[Federal Register Volume 72, Number 224 (Wednesday, November 21, 2007)]
[Notices]
[Pages 65629-65630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-22791]
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PENSION BENEFIT GUARANTY CORPORATION
Proposed Submission of Information Collection for OMB Review;
Comment Request; Liability for Termination of Single-Employer Plans
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
approval, under the Paperwork Reduction Act, of a collection of
information contained in its regulation on Liability for Termination of
Single-Employer Plans, 29 CFR Part 4062 (OMB Control Number 1212-0017;
expires February 29, 2008). This notice informs the public of PBGC's
intent and solicits public comment on the collection of information.
DATES: Comments should be submitted by January 22, 2008.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the Web site instructions for submitting comments.
E-mail: [email protected].
Fax: 202-326-4224.
Mail or Hand Delivery: Legislative and Regulatory Department,
Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington,
DC 20005-4026.
Comments received will be posted to http://www.pbgc.gov.
Copies of the collection of information may be obtained without
charge by writing to 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.) The regulation on Liability
for Termination of Single-Employer Plans can be accessed on PBGC's Web
site at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: Thomas H. Gabriel, Attorney, or
Catherine B. Klion, Manager, Regulatory and Policy Division,
Legislative and Regulatory Department, Pension Benefit Guaranty
Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-
4024. (For TTY and TDD, call 800-877-8339 and request connection to
202-326-4024.)
SUPPLEMENTARY INFORMATION: Section 4062 of the Employee Retirement
Income Security Act of 1974, as amended, provides that the contributing
sponsor of a single-employer pension plan and members of the sponsor's
controlled group (``the employer'') incur liability (``employer
liability'') if the plan terminates with assets insufficient to pay
benefit liabilities under the plan. PBGC's statutory lien for employer
liability and the payment terms for employer liability are affected by
whether and to what extent employer liability exceeds 30 percent of the
employer's net worth.
Section 4062.6 of PBGC's employer liability regulation (29 CFR
4062.6) requires a contributing sponsor or member of the contributing
sponsor's controlled group who believes employer liability upon plan
termination exceeds 30 percent of the employer's net worth to so notify
PBGC and to submit net worth information. This information is necessary
to enable PBGC to determine whether and to what extent employer
liability exceeds 30 percent of the employer's net worth.
The collection of information under the regulation has been
approved by OMB under control number 1212-0017 through February 29,
2008. PBGC intends to request that OMB extend its approval for another
three years. 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 an average of five contributing sponsors or
controlled group members per year will respond to this collection of
information. PBGC further estimates that the average annual burden of
this collection of information will be 12 hours and $3,636 per
respondent, with an average total annual burden of 60 hours and
$18,120.
PBGC is soliciting public comments to--
[[Page 65630]]
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 in Washington, DC, this 16th day of November, 2007.
John H. Hanley,
Director, Legislative and Regulatory Department Pension Benefit
Guaranty Corporation.
[FR Doc. E7-22791 Filed 11-20-07; 8:45 am]
BILLING CODE 7709-01-P