[Federal Register Volume 68, Number 138 (Friday, July 18, 2003)]
[Notices]
[Pages 42787-42788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18331]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Locating and Paying Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of intention to request extension of OMB approval.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to
request that the Office of Management and Budget (``OMB'') extend its
approval (with modifications) of a collection of information under the
Paperwork Reduction Act. The purpose of the information collection is
to enable the PBGC to pay benefits to participants and beneficiaries in
plans covered by the PBGC insurance program. The PBGC intends to create
an electronic facility, My Pension Benefit Account (``My PBA''), on its
Web site at www.pbgc.gov, through which plan participants will be able
to conduct electronic transactions with the PBGC. This notice informs
the public of the PBGC's intent and solicits public comment on the
collection of information.
DATES: Comments should be submitted by September 16, 2003.
ADDRESSES: Comments may be mailed to the Office of the General Counsel,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026, or delivered to Suite 340 at that address during normal
business hours. Comments also may be submitted electronically through
the PBGC's Web site at www.pbgc.gov/paperwork, or by fax to 202-326-
4112. The PBGC will make all comments available on its Web site at
www.pbgc.gov.
Copies of the collection of information may be obtained without
charge by writing to the PBGC's Communications and Public Affairs
Department at Suite 240 at the above address 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.)
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Office
of the General Counsel, Pension Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005-4026, 202-326-4024. (TTY/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: The PBGC intends to request that OMB extend
its approval (with modifications) of a collection of information needed
to pay participants and beneficiaries who may be entitled to pension
benefits under a defined benefit plan that has terminated. The
collection consists of information participants and beneficiaries are
asked to provide in connection with an application for benefits. In
addition, in some instances, as part of a search for participants and
beneficiaries who may be entitled to benefits, the PBGC requests
individuals to provide identifying information that the individual
would provide as part of an initial contact with the PBGC. All
[[Page 42788]]
requested information is needed to enable the PBGC to determine benefit
entitlements and to make appropriate payments. The collection also
includes pages on the PBGC's Web site at www.pbgc.gov, that, for
certain large plans, provide respondents with specific information
about their pension plan and enable them to obtain a rough estimate of
their benefit, either by using an online benefit estimate calculator or
by completing an online form and submitting it to the PBGC to compute
an estimate.
As part of the PBGC's ongoing implementation of the Government
Paperwork Elimination Act (GPEA), the PBGC is creating an application,
My PBA, on its Web site at www.pbgc.gov, through which plan
participants will be able to conduct electronic transactions with the
PBGC. My PBA will feature a variety of transactions, including applying
for pension benefits, designating a beneficiary, granting a power of
attorney, electing monthly payments, electing to withhold income tax
from periodic payments, changing contact information, and applying for
electronic direct deposit. Initially, My PBA will be available for a
limited number of trusteed plans. As the PBGC gains experience, it
intends to make My PBA available for all trusteed plans.
The existing collection of information under the regulation was
approved under control number 1212-0055 (expires April 30, 2006). The
PBGC intends to request that OMB extend its approval (with
modifications) for three years from the date of approval. 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 134,950 benefit application or information
forms will be filed annually by individuals entitled to benefits from
the PBGC and that the associated burden is 76,200 hours (an average of
about one-half hour per response) and $49,931.50 (an average of $.37
per response). The PBGC further estimates that 5,500 individuals
annually will provide the PBGC with identifying information as part of
an initial contact and that the associated burden is 1,500 hours (an
average of about one-quarter hour per response) and $1,100 (an average
of $.20 per response). Thus, the total estimated annual burden
associated with this collection of information is 77,700 hours and
$51,041.50. (These estimates include paper and electronic filings.)
The PBGC is soliciting public comments to--
[sbull] Evaluate whether the collection of information is necessary
for the proper performance of the functions of the agency, including
whether the information will have practical utility;
[sbull] Evaluate the accuracy of the agency's estimate of the
burden of the collection of information, including the validity of the
methodology and assumptions used;
[sbull] Enhance the quality, utility, and clarity of the
information to be collected; and
[sbull] Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
Issued at Washington, DC, this 15th day of July, 2003.
Stuart A. Sirkin,
Director, Corporate Policy and Research Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 03-18331 Filed 7-17-03; 8:45 am]
BILLING CODE 7708-01-P