[Federal Register Volume 64, Number 171 (Friday, September 3, 1999)]
[Notices]
[Page 48440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23079]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Notice of Failure To Make Required Contributions
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 the collection of information under
Part 4043 of its regulations relating to Notice of Failure to Make
Required Contributions (OMB control number 1212-0041; expires November
30, 1999). 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 October 4, 1999.
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. Copies of the request for extension (including the collection of
information) are available from the Communications and Public Affairs
Department, 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: Harold J. Ashner, Assistant General
Counsel, or James L. Beller, 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 the Federal relay
service toll-free at 1-800-877-8339 and request connection to 202-326-
4024.)
SUPPLEMENTARY INFORMATION: Section 302(f) of the Employee Retirement
Income Security Act of 1974 (``ERISA'') and section 412(n) of the
Internal Revenue Code of 1986 (``Code'') impose a lien in favor of an
underfunded single-employer plan that is covered by the termination
insurance program if (1) Any person fails to make a required payment
when due, and (2) the unpaid balance of that payment (including
interest), when added to the aggregate unpaid balance of all preceding
payments for which payment was not made when due (including interest),
exceeds $1 million. (For this purpose, a plan is underfunded if its
funded current liability percentage is less than 100 percent.) The lien
is upon all property and rights to property belonging to the person or
persons who are liable for required contributions (i.e., a contributing
sponsor and each member of the controlled group of which that
contributing sponsor is a member).
Only the PBGC (or, at its direction, the plan's contributing
sponsor or a member of the same controlled group) may perfect and
enforce this lien. Therefore, ERISA and the Code require persons
committing payment failures to notify the PBGC within 10 days of the
due date whenever there is a failure to make a required payment and the
total of the unpaid balances (including interest) exceeds $1 million.
PBGC Form 200, Notice of Failure to Make Required Contributions,
and related filing instructions, implement the statutory notification
requirement. Submission of Form 200 is required by 29 CFR Sec. 4043.81.
The collection of information under the regulation has been
approved through November 30, 1999, by OMB under control number 1212-
0041. The PBGC is requesting that OMB extend approval for another three
years. An agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless it displays
a currently valid OMB control number.
The PBGC estimates that it will receive Form 200 filings with
respect to up to 10 single-employer plans per year under this
collection of information. The PBGC further estimates that the average
annual burden of this collection of information is 42.5 hours and
$6,375.
Issued in Washington, DC, this 31st day of August, 1999.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 99-23079 Filed 9-2-99; 8:45 am]
BILLING CODE 7708-01-P
