Federal Register / Vol. 75, No. 220 / Tuesday, November 16, 2010 / Notices 70045 

the burden of the collection of 

information on those who are to 

respond, including through the use of 

automated collection techniques, when 

appropriate, and other forms of 

information technology. 

DATES: Comments regarding this 

collection must be received on or before 

December 16, 2010. 

ADDRESSES: Interested persons are 

invited to submit comments regarding 

this proposal. Comments should refer to 

the proposal by name/or OMB approval 

number and should be sent via e-mail 

to: oira_submission@omb.eop.gov or fax 

to: 202–395–3086. Attention: Desk 

Officer for Peace Corps. 

FOR FURTHER INFORMATION CONTACT: 

Denora Miller, FOIA Officer, Peace 

Corps, 1111 20th Street, NW., 

Washington, DC 20526, (202) 692–1236, 

or e-mail at pcfr@peacecorps.gov, mail 

to: ddunevant@peacecorps.gov. Copies 

of available documents submitted to 

OMB may be obtained from Denora 

Miller. 

SUPPLEMENTARY INFORMATION: Proposal 

to renew the following currently 

approved collection of information: 

Title: Confidential Reference Form. 

OMB Control Number: 0420–0006. 

Type of Review: Extension, without 

change, currently approved collection. 

Respondents: Volunteer applicants. 

Respondents Obligation to Reply: 

Voluntary. 

Burden to the Public: 

a. Estimated annual number of 

respondents: 33,000. 

b. Estimated average time to respond: 

30 minutes. 

c. Estimated total annual burden 

hours: 16,500 hours. 

d. Frequency of response: One time. 

e. Estimated cost to respondents: 

$0.00. 

f. Estimated number of applicants 

who submit references: 13,400. 

g. Number of required references per 

applicant: 3. 

h. Estimated number of references 

received: 40,200. 

i. Estimated annual burden hours for 

references: 20,100. (13,400 applicants ×3 

references/30 minutes). 

Needs and Uses: The form is an 

integral part of the screening and 

selection process conducted by the 

Office of Volunteer Recruitment and 

Selection. The purpose of this 

information collection is to assist in 

processing applicants for volunteer 

service in determining suitability of 

applicants. 

Dated: November 10, 2010. 

Garry W. Stanberry, 

Deputy Associate Director, Management. 

[FR Doc. 2010–28833 Filed 11–15–10; 8:45 am] 

BILLING CODE P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Proposed Submission of Information 

Collections for OMB Review; Comment 

Request; Multiemployer Plan 

Regulations 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of intention to request 

extension of OMB approval. 

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 

collections of information in PBGC’s 

regulations on multiemployer plans 

under the Employee Retirement Income 

Security Act of 1974 (ERISA). This 

notice informs the public of PBGC’s 

intent and solicits public comment on 

the collections of information. 

DATES: Comments must be submitted by 

January 18, 2011. 

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: 

paperwork.comments@pbgc.gov. 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, http:// 

www.pbgc.gov. 

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.) 

PBGC’s regulations on multiemployer 

plans may be accessed on PBGC’s Web 

site at http://www.pbgc.gov. 

FOR FURTHER INFORMATION CONTACT: 

Donald McCabe, 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: 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. OMB has approved and issued 

control numbers for the collections of 

information, described below, in PBGC’s 

regulations relating to multiemployer 

plans (OMB approvals expire March 31, 

2011 and April 30, 2011, as specified 

below). PBGC intends to request that 

OMB extend its approval of these 

collections of information for three 

years. PBGC is soliciting public 

comments to— 

• Evaluate whether the proposed 

collections of information are 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 

proposed collections of information, 

including the validity of the 

methodologies and assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collections 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. 

Comments should identify the 

specific part number(s) of the 

regulation(s) they relate to. 

The collections of information for 

which PBGC intends to request 

extension of OMB approval are as 

follows: 

1. Termination of Multiemployer Plans 

(29 CFR Part 4041A) (OMB control 

number 1212–0020) (expires April 30, 

2011) 

Section 4041A(f)(2) of ERISA 

authorizes PBGC to prescribe reporting 

requirements for and other ‘‘rules and 

standards for the administration of’’ 

terminated multiemployer plans. 

Section 4041A(c) and (f)(1) of ERISA 

prohibit the payment by a masswithdrawal-terminated plan of lump 

sums greater than $1,750 or of 

nonvested plan benefits unless 

authorized by PBGC. 

The regulation requires the plan 

sponsor of a terminated plan to submit 

mstockstill on DSKH9S0YB1PROD with NOTICES

70046 Federal Register / Vol. 75, No. 220 / Tuesday, November 16, 2010 / Notices 

a notice of termination to PBGC. It also 

requires the plan sponsor of a masswithdrawal-terminated plan that is 

closing out to give notices to 

participants regarding the election of 

alternative forms of benefit distribution 

and, if the plan is not closing out, to 

obtain PBGC approval to pay lump sums 

greater than $1,750 or to pay nonvested 

plan benefits. 

PBGC uses the information in a notice 

of termination to assess the likelihood 

that PBGC financial assistance will be 

needed. Plan participants and 

beneficiaries use the information on 

alternative forms of benefit to make 

personal financial decisions. PBGC uses 

the information in an application for 

approval to pay lump sums greater than 

$1,750 or to pay nonvested plan benefits 

to determine whether such payments 

should be permitted. 

PBGC estimates that plan sponsors 

each year (1) submit notices of 

termination for 10 plans, (2) distribute 

election notices to participants in 5 of 

those plans, and (3) submit requests to 

pay benefits or benefit forms not 

otherwise permitted for 1 of those plans. 

The estimated annual burden of the 

collection of information is 19.2 hours 

and $16,363. 

2. Extension of Special Withdrawal 

Liability Rules (29 CFR Part 4203) 

(OMB control number 1212–0023) 

(expires April 30, 2011) 

Sections 4203(f) and 4208(e)(3) of 

ERISA allow PBGC to permit a 

multiemployer plan to adopt special 

rules for determining whether a 

withdrawal from the plan has occurred, 

subject to PBGC approval. 

The regulation specifies the 

information that a plan that adopts 

special rules must submit to PBGC 

about the rules, the plan, and the 

industry in which the plan operates. 

PBGC uses the information to determine 

whether the rules are appropriate for the 

industry in which the plan functions 

and do not pose a significant risk to the 

insurance system. 

PBGC estimates that at most 1 plan 

sponsor submits a request each year 

under this regulation. The estimated 

annual burden of the collection of 

information is 1 hour and $5,600. 

3. Variances for Sale of Assets (29 CFR 

Part 4204) (OMB control number 1212– 

0021) (expires April 30, 2011) 

If an employer’s covered operations or 

contribution obligation under a plan 

ceases, the employer must generally pay 

withdrawal liability to the plan. Section 

4204 of ERISA provides an exception, 

under certain conditions, where the 

cessation results from a sale of assets. 

Among other things, the buyer must 

furnish a bond or escrow, and the sale 

contract must provide for secondary 

liability of the seller. 

The regulation establishes general 

variances (rules for avoiding the bond/ 

escrow and sale-contract requirements) 

and authorizes plans to determine 

whether the variances apply in 

particular cases. It also allows buyers 

and sellers to request individual 

variances from PBGC. Plans and PBGC 

use the information to determine 

whether employers qualify for 

variances. 

PBGC estimates that each year, 11 

employers submit, and 11 plans respond 

to, variance requests under the 

regulation, and 1 employer submits a 

variance request to PBGC. The estimated 

annual burden of the collection of 

information is 2.75 hours and $5,513. 

4. Reduction or Waiver of Complete 

Withdrawal Liability (29 CFR Part 

4207) (OMB control number 1212–0044) 

(expires March 31, 2011) 

Section 4207 of ERISA allows PBGC 

to provide for abatement of an 

employer’s complete withdrawal 

liability, and for plan adoption of 

alternative abatement rules, where 

appropriate. 

Under the regulation, an employer 

applies to a plan for an abatement 

determination, providing information 

the plan needs to determine whether 

withdrawal liability should be abated, 

and the plan notifies the employer of its 

determination. The employer may, 

pending plan action, furnish a bond or 

escrow instead of making withdrawal 

liability payments, and must notify the 

plan if it does so. When the plan then 

makes its determination, it must so 

notify the bonding or escrow agent. 

The regulation also permits plans to 

adopt their own abatement rules and 

request PBGC approval. PBGC uses the 

information in such a request to 

determine whether the amendment 

should be approved. 

PBGC estimates that each year, 100 

employers submit, and 100 plans 

respond to, applications for abatement 

of complete withdrawal liability, and 1 

plan sponsor requests approval of plan 

abatement rules from PBGC. The 

estimated annual burden of the 

collection of information is 25.5 hours 

and $35,000. 

5. Reduction or Waiver of Partial 

Withdrawal Liability (29 CFR Part 

4208) (OMB control number 1212–0039) 

(expires April 30, 2011) 

Section 4208 of ERISA provides for 

abatement, in certain circumstances, of 

an employer’s partial withdrawal 

liability and authorizes PBGC to issue 

additional partial withdrawal liability 

abatement rules. 

Under the regulation, an employer 

applies to a plan for an abatement 

determination, providing information 

the plan needs to determine whether 

withdrawal liability should be abated, 

and the plan notifies the employer of its 

determination. The employer may, 

pending plan action, furnish a bond or 

escrow instead of making withdrawal 

liability payments, and must notify the 

plan if it does so. When the plan then 

makes its determination, it must so 

notify the bonding or escrow agent. 

The regulation also permits plans to 

adopt their own abatement rules and 

request PBGC approval. PBGC uses the 

information in such a request to 

determine whether the amendment 

should be approved. 

PBGC estimates that each year, 1,000 

employers submit, and 1,000 plans 

respond to, applications for abatement 

of partial withdrawal liability and 1 

plan sponsor requests approval of plan 

abatement rules from PBGC. The 

estimated annual burden of the 

collection of information is 250.5 hours 

and $350,000. 

6. Allocating Unfunded Vested Benefits 

to Withdrawing Employers (29 CFR 

Part 4211) (OMB control number 1212– 

0035) (expires April 30, 2011) 

Section 4211(c)(5)(A) of ERISA 

requires PBGC to prescribe how plans 

can, with PBGC approval, change the 

way they allocate unfunded vested 

benefits to withdrawing employers for 

purposes of calculating withdrawal 

liability. 

The regulation prescribes the 

information that must be submitted to 

PBGC by a plan seeking such approval. 

PBGC uses the information to determine 

how the amendment changes the way 

the plan allocates unfunded vested 

benefits and how it will affect the risk 

of loss to plan participants and PBGC. 

PBGC estimates that 10 plan sponsors 

submit approval requests each year 

under this regulation. The estimated 

annual burden of the collection of 

information is 20 hours. 

7. Notice, Collection, and 

Redetermination of Withdrawal 

Liability (29 CFR Part 4219) (OMB 

control number 1212–0034) (expires 

April 30, 2011) 

Section 4219(c)(1)(D) of ERISA 

requires that PBGC prescribe regulations 

for the allocation of a plan’s total 

unfunded vested benefits in the event of 

a ‘‘mass withdrawal.’’ ERISA section 

4209(c) deals with an employer’s 

liability for de minimis amounts if the 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 220 / Tuesday, November 16, 2010 / Notices 70047 

employer withdraws in a ‘‘substantial 

withdrawal.’’ 

The reporting requirements in the 

regulation give employers notice of a 

mass withdrawal or substantial 

withdrawal and advise them of their 

rights and liabilities. They also provide 

notice to PBGC so that it can monitor 

the plan, and they help PBGC assess the 

possible impact of a withdrawal event 

on participants and the multiemployer 

plan insurance program. 

PBGC estimates that there are 3 mass 

withdrawals and 3 substantial 

withdrawals per year. The plan sponsor 

of a plan subject to a withdrawal 

covered by the regulation provides 

notices of the withdrawal to PBGC and 

to employers covered by the plan, 

liability assessments to the employers, 

and a certification to PBGC that 

assessments have been made. (For a 

mass withdrawal, there are 2 

assessments and 2 certifications that 

deal with 2 different types of liability. 

For a substantial withdrawal, there is 1 

assessment and 1 certification 

(combined with the withdrawal notice 

to PBGC).) The estimated annual burden 

of the collection of information is 12 

hours and $27,284. 

8. Procedures for PBGC Approval of 

Plan Amendments (29 CFR Part 4220) 

(OMB control number 1212–0031) 

(expires April 30, 2011) 

Under section 4220 of ERISA, a plan 

may within certain limits adopt special 

plan rules regarding when a withdrawal 

from the plan occurs and how the 

withdrawing employer’s withdrawal 

liability is determined. Any such special 

rule is effective only if, within 90 days 

after receiving notice and a copy of the 

rule, PBGC either approves or fails to 

disapprove the rule. 

The regulation provides rules for 

requesting PBGC’s approval of an 

amendment. PBGC needs the required 

information to identify the plan, 

evaluate the risk of loss, if any, posed 

by the plan amendment, and determine 

whether to approve or disapprove the 

amendment. 

PBGC estimates that at most 1 plan 

sponsor submits an approval request per 

year under this regulation. The 

estimated annual burden of the 

collection of information is 0.5 hours. 

9. Mergers and Transfers Between 

Multiemployer Plans (29 CFR Part 

4231) (OMB control number 1212–0022) 

(expires April 30, 2011) 

Section 4231(a) and (b) of ERISA 

requires plans that are involved in a 

merger or transfer to give PBGC 120 

days’ notice of the transaction and 

provides that if PBGC determines that 

specified requirements are satisfied, the 

transaction will be deemed not to be in 

violation of ERISA section 406(a) or 

(b)(2) (dealing with prohibited 

transactions). 

This regulation sets forth the 

procedures for giving notice of a merger 

or transfer under section 4231 and for 

requesting a determination that a 

transaction complies with section 4231. 

PBGC uses information submitted by 

plan sponsors under the regulation to 

determine whether mergers and 

transfers conform to the requirements of 

ERISA section 4231 and the regulation. 

PBGC estimates that there are 20 

transactions each year for which plan 

sponsors submit notices and approval 

requests under this regulation. The 

estimated annual burden of the 

collection of information is 5 hours and 

$6,700. 

10. Notice of Insolvency (29 CFR Part 

4245) (OMB Control Number 1212– 

0033) (Expires April 30, 2011) 

If the plan sponsor of a plan in 

reorganization under ERISA section 

4241 determines that the plan may 

become insolvent, ERISA section 

4245(e) requires the plan sponsor to give 

a ‘‘notice of insolvency’’ to PBGC, 

contributing employers, and plan 

participants and their unions in 

accordance with PBGC rules. 

For each insolvency year under 

ERISA section 4245(b)(4), ERISA section 

4245(e) also requires the plan sponsor to 

give a ‘‘notice of insolvency benefit 

level’’ to the same parties. 

This regulation establishes the 

procedure for giving these notices. 

PBGC uses the information submitted to 

estimate cash needs for financial 

assistance to troubled plans. Employers 

and unions use the information to 

decide whether additional plan 

contributions will be made to avoid the 

insolvency and consequent benefit 

suspensions. Plan participants and 

beneficiaries use the information in 

personal financial decisions. 

PBGC estimates that at most 1 plan 

sponsor of an ongoing plan gives notices 

each year under this regulation. The 

estimated annual burden of the 

collection of information is 1 hour and 

$2,693. 

11. Duties of Plan Sponsor Following 

Mass Withdrawal (29 CFR Part 4281) 

(OMB Control Number 1212–0032) 

(Expires April 30, 2011) 

Section 4281 of ERISA provides rules 

for plans that have terminated by mass 

withdrawal. Under section 4281, if 

nonforfeitable benefits exceed plan 

assets, the plan sponsor must amend the 

plan to reduce benefits. If the plan 

nevertheless becomes insolvent, the 

plan sponsor must suspend certain 

benefits that cannot be paid. If available 

resources are inadequate to pay 

guaranteed benefits, the plan sponsor 

must request financial assistance from 

PBGC. 

The regulation requires a plan 

sponsor to give notices of benefit 

reduction, notices of insolvency and 

annual updates, and notices of 

insolvency benefit level to PBGC and to 

participants and beneficiaries and, if 

necessary, to apply to PBGC for 

financial assistance. 

PBGC uses the information it receives 

to make determinations required by 

ERISA, to identify and estimate the cash 

needed for financial assistance to 

terminated plans, and to verify the 

appropriateness of financial assistance 

payments. Plan participants and 

beneficiaries use the information to 

make personal financial decisions. 

PBGC estimates that plan sponsors of 

terminated plans each year give benefit 

reduction notices for 3 plans and give 

notices of insolvency benefit level and 

annual updates, and submit requests for 

financial assistance, for 54 plans. Of 

those 54 plans, PBGC estimates that 

plan sponsors each year will submit 255 

requests (ranging from monthly to 

annual) for financial assistance. PBGC 

estimates that plan sponsors each year 

give notices of insolvency for 7 plans. 

The estimated annual burden of the 

collection of information is 1 hour and 

$681,100. 

Issued in Washington, DC, November 8, 

2010. 

John H. Hanley, 

Director, Legislative and Regulatory 

Department, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2010–28692 Filed 11–15–10; 8:45 am] 

BILLING CODE 7709–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–621] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies 

Available From: Securities and 

Exchange Commission, Office of 

Investor Education and Advocacy, 

Washington, DC 20549–0213. 

Electronic Data Collection System 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

mstockstill on DSKH9S0YB1PROD with NOTICES