[Federal Register Volume 60, Number 169 (Thursday, August 31, 1995)]
[Notices]
[Page 45501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21688]
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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 2674, Notice of
Insolvency
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 (1212-0033) contained in its regulation on Notice of
Insolvency (29 CFR Part 2674). The collection of information involves
notices that must be given by the plan sponsor of a multiemployer
pension plan under certain adverse financial circumstances described in
the regulation.
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, N.W., Washington, DC 20006,
between the hours of 9 a.m. and 4 p.m. on business days.
FOR FURTHER INFORMATION CONTACT:
Deborah C. Murphy, Attorney, Office of the General Counsel, Suite 340,
Pension Benefit Guaranty Corporation, 1200 K Street, N.W., Washington,
DC 20006, 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 Notice of
Insolvency (29 CFR part 2674).
Section 4245(e) of the Employee Retirement Income Security Act of
1974 requires that the sponsor of a multiemployer pension plan that is
in reorganization notify the Secretary of the Treasury, the PBGC, and
certain third parties (i.e., contributing employers, employee
organizations representing participants, and plan participants and
beneficiaries) whenever the plan is or may become ``insolvent'' for a
plan year (that is, unable to pay full benefits when due during that
plan year). The plan sponsor must also notify the same parties of the
level of benefits that will be paid during each insolvency year.
Section 4245(e)(4) provides that these notices (except for the notices
to the Secretary of the Treasury) are to be given in accordance with
rules promulgated by the PBGC. The Notice of Insolvency regulation
prescribes the contents of these notices, the manner in which they must
be given, and the time limits for their issuance. The PBGC uses the
information it receives to estimate cash needs for financial assistance
to troubled plans.
The PBGC has requested extension of approval by the Office of
Management and Budget for this collection of information (1212-0033).
The PBGC estimates that an average of ten plans will be affected by
this regulation each year and will spend an average of 31.15 hours each
preparing the required notices. This amounts to an annual burden on the
public of 311.5 hours.
Issued at Washington, DC, this 28th day of August 1995.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 95-21688 Filed 8-30-95; 8:45 am]
BILLING CODE 7708-01-M
