[Federal Register Volume 60, Number 145 (Friday, July 28, 1995)]
[Notices]
[Pages 38867-38868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18607]
=======================================================================
-----------------------------------------------------------------------
[[Page 38868]]
PENSION BENEFIT GUARANTY CORPORATION
Request for OMB Extension of Approval for Information Collection:
Liability on Termination of or Withdrawal From a Single-Employer Plan
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval of extension.
-----------------------------------------------------------------------
SUMMARY: This notice advises the public that the Pension Benefit
Guaranty Corporation has requested an extension of approval by the
Office of Management and Budget for a currently-approved collection of
information (1212-0017) contained in its regulation on Liability on
Termination of or Withdrawal from a Single-Employer Plan (29 CFR Part
2622). Current approval of this collection of information expires on
September 30, 1995.
ADDRESSES: All written comments should be addressed to: Office of
Management and Budget, Paperwork Reduction Project (1212-0017),
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:
Catherine B. Klion, Attorney, Office of the General Counsel, Pension
Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-
4026; telephone 202-326-4024 (202-326-4179 for TTY and TDD).
SUPPLEMENTARY INFORMATION: The Pension Benefit Guaranty Corporation
(``PBGC'') is requesting that the Office of Management and Budget
extend for three years the approval of the collection of information
contained in the PBGC's regulation on Liability on Termination of or
Withdrawal from a Single-Employer Plan, 29 CFR Part 2622. Section 4062
of the Employee Retirement Income Security Act of 1974, as amended, 29
U.S.C. 1362 (``ERISA''), provides that the contributing sponsor of a
single-employer pension plan and members of the sponsor's controlled
group (``the employer'') incur liability (``employer liability'') if
the plan terminates with assets insufficient to pay benefit liabilities
under the plan. However, the PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth.
Section 2622.6 of the PBGC's employer liability regulation (29 CFR
2622.6) requires a contributing sponsor or member of the contributing
sponsor's controlled group that believes employer liability upon plan
termination exceeds 30 percent of the employer's net worth to so notify
the PBGC and submit to the PBGC net worth information. This information
is necessary to enable the PBGC to determine whether and to what extent
employer liability exceeds 30 percent of the employer's net worth
The PBGC estimates that, for the next three years, 39 employers per
year will respond to this collection of information and the average
amount of time required to respond will be 24 hours. Thus, the PBGC
estimates that the annual burden of this collection of information will
be 936 hours.
Issued at Washington, DC this 24th day of July, 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-18607 Filed 7-27-95; 8:45 am]
BILLING CODE 7708-01-M
