[Federal Register Volume 62, Number 131 (Wednesday, July 9, 1997)]
[Rules and Regulations]
[Pages 36663-36664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17952]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR PART 4007
RIN: 1212-AA66
Disclosure of Premium-Related Information
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule.
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SUMMARY: The Pension Benefit Guaranty Corporation is amending its
premium payment regulation to provide for the submission to the PBGC of
information contained in records relating to premium filings. The
amendment is intended to assist the PBGC in obtaining timely
information for premium audits.
EFFECTIVE DATE: August 8, 1997.
FOR FURTHER INFORMATION CONTACT: Harold J. Ashner, Assistant General
Counsel, or James L. Beller, Attorney, Pension Benefit Guaranty
Corporation, Office of the General Counsel, Suite 340, 1200 K Street,
NW., Washington, DC 20005-4026, 202-326-4024 (202-326-4179 for TTY and
TDD).
SUPPLEMENTARY INFORMATION: On December 17, 1996, the PBGC published in
the Federal Register (61 FR 66247) a proposed rule to provide for
submission to the PBGC of plan records that are necessary to support
premium filings within 30 days of the date of the PBGC's request, or by
a different time specified in the request. The PBGC received three
comments, all of which stated that the 30-day time period was too short
for large, multi-location companies because of the need to gather data
from different locations.
Most companies do not have special problems and can comply within a
short period of time. The PBGC recognizes that, due to delays in the
mail and other circumstances, companies may need more than 30 days to
comply, and has therefore replaced the 30-day time period with a 45-day
time period. For companies that, for valid reasons (e.g., difficulty in
retrieving off-site files) are unable to provide the records within 45
days, the final rule provides an automatic extension of up to an
additional 45 days. To qualify for the extension, the plan
administrator must certify that, despite reasonable efforts, the
additional time is necessary to comply with the PBGC's request. The
PBGC may shorten the original or extended deadline if the collection of
unpaid premiums (or any associated interest or penalties) would be
jeopardized.
Paperwork Reduction Act
This rule contains information collection requirements. As required
by the Paperwork Reduction Act of 1995, the PBGC has submitted a copy
of this information collection to the Office of Management and Budget
for its review. Affected parties do not have to comply with the
information collection requirements of this rule until the PBGC
publishes in the Federal Register the control number assigned by OMB to
this information collection. Publication of the control number notifies
the public that OMB has approved these information collection
requirements.
E.O. 12866 and the Regulatory Flexibility Act
The PBGC has determined that this rule is not a ``significant
regulatory action'' under the criteria set forth in Executive Order
12866.
The PBGC certifies that the amendment will not have a significant
economic effect on a substantial number of small entities. This rule
merely changes the manner in which the plan administrator complies with
an existing requirement to provide PBGC with information. Sending that
information to the PBGC instead of making it available for on-site
review by the PBGC will not impose any significant additional burden on
the plan administrator. Accordingly, as provided in section 605(b) of
the Regulatory Flexibility Act, sections 603 and 604 do not apply.
Small Business Regulatory Enforcement Fairness Act of 1996
This rule is not a major rule as defined by section 804 of the
Small Business Regulatory Enforcement Fairness Act of 1996. This rule
will not result in an annual effect on the economy of $100 million or
more; a major increase in costs or prices; or significant adverse
effects on competition, employment, investment, productivity,
innovation, or on the ability of the United States-based companies to
compete with foreign-based companies in domestic and export markets.
List of Subjects in 29 CFR Part 4007
Penalties, Pension insurance, Pensions, Reporting and recordkeeping
requirements.
For the reasons set forth above, the PBGC is amending 29 CFR part
4007 as follows:
PART 4007--PAYMENT OF PREMIUMS
1. The authority citation for part 4007 is revised to read as
follows:
Authority: 29 U.S.C. 1302(b)(3), 1303(a), 1306, 1307.
2. In Sec. 4007.10, the section heading is revised; paragraph (a)
is amended by removing the last sentence; and new paragraphs (c) and
(d) are added, to read as follows:
Sec. 4007.10 Recordkeeping; audits; disclosure of information.
* * * * *
(c) Providing record information. (1) In general. The plan
administrator shall
[[Page 36664]]
make the records retained pursuant to paragraph (a) of this section
available to the PBGC upon request for inspection and photocopying at
the location where they are kept (or another, mutually agreeable,
location) and shall submit information in such records to the PBGC
within 45 days of the date of the PBGC's written request therefor, or
by a different time specified therein.
(2) Extension. Except as provided in paragraph (c)(3) of this
section, the plan administrator may automatically extend the period
described in paragraph (c)(1) by submitting a certification to the PBGC
prior to the expiration of that time period. The certification shall--
(i) Specify a date to which the time period described in paragraph
(c)(1) is extended that is no more than 90 days from the date of the
PBGC's written request for information; and
(ii) Contain a statement, certified to by the plan administrator
under penalty of perjury (18 U.S.C. Sec. 1001), that, despite
reasonable efforts, the additional time is necessary to comply with the
PBGC's request.
(3) Shortening of time period. The PBGC may in its discretion
shorten the time period described in paragraph (c)(1) or (c)(2) of this
section where it determines that collection of unpaid premiums (or any
associated interest or penalties) would otherwise be jeopardized. If
the PBGC shortens the time period described in paragraph (c)(1), no
extension is available under paragraph (c)(2).
(d) Address and timeliness. Information required to be submitted
under paragraph (c) of this section shall be submitted to the address
specified in the PBGC's request. The timeliness of a submission shall
be determined in accordance with Secs. 4007.5 and 4007.6.
Issued in Washington, D.C. this 2nd day of July, 1997.
Alexis M. Herman,
Chairman, Board of Directors, Pension Benefit Guaranty Corporation.
Issued on the date set forth above pursuant to a resolution of
the Board of Directors authorizing its Chairman to issue this final
rule.
James J. Keightley,
Secretary, Board of Directors, Pension Benefit Guaranty Corporation.
[FR Doc. 97-17952 Filed 7-8-97; 8:45 am]
BILLING CODE 7708-01-P
