[Federal Register Volume 60, Number 145 (Friday, July 28, 1995)]
[Notices]
[Pages 38868-38869]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18608]
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PENSION BENEFIT GUARANTY CORPORATION
Request for OMB Approval of Information Collection: Disclosure to
Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval.
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SUMMARY: This notice advises the public that the Pension Benefit
Guaranty Corporation has requested approval by the Office of Management
and Budget for a new collection of information contained in its
regulation on Disclosure to Participants (29 CFR part 2627).
ADDRESSES: All written comments should be addressed to: Office of
Management and Budget, Paperwork Reduction Project, Washington, DC
20503. The request for approval will be available for public inspection
at the PBGC's Communications and Public Affairs Department, Suite 240,
1200 K Street, NW., Washington, DC 20005-4026.
FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, or 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 PBGC is requesting that the Office of
Management and Budget approve for three years the collection of
information contained in the PBGC's final regulations on Disclosure to
Participants, 29 CFR Part 2627.
Section 4011 of the Employee Retirement Income Security Act of
1974, as amended (29 U.S.C. 1311), which was added to ERISA by the
Retirement Protection Act of 1994, requires plan administrators of
certain underfunded single-employer pension plans to provide an annual
notice to plan participants and beneficiaries of the plan's funding
status and the limits on the PBGC's guarantee.
On June 30, 1995 (60 FR 34412), the PBGC issued final regulations
implementing section 4011. (On July 19, 1995, (60 FR 36998) the PBGC
published a clarifying correction to the final regulations.) The
regulations, which are effective on July 31, 1995, prescribe which
plans are subject to the notice requirement, who is entitled to receive
the notice, and the time, form and manner of issuance of the notice.
The notice will provide recipients with meaningful, understandable, and
timely information that will help them become better informed about
their plans and assist them in their financial planning.
This collection of information, which is a disclosure to third
parties, is not currently subject to the requirements of the Paperwork
Reduction Act (Dole v. United Steelworkers of America, 494 U.S. 26
(1990)). However, under recent legislation, the Paperwork Reduction Act
of 1995 (Pub. L. No. 104-13, 109 Stat. 163 (1995)), this collection of
information will be subject to those requirements effective October 1,
1995.
Small plans (plans with 100 or fewer participants) are exempt from
the notice requirement in 1995. The PBGC estimates that approximately
3,000 large plans (plans with more than 100 participants) will be
subject to the notice requirement for the 1995 plan year and that the
same number of large plans plus approximately 4,500 small plans will be
subject to the notice requirement for subsequent years. Thus, over the
next three years, an average of 6,000 plans per year will respond to
this collection of information. The PBGC further estimates that the
average annual burden of this collection of information will be 4.39
hours per plan, with an average total annual burden of 26,330 hours.
[[Page 38869]]
Issued at Washington, DC this 24th day of July, 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-18608 Filed 7-27-95; 8:45 am]
BILLING CODE 7708-01-M
