[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Notices]
[Pages 25505-25506]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10306]


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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. This notice 
informs the public of PBGC's intent and solicits public comment on the 
collection of information, as modified.

DATES: Comments should be submitted by June 29, 2012.

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.
    Email: <a href="/cdn-cgi/l/email-protection#0e7e6f7e6b7c79617c65206d6163636b607a7d4e7e6c696d20696178"><span class="__cf_email__" data-cfemail="027263726770756d70692c616d6f6f676c767142726065612c656d74">[email protected]</span></a>.
    Fax: 202-326-4224.
    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 
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 
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 defined 
benefit plans that have 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 an effort to identify 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 two new forms to the information collection and 
modify several existing forms to conform to recent changes in PBGC and 
Treasury regulations. The new forms are Form 710C (application for 
payment by check) and Form 721T (tax election for non-rollover eligible 
payment to beneficiary or estate).
    PBGC intends to modify the following forms:
    <bullet> Form 718 (installment payment agreement). The 
modifications will conform to changes in PBGC's regulation on debt 
collection, 29 CFR part 4903.
    <bullet> Forms 700, 705, and 706 (benefit application forms for 
participants and beneficiaries) and Form 710 (application for 
electronic direct deposit). The modifications will conform to the 
Department of Treasury's regulation on electronic funds transfer, 31 
CFR part 208.
    <bullet> Form 721 (application for lump-sum payment for non-spouse 
beneficiary or estate). The modification results from the introduction 
of Form 721T.
    In addition, PBGC is making clarifying, simplifying, editorial, and 
other changes to other forms in the information collection.
    The existing collection of information under the regulation was 
approved under OMB control number 1212-0055 (expires September 30, 
2013). The PBGC intends to request that OMB extend its approval (with 
modifications) 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.
    PBGC estimates the total annual burden associated with this 
collection of information is 87,491 hours and $2,303 for the fiscal 
years 2013-2015. The burden estimate includes 84,101 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 FY2013 when the 
expanded program is not in effect is estimated to be $2,222; for fiscal 
years 2014 and 2015 when the expanded program is expected to be in 
effect, $2,319 and $2,368, respectively.
    PBGC is soliciting public comments to--
    <bullet> 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;
    <bullet> 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;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected; and
    <bullet> 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.


[[Page 25506]]


    Issued in Washington, DC, this 23rd day of April 2012.
John H. Hanley,
Director, Legislative and Regulatory Department, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2012-10306 Filed 4-27-12; 8:45 am]
BILLING CODE 7709-01-P


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