45 am]
BILLING CODE 7708-01-P
