[Federal Register Volume 63, Number 121 (Wednesday, June 24, 1998)]
[Notices]
[Pages 34493-34494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16791]
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DEPARTMENT OF LABOR
Office of the Secretary
DEPARTMENT OF THE TREASURY
Pension Benefit Guaranty Corporation; Submission for OMB Review;
Comment Request
The Department of Labor (DOL), the Department of the Treasury, and
the Pension Benefit Guaranty Corporation (PBGC) have submitted the
following public information collection request (ICR) to the Office of
Management and Budget (OMB) for review and approval in accordance with
the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter
35). A copy of the ICR, with applicable supporting documentation, may
be obtained by contacting the Department of Labor, Departmental
Clearance Officer, Todd R. Owen at (202)219-5096, ext. 143 or by E-Mail
at Owen-Todd@dol.gov. Individuals who use a telecommunication device
for the deaf (TTY/TDD) may call (202)219-4720 between 1:00 p.m. and
4:00 p.m. Eastern Time, Monday-Friday.
Comments should be sent to the Office of Information and Regulatory
Affairs, Attn: Desk Officer for Pension and Welfare Benefits
Administration, Office of Management and Budget, Room 10235,
Washington, DC 20503 ((202)395-7316) within 30 days of the date of this
publication in the Federal Register.
OMB is particularly interested in comments that:
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;
Comment on estimates of capital or startup costs and costs
of operation, maintenance, and purchase of services to provide
information; 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.
[[Page 34494]]
Description: Under part 1 of Title I of the Employee Retirement
Income Security Act of 1974 (ERISA), Title IV of ERISA, and the
Internal Revenue Code of 1986, as amended, administrators of pension
and welfare benefit plans (collectively employee benefit plans) subject
to those provisions, and employers sponsoring certain fringe benefit
plans and other plans of deferred compensation, are required to file
returns/reports annually concerning the financial condition and
operations of the plans. These reporting requirements are satisfied
generally by filing the Form 5500 Series in accordance with its
instructions and the related regulations. This ICR is for the revised
Form 5500 Series as proposed by the Department of Labor, Pension and
Welfare Benefits Administration (PWBA), Department of the Treasury,
Internal Revenue Service (IRS), and PBGC (collectively the Agencies) in
a Notice of Proposed Forms Revision on September 3, 1997 (62 FR 46556)
and as subsequently revised in response to public comment. The Agencies
anticipate that the revised Form 5500 Series will be finalized and
available for use for plan years which begin in 1999.
Also published in today's Federal Register is the Agencies' notice
concerning the proposed extension/reinstatement of the ICR for the 1998
Form 5500 Series. The ICR for the existing Form 5500 Series is approved
under OMB Numbers 1210-0016 (PWBA) and 1545-0710 (IRS). PBGC's ICR for
the Form 5500 Series was previously approved under OMB Number 1212-
0026.
Agencies: Department of Labor, Pension and Welfare Benefits
Administration; Department of the Treasury, Internal Revenue Service;
Pension Benefit Guaranty Corporation.
Title: Form 5500 Series.
Form Number: Form 5500 and Schedules.
OMB Numbers: 1210-NEW; 1545-NEW; 1212-NEW.
Frequency: Annually.
Affected Public: Individuals or households; business or other for-
profit; Not-for-profit institutions.
Total Respondents: 801,934 for PWBA and PBGC; 901,400 for IRS.
Total Responses: 801,934 for PWBA and PBGC; 901,400 for IRS.
Estimated Burden Hours, Total Annual Burden: 1.7 million burden
hours (using the PWBA methodology) to 48.7 million burden hours (using
the IRS methodology) for preparing the revised Form 5500 Series and
filing it with the government. This total burden is shared among the
Agencies. See the September 3 Notice for detailed information on the
burden estimation methodologies. In the September 3 Notice, the
Agencies requested comments on the burden hour estimates and the
methodologies used to estimate burden for preparing and filing the Form
5500, and received comments generally indicating that the estimates
were too low. In an effort to respond to those comments, the Agencies
have undertaken an evaluation of the burden estimation methodologies
for the purpose of developing a revised and uniform methodology. The
Agencies will modify these burden estimates based on a revised
methodology prior to the date the revised Form 5500 Series comes into
use.
A computerized processing system (the ERISA Filing and Acceptance
System, or EFAST) is being developed to simplify and expedite the
processing of the revised Form 5500 Series by relying on computer
scannable forms and electronic filing technologies. The Agencies intend
to publish a Federal Register notice announcing the opportunity to
comment on the electronic filing options and computer scannable version
of the revised Form 5500 Series, which will be designed as part of the
EFAST project. The EFAST project is described in detail in the Request
for Proposal issued in final form on January 6, 1998. The final
computer scannable version of the forms, which will be required to be
used for 1999 plan years, will be published in the Federal Register
following the Agencies' evaluation of public comments.
Total annualized capital/start-up costs: $1,266,905 (PWBA
estimate).
Total annual cost (operating and maintenance): $20,843,860 (PWBA's
estimate of its allocated share); $2,600,000 (PBGC's estimate of its
allocated share).
Dated: June 18, 1998.
Todd R. Owen,
Departmental Clearance Officer, Department of Labor.
Dated: June 18, 1998.
Lois K. Holland,
Departmental Reports Management Officer, Department of the Treasury.
Dated: June 18, 1998.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 98-16791 Filed 6-23-98; 8:45 am]
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