[Federal Register Volume 73, Number 147 (Wednesday, July 30, 2008)]
[Notices]
[Pages 44295-44296]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-17470]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Locating and Paying Participants
AGENCY: Pension Benefit Guaranty Corporation.
[[Page 44296]]
ACTION: Notice of request for extension of OMB approval, with
modifications.
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SUMMARY: Pension Benefit Guaranty Corporation (PBGC) is requesting that
the Office of Management and Budget (OMB) extend its approval, with
modifications, of a collection of information under the Paperwork
Reduction Act (OMB control number 1212-0055, expires August 31, 2008).
The purpose of the information collection is to enable PBGC to locate
and pay benefits to participants and beneficiaries in plans covered by
the PBGC insurance program, as well as other pension plans that will be
covered by PBGC's expanded Missing Participant program under the
Pension Protection Act of 2006. This notice informs the public of
PBGC's request and solicits public comment on the collection of
information.
DATES: Comments should be submitted by August 29, 2008.
ADDRESSES: Comments should be sent to the Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention: Desk
Officer for Pension Benefit Guaranty Corporation, via electronic mail
at [email protected] or by fax to (202) 395-6974.
Copies of the collection of information 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.) The
Disclosure Division will e-mail, fax, or mail the requested information
to you, as you request.
FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, 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/TDD
users, call the Federal relay service toll-free at 1-800-877-8339 and
ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: 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 applications 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. The information
collection also 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, changing contact
information, and applying for electronic direct deposit. All requested
information is needed to enable PBGC to determine benefit entitlements
and to make appropriate payments, or to provide respondents with
specific information about their pension plan to enable them to obtain
a rough estimate of their benefit.
This collection of information has been approved by OMB under
control number 1212-0055 (expires August 31, 2008). PBGC is requesting
that OMB extend its approval for 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.
For plans covered by the PBGC insurance program, PBGC estimates
that 84,800 benefit application or information forms will be filed
annually by individuals entitled to benefits from PBGC and that the
associated burden is 63,550 hours and $3,100. PBGC further estimates
that 12,000 individuals annually will provide PBGC with identifying
information as part of an initial contact and that the associated
burden is 3,500 hours. Thus, for plans covered by the PBGC insurance
program, the total estimated annual burden associated with this
collection of information is 67,050 hours and $3,100.
Section 410 of the Pension Protection Act of 2006 allows certain
terminating plans not covered by the existing Missing Participants
program to participate in that program. Once final regulations are
issued, the program will cover multiemployer plans, small professional
service employer plans (25 or fewer active participants), and
individual account plans. PBGC anticipates issuing final regulations in
2009.
PBGC estimates that 6,400 benefit application or information forms
will be filed annually by missing participants in plans that are not
covered by the existing Missing Participant program, and that the
associated burden is 6,400 hours. PBGC further estimates that 12,000
individuals annually will provide the PBGC with identifying information
as part of an initial contact and that the associated burden is 3,000
hours.
Thus, over the next three years, the total estimated annual burden
associated with this collection of information is 73,300 hours and
$3,100.
Issued in Washington, DC, this 25th day of July, 2008.
Catherine B. Klion,
Manager, Regulatory and Policy Division, Legislative and Regulatory
Department, Pension Benefit Guaranty Corporation.
[FR Doc. E8-17470 Filed 7-29-08; 8:45 am]
BILLING CODE 7709-01-P