[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Pages 35310-35311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-11959]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collections for OMB Review; Comment
Request; Locating and Paying Participants
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Notice of request for OMB approval of revision of collection of
information.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') is
requesting that the Office of Management and Budget (``OMB'') approve a
revision 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 created an electronic facility, My
Pension Benefit Account (``MyPBA''), on its Web site at http://www.pbgc.gov, through which plan participants can conduct electronic
transactions with the PBGC. The PBGC is adding additional transactions
to MyPBA: applying for benefits, designating a beneficiary, providing
payee and general information, and requesting an estimate. This notice
informs the public of the PBGC's request to OMB for approval of this
revision and solicits public comment on the collection of information.
DATES: Comments should be submitted by July 18, 2005.
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, 725 17th Street,
NW., Washington, DC 20503. Copies of the request for approval
(including the collection of information) may be obtained without
charge by writing to or visiting the PBGC's Communications and Public
Affairs Department, suite 240, 1200 K Street, NW., Washington, DC
20005-4026, or calling 202-326-4040. (TTY and TDD users may call 800-
877-8339 and request connection to 202-326-4040).
FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney,
Legislative & Regulatory Department, 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: The PBGC is requesting 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.
As part of its ongoing implementation of the Government Paperwork
Elimination Act, the PBGC created an application, MyPBA, on its Web
site at http://www.pbgc.gov. The goal of MyPBA is to enable plan
participants and beneficiaries to conduct electronic transactions with
the PBGC. In August 2003, the PBGC made MyPBA available for two
transactions--changing contact information and applying for electronic
direct deposit--for participants in pay status in a limited number of
plans. The PBGC subsequently made MyPBA available for participants in
pay status in all trusteed plans. In August 2004, the PBGC added an
additional transaction to MyPBA (electing to withhold income tax from
periodic payments), made MyPBA available for deferred vested
participants to change their contact information, and enhanced certain
MyPBA screens to make them easier for participants to use. The PBGC
intends to add additional transactions to MyPBA, including applying for
benefits, designating a beneficiary, providing payee and general
information, and requesting an estimate.
All requested information is needed to enable the PBGC to determine
benefit entitlements and to make appropriate payments or to provide
respondents with specific information about their pension plan and
enable them to obtain a rough estimate of their benefit.
The existing collection of information was approved under control
number 1212-0055 (expires April 30, 2006). The PBGC is requesting that
OMB approve this revision of the collection of information through the
current expiration date. 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 220,100 benefit application or information
forms will be filed annually by individuals entitled to benefits from
the PBGC and that the associated burden is 116,975 hours (an average of
about one-half hour
[[Page 35311]]
per response) and $77,365. 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 $1,110.
Thus, the total estimated annual burden associated with this collection
of information is 118,475 hours and $78,475.
Issued in Washington, DC, this 13th day of June, 2005.
Richard W. Hartt,
Assistant Executive Director and Chief Technology Officer, Pension
Benefit Guaranty Corporation.
[FR Doc. 05-11959 Filed 6-16-05; 8:45 am]
BILLING CODE 7708-01-P