[Federal Register Volume 88, Number 207 (Friday, October 27, 2023)]
[Notices]
[Pages 73887-73888]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-23722]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Disclosure of Termination Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intent to request extension of OMB approval of an 
information collection.

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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 a collection of information on 
the disclosure of termination information

[[Page 73888]]

under its regulations for distress terminations and for PBGC-initiated 
terminations (OMB control number 1212-0065; expires April 30, 2024). 
This notice informs the public of PBGC's intent and solicits public 
comment on the collection of information.

DATES: Comments must be received on or before December 26, 2023 to be 
assured of consideration.

ADDRESSES: Comments may be submitted by any of the following methods:
    <bullet> Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#235342534651544c51480d404c4e4e464d575063534144400d444c55"><span class="__cf_email__" data-cfemail="abdbcadbced9dcc4d9c085c8c4c6c6cec5dfd8ebdbc9ccc885ccc4dd">[email protected]</span></a>. Refer to Disclosure of 
Termination Information in the subject line.
    <bullet> Mail or Hand Delivery: Regulatory Affairs Division, Office 
of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th 
Street SW, Washington, DC 20024-2101.
    Commenters are strongly encouraged to submit comments 
electronically. Commenters who submit comments on paper by mail should 
allow sufficient time for mailed comments to be received before the 
close of the comment period.
    All submissions received must include the agency's name (Pension 
Benefit Guaranty Corporation, or PBGC) and refer to Disclosure of 
Termination Information. All comments received will be posted without 
change to PBGC's website, http://www.pbgc.gov, including any personal 
information provided. Do not submit comments that include any 
personally identifiable information or confidential business 
information.
    Copies of the collection of information may be obtained without 
charge by writing to the Disclosure Division, (<a href="/cdn-cgi/l/email-protection#7a1e1309191615090f081f3a0a181d19541d150c"><span class="__cf_email__" data-cfemail="4b2f2238282724383e392e0b3b292c28652c243d">[email protected]</span></a>), 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101; or, calling 202-229-4040 
during normal business hours. If you are deaf or hard of hearing, or 
have a speech disability, please dial 7-1-1 to access 
telecommunications relay services.

FOR FURTHER INFORMATION CONTACT: Monica O'Donnell 
(<a href="/cdn-cgi/l/email-protection#640b43000b0a0a0108084a090b0a0d070524140603074a030b12">o'<span class="__cf_email__" data-cfemail="d1b5bebfbfb4bdbdffbcbebfb8b2b091a1b3b6b2ffb6bea7">[email protected]</span></a>), Law Clerk, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington DC 20024-2101; 202-229-8706. If you are 
deaf, hard of hearing, or have a speech disability, please dial 7-1-1 
to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C 1301-1461, govern the termination of single-employer defined 
benefit pension plans that are subject to title IV of ERISA. A plan 
administrator may initiate a distress termination pursuant to section 
4041(c), and PBGC may itself initiate proceedings to terminate a 
pension plan under section 4042 if PBGC determines that certain 
conditions are present. Under sections 4041 and 4042 of ERISA, upon a 
request by an affected party, a plan administrator must disclose 
information it has submitted to PBGC in connection with a distress 
termination filing, and a plan administrator or plan sponsor must 
disclose information it has submitted to PBGC in connection with a 
PBGC-initiated termination. The provisions also require PBGC to 
disclose the administrative record relating to a PBGC-initiated 
termination upon request by an affected party.
    The existing collection of information was approved through April 
30, 2024, under OMB control number 1212-0065. PBGC intends to request 
that OMB extend its approval of this collection of information for 3 
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 approximately 30 plans will terminate as 
distress or PBGC-initiated terminations each year and that two 
participants or other affected parties of every nine distress 
terminations or PBGC-initiated terminations filed will annually make 
requests for termination information, or \2/9\ of 30 (approximately 7 
per year). PBGC estimates that the hour burden for each request will be 
about 20 hours. PBGC expects that the staff of plan administrators and 
sponsors will perform the work in-house and that no work will be 
contracted to third parties. The total annual hour burden is estimated 
to be 140 hours (7 plans x 20 hours), and the total annual cost burden 
is estimated to be $0.
    PBGC is soliciting public comments to--
    <bullet> Evaluate whether the proposed 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 proposed collection of information, including the 
validity of the methodologies 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 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.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2023-23722 Filed 10-26-23; 8:45 am]
BILLING CODE 7709-02-P


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