[Federal Register Volume 67, Number 228 (Tuesday, November 26, 2002)]
[Notices]
[Pages 70775-70776]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-29959]


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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 January 
31, 2003). 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 December 26, 2002.

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) may be obtained without charge by writing to the PBGC's 
Communications and Public Affairs Department, suite 240, 1200 K Street, 
NW., Washington, DC 20005-4026, or by visiting that office or calling 
202-326-4040 during normal business hours. (TTY and TDD users may call 
the Federal relay service toll-free at 1-800-877-8339 and ask to be 
connected to 202-326-4040.) The regulations, forms, and instructions 
relating to the notice of failure to make required contributions may be 
accessed on the PBGC's Web site at http://www.pbgc.gov.

FOR FURTHER INFORMATION CONTACT: James L. Beller, Attorney, Office of 
the General Counsel, Pension Benefit Guaranty Corporation, 1200 K 
Street, NW., Washington, DC 20005-4026, 202-326-4024. (TTY and TDD 
users may call the Federal relay service toll-free at 1-800-877-8339 
and ask to be connected 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 January 31, 2003, 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

[[Page 70776]]

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 30 Form 200 filings per 
year under this collection of information. The PBGC further estimates 
that the average annual burden of this collection of information is 
64.5 hours and $12,900.

    Issued in Washington, DC, this 20th day of November, 2002.
Stuart Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 02-29959 Filed 11-25-02; 8:45 am]
BILLING CODE 7708-01-P