[Federal Register Volume 60, Number 167 (Tuesday, August 29, 1995)]
[Notices]
[Page 44908]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21369]
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PENSION BENEFIT GUARANTY CORPORATION
Request for OMB Extension of Approval of Collection of
Information: Distress Terminations of Single-Employer Plans; Standard
Terminations of Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for extension of OMB approval.
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SUMMARY: This notice advises the public that the Pension Benefit
Guaranty Corporation has requested an extension of the approval by the
Office of Management and Budget for the collection of information
contained in its regulations on Distress Terminations of Single-
Employer Plans (29 CFR part 2616) and Standard Terminations of Single-
Employer Plans (29 CFR part 2617) and implementing forms and
instructions. Current approval of this collection of information
expires on December 31, 1995.
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, 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 extend for three years its approval of the
collection of information contained in the PBGC's regulations on
Distress Terminations of Single-Employer Plans (29 CFR part 2616) and
Standard Terminations of Single-Employer Plans (29 CFR part 2617) and
implementing forms and instructions.
Under section 4041 of the Employee Retirement Income Security Act
of 1974, as amended (19 U.S.C. 1341), a single-employer pension plan
may terminate voluntarily only if it satisfies the requirements for
either a standard or a distress terminations, and section 4041(c), for
distress terminations, a plan administrator wishing to terminate a plan
is required to submit specified information to the PBGC in support of
the proposed termination and to provide specified information regarding
the proposed termination to third parties (participants, beneficiaries,
alternate payees, and employee organizations).
The PBGC needs the required information to enable it to ensure
compliance with the statutory and regulatory requirements for
terminations and to determine whether a particular termination may be
completed. Third parties need the required information for that they
will be informed about the status of their plan's proposed termination
and about their benefits upon termination.
The disclosures to third parties contained in this collection of
information currently are not 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)), these
disclosures will be subject to those requirements effective October 1,
1995.
The PBGC estimates that, over the next three years, 5000 plans
terminating in standard terminations and 40 plans terminating in
distress terminations will be subject to this collection of information
annually. The PBGC further estimates that the annual burden of this
collection of information will average 6.48 hours per plan, with an
average total annual burden of 32,653 hours.
Issued at Washington, DC this 24th day of Aug., 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-21369 Filed 8-28-95; 8:45 am]
BILLING CODE 7708-01-M
