[Federal Register Volume 59, Number 171 (Tuesday, September 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21892]
[[Page Unknown]]
[Federal Register: September 6, 1994]
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PENSION BENEFIT GUARANTY CORPORATION
Request for Extension of Approval of Collection of Information
Under the Paperwork Reduction Act; Form 5500 Series--Annual Report of
Employee Benefit Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB extension of approval.
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SUMMARY: The Pension Benefit Guaranty Corporation has requested that
the Office of Management and Budget approve an extension of the
expiration date of a currently approved information collection (1212-
0026) without any change in the substance or in the method of
collection. Current approval expires on October 31, 1994. The
information collection is contained in the IRS/DOL/PBGC Form 5500
series. These forms are used by pension plan administrators to fulfill
the requirements under section 4065 of ERISA and 29 CFR Part 2611 that
an annual report be filed with the PBGC. The effect of this notice is
to advise the public of the PBGC's request for OMB approval of this
extension.
ADDRESSES: All written comments (at least three copies) should be
addressed to: Office of Management and Budget, Paperwork Reduction
Project (1212-0026), 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 9:00 a.m. and 4:00 p.m.
FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, Office of the General
Counsel, Suite 240, 1200 K Street, NW., Washington, DC 20005-4026, 202-
326-4024 (202-326-4179 for TTY and TDD). (These are not toll-free
numbers.)
SUPPLEMENTARY INFORMATION: The Paperwork Reduction Act of 1980 (44
U.S.C. Chapter 35) establishes policies and procedures for controlling
the paperwork burdens imposed by Federal agencies on the public. The
Act vests the Office of Management and Budget (OMB) with regulatory
responsibility over these burdens, and OMB has promulgated rules on the
clearance of collections of information by Federal agencies (5 CFR Part
1320).
Section 4065 of the Employee Retirement Income Security Act of 1974
(ERISA) (29 U.S.C. 1365) and 29 CFR Part 2611 require the administrator
of a defined benefit pension plan to file an annual report with the
Pension Benefit Guaranty Corporation (PBGC) in order that PBGC may
monitor the plan's yearly operations insofar as they relate to the
termination insurance program under Title IV of ERISA. Other provisions
in ERISA and the Internal Revenue Code (29 U.S.C. 1021(b) (4) and 26
U.S.C. 6058) require that annual reports be filed by administrators of
employee benefit plans (including defined benefit pension plans) with
the Department of Labor (DOL) and the Internal Revenue Service (IRS)
for similar monitoring with respect to the ERISA requirements within
their respective jurisdictions. DOL, IRS, and PBGC have established
joint forms (the Form 5500 series) to be used for those annual reports.
When the appropriate form in the 5500 series is filed with the IRS,
the filing requirement for each of the three agencies is satisfied;
each agency utilizes the information applicable to it. In addition to
general identifying information, the PBGC uses the coverage information
reported on Form 5500 or Form 5500-C/R, and the actuarial information
on Schedule B attached to the form, to fulfill its monitoring role.
OMB has previously approved the PBGC's collection of information
contained in the Form 5500 series; PBGC is requesting an extension of
that approval without any change in the substance or method of
collection. The PBGC estimates that it will receive 106,407 reports
annually, that the response to the portion of the forms allocated to
the PBGC will take an average of .21 hours, and that the annual burden
imposed by this information collection is 25,379 hours.
Issued at Washington, DC, this 26th day of August, 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-21892 Filed 9-2-94; 8:45 am]
BILLING CODE 7708-01-M
