[Federal Register Volume 75, Number 105 (Wednesday, June 2, 2010)]
[Notices]
[Pages 30865-30866]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-13201]
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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 Intent to request OMB approval of modifications to
information collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (``PBGC'') intends to
request that the Office of Management and Budget (``OMB'') approve
modifications to 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. PBGC
intends to add three new forms to the information collection and to
modify an approved form.
DATES: Comments should be submitted by August 2, 2010.
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.
[[Page 30866]]
Mail or Hand Delivery: Legislative and Regulatory
Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW.,
Washington, DC 20005-4026.
PBGC will make all comments available on its Web site at http://www.pbgc.gov.
Copies of the collection of information may 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 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 regulations relating to
this collection of information are available on PBGC's Web site at
http://www.pbgc.gov.
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 and TDD,
call 800-877-8339 and ask to be connected to 202-326-4024.)
SUPPLEMENTARY INFORMATION: PBGC intends to request that OMB approve
modifications to 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 add three new forms to the information collection.
Two of the new forms will be used to ascertain the continuing
eligibility of participants who are receiving benefits based on
disability. The other new form will be used to determine whether
participants are eligible for additional pension service credit under
the Uniformed Services Employment and Reemployment Rights Act, which
establishes specific rights for reemployed service members in their
employee pension benefit plans. (See PBGC's final regulation on USERRA
Benefits under Title IV of ERISA, 74 FR 59093 (Nov. 17, 2009).)
PBGC also intends to modify PBGC Form 704 (Request for Earnings
Information) to eliminate the need for respondents to provide copies of
IRS Form W-2 (Wage and Tax Statement) to confirm their earnings. PBGC
expects that the number of respondents that will use the new or
modified forms, and the burden associated with those forms, will be
very small. Accordingly, PBGC is not changing its burden estimates for
this information collection as a result of the modifications.
The existing collection of information under the regulation was
approved under OMB control number 1212-0055 (expires August 31, 2011).
PBGC intends to request that OMB approve the modifications 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.
PBGC estimates the total annual burden associated with this
collection of information is 73,300 hours and $3,100. The burden
estimate includes 67,050 hours for participants in plans covered by the
PBGC insurance program. The remaining hourly burden is attributable to
participants that will be covered by the expanded Missing Participants
program under Pension Protection Act of 2006 amendments to ERISA, once
final regulations are issued to implement the program. The cost burden
for both groups of participants is estimated to be $3,100.
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 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 27th day of May, 2010.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit
Guaranty Corporation.
[FR Doc. 2010-13201 Filed 6-1-10; 8:45 am]
BILLING CODE 7708-01-P