[Federal Register Volume 74, Number 16 (Tuesday, January 27, 2009)]
[Notices]
[Pages 4785-4786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1783]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Notice of Failure To Make Required Contributions
AGENCY: Pension Benefit Guaranty Corporation.
[[Page 4786]]
ACTION: Notice of request for extension of OMB approval of a currently
approved collection (with modifications).
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) extend approval, under
the Paperwork Reduction Act, of the collection of information (with
modifications) under subparts A and D of Part 4043 of its regulations
on Reportable Events and Certain Other Notification Requirements (OMB
control number 1212-0041; expires February 28, 2009). This notice
informs the public of PBGC's request and solicits public comment on the
collection of information.
DATES: Comments must be submitted by February 26, 2009.
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 and comments may be
obtained without charge by writing to the Disclosure Division, Office
of General Counsel, 1200 K St., NW., Washington, DC 20005-4026, 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 reportable events regulations, forms, and instructions may be
accessed on PBGC's Web site at http://www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT: James Bloch, Program Analyst,
Legislative and Policy Division, 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: Section 303(k) of the Employee Retirement
Income Security Act of 1974 (``ERISA'') and section 430(k) of the
Internal Revenue Code of 1986 (``Code'') impose a lien in favor of an
underfunded single-employer plan that is covered by the termination
insurance program if (1) any person fails to make a contribution
payment when due, and (2) the unpaid balance of that payment (including
interest), when added to the aggregate unpaid balance of all preceding
payments for which payment was not made when due (including interest),
exceeds $1 million. (For this purpose, a plan is underfunded if its
funding target attainment percentage is less than 100 percent.) The
lien is upon all property and rights to property belonging to the
person or persons who are liable for required contributions (i.e., a
contributing sponsor and each member of the controlled group of which
that contributing sponsor is a member).
Only PBGC (or, at its direction, the plan's contributing sponsor or
a member of the same controlled group) may perfect and enforce this
lien. ERISA and the Code require persons committing payment failures to
notify PBGC within 10 days of the due date whenever there is a failure
to make a required payment and the total of the unpaid balances
(including interest) exceeds $1 million.
These statutory requirements are implemented by subparts A and D of
PBGC's regulation on Reportable Events and Certain Other Notification
Requirements (29 CFR part 4043). Section 4043.81 of the regulation
provides that required reports must be made using PBGC Form 200, Notice
of Failure to Make Required Contributions, in accordance with the
related filing instructions. The form and instructions have been
revised to remove information that is no longer applicable in light of
changes made by the Pension Protection Act of 2006.
The collection of information under the regulation has been
approved through February 28, 2009, by OMB under control number 1212-
0041. PBGC is requesting that OMB extend approval of the collection
(with modifications) 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 it will receive 185 Form 200 filings per year
under this collection of information. PBGC further estimates that the
average annual burden of this collection of information is 873 hours
and $305,550.
Issued in Washington, DC, this 21st day of January, 2009.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. E9-1783 Filed 1-26-09; 8:45 am]
BILLING CODE 7709-01-P