[Federal Register: March 21, 2006 (Volume 71, Number 54)]
[Notices]
[Page 14255-14256]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21mr06-122]
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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: 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 PBGC to pay benefits to participants and beneficiaries in
plans covered by the PBGC insurance program. This notice informs the
public of PBGC's intent and solicits public comment on the collection
of information.
DATES: Comments should be submitted by May 22, 2006.
ADDRESSES: Comments may be mailed to the Legislative and Regulatory
Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026. Comments also may be submitted by e-mail to
paperwork.comments@pbgc.gov, or by fax to 202-326-4224. PBGC will make
all comments available on its Web site, http://www.pbgc.gov.
Copies of comments may also be obtained without charge by writing
to the Disclosure Division of the Office of the General Counsel of PBGC
at the above address or by visiting the Disclosure Division 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: Jo Amato Burns, Attorney, Legislative
and Regulatory Department, 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: 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, PBGC requests
individuals to provide identifying information that the individual
would provide as part of an initial contact with PBGC. All requested
information is needed to enable PBGC to determine benefit entitlements
and to make appropriate payments. The information collection includes
My Pension Benefit Account (My PBA), an application on PBGC's Web site,
http://www.pbgc.gov, through which plan participants and beneficiaries
may conduct electronic transactions with PBGC, 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.
PBGC intends to improve its benefit application and information
forms and
[[Page 14256]]
instructions and My PBA by making simplifying, editorial, and other
changes. The existing collection of information under the regulation
was approved under control number 1212-0055 (expires August 31, 2008).
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.
PBGC estimates that 184,350 benefit application or information
forms will be filed annually by individuals entitled to benefits from
PBGC and that the associated burden is 90,600 hours (an average of
about one-half hour per response) and $71,900 (an average of $.39 per
response). PBGC further estimates that 5,500 individuals annually will
provide PBGC with identifying information as part of an initial contact
so that PBGC may determine if they are entitled to benefits and that
the associated burden is 1,500 hours (an average of about one-quarter
hour per response) and $1,200 (an average of $.22 per response). Thus,
the total estimated annual burden associated with this collection of
information is 92,100 hours and $73,100.
(These estimates include paper and electronic filings.).
PBGC is soliciting public comments to--
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;
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;
Enhance the quality, utility, and clarity of the
information to be collected; and
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 March, 2006.
Richard W. Hartt,
Chief Technology Officer, Pension Benefit Guaranty Corporation.
[FR Doc. E6-4061 Filed 3-20-06; 8:45 am]
BILLING CODE 7709-01-P