[Federal Register Volume 62, Number 144 (Monday, July 28, 1997)]
[Notices]
[Page 40391]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19812]
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PENSION BENEFIT GUARANTY CORPORATION
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 request for extension of OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is
requesting 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). This notice informs the public of the
PBGC's request and solicits public comment on the collection of
information.
DATES: Comments should be submitted by August 27, 1997.
ADDRESSES: Comments should be mailed to the Office of Information and
Regulatory Affairs of the Office of Management and Budget, Attention:
Desk Officer for Pension Benefit Guaranty Corporation, Washington, DC
20503. The request for extension will be available for public
inspection at the Communications and Public Affairs Department of the
Pension Benefit Guaranty Corporation, suite 240, 1200 K Street, NW.,
Washington, DC, 20005-4026, 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. (For TTY and TDD,
call 800-877-8339 and request connection to 202-326-4024).
SUPPLEMENTARY INFORMATION: The PBGC administers the pension plan
termination insurance programs under Title IV of the Employee
Retirement Income Security Act of 1974, as amended (``ERISA''). Section
4220 of ERISA requires the plan sponsor of a multiemployer pension plan
covered by Title IV of ERISA to submit for PBGC review certain plan
amendments authorized by ERISA sections 4201 through 4219. Plan
amendments under those sections deal with modification of the statutory
provisions regarding when a withdrawal from a multiemployer plan occurs
and how the withdrawing employer's withdrawal liability is determined.
Any such amendment is effective only if, within 90 days after receiving
notice and a copy of the amendment, the PBGC approves it or 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. (The regulation may be
accessed on the PBGC's home page at http://www.pbgc.gov.) 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. The PBGC is requesting
that OMB extend its approval for 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.
Issued in Washington, DC, this 23rd day of July, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-19812 Filed 7-25-97; 8:45 am]
BILLING CODE 7708-01-P
