[Federal Register Volume 60, Number 169 (Thursday, August 31, 1995)]
[Notices]
[Pages 45500-45501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21687]
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PENSION BENEFIT GUARANTY CORPORATION
Request for Extension of Approval Under the Paperwork Reduction
Act; Collection of Information Under 29 CFR Part 2648, Redetermination
of Withdrawal Liability Upon Mass Withdrawal
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 extension of approval by the Office
of Management and Budget for a currently approved collection of
information (1212-0034)
[[Page 45501]]
contained in its regulation on Redetermination of Withdrawal Liability
Upon Mass Withdrawal (29 CFR Part 2648).
ADDRESSES: All written comments should be addressed to: Office of
Information and Regulatory Affairs, 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 PBGC Communications and Public Affairs
Department, Suite 240, 1200 K Street, NW., Washington, DC 20005-4026,
between the hours of 9 a.m. and 4 p.m.
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy, Attorney, Office of the General Counsel, Suite 340,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026, 202-326-4024 (202-326-4179 for TTY and TDD).
SUPPLEMENTARY INFORMATION: This collection of information is contained
in the Pension Benefit Guaranty Corporation's regulation on
Redetermination of Withdrawal Liability Upon Mass Withdrawal (29 CFR
Part 2648).
The regulation on Redetermination of Withdrawal Liability Upon Mass
Withdrawal is issued pursuant to section 4219(c)(1)(D) of the Employee
Retirement Income Security Act of 1974, which provides for the
allocation of a multiemployer plan's total unfunded vested benefits in
the event of a ``mass withdrawal,'' i.e., either (1) a plan termination
due to the withdrawal of every employer or (2) a withdrawal of
substantially all employers pursuant to an agreement or arrangement to
withdraw. The regulation also provides rules under ERISA section
4209(c), dealing with employer liability for de minimis amounts in a
``substantial withdrawal,'' i.e., a withdrawal of substantially all
employers within one year.
The regulation requires a plan to report to the PBGC when it
experiences a ``mass withdrawal'' or ``substantial withdrawal'' and
certify that liability has been determined and assessed to employers as
required. This enables the PBGC to monitor compliance with ERISA and
the regulation and thus guard against the increased risk of plan
insolvency (with resulting benefit losses to participants and claims
against the insurance program) caused by the ``mass withdrawal'' or
``substantial withdrawal.''
The PBGC estimates the reporting burden under the regulation on the
assumption that there is one ``mass withdrawal'' and one ``substantial
withdrawal'' each year. (Such events actually occur less often.) The
estimated reporting burden for each ``mass withdrawal'' is: 40 minutes
for a notice of mass withdrawal to the PBGC; 30 minutes each for two
certifications to the PBGC regarding determination and assessment of
liability; 8 hours and 40 minutes for notices of mass withdrawal to
employers; and 8 hours and 50 minutes for two notices of withdrawal
liability to employers. The estimated reporting burden for each
``substantial withdrawal'' is: 1 hour for a combined notice and
certification to the PBGC; 8 hours and 40 minutes for notices of
withdrawal to employers; and 8 hours and 50 minutes for notices of
liability to employers. Accordingly, the estimated total annual burden
of reporting under the regulation is 46 hours and 30 minutes.
Issued at Washington, D.C., this 28th day of August 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-21687 Filed 8-30-95; 8:45 am]
BILLING CODE 7708-01-M
