[Federal Register Volume 62, Number 247 (Wednesday, December 24, 1997)]
[Notices]
[Page 67418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33576]


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PENSION BENEFIT GUARANTY CORPORATION


Proposed Submission of Information Collection for OMB Review; 
Comment Request; Notice of Termination for Multiemployer Plans

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of intention to request extension of OMB approval.

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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 in its regulation on Notice of Termination for 
Multiemployer Plans (29 CFR Part 4041A Subpart B) (OMB control number 
1212-0020; expires March 31, 1998). This notice informs the public of 
the PBGC's intent and solicits public comment on the collection of 
information.

DATES: Comments should be submitted by February 23, 1998.

ADDRESSES: Comments may be mailed to the Office of the General Counsel, 
suite 340, Pension Benefit Guaranty Corporation, 1200 K Street, NW., 
Washington, DC 20005-4026, or delivered to that address between 9 a.m. 
and 4 p.m. on business days. Written comments will be available for 
public inspection at the PBGC's Communications and Public Affairs 
Department, suite 240 at the same address, between 9 a.m. and 4 p.m. on 
business days.

FOR FURTHER INFORMATION CONTACT: Deborah C. Murphy, Attorney, office of 
the General Counsel, 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: Section 4041A(f)(2) of the Employee 
Retirement Income Security Act of 1974 (``ERISA'') gives the PBGC 
authority to prescribe reporting requirements for terminated 
multiemployer pension plans covered by Title IV of ERISA.
    The PBGC's regulation on Notice of Termination for Multiemployer 
Plans (29 CFR Part 4041A Subpart B) requires the filing of a notice of 
termination with the PBGC by a multiemployer plan that has terminated 
either by plan amendment or by mass withdrawal. The notice must contain 
certain basic information such as the plan's identity, the date of 
termination, and the plan's most recent Form 5500. In addition, a plan 
that has terminated by mass withdrawal must supply certain financial 
information to enable the PBGC to assess the likelihood of benefit 
reductions or suspensions under the plan and the need for PBGC 
financial assistance to the plan. More information is required with 
respect to mass withdrawal terminations because the risk of plan 
insolvency is greater in these cases. (The regulation may be accessed 
on the PBGC's home page at http://www.pbgc.gov.)
    The collection of information under the regulation has been 
approved by OMB under control number 1212-0020 through March 31, 1998. 
The PBGC intends to request that OMB extend its approval 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. The PBGC estimates that the total 
annual hour burden of the regulation is one hour and that the total 
annual cost burden is $34,125.
    The 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 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 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, this 18th day of December, 1997.
David M. Strauss,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 97-33576 Filed 12-23-97; 8:45 am]
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